DGAP-Adhoc: HOCHDORF Holding AG: Pleasing results with high capacity usage
HOCHDORF Holding AG / Key word(s): Half Year Results
20.08.2014 07:10
Release of an ad hoc announcement pursuant to Art. 53 KR
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HOCHDORF Group Press Release: Half-yearly Results 2014
Pleasing results with high capacity usage
Hochdorf, 20 August 2014 - The HOCHDORF Group processed a total of 255.9
million kg of milk, whey and permeate in the first six months of the year
(+11.5% compared to the previous year). Gross sales revenue at CHF 220.7
million is also substantially higher than the previous year's value of CHF
182.5 million (+20.9%). Revenue figures also showed a significant increase:
the EBITDA was increased by +64.3% to CHF 13.8 million (previous year CHF
8.4 million) and the EBIT rose as much as +129.6% to CHF 10.2 million
(previous year CHF 4.4 million). Operating net profit rose by +246.3% to
CHF 6.3 million (previous year CHF 1.8 million).
Across the Group, HOCHDORF processed 255.9 million kg of milk, whey and
permeate, achieving an +11.5% increase in liquid quantities compared to the
previous year (229.3 million kg) and so obtaining a gross sales revenue
result of CHF 220.7 million (previous year CHF 182.5 million; +20.9%). The
growth in turnover can be partly explained by higher milk prices, which we
were largely able to convert into higher sales prices on the market. But
the quantity of products sold exceeded the 50,000-ton threshold for the
first time, reaching 50,179 tons (previous year 46,109 t; +8.8%).
A pleasing result
Our efforts on the market, coupled with our efficiency and value-creation
measures, have enabled us to achieve an EBITDA of CHF 13.8 million (+64.3%)
and an EBIT of CHF 10.2 million (+129.6%). The operating net profit even
increased by +246.3% to CHF 6.3 million. Part of the reason for the
positive revenue results was the significantly higher capacity usage
compared to the previous year. Unfortunately net profits were affected by
unusually high expenditure (CHF 1.82 million) resulting from damages in the
Baby Care area in 2011.
Milk Derivatives
Around 20% more milk was processed at the Hochdorf and Sulgen plants
compared to the previous year (189 million kg). This is partly due to the
general increase in milk quantities but also because of amounts made
available by quantity restrictions on Emmental cheese production. To enable
us to process these milk quantities, we accepted and processed
significantly less whey into powder in the milk-rich months (-31%).
The project to produce high-quality lactose and milk proteins is on
schedule. We anticipate being able to produce these products in around one
year for our own use in infant formula and for the international sales
market.
HOCHDORF Baltic Milk UAB processed 26.4 million kg, which was approximately
the same amount as in the same period last year. However, the purchase and
processing of additional milk concentrate enabled us to achieve a 20%
increase in the quantity of products sold.
Baby Care
In the first six months of 2014, HOCHDORF Nutricare Ltd. achieved turnover
growth of 18.1%. The change from low-value to high-value projects is on
schedule due to high capacity usage. At the same time various measures led
to an increase in productivity on the new line 8 of around 15%.
The audit undertaken by the Chinese authorities was very important for us
and this has now been successfully completed. On May 7, the Hochdorf and
Sulgen production sites were certified to produce infant formula for the
Chinese market.
Cereals & Ingredients
HOCHDORF Nutrifood Ltd. achieved slightly lower turnover than in the same
period last year. The main reason for this fall was the lower turnover for
bakery products. However, we have joined our various distribution partners
in significantly increasing the number of customer projects in the areas of
VIOGERM(R) wheat germ products and dessert mixtures.
Outlook
We have succeeded in maintaining significant growth in the Baby Care area
in the first half of the year. We anticipate that the plants used in infant
formula production will operate at capacity this year or next year. For
this reason, we intensified our search for additional milk plant in the
first half of 2014. We are currently still at an exploratory stage with
this in Western Europe and are focusing our attention on Germany.
In the second half of the year we again expect a slight growth in milk
quantities. But we also anticipate a fall in the price of milk. This is not
least due to the latest international price developments. However, because
the price of Swiss A milk is falling too slowly, the price difference
compared to the international milk price and the shortfall in "Schoggi law"
funds are ever greater.
We expect to achieve the predicted growth of 10% across the entire Group,
with between 18-22% for Baby Care. We are assuming that neither turnover
nor profit will be as strong in the second half of the year as in the
first. This is largely due to the seasonal nature of milk quantities, with
the greatest amounts coming between April and June, as well as uncertainty
over the extent of the shortfall in "Schoggi law" funding.
Key figures for the HOCHDORF Group as of 30.06.2014
(consolidated and unchecked)
1.1.13 -
1.1.14 -
CHF 1,000 30.06.14 30.06.13 Change
Processed milk, whey and permeate in
millions of kg 255.9 229.3 +11.5%
Quantities produced (including cream) in
tons 53,821 46,816 +15.0%
Quantities sold in tons 50,179 46,109 +8.8%
Gross sales revenues 220,656 182,516 +20.9%
Earnings before interest, tax,
depreciation and amortisation (EBITDA) 13,779 8,389 +64.3%
as % of production revenue 5.8% 4.4%
Earnings before interest and tax (EBIT) 10,187 4,437 +129.6%
as % of production revenue 4.3% 2.3%
Concern results 6,268 1,810 +246.3%
as % of production revenue 2.6% 0.9%
Staffing levels at 30.06. 371 373 -0.5%
Gross sales revenue per employee 595 489 +21.5%
31.12.20
30.06.2014 13
Balance sheet total 253,332 243,485 +4.0%
of which equity capital 104,691 103,774 +0.9%
as a % of the balance sheet total 41.3% 42.6%
30.06.20
Share details 30.06.2014 13
Share price (in CHF) 130.50 80.05 +63.0%
Stock exchange capitalisation (in
million CHF) 117.7 72.0 +63.4%
For the complete letter to the shareholders, see:
www.hochdorf.com/en/Investors; Financial reporting
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Information and Explaination of the Issuer to this News:
The HOCHDORF Group, based in Hochdorf, achieved a consolidated gross sales
revenue of CHF 376.1 million in 2013. It is one of the leading foodstuffs
companies in Switzerland, employing 362 staff as of 31.12.13 (338 full-time
staff). Made from natural ingredients such as milk and wheat germ, HOCHDORF
products have been contributing to our health and wellbeing since 1895 -
from babies to senior citizens. Its customers include the food industry and
the wholesale and retail sectors and its products are sold in over 70
countries. The shares are traded on the SIX Swiss Exchange in Zurich (ISIN
CH0024666528).
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Additional features:
Document: http://n.equitystory.com/c/fncls.ssp?u=OPYOHALRCA
Document title: HOCHDORF Half-yearly Results 2014
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Language: English
Company: HOCHDORF Holding AG
Siedereistrasse 9
6281 Hochdorf
Switzerland
Phone: +41 41 914 65 65
Fax: +41 41 914 66 66
E-mail: hochdorf@hochdorf.com
Internet: www.hochdorf.com
ISIN: CH0024666528
Valor:
Listed: SIX
End of Announcement EQS Group News-Service
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