EANS-Adhoc: Semperit AG Holding Semperit Increases Earnings after Tax to EUR
13.6 million in Q1 2015
--------------------------------------------------------------------------------
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.
--------------------------------------------------------------------------------
Financial Figures/Balance Sheet/3-month report
19.05.2015
* Good operational development leads to growth on a like-for-like basis
* Good first half year 2015 expected
The publicly listed Semperit Group started the year 2015 well. The net result
(earnings after tax) rose on a like-for-like basis compared to the previous year
from EUR 12.8 million by 6.4% to EUR 13.6 million. Semperit profited from a
strong sales performance and high capacity utilisation. This served as the basis
for increasing sales volumes and market shares in spite of the ongoing
challenging market environment.
On a like-for-like basis (refer to note at the end of the press release), the
strong operational performance resulted in a positive development of the
relevant key figures: The Group's consolidated revenue rose by 2.1% to EUR 217.5
million from EUR 212.9 million in the previous year. This increase was driven by
further revenue growth in the Industrial Sector. EBIT improved by 8.3% from EUR
18.6 million to EUR 20.1 million, supported by a decline in depreciation,
amortisation and impairment. EBITDA remained stable at EUR 26.7 million (Q1
2014: EUR 27.0 million). The EBITDA margin was at a solid level of 12.3% (Q1
2014: 12.7%) as was the EBIT margin of 9.2% (Q1 2014: 8.7%).
"We successfully started the year 2015 and expanded our business in the
Industrial Sector in contrast to the general market trend. In the Medical Sector
we focused on achieving qualitative growth. Thanks to impressive sales successes
and stringent cost management, we generated bottom line growth and increased
earnings after tax", explains Semperit CEO Thomas Fahnemann, who continues to be
confident with regard to business prospects in the coming months. "Our new
production capacities which will be successively added in the course of the year
are already well booked with customer orders thanks to our strong sales
performance. This gives me cause for optimism concerning our further business
development."
Semperit boasts an ongoing sound capital basis featuring an equity ratio of
55.7% at the reporting date of March 31, 2015 (December 31, 2014: 54.0%). Cash
and cash equivalents amounted to EUR 103.6 million, compared to EUR 115.6
million at the end of 2014. "Once again we demonstrated that Semperit can
generate good cash flows. This performance along with the announced optimisation
of our capital structure enables us to finance growth even more efficiently,
thus creating additional value on behalf of our shareholders", says Semperit CFO
Johannes Schmidt-Schultes.
Medical Sector: Stable like-for-like development
In the first quarter of 2015, the Medical Sector (Sempermed segment) was
impacted by low raw material prices and the conversion of the previous full
consolidation of the 50% joint venture investment in Siam Sempermed Corp. Ltd.
to the at-equity method. On a comparable like-for-like basis, Medical Sector
revenue remained largely stable at EUR 91.4 million, in contrast to EUR 94.3
million generated in the previous year. EBITDA was down from EUR 9.3 million to
EUR 8.7 million. The EBITDA margin reported for the Medical Sector was 9.6% in
contrast to 9.9% in the first quarter of 2014.
Industrial Sector: strong development in contrast to the prevailing market trend
The Industrial Sector (Semperflex, Sempertrans and Semperform segments)
developed positively, contrary to the weak market trend.
Excellent production and sales performance were the basis for the revenue and
earnings increase in the Semperflex segment. The added production capacities at
the Odry plant in the Czech Republic are already well utilised. Further
expansion steps have already been initiated to increase capacities by 2016.
Sales successes in the Sempertrans segment resulted in higher sales volumes,
with the segment generating double-digit revenue and earnings growth compared to
the previous year. In contrast, the business development of the Semperform
segment continued to be negatively impacted by the Russia crisis and the
accompanying weak demand in Eastern Europe.
Revenue of the Industrial Sector rose by 6.3% to EUR 126.1 million. The sector's
EBITDA amounted to EUR 22.6 million, close to the outstanding prior-year figure
of EUR 23.2 million. The EBITDA margin remained at a high level of 18.0%,
compared to 19.6% in the first quarter of 2014.
Outlook 2015 and multi-year targets
Semperit continues to have well-filled order books. Initial economic
stabilisation tendencies in Western Europe and stable demand in North America
have had a positive effect. However, Semperit is not immune to the effects of
the economic slowdown in Central and Eastern Europe. Demand in Asia is expected
to be flat for the most part in 2015.
The Semperit Group anticipates a satisfactory business development for the
entire year 2015 against the backdrop of an ongoing challenging business
environment. On balance, the attractive revenue and earnings development in the
first three months of 2015 and the gratifying level of incoming orders point to
a satisfactory overall performance in the first half of 2015.
Semperit continues to focus on qualitative and profitable growth in the Medical
Sector. The successful sales drive in the Industrial Sector will be continued.
Semperit is continuing the expansion of production capacities in both the
Medical Sector and Industrial Sector. CAPEX of approximately EUR 75 million is
planned for 2015 (2014: EUR 74 million), of which about EUR 50 million relate to
growth investments. The additional capacities will gradually be available in the
course of the years 2015 and 2016 with correspondingly positive effects on the
Group's revenue.
In the future Semperit is striving to achieve double-digit growth of sales
volumes on average as well as attractive earnings margins. For the time being,
it confirms its targeted EBITDA ranging between 12% and 15% and an EBIT margin
between 8% and 11%.
Explanation of the like-for-like comparison/Change of consolidation
To ensure the improved comparability of revenue, EBITDA, EBIT and earnings after
tax, the comparative figures in the first quarter of 2014 were also presented
taking account of the at-equity consolidation of Semperit's stake in the Thai
joint venture company Siam Sempermed Corp. Ltd (SSC) in the Medical Sector. This
like-for-like approach is only provided for information purposes, and is
designed to present the best possible retroactive accounting.
The prior-year figures reported for revenue, EBITDA, EBIT and earnings after tax
in the interim report for the first quarter of 2015 are only comparable to a
limited extent due to the implemented change in consolidation in the Medical
Sector. As a result of the full consolidation of Semperit's Thai joint venture
SSC in the first quarter of 2014, revenue reported for the Semperit Group in the
prior-year quarter was EUR 232.7 million (Q1 2015: EUR 217.5 million, -6.5%).
EBITDA amounted to EUR 33.4 million (Q1 2015: EUR 26.7 million, -20.1%), and
EBIT totalled EUR 22.3 million (Q1 2015: EUR 20.1 million, -9.9%). Earnings
after tax rose by 4.3% to EUR 13.6 million from EUR 13.1 million reported in the
first quarter of 2014.
In the Medical Sector (Sempermed segment), the change in consolidation resulted
in a 19.9% decline in sector revenue from the prior-year period reported figure
to EUR 91.4 million. EBITDA of the Medical Sector fell from the reported EUR
15.8 million to EUR 8.8 million, comprising a drop of 44.5%.
The report for the first quarter of 2015 is available for download at:
http://www.semperitgroup.com/ir/en/en --> Reports and Presentations.
About Semperit
The publicly listed company Semperit AG Holding is an internationally-oriented
group that develops, produces, and sells in more than 100 countries 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. The Semperit Group
employs about 7,000 people worldwide, including close to 4,100 in Asia and more
than 800 in Austria (Vienna and production site in Wimpassing,
Lower Austria). The group has 22 manufacturing facilities worldwide and numerous
sales offices in Europe, Asia, and America. In 2014 the group generated sales of
EUR 930 million and an EBITDA of EUR 136 million.
Further inquiry note:
Martina Büchele
Head of Group Communications
Tel.: +43 676 8715 8621
martina.buechele@semperitgroup.com
Stefan Marin
Investor Relations
Tel.: +43 676 8715 8210
stefan.marin@semperitgroup.comwww.semperitgroup.com
end of announcement euro adhoc
--------------------------------------------------------------------------------
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, ATX Prime, ViDX, Prime Market, ATX Global Players
stockmarkets: official market: Wien
language: English