26.08.2015, 9771 Zeichen

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Mid Year Results/6-month report 26.08.2015
Good operational performance leads to organic growth\nBetter performance of the Industrial Sector, weaker results of the Medical Sector due to one-time effects\nSatisfactory development expected for the entire year 2015\nThe publicly listed Semperit Group generated a satisfactory revenue and earnings development in the first half of 2015 despite a challenging market environment. The group's consolidated revenue rose by 1.6% to EUR 450.8 million from EUR 443.6 million in the previous year. However, organic revenue growth reached 5.0% on a like-for-like basis excluding one-time consolidation and acquisition effects.
Thanks to a strong sales performance and high capacity utilisation in the Industrial Sector, Semperit managed to compensate the weaker results in the Medical Sector attributable to one-time effects. The net result (earnings after tax) increased by 0.3% to EUR 25.3 million in the first half of 2015 (EUR 25.2 million in the first half of 2014). Earnings per share remained unchanged at EUR 1.23 for the first half of 2015.
The group's EBITDA decreased by 16.7% to EUR 53.2 million from EUR 63.8 million in the previous year as a consequence of one-time effects in the Medical Sector. EBIT declined by 11.4% to EUR 39.1 million (H1 2014: EUR 44.1 million). Accordingly, the EBITDA margin dropped to 11.8% (H1 2014: 14.4%) and the EBIT margin was down to 8.7% (H1 2014: 9.9%). These declines can be attributed to the change in the consolidation method of Semperit's joint venture in Thailand, up-front costs for the new glove production plant in Malaysia and lower raw material prices. On the other hand, the Industrial Sector further increased earnings despite negative market trends.
"We achieved satisfactory results in the first half of 2015 despite strong economic headwinds. Our Industrial Sector performed considerably better than the overall market due to our strong sales performance and expansion of production capacities. Profitability in the Medical Sector was negatively impacted by up-front costs for the new glove plant in Malaysia. It will start operating in 2016 and will generate growth in revenue and earnings", Semperit CEO Thomas Fahnemann comments on the company's results. "In the second half of 2015 - within a continuously difficult market environment - we expect to benefit from additional production capacities, which will gradually be available from September onwards. Furthermore, we will expand into new markets and service new customer groups in the cause of the integration of the German profile producer Leeser in the Semperform segment", Thomas Fahnemann adds.
Semperit also performed well in the second quarter of 2015. Revenue increased by 10.7% to EUR 233.4 million. EBITDA decreased by 8.8% to EUR 28.4 million due to start-up costs for new production capacities, EBIT fell by 7.1% to EUR 20.9 million. Despite these decreases, profitability remained at a very good level as shown by an EBITDA margin of 12.2% and an EBIT margin of 9.0%.
Semperit has a solid capital structure with an equity ratio of 39.1% as of June 30, 2015 (53.7% as of December 31, 2014). Cash and cash equivalents amounted to EUR 97.9 million compared to EUR 115.6 million at the end of 2014. This development mainly results from the dividend payment. Semperit CFO Johannes Schmidt-Schultes: "With the payment of a highly attractive dividend the restructuring of the capital structure has been completed. We complemented equity with debt at favourable conditions and still managed to maintain net debt at a reasonable level. We are able to finance our growth activities efficiently and create additional value on behalf of our shareholders".
Medical Sector: One-time effects burden earnings The Medical Sector (Sempermed segment) was negatively impacted by low raw material prices, modernisation expenses and up-front costs for the new production plant in Malaysia as well as price pressure on the markets in the first half of 2015.
Revenue of the Medical Sector amounted to EUR 191.5 million in the first half of 2015 (-4.2%) due to the change in the method of consolidation. EBITDA of the Medical Sector decreased to EUR 13.7 million. This resulted in an EBITDA margin of 7.1% and an EBIT margin of 4.0%. Revenue in the first half of 2015 increased by 6.3% on a like-for-like basis excluding one-time effects related to the change in the method of consolidation.
Industrial Sector: Growth despite negative market trends The Industrial Sector (Semperflex, Sempertrans and Semperform segments) developed very well despite negative market trends.
The Semperflex segment's outstanding production and sales performance has been the basis for further revenue growth and high profitability in an overall declining market. The recently added production capacities at the plant in Odry, Czech Republic, have been well utilised since the very beginning. Therefore the next expansion phase is currently under way. The entry of Sempertrans to new markets and the penetration of new customer segments led to substantial revenue and earnings increases. Additional capacities in the conveyor belt plant in Be?chatów, Poland will be put into operation at the end of the third quarter of 2015. The Semperform segment achieved double-digit revenue and earnings growth despite weaker demand in key markets. This development is mainly resulting from the successful acquisition of the profile producer Leeser and the beginning recovery of the handrail business in China.
Revenue of the Industrial Sector rose by 6.4% to EUR 259.3 million. The sector's EBITDA increased by 4.1% from a very high prior year level to EUR 51.7 million. The EBITDA margin was 19.9%, whereas the EBIT margin rose to 17.0%.
Outlook 2015 and multi-year targets Semperit continues to have strong order books as a result of intensified sales activities in all segments. Despite a slightly weaker than expected economic recovery in Western Europe, order intake develops well. The market continues to develop stable in North America. There is a slight recovery in Central and Eastern Europe recognisable - with the exception of Russia and the Ukraine. The development in Asia is expected to remain difficult in 2015.
The Semperit Group anticipates a satisfactory business performance for the year 2015 despite an ongoing challenging business environment. Revenue and earnings should again be at an attractive level, although from today's perspective the company is unlikely to reach the earnings performance of the previous year. This is due to the more difficult market environment, effects related to the change in the method of consolidation of the joint venture in Thailand and up-front costs for additional production capacities as well as efficiency enhancement projects, which will positively impact Semperit's earnings situation in subsequent years.
Semperit is still committed to qualitative and profitable growth in the Medical Sector. Therefore the focus in 2015 is on efficiency improvements at the individual production sites, the expansion of high-margin customer relationships and the continuation of the expansion of capacity in Kamunting, Malaysia. 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. Capital expenditure (CAPEX) of approximately EUR 75 million is planned for 2015 (2014: EUR 74 million), of which 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, Semperit confirms the targeted EBITDA margin between 12% and 15% and an EBIT margin between 8% and 11%.
Note: Figures for the first half of 2014 were adjusted (comparison with prior year periods is only of limited informative value due to the change in the method of consolidation of the joint venture company in Thailand as of March 31, 2014).
The report is available for download at: http://www.semperitgroup.com/en/ir --> 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 858 million and an EBITDA of EUR 102 million.
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

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