Accu Holding AG

EQS-Adhoc: Accu Holding AG: Preliminary Fiancial Results 2015


EQS Group-Ad-hoc: Accu Holding AG / Key word(s): Final Results
Accu Holding AG: Preliminary Fiancial Results 2015

21.04.2016 / 17:34
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.

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NOT FOR DISTRIBUTION IN THE UNITED STATES, UNITED KINGDOM OR THE EUROPEAN
ECONOMIC AREA

Accu Holding AG: Preliminary Financial Results 2015(unaudited)

-Sales of 158,5m with an EBITDA of 17,7m and net income of 3,1m

-Request for extension of deadline for publication of annual report submitted to
SIX

Emmenbrücke, April 21st 2016 - Based on preliminary and unaudited results, Accu
Holding AG (Accu) closed its financial year 2015 with a consolidated turnover of
CHF 158,5 million which is an increase of 19% versus previous year's sales of
CHF 133,2 million. Operating result on EBITDA-level increased to CHF 17,7
million (2014: EBITDA 7,8 million) resulting in an EBITDA margin of 11,1% (2014:
5,8%). Net income reached CHF 3,1 million (2014: 2,1 million). Further details
can be found in the attached overview of the unaudited financial statements.

Due to the impact on Accu of the ongoing investigation against the former
Chairman of the Board of Accu by the public prosecutor office of the Canton of
Zurich on the basis of possible offences against property (see press release
April 11th 2016), supporting documents requested during the audit process cannot
be presented. Accu has therefore submitted to SIX Exchange Regulation a request
for extension of the deadline to publish its annual report by the end of April.
The decision on the request is still pending.

Contact:
Andreas Kratzer
Accu Holding AG
Gerliswilstrasse 17
6020 Emmenbrücke

a.kratzer@accuholding.ch
Telefon +41 44 318 88 00

Consolidated Financial Statements as of December 31, 2015 and 2014

Consolidated Balance Sheet

All amounts In TCHF                               2015          2014     

ASSETS                                      Notes                        

Current assets                                                           

Cash and cash equivalents                   1     3'538         4'419    

Trade receivables                           2     35'547        31'770   

Other receivables                           3     5'570         6'999    

Inventories                                 4     17'170        32'763   

Accrued income                              5     249           1'202    

Total                                             64'155  44 %  77'153  43 %

NON-CURRENT ASSETS                                                       

Property, plant and equipment               7     61'897        70'851   

Financial assets                            6     28            188      

Intangible assets                           8     18'604        27'571   

Deferred taxes                              20    927           1'709    

Total                                             81'456  56 %  100'319 57 %

Total assets                                      145'611 100 % 177'472 100 %

                                                                         

LIABILITIES AND EQUITY                                                   

Current liabilities                                                      

Financial liabilities and lease liabilities 11    27'218        43'733   

Trade liabilities                                 40'652        53'153   

Other liabilities                           9     16'011        21'354   

Accrued liabilities and deferred income     10    1'585         1'557    

Short-term provisions                       12    647           354      

Total current liabilities                         86'113  59 %  120'151 68 %

Non-current liabilities                                                  

Finacial liabilities and lease liabilities  11    18'856        25'995   

Other non-current liabilities                     540           3'930    

Non-current provisions                      12    1'871         1'931    

Total non-current liabilities                     21'267  15 %  31'856  18 %

Total liabilities                                 107'380       152'007  

Equity                                                                   

Share capital                                     26'336        14'744   

Capital reserves                                  4'219         1'040    

Retained earnings                                 4'559         7'554    

Profit for the year                               3'117         2'127    

Total equity                                      38'231  26%   25'465  14 %

Total liabilities and equity                      145'611 100%  177'472 100 %


Consolidated Income Statement for 2015 and 2014

All amounts in TCHF                     2015     2014

                                  Notes           

Net Sales                         13    158'528  132'942

Other operating income            14    8'296    1'917

Inventory changes                       3'268    88

Cost of goods sold                      -106'295 -100'826

Personnel expenses                      -23'357  -16'232

Property expenses                       -894     -558

Selling expenses                        -7'193   -4'156

Administrative expenses                 -4'540   -1'762

Other operating expenses                -9'699   -3'661

Depreciation and amortization           -5'415   -2'622

Operating profit                        12'332   5'130

Financial income                  15    688      1'065

Financial expenses                16    -3'986   -2'610

Profit before non-operating items       9'034    3'585

Non-operating profit/loss         17    -235     -85

Extraordinary income              18             813

Extraordinary expenses            19    -2'642   -1'207

Earnings before tax                     6'157    3'106

Taxes                             20    -3'040   -979

Net income                              4'117    2'127


Consolidated Statement of Changes in Equity

Amounts in TCHF           Share capital Capital reserves Retained earnings and
net income Total equity

As of 01.01.2014          12'600        202              8'303
21'105

Share capital increase    2'144         1'072            -
3'216

Costs of capital increase               -234             -
-234

Badwill *                                                305
305

Translation difference                                   -1'054
-1'054

Net income                -             -                2'127
2'127

As of 31.12.2014          14'744        1'040            9'681
25'465

Share capital increase    11'592        3'859             
15'451

Costs of capital increase               -680              
-680

Translation difference                                   -5'122
-5'124

Net income                                               3'117
4'064

As of 31.12.2015          26'336        4'219            7'676
39'176


*The badwill from the previous year was a result of the acquisition of the Nexis
Group. The badwill in 2014 arose as a result of the purchase price adjustment
for RCT. CHF 264,000 of the total of CHF 569,000 was recognized in the income
statement with the remaining goodwill amount and the difference was charged to
equity.

Sales by segment

Net sales by segment
2015    2014

By division
         

Division Industrial Yarns
100'450 111'478

in tons
31'831  28'354

- Cost of goods sold*
76'898  -87'853

- Operating expenses
16'408  -17'462

EBITDA
7'144   6'597

Division Surface technology**
57'281  21'900

- Cost of goods sold*
-26'576 -12'922

- Operating expenses
-23'898 -7'052

EBITDA
6'799   1'140

Corporate & other revenues*
9'093   1'012

- Corporate & other costs
-5'289  -997

EBITDA
3'804   15

 
         
*including inventory changes
**including Cieffe Group as of 1.1.2015 as well as one-time effects of priour
year adjustments in the amount of CHF 3,98 million
 


Sales by Region

Geographical split                      

Switzerland                    4'095   5'297

Germany                        48'874  39'514

Italy                          14'030  8'415

Czech Republic                 11'242  11'303

Iberien                        9'470   6'231

USA                            9'446   8'428

Hungary                        8'462   11'784

Norway                         8'178   5'389

France                         7'434   9'647

England                        6'088   6'855

Other Europe and rest of world 31'209  31'699

Sub-total                      158'528 132'942

Other operating income         8'296   1'917

Total                          166'824 134'589



Accu Holding AG - Company Profile
The Accu Holding AG is listed on the SIX Swiss Exchange with its headquarter in
Emmenbrücke/Lucerne. It focuses on the two business areas 'Industrial Yarns' and
'Surface Technology' and investing in leading technology companies that operate
in attractive market niches in Europe, Asia and America. Industrial yarns
encompasses the development and manufacturing of yarns based on polymer and
polyamide. These yarns are used in applications such as mechanical rubber goods
(MRG) such as conveyor belts, hoses and transmission belts, as well as for the
production of ropes and nets used for example in the manufacture of airbags and
tires. The business unit of surface technology includes the equipment
manufacturer of heat treatment and coating equipment and the operation of heat
treatment shops and high-tech thin-coating centres of the latest generation.
These high-quality products are manufactured in Europe and the US for niche
markets in the automotive, aerospace, medical, petroleum, process and
manufacturing industries.

Legal Disclaimer

The economic projections and predictions contained in this information relate to
future facts. Such projections and predictions are subject to risks,
uncertainties and changes which cannot be foreseen and which are beyond the
control of Accu Holding AG. Accu Holding AG is therefore not in a position to
make any representations as to the accuracy of economic projections and
predictions or their impact on the financial situation of Accu Holding AG or the
market in the securities of Accu Holding AG.

This document does not constitute an offer or invitation to subscribe for or
purchase any securities. It is not being issued in countries where the public
dissemination of the information contained herein may be restricted or
prohibited by law. In particular, this document is not being issued in the
United States of America and should not be distributed to U.S. persons or
publications with a general circulation in the United States. Any non-compliance
with such restrictions may result in a n infringement of U.S. securities laws.
Securities of Accu Holding AG("Company")are not being publicly offered outside
of Switzerland. In particular, the securities of the company have not been
registered under the U.S. securities laws and may not be offered, sold or
delivered within the United States or to U.S. persons absent the registration
under or an applicable exemption from the registration requirements of the U.S.
securities laws. This document does not constitute a prospectus according to
652a or article 1156 of the Swiss Code of Obligations or article 27et seq. of
the Six Swiss Exchange listing rules.

This document is only directed at (i) persons who are outside the United Kingdom
or (ii) to investment professionals falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the
"Order") or (iii) high net worth entities, and other persons to whom it may
lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order
(all such persons together being referred to as "Relevant Persons"). The
securities are only available to, and any invitation, offer or agreement to
subscribe, purchase or otherwise acquire such securities will be engaged in only
with, Relevant Persons. Any person who is not a Relevant Person should not act
or rely on this information or any of its contents.

End of ad hoc announcement

+++++
Additional features:

Document:http://n.eqs.com/c/fncls.ssp?u=GYWXYPHPCD
Document title: FS 2015

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21.04.2016 News transmitted by EQS Schweiz AG. www.eqs.com - news archive:
http://switzerland.eqs.com/de/News

The issuer is responsible for the contents of the release.
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Language: English

Company:  Accu Holding AG

          Gerliswilstrasse 17

          6021  Emmenbrücke

          Switzerland

Phone:    +41 44 318 88 00

Fax:      +41 44 318 88 02

E-mail:info@accuholding.ch

Internet: www.accuholding.ch

ISIN:     CH0001366332

Valor:    136633

Listed:   Foreign Exchange(s) SIX


End of News EQS Group News Service
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