APG|SGA SA www.apgsga.ch
APG|SGA SA Letter to shareholders February 28, 2017 3
Strong, high-level operating performance.
Positive one-time effect with disposal of Basel property. Financial situation very sound.
Dividend/special dividend totaling CHF 24 per share.
In brief (adjusted for one-time effects)Sales revenue in Switzerland up 0.4% to CHF 303.4 million. Group sales revenue 0.7% higher at CHF 315.4 million.
Revenues increase in Serbia by 10.7%
Positive margin situation, in line with previous year: EBITDA margin: 24.8% (previous year 24.8%)
EBIT margin: 20.9% (previous year 21.1%)
Net income rises by 0.8% to CHF 52.6 million.
Cash flow of CHF 64.0 million (previous year CHF 62.3 million)
Financial highlights in 1 000 CHF | 2016 | 2016 | 2015 | 2015 | Change | Change |
adjusted for one-time effects1 | adjusted for one-time effects1 | adjusted for one-time effects | ||||
Sales revenue | 315 361 | 315 361 | 313 038 | 313 038 | 0.7% | 0.7% |
- Switzerland | 303 445 | 303 445 | 302 278 | 302 278 | 0.4% | 0.4% |
- International | 11 916 | 11 916 | 10 760 | 10 760 | 10.7% | 10.7% |
Operating income | 339 802 | 317 188 | 316 650 | 315 144 | 7.3% | 0.6% |
EBITDA | 101 318 | 78 769 | 79 603 | 78 097 | 27.3% | 0.9% |
- in % of operating revenue | 29.8% | 24.8% | 25.1% | 24.8% | ||
EBIT | 88 846 | 66 297 | 68 139 | 66 633 | 30.4% | -0.5% |
- in % of operating revenue | 26.1% | 20.9% | 21.5% | 21.1% | ||
Net income | 70 523 | 52 551 | 53 289 | 52 122 | 32.3% | 0.8% |
- in % of operating revenue | 20.8% | 16.6% | 16.8% | 16.5% | ||
Cash flow | 59 314 | 63 956 | 61 946 | 62 285 | -4.2% | 2.7% |
Free cash flow | 56 626 | 33 228 | 55 615 | 53 554 | 1.8% | -38.0% |
Investments in property, plant, and equipment | 14 034 | 14 034 | 7 897 | 7 897 | 77.7% | 77.7% |
- advertising plant | 7 680 | 7 680 | 5 346 | 5 346 | 43.7% | 43.7% |
- other investments | 6 354 | 6 354 | 2 551 | 2 551 | 149.1% | 149.1% |
Net income per share, in CHF | 23.51 | 17.52 | 17.78 | 17.39 | 32.2% | 0.7% |
EBITDA: Earnings before interest, taxes, depreciation of property, plant, and equipment, and amortization of intangible assets EBIT: Earnings before interest and taxes
1 adjusted for effect of property sale
4 APG|SGA SA Letter to shareholders February 28, 2017Dear Shareholder:
General business developmentThe last financial year for APG|SGA can once again be described as highly successful. Despite loss of contracts and a highly competitive intra and intermediate environment, sales revenues still managed to exceed the previous year's levels. At the same time, operating business margins remained at a high level thanks to a diverse range of measures. The year was also marked by further expansion of the digital product range and the successful launch of the APG|SGA Promotion business area. The group's earnings performance remained stable, despite investment in the development of new business areas. The disposal of the Basel property caused an additional one-time effect.
APG|SGA GroupIn financial year 2016, group revenues grew by 0.7% to CHF 315.4 million. While sales revenues increased by 0.4% in the domestic Swiss market, the international segment recorded a strong rise of 10.7%. With the disposal of the Basel property, which is no longer required for operations, the rental return associated with the property also diminished. This property disposal represented a positive one-time effect
of CHF 22.6 million on level operating income.
Fees and commissions grew by 1.0% over the previous year. Diverse process improvements brought personnel expenses down by 0.6%. Operating and administrative costs increased by 1.2% over the previous year. This increase was caused by the development costs for new business areas. Operating margins remained at more or less the same level as the previous year, reaching 24.8% of EBITDA and 20.9% of EBIT, adjusted for one-time effects.
Net income for the reporting period amounted to CHF 70.5 million. Along with a strong operating result, the one-time effect caused by the disposal of the Basel property had a positive influence on the result, totaling CHF 18.0 million. Adjusted for this one-time effect, net income was CHF 52.6 million, representing an 0.8% increase on the previous year.
AlpenPlakat AG, purchased in late February, was consolidated for the first time in financial year 2016.
Cash flowCash flow for financial year 2016 amounted to CHF 59.3 million, representing a fall of 4.2% on the previous year. Cash flow from operating activities amounted to CHF 61.7 million. After investment in fixed assets of CHF 14.0 million, purchases of intangible assets of CHF 10.9 million, acquisition of shareholdings of CHF 8.4 million and proceeds from the disposal of fixed assets of CHF 28.3 million, free cash flow stood at CHF 56.6 million. The cash flow margin during the reporting year was 17.5% (previous year 19.6%). Free cash flow per share was CHF 18.88 in financial year 2016.
Balance sheetThe balance sheet total increased by 1.8% to CHF 273.7 million, with intangible assets representing the primary driver of the increase. The net cash position at the end of the reporting year was CHF 126.8 million, CHF 12.2 million lower than at the close of 2015. This decrease was primarily caused by the dividend payment. Intangible assets account for 8.5% of total assets. The high net cash position, the low level of intangible assets and an equity ratio of 51.8% are further indicators of a strong balance sheet.
APG SGA SA published this content on 28 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 February 2017 08:20:16 UTC.
Original documenthttp://www.apgsga.ch/en/company-market/news-presse-releases/2017/02/28/letter-to-shareholders-annual-report-2016/
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