EANS-Adhoc: Semperit AG Holding Semperit Increases Revenue and Result in Q1-3
2013 (with photo)
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Financial Figures/Balance Sheet/9-month report
12.11.2013
* Revenue up 11.2% to EUR 684.4 million despite weak economy
* Significant rise in EBITDA (+23.9%) and EBIT (+19.6%)
* Medical Sector: Integration of Latexx Partners drives revenue and earnings
increase
* Industrial Sector: Rise in revenue and earnings in spite of negative cyclical
effects
* Stable development expected in the upcoming months
The publicly listed Semperit Group successfully maintained the corporate
development recorded in the first half of 2013 during the third quarter. In
spite of challenging economic conditions, revenue and earnings improved to new
record nine-month figures. In the first three quarters of 2013, Semperit
increased its revenue by 11.2% to EUR 684.4 million. In the Medical Sector, the
successful integration of the glove producer Latexx Partners acquired in 2012
provided the basis for double-digit revenue and earnings growth. Although the
Industrial Sector has been impacted again by a difficult market situation,
Semperit managed to successfully implement countermeasures and thus generate
revenue and earnings increases.
The Group's consolidated EBITDA increased by 23.9% to EUR 102.0 million from EUR
82.3 million in the previous year. Despite the growth investment related
increase in depreciation, EBIT rose by 19.6% to EUR 69.0 million, up from the
prior-year level of EUR 57.7 million. In addition to the strong operating
performance of the company, the active raw material management and continued
exploitation of low raw material prices played a significant role in earnings
improvements. Profitability improved accordingly. The EBITDA margin rose from
13.4% to 14.9% year-on-year, whereas the EBIT margin climbed to 10.1% from 9.4%
in the previous year. Semperit achieved a net result (earnings after tax) of EUR
44.5 million, constituting a 25.7% rise from the comparable level of EUR 35.4
million in the first three quarters of 2012.
"In a challenging market environment, Semperit developed very well in the first
nine months of 2013. We were successful because we resolutely implemented our
growth projects and optimally took advantage of the low raw material prices
during the reporting period", explained Semperit CEO Thomas Fahnemann. "With
respect to our glove business we successfully integrated Latexx Partners within
one year, which had clearly positive effects on revenue, earnings and
profitability. Our efforts also paid off in the Industrial Sector. We are
successively gaining market shares with new products accompanied by sales
successes in existing as well as in new markets. Our production capacities
continue to be well utilised, so that we can expect a stable development in the
coming months without major macroeconomic impulses", CEO Fahnemann added.
For the quarter revenue rose 13.2% year-on-year to EUR 233.0 million, and was at
about the same level as the second quarter of 2013 despite the seasonally weaker
summer months. EBITDA improved by 27.6% from the prior-year period to EUR 36.3
million, whereas EBIT was up 25.2% to EUR 25.3 million. Semperit also generated
double-digit EBITDA and EBIT margins at 15.6% and 10.8% respectively.
The equity ratio at 49.5% remained at the high level of the 2012 year end
(49.3%). Cash and cash equivalents rose from EUR 133.3 million to EUR 169.5
million due to the strong operating cash flow generation; the cash inflow from
the corporate Schuldschein loan also contributed to the positive cash position.
"While we are financing our business growth we still have a positive net
liquidity of EUR 31.1 million after deducting the financing liabilities. We are
well prepared and financially strong for further growth", said Semperit CFO
Johannes Schmidt-Schultes, pointing to the company's extremely sound financial
position.
Medical Sector: Increase in revenue and earnings
In the Medical Sector (the Sempermed segment), the integration of Latexx
Partners and an improved sales performance resulted in higher sales volumes.
Double-digit sales growth was recorded in Europe and Asia. Therefore, the
ongoing negative price effects caused by the lower raw material prices compared
to 2012 were more than offset. The absence of negative one-time effects like in
Q1 2012 also had an additional positive impact on earnings development.
Revenue of the Medical Sector rose 18.7% in the first three quarters to EUR
331.0 million. EBITDA was up more than 40% to EUR 44.1 million, providing an
EBITDA margin of 13.3% compared to 11.2% in the prior-year period.
Industrial Sector: Revenue and earnings rise despite negative cyclical effects
The Industrial Sector (the Semperflex, Sempertrans and Semperform segments)
showed a positive business development in spite of the challenging economic
environment. New customers were attracted and market shares gained thanks to new
products and a good sales performance.
The development of the Semperflex segment was characterised by a very strong
order book in Europe. Demand developed positively in the USA. Semperflex
increased its market share for both hydraulic and industrial hoses. The
production plants operated at almost full capacity. The Sempertrans segment
showed a very good development. A substantial rise in revenue was achieved on
the basis of strong volume growth at relatively low raw material prices.
Capacity utilization will remain good and solid for Q1 2014. The Semperform
segment also generated revenue growth. Almost all business units contributed to
this development with higher sales volumes, which compensated for the negative
price effects.
Revenue of the Industrial Sector was up 5.0% in the first three quarters of 2013
totalling EUR 353.4 million. EBITDA rose by 18.1% to EUR 70.7 million. This
resulted in a very good EBITDA margin of 20.0%, up from 17.8% in the previous
year. Moreover, double-digit EBIT margins were generated in all segments.
Outlook
The Semperit Group expects that the current level of incoming orders will
continue beyond 2013. However, a sustained recovery of the global macroeconomic
environment is not expected in the foreseeable future.
In the Medical Sector the completion of the integration of Latexx Partners, a
business acquired in November 2012, is imminent; a further increase of capacity
utilisation is expected. The global market environment for examination gloves is
expected to remain unchanged in 2014.
From today's perspective, it is expected that demand will remain largely stable
in the Industrial Sector. Capacity utilisation in the Sempertrans segment in
particular remains good. The Semperflex segment expects positive demand
momentum, especially from Europe. However, over the next several months demand
might react in some cases to changes in the economy.
The Group reaffirms its previous growth targets: to achieve double-digit revenue
growth on average in the years from 2010 to 2015 inclusive. The Semperit Group
still aims to achieve an EBITDA margin of between 12% and 15% and an EBIT margin
of between 8% and 11%.
The report on the first three quarters of 2013 is available for download at:
http://www.semperitgroup.com/en/ir/
About Semperit
The publicly listed company Semperit AG Holding is an internationally-oriented
group that develops, produces, and sells highly specialised rubber and plastic
products for the medical and industrial sectors: examination and surgical
gloves, hydraulic and industrial hoses, conveyor belts, escalator handrails,
construction profiles, cable car rings, and products for railway
superstructures. The headquarters of this long-standing Austrian company, which
was founded in 1824, are located in Vienna, and the global R & D centre is in
Wimpassing, Lower Austria. The Semperit Group employs close to 10,000 people
worldwide, including more than 7,000 in Asia and more than 700 in Austria. The
group has 22 manufacturing facilities worldwide and numerous sales offices in
Europe, Asia, and America. In fiscal 2012, the group generated sales of EUR 829
million and an EBITDA of EUR 109 million.
Pictures with Announcement:
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Further inquiry note:
Martina Büchele
Head of Group Communications
Tel.: +43 676 8715 8621
martina.buechele@semperitgroup.comwww.semperitgroup.com
Stefan Marin
Investor Relations
Tel.: +43 676 8715 8210
stefan.marin@semperitgroup.com
end of announcement euro adhoc
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issuer: Semperit AG Holding
Modecenterstrasse 22
A-1030 Wien
phone: +43 1 79 777-210
FAX: +43 1 79 777-602
mail: investor@semperitgroup.com
WWW: www.semperitgroup.com
sector: Synthetics & Plastics
ISIN: AT0000785555
indexes: WBI, ViDX, Prime Market
stockmarkets: free trade: Berlin, official market: Wien, stock market: Stuttgart,
Frankfurt
language: English