14.08.2019,
8132 Zeichen
Corporate news transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is responsible for the content of this announcement.
Mid Year Results
Vienna -
EBITDA increased by 19.5% (after one-off effects in Q2'2018) to EUR 39.1 million, EBITDA margin from 7.3% (adjusted) to 9.0%\nEBIT increased significantly by 58.5% (compared to adjusted earnings of H1'2018) to EUR 20.9 million, EBIT margin from 2.9% (adjusted) to 4.8%\nSlight decrease in total revenue of 2.5% to EUR 437.3 million, primarily due to the change in strategy at Sempermed\nPositive half-year results\nVienna/Austria, 14 August 2019 - For the first time in two years the publicly
listed Semperit Group achieved positive half-year results with increasing
profitability on EBITDA and EBIT level, while revenue slightly declined. "Our
successful turnaround continues consistently and gained momentum, primarily in
the second quarter. In addition to the positive development of the Industrial
Sector, our restructuring efforts in the Medical Sector also started to take
effect: in the second quarter, all four segments were positive on EBITDA level.
The focus will remain on Sempermed to ensure sustainability of the efforts,"
says
Martin Füllenbach, Chairman of the Management Board of Semperit AG Holding,
and continues: "Our Group-wide transformation process will be continued
systematically. In parallel, we have started the programme 'SemperGrowth200' to
define and create the basis for the implementation of Semperit's strategic
reorientation in the coming 5-year period until our 200th anniversary."
The significant increase in profitability was achieved in the context of
increasingly subdued economic developments and global political uncertainties.
The raw material markets slightly eased compared with the previous year.
However, Semperit continues to observe intensive competition for some materials.
In addition, as a result of the transformation programme, Semperit is now in the
position to react adequately to economic fluctuations at short notice.
Strategic market and price processing contributes to stable revenue in
Industrial Sector
Thanks to strategic market and price processing, revenue in the Industrial
Sector remained virtually stable despite slightly declining production volumes:
Semperform recorded an increase, while Semperflex and Sempertrans showed slight
declines. At the same time, the ongoing transformation activities at the Group
level were systematically continued; this led to a continuous improvement in
operating performance. The decrease in revenue in the Medical Sector is
primarily due to the decline in volumes sold as a result of a deliberate change
of strategy to reduce trade items. At the same time, addressing operational
problems in the Medical Sector led to improvements, which became visible for the
first time in the second quarter.
Total revenue recorded a decrease by 2.5% to EUR 437.3 million in the first half
of 2019, with the Industrial Sector showing only a slight decline in revenue by
0.7% to EUR 289.5 million while the decline in revenue in the Medical center was
more pronounced at 5.9%. EBITDA (earnings before interest, taxes, depreciation
and amortisation) increased from EUR 32.7 million (value for the first half of
2018 adjusted for the negative one-off effect of EUR 3.9 million from the
shutdown of the Sempertrans site in China) to EUR 39.1 million in the first half
of 2019. The EBITDA margin improved from 7.3% (adjusted value for the first half
of 2018) to 9.0% in the first half of 2019.
Positive earnings after tax
EBIT (earnings before interest and tax) improved from EUR 13.2 million (adjusted
value for the first half of 2018) to EUR 20.9 million in the first half of 2019.
The EBIT margin increased from 2.9% (adjusted value for the first half of 2018)
to 4.8% in the first half of 2019. Earnings after tax totalled EUR 5.8 million
for the first half of 2019 compared with EUR -67.4 million for the same period
of 2018. Earnings per share amounted to EUR 0.28 in the first half of 2019 after
EUR -0.21 in the first half of 2018.
At EUR 21.4 million, cash-relevant investments in tangible and intangible assets
in the first half of 2019 were significantly lower than the EUR 42.1 million in
the first half of 2018. These were predominantly maintenance investments.
With an equity ratio of 41.4% (end of 2018: 42.9%), Semperit continued to have a
solid capital base as of the balance sheet date. Cash and cash equivalents
amounted to EUR 155.0 million on 30 June 2019; since December 2018, net debt has
decreased by EUR 33.9 million to EUR 78.8 million.
Industrial Sector: further improvement of operating performance, high margins
The Industrial Sector developed in a differentiated way on the revenue side, but
in total remained at the same level as in the same period of the previous year:
Semperform increased its revenues, while Semperflex and Sempertrans recorded
slight declines. In total, the sector's revenue decreased manageably by 0.7%
from EUR 291.4 million to EUR 289.5 million in the first half of 2019. Due to
the positive development in the segments, the overall profitability in the
Industrial Sector increased. EBITDA rose by 26.2% to EUR 52.7 million and EBIT
by 29.6% to EUR 39.5 million. The EBITDA margin improved from 14.3% to 18.2% and
the EBIT margin from 10.5% to 13.6%. This was primarily attributable to the
initiatives from the restructuring and transformation programme.
Medial Sector: profitable on EBITDA level
The development of the Sempermed segment was characterised by strong competitive
and price pressures, especially in North America. The reduction in sale of trade
items led to a declining sales and revenue development. This resulted in a
decrease in revenue of 5.9% to EUR 147.8 million in the first half of 2019
compared with the previous year's period. The measures initiated in the course
of the restructuring and transformation process have shown first positive
effects, although their sustainability still has to be proven. In the first half
of 2019, EBITDA was EUR -0.3 million after EUR 0.1 million in the first half of
2018. EBIT amounted to EUR -4.2 million after EUR -7.3 million (value adjusted
for the Sempermed impairment) in the first half of 2018. On the EBITDA level,
Sempermed is returning to profitability (positive EBITDA since March 2019).
Outlook 2019
The Management Board of Semperit will systematically continue the chosen
transformation process. Continuous and potentially new measures to increase
profitability remain at the top of the Management Board's agenda.
Since Semperit currently has sufficient capacities in production and in Mixing,
capital expenditures (CAPEX, including maintenance) of only around EUR 40
million are planned for 2019. This should also bring us closer to the goal of a
positive free cash flow in 2019.
Increased financial discipline is enforced through step-by-step cost
optimisation and reduced net debt, with our focus on value management and
optimisation of the working capital and the positive free cash flow representing
a sustainable key performance indicator in our financial planning.
Since the beginning of the restructuring and transformation process, the
Management Board has identified significant potentials for earnings improvement
and initiated appropriate implementation measures. The conclusion of the
transformation of the Semperit Group is scheduled for the end of 2020. From this
point of time, the Semperit Group aims to achieve an EBITDA margin of around 10%
(run rate 2021) as central key performance indicator.
end of announcement euro adhoc
Attachments with Announcement:
----------------------------------------------
http://resources.euroadhoc.com/documents/15/5/10342814/1/2019-08-14_Press_Release_H119_EN_final.pdf
issuer: Semperit AG Holding
Modecenterstrasse 22
A-1030 Wien
phone: +43 1 79 777-213
FAX: +43 1 79 777-602
mail: agnes.springer@semperitgroup.com
WWW: www.semperitgroup.com
ISIN: AT0000785555
indexes: ATX PRIME, WBI, ATX GP
stockmarkets: Wien
language: English
Digital press kit: http://www.ots.at/pressemappe/2918/aom
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Semperit
Akt. Indikation: 12.08 / 12.32
Uhrzeit: 23:00:01
Veränderung zu letztem SK: -0.49%
Letzter SK: 12.26 ( 10.45%)
Bildnachweis
1.
Semperit, Semperflex, Odry; Credit: Semperit Group
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