EANS-Adhoc: Semperit AG Holding First half of 2012: Modest revenue increase
despite difficult economic
conditions
--------------------------------------------------------------------------------
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
--------------------------------------------------------------------------------
quarterly report
14.08.2012
- Increase in revenue to EUR 409.8 million
- Significant improvement in profit in the Medical Sector in comparison to
first quarter 2012
- Profit growth in the Industrial Sector
- EBIT of EUR 37.5 million and net profit of EUR 23.9 million generated in the
first half of 2012, slightly below previous year's level
Vienna, August 14, 2012 - The business performance of the Semperit Group was
affected by the global economic weakness in many sales markets in the first
half of 2012, which caused fluctuations in client demand that were difficult to
forecast. The ongoing volatility in commodity prices also had an impact on the
Group's business. However, consolidated revenue was up in the first six months
of 2012 by 0.9% year-on-year, from EUR 406.1 million to EUR 409.8 million.
Despite the negative influences on global sales markets, the Semperit Group
generated revenue of more than EUR 200 million in the second quarter of 2012;
it was the third-strongest quarter in terms of revenue in the Group's history.
This positive development was the result of price adjustments, which became
necessary due to the increase in raw material prices compared to the prior-year
period. Sales volumes were higher both for examination gloves and for surgical
gloves in the Sempermed segment. The Hydraulic Hoses Unit in the Semperflex
segment virtually matched the sales volumes recorded during the very strong
first half of 2011. The shift in the Sempertrans segment's portfolio away from
textile-reinforced conveyor belts towards increased production of steel-
reinforced conveyor belts made it possible to continue the positive effect on
selling prices and to improve on the quality of earnings once again following
the turnaround in 2011. In the Semperform segment, the quality of the margin
was safeguarded.
As a consequence of the general economic environment, EBITDA (earnings before
interest, tax, depreciation and amortisation) in the first half of 2012
decreased 4.3% from EUR 56.4 million to EUR 53.9 million. EBIT (operating
profit) fell by 10.3% from EUR 41.8 million to EUR 37.5 million. Net profit was
down 6.6% from EUR 25.5 million to EUR 23.9 million. Earnings per share was EUR
1.16 compared to EUR 1.24 EUR for the same period last year.
The primary reason for this development was the reduced contribution to
earnings from the Sempermed segment due to the fiercely competitive situation,
below-average capacity utilisation at the beginning of the year and higher
energy costs in the aftermath of the strong rains that hit Thailand in the
first quarter of the year. Capacity utilisation improved significantly in the
second quarter of 2012 and Sempermed's contribution to earnings increased
sharply higher as a result.
The earnings results in the Industrial Sector's segments were positive overall
and were higher than in the prior-year period.
The equity ratio as of June 30, 2012 was above the average for the sector at a
high level of 59.0%. The Semperit Group's capital structure therefore remains
very solid. Extrapolated for the full year, return on equity was 12.4% (first
half of 2011: 15.0%).
Cash and cash equivalents were up from EUR 97.9 million at the start of the
year to EUR 110.7 million, despite the payment of the dividend for 2011. This
was mainly attributable to the improvement of the cash flow from operating
activities and reduced investments in tangible assets.
Investments in the first half of 2012 were EUR 16.7 million, well below the
prior year level of EUR 22.6 million. Investment activities were mainly focused
on expanding the new examination glove factory in Thailand and on replacement
and expansion investments at the Semperflex segment's locations in the Czech
Republic, Thailand and China.
Outlook
Given the current global economic situation, a significant improvement in
general conditions is not expected for the rest of 2012. On a full-year basis,
positive momentum for macroeconomic development is first expected in 2013.
In this environment, the Semperit Group does not expect any significant
increase in demand for the rest of the current year, with orders continuing at
the level of the first half of 2012.
The Semperit Group is confirming its mid-term growth targets, with double-digit
revenue growth on average in the period from 2010 up to 2015, and with EBIT
margin continuing at approx. 10%.
The financial report for the first half of 2012 is available for downloaded at:
http://www.semperit.at/ir
Further inquiry note:
Martina Büchele
Head of Group Communications
Tel.: +43 676 8715 8621
martina.buechele@semperit.at
Clemens Taschée
Head of Group Accounting
Tel.: +43 (1)79 777-230
clemens.taschee@semperit.at
Stefan Marin
Investor Relations
Tel.: +43 (1)79 777-210
stefan.marin@semperit.at
end of announcement euro adhoc
--------------------------------------------------------------------------------
issuer: Semperit AG Holding
Modecenterstrasse 22
A-1030 Wien
phone: +43 1 79 777-230
FAX: +43 1 79 777-602
mail: investors@semperit.at
WWW: www.semperit.at
sector: Synthetics & Plastics
ISIN: AT0000785555
indexes: WBI, ViDX, Prime Market
stockmarkets: free trade: Berlin, official market: Wien, stock market: Stuttgart,
Frankfurt
language: English