PRESS RELEASE

Regulated information Half-yearly information - figures H1 2016

24 August 2016 - 8u00 CET

- Consolidated results H1 2016 - PICANOL GROUP REALIZES THE STRONGEST HALF YEAR IN ITS HISTORY INCREASED TURNOVER FORECAST FOR 2016 BASED ON A WELL-FILLED ORDER BOOK

  • The Picanol Group (Euronext: PIC) realized a consolidated turnover of 329.7 million euros in the first half of 2016, an increase of 27% compared to 259.8 million euros in the first half of 2015.

    As previously announced, the Weaving Machines division experienced a continued high global demand for Picanol weaving machines in the first half of 2016, during which time the group focused strongly on flexibility in order to handle production peaks. The Industries division also had a strong first half year thanks to the increased demand from Weaving Machines and projects at other customers, which allowed Proferro (foundry and mechanical finishing activities) and PsiControl (controllers) to realize a positive turnover growth.

    These activities resulted in the first half of 2016 in a net profit of 48.1 million euros compared to 30.3 million euros in the same period in 2015. In addition, Tessenderlo Chemie NV contributed 12.3 million euros to the net result in the first half of 2016 (compared to 11.7 million euros in the same period last year). The Picanol Group closed the first half of 2016 with a net profit of 60.4 million euros, compared to 42.0 million euros in the first half of 2015.

  • Based on the current order book and the continued demand for Picanol weaving machines, the Picanol Group has increased its turnover forecast for the full 2016 financial year. The group expects to achieve an increase in turnover in 2016 of approximately 10% compared to 2013, which was the best year in the history of the group.

  • The Picanol Group has currently some 35 vacancies at its headquarters in Ypres. The vacancies are published on the website www.picanolgroup.com.

Half-yearly information - H1 2016 figures in accordance with IFRS accounting standards

  1. KEY FIGURES

    Consolidated results (in '000 euros)

    30/06/2016

    30/06/2015

    Sales

    329,707

    259,799

    Cost of sales

    -243,933

    -202,114

    GROSS PROFIT

    85,774

    57,685

    Gross profit as % of sales

    26%

    22%

    General and administrative expenses

    -8,949

    -8,436

    Selling and marketing expenses

    -9,805

    -8,937

    Other operating income

    330

    35

    Other operating expenses

    -461

    -144

    EBITDA*

    70,020

    43,179

    EBIT**

    66,889

    40,203

    Net financing expenses

    578

    566

    Other financial result

    -113

    -48

    PROFIT OR LOSS BEFORE TAXES

    67,354

    40,721

    Income taxes

    -19,260

    -10,432

    PROFIT OR LOSS

    48,094

    30,288

    Share in the result of associated companies

    12,290

    11,740

    SHARE OF THE GROUP IN PROFIT

    60,384

    42,028

    Balance sheet information (in '000 euros)

    30/06/2016

    30/06/2015

    SHAREHOLDERS' EQUITY

    472,724

    380,089

    BALANCE SHEET TOTAL

    629,087

    522,911

    Key figures per share (in euros, except number of shares)

    30/06/2016

    30/06/2015

    Basic earnings per share

    3.41

    2.37

    Diluted earnings per share

    3.41

    2.37

    Number of shares

    17,700,000

    17,700,000

    * EBITDA: EBIT + depreciation and impairment of assets

    + adjustments of write-offs on inventories and trade receivables

    + adjustments of other provisions.

    **EBIT: Operating result

  2. ABBREVIATED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED INCOME STATEMENT

PICANOL GROUP (in '000 euros)

30/06/2016

30/06/2015

Sales

Cost of sales

329,707

-243,933

259,799

-202,114

GROSS PROFIT

85,774

57,685

Gross profit as % on turnover

26%

22%

General and administrative expenses

-8,949

-8,436

Selling and marketing expenses

-9,805

-8,937

Other operating income

330

35

Other operating expenses

-461

-144

OPERATING RESULT

66,889

40,203

Total interest income

1,340

1,156

Total interest expenses

-762

-589

Other financial income

216

465

Other financial expenses

-329

-514

PROFIT OR LOSS BEFORE TAXES

67,354

40,721

Taxes

-19,260

-10,432

PROFIT OR LOSS

48,094

30,288

Share in the result of associated companies

12,290

11,740

SHARE OF THE GROUP IN PROFIT

60,384

42,028

PICANOL GROUP (in euros)

30/06/2016

30/06/2015

Basic earnings per share

3.41

2.37

Diluted earnings per share

3.41

2.37

ABBREVIATED CONSOLIDATED OVERVIEW OF THE TOTAL RESULT

PICANOL GROUP (in '000 euros)

30/06/2016

30/06/2015

PROFIT/(LOSS) OF THE PERIOD

60,384

42,028

Total other comprehensive income

Items that will not be subsequently transferred to profit and loss:

-4,410

2,701

Actuarial gains / (losses)

Actuarial gains / (losses) at associated companies

-4,410

2,701

Items that will subsequently be transferred to profit and loss if specific conditions are met:

-729

786

Currency exchange differences as a result of the conversion of foreign operations

-1,147

3,477

Currency exchange differences as a result of the conversion of foreign operations at associated companies

1,129

-2,946

Share of other comprehensive income of associated companies

-711

255

Total other comprehensive income after taxes

-5,139

3,487

TOTAL RESULT

55,245

45,514

CONSOLIDATED BALANCE SHEET

PICANOL GROUP (in '000 euros)

30/06/2016

31/12/2015

FIXED ASSETS

392,173

371,361

Intangible assets

1,311

1,659

Goodwill

0

0

Tangible fixed assets

58,921

60,163

Interests in associated companies

330,361

308,101

Other financial investments

44

44

Non-current receivables

745

617

Deferred tax assets

791

777

CURRENT ASSETS

236,914

193,529

Inventories and contracts in progress

61,529

53,063

Trade receivables

65,394

49,220

Other receivables

16,444

13,895

Cash and cash equivalents

93,547

77,351

TOTAL ASSETS

629,087

564,890

SHAREHOLDER'S EQUITY

472,724

419,249

Share capital

21,720

21,720

Share premiums

1,518

1,518

Reserves

440,270

385,648

Translation differences

9,216

10,363

Minority interests

0

0

NON-CURRENT LIABILITIES

14,786

15,099

Employee benefit obligations

5,551

5,888

Provisions

109

109

Deferred tax liabilities

9,126

9,102

Interest-bearing debt

0

0

Other liabilities

0

0

CURRENT LIABILITIES

141,577

130,542

Employee benefit obligations

1,362

1,362

Provisions

7,013

6,651

Interest-bearing debt

3,522

5,165

Trade payables

74,705

63,666

Income taxes payable

10,591

2,208

Other current liabilities

44,384

51,490

TOTAL LIABILITIES

629,087

564,890

Picanol NV published this content on 24 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 24 August 2016 07:49:07 UTC.

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