RESILUX NV
RESILUX NV Damstraat 4
B-9230 Wetteren
Belgium
tel.: +32-9/365.74.74 fax.: +32-9/365.74.75 mail: info@resilux.com VAT: BE0447.354.397
RPR-Dendermonde
Embargo until August 29th 2014, 17h40
Prepared by Managing Directors Dirk De Cuyper and Peter De Cuyper.
Wetteren, Belgium - August 30th, 2014.
Higher operating results and a positive sales development Airolux lead to increase of net profit by 16%Key figures for first half year 2014 compared with first half year 2013:
• Turnover : € 147.7 million (-3%)
• Added value : € 33.7 million (+7%)
• Operating cash flow (EBITDA) : € 18.0 million (+8%)
• Depreciations and amortisations : € 6.6 million (+6%)
• Operating result : € 11.4 million (+9%)
• Financial result : € -1.8 million (-206%)
• Profit before taxes : € 9.6 million (-2%)
• Profit before equity method (excl. Airolux) : € 7.7 million (+3%)
• Net Profit after equity method (incl. Airolux) : € 6.6 million (+16%)
• Net Financial Debt : € 51.8 million (+34%)
RESILUX NV www.resilux.com1
RESILUX NV Damstraat 4
B-9230 Wetteren
Belgium
tel.: +32-9/365.74.74 fax.: +32-9/365.74.75 mail: info@resilux.com VAT: BE0447.354.397
RPR-Dendermonde
Embargo until August 29th 2014, 17h40
Consolidated key figures (1) 1H 2014 1H 2013Key figures of the income statement Turnover Operating revenues | in 000 € 147'723 150'958 | in 000 € 152'753 154'417 | Evolution (%) -3.3% -2.2% |
Added value (2) | 33'744 | 31'677 | 6.5% |
Operating cash flow - EBITDA (3) | 17'976 | 16'646 | 8.0% |
Depreciations and amortisation | 6'561 | 6'187 | 6.0% |
Operating result | 11'415 | 10'459 | 9.1% |
Financial result Result before taxes | -1'772 9'643 | -579 9'880 | 206.0% -2.4% |
Income tax expense Net result, part of group | -1'896 7'747 | -2'336 7'544 | -18.8% 2.7% |
Net profit for the year | 6'612 | 5'681 | 16.4% |
Key figures of the the balance sheet Equity | in 000 € 81'443 | in 000 € 75'892 | Evolution (%) 7.3% |
Equity (incl. subordinated loans) | 82'943 | 75'892 | 9.3% |
Net financial debts (excl. subordinated loans) (4) | 51'829 | 38'604 | 34.3% |
Total Assets and Total Liabilities | 211'014 | 202'329 | 4.3% |
Key figures per share Operating cash flow - EBITDA (3) | in € 9.08 | in € 8.41 | Evolution (%) 8.0% |
Operating result | 5.76 | 5.28 | 9.1% |
Net result, part of group | 3.91 | 3.81 | 2.7% |
Net profit for the year Average number of shares | 3.34 1'980'410 | 2.87 1'980'410 | 16.4% |
Key figures per share - diluted (5) in € in € Evolution (%)
Operating cash flow - EBITDA (3) | 8.88 | 8.22 | 8.0% |
Operating result | 5.64 | 5.17 | 9.1% |
Net result, part of group | 3.83 | 3.73 | 2.7% |
Net profit for the year | 3.27 | 2.81 | 16.4% |
Average number of shares | 2'024'860 | 2'024'860 |
(1) Figures are fully in conformity with IFRS-rules.
(2) Revenues minus trade goods and raw materials minus services and other goods.
(3) Operating profit plus depreciations and write offs of intangible and tangible assets, plus provisions for write offs in value relating to stocks and trade accounts receivable.
(4) Financial debt - available funds and investments.
(5) In 2013 44.450 warrants are issued and attributed to the members of the personnel.
RESILUX NV www.resilux.com2
RESILUX NV Damstraat 4
B-9230 Wetteren
Belgium
tel.: +32-9/365.74.74 fax.: +32-9/365.74.75 mail: info@resilux.com VAT: BE0447.354.397
RPR-Dendermonde
Embargo until August 29th 2014, 17h40
Overview of results for the first half year of 2014
During the first half year of 2014 the volumes sold of preforms and bottles have increased by 3.3% compared to the first half of 2013. Besides an increase in West Europe, there was also a positive evolution of the sales in Russia and The United States. In East and Central Europe, there has been a decrease of the sales of preforms. The growth is the result of a further diversification of customers and products.
The turnover has decreased during the first half year by 3.3% up to € 147.7 million. This is the result of a combination of increased volumes, lower average prices of raw materials and a slight decrease of the average weight of the preforms. As known Resilux can pass on fluctuations in raw material prices to the customers.
Compared to the first half year of 2013, the added value increased by 6.5% or € 2.1 million to €
33.7 million.
The total personnel costs increased by € 1.0 million. This increase is due to increased salaries and an increase of the number of personnel as a result of further strengthening and developing the organization. The increase of the personnel costs was partly compensated by a decrease of the other goods and services increased by € 0.7 million or 3.6%
The consolidated operating cash flow (Ebitda) increased by 8.0% and amounts to € 18.0 million.
The depreciations and amortisations increased by € 0.4 million and amounted to € 6.6 million in the first half of this year. This is mainly due to lower reversals of depreciations of stocks compared to the first half of 2013.
The operating result for the first semester of 2014 amounts to € 11.4 million compared to € 10.5 million for the first semester of 2013, which means an increase of € 1.0 million or 9.1%.
The total financial result decreased by € 1.2 million. The total interest costs have increased by € 0.1 million as a result of an increased average financial debt. This year the net exchange results are neutral. In the first half of last year these were positive for € 0.3 million. The unrealised result booked on financial instruments decreased by € 0.7 million as a result of decreased interest rates. The total net financial result amounts to € -1.8 million.
A pre-tax profit was realized of € 9.6 million compared to € 9.9 in the first half of 2013. The total taxes amount to € -1.9 million. This amount includes taxes payable for € -2.4 million and deferred taxes for +0.5 million. After taxes, the Group has realized a net profit of € 7.7 million or an increase of 2.7%.
RESILUX NV www.resilux.com3
RESILUX NV Damstraat 4
B-9230 Wetteren
Belgium
tel.: +32-9/365.74.74 fax.: +32-9/365.74.75 mail: info@resilux.com VAT: BE0447.354.397
RPR-Dendermonde
Embargo until August 29th 2014, 17h40
The share of profit of joint venture amounts to € -1.1 million compared to € -1.9 million for the first half of 2013. This result relates to the joint venture Airolux AG. Increased sales have resulted in a better result for the first half of 2014 compared to the first half of 2013.
After the share of profit of joint venture the total profit for the year amounts to € 6.6 million
compared to € 5.7 million during the first half of 2013 or an increase by € 0.9 million or 16.4%.
The net investments in intangible and tangible fixed assets in the first half of 2014 amount to €
9.1 million compared to € 10.7 million in the first half of 2013. These investments are mainly made in increased production capacity and in new production tools. Resilux continues to invest in further diversification of products, markets and customers.
The net financial debt on June 30, 2014 increased by € 13.2 million and amounts to € 51.8 million compared to € 38.5 million per June 30, 2013. The increase is the result of a decrease of the cash flow from operating activities, mainly due to an increase of the working capital.
Half-yearly financial report
A full report on the half-year results (included regulated information and the report of the statutory auditor on the half year information) can be found on our website www.resilux.comunder the heading Investor Relations.
Outlook
The market conditions remain very competitive and uncertain due to the slow economic recovery. Resilux remains positive despites the rather poor summer. Resilux expects that the operating results for the second semester 2014 will be in line with the results for the second semester 2013.
A further positive evolution of the sales and results is expected regarding the joint venture Airolux. Resilux expects in the second half of 2014 to invest € 5.0 to € 6.0 million. This includes an extension
of the building in Greece and additional investments in now production tools.
Resilux will continue to focus on cost control and diversification of customers and productmix.
RESILUX NV www.resilux.com4
RESILUX NV Damstraat 4
B-9230 Wetteren
Belgium
tel.: +32-9/365.74.74 fax.: +32-9/365.74.75 mail: info@resilux.com VAT: BE0447.354.397
RPR-Dendermonde
Embargo until August 29th 2014, 17h40
Financial Calendar
Results full year 2014 : March 17, 2015
For more information, please contact: Resilux NV
Dirk De Cuyper (info@resilux.com) Annexe : Group results
== End of the press release =
Resilux NV specialises in the manufacture and sales of PET preforms and bottles. These preforms and bottles are used for the packaging of water, soft drinks, oils, milk, beer, juices etc. Resilux originally was a family business, and was established in
1994. Since 3rd October 1997, Resilux has been quoted on Euronext Brussels. Resilux has production units in Belgium, Spain, Greece, Russia, Switzerland, Hungary, and in the U.S.A.
RESILUX NV www.resilux.com5
RESILUX NV Damstraat 4
B-9230 Wetteren
Belgium
tel.: +32-9/365.74.74 fax.: +32-9/365.74.75 mail: info@resilux.com VAT: BE0447.354.397
RPR-Dendermonde
Embargo until August 29th 2014, 17h40
RESILUX GROUP : 1H 2014
Consolidated statement of profit or loss in 000 € 1H 2014 1H 2013 % Operating revenues 150'958 154'417 -2.2% Turnover 147'723 152'753 -3.3% Changes in inventories finished goods and work in progress 1'897 -1'034 -283.5% Other operating income 1'338 2'698 -50.4% Operating expenses 139'543 143'958 -3.1% Raw materials and consumables used 97'444 102'226 -4.7% Services and other goods 19'770 20'514 -3.6% Employee benefits expense 15'043 14'088 6.8% Depreciation and amortisation 6'561 6'187 6.0% Other expenses 725 943 -23.1% Operating result 11'415 10'459 9.1% Financial income 1'807 2'499 -27.7% Financial costs -3'579 -3'078 16.3% Result before taxes 9'643 9'880 -2.4% Income tax expense -1'896 -2'336 -18.8% Net result 7'747 7'544 2.7% Share of profit of joint venture -1'135 -1'863 -39.1% Net profit for the year 6'612 5'681 16.4%
Net profit per share in € 3.34 2.87 16.4% Net profit per share diluted in € 3.27 2.81 16.4%
Statement of comprehensive income in 000 € 1H 2014 1H 2013 % Income attributable to the owners of the parent 6612 5681 16.4% Currency translation adjustments -389 -1'703 -77.2% Cash flow hedges (*1) 0 -3 -100.0% Actuarial gains and losses (net) (*2) 0 13 -100.0% Total other comprehensive income -389 -1'693 -77.0% Total of comprehensive income 6'223 3'988 56.0%
*1 recyclable in the income statement 2* non recycable in the income statement
RESILUX NV www.resilux.com6
RESILUX NV Damstraat 4
B-9230 Wetteren
Belgium
tel.: +32-9/365.74.74 fax.: +32-9/365.74.75 mail: info@resilux.com VAT: BE0447.354.397
RPR-Dendermonde
Embargo until August 29th 2014, 17h40
Balance sheet in 000 € 30.06.2014 30.06.2013 31.12.2013
Non-current assets 95'894 92'668 92'527
Goodwill 13'685 13'685 13'685
Intangible assets 1'883 1'086 1'460
Property, plant & equipment 69'993 68'103 67'225
Other financial assets 4'734 4'418 4'582
Deferred tax 3'531 2'739 3'307
Non-current receivables 2'068 2'637 2'268
Current assets 115'120 109'661 90'203
Inventories 45'427 45'515 41'981
Trade receivables 48'519 48'829 34'686
Other current assets 10'257 8'596 7'282
Cash and cash equivalents 10'917 6'721 6'254
Total Assets 211'014 202'329 182'730
Equity 81'443 75'892 78'759
Non-current liabilities 40'486 34'705 33'154
Subordinated loans 1'500 0 1'500
Intrest-bearing borrowings 32'463 27'212 24'921
Other amounts payables 1'821 2'327 1'983
Provisions 2'067 1'993 1'989
Deferred tax 2'635 3'173 2'761
Current liabilities 89'085 91'732 70'817
Subordinated loans 0 0 0
Intrest-bearing borrowings 30'284 18'112 20'192
Trade payables 47'492 61'429 38'858
Income tax payables 3'337 2'406 2'456
Other amounts payables 7'972 9'785 9'311
Total Liabilities 211'014 202'329 182'730
Statement of changes in equity in 000 € 2014 2013
Total equity per January 1st 78'759 75'146
Result for the period 6'612 5'681
Currency translation differences -389 -1'703
Unrealised result hedging contracts 0 -3
Actuarial gains and losses (net) 0 13
Share-base payments 26 26
Dividends paid -3'565 -3'268
Total equity per June 30th 81'443 75'892
RESILUX NV www.resilux.com7
RESILUX NV Damstraat 4
B-9230 Wetteren
Belgium
tel.: +32-9/365.74.74 fax.: +32-9/365.74.75 mail: info@resilux.com VAT: BE0447.354.397
RPR-Dendermonde
Embargo until August 29th 2014, 17h40
RESILUX NV www.resilux.com8
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