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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 firstname.lastname@example.org Stefan Marin Investor Relations Tel.: +43 676 8715 8210 email@example.com www.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: firstname.lastname@example.org 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