EAC INVEST A/S InterIm report Q1 2015
Traditional low season first quarter showed good overall increase in revenue across both Moving and Relocation Services, but not with the required bottom-line effect. Margins continue to be under pressure, and the growth in relocation services has not been sufficient to make up for the pressure in the moving business. The market in Australia is still depressed with activity levels and margins falling significantly behind 2014. The USD currency developments also had a negative impact on operating costs.
• Revenue grew by 17.3 per cent to EUR 83.2m corresponding to DKK 620.2m. The increase was 8.0 per cent i local currencies.
• EBITDA before special items was EUR -1.1m (EUR -0.3m).
With effect from 1 January 2015 the presentation currency has changed from DKK to EUR. All comparatives have been translated into EUR accordingly.
EURm DKKm
Revenue EBITDA before special items Special items, net EBITDA Operating profit (EBIT) Operating cash flow Earnings per share (diluted) continuing operations | 83.2 -1.1 -0.4 -1.5 -3.4 0.2 -0.3 | 70.9 -0.3 0.0 -0.3 -1.8 -3.1 -0.2 | 620.2 -8.2 -2.8 -11.0 -25.4 1.7 -2.2 | 529.2 -2.5 0.0 -2.5 -13.2 -22.0 -1.6 |
The Santa Fe Group maintains the outlook for 2015 as announced in the Annual Report 2014.
Commenting on the results, CEO Martin Thaysen says:"The challenges to our operating margins and cash flow were clearly illustrated in our Q1 performance and remain a key focus for management. However, our business development momentum continues with activity growth in Moving and Relocation Services, as well as new customers, most notably our win of a new strategic customer already in the first quarter.
With the completion of the Santa Fe brand alignment and the change of the name of the parent company to Santa Fe Group A/S, we have now final- ised our transformation and are ready to meet our customers and investors around the world under a unified global brand.
We remain committed to the targets set and announced in the Annual Report 2014."
Comparative figures for Q1 2014 are stated in brackets. All currency effects refer to translation effects from reporting currencies unless otherwise stated.
For additional information, please contact:
Martin Thaysen, Group CEO, +44 20 3691 8300 or Christian Moller Laursen, Group CFO, +44 20 8963 2514
DisclaimerThe 2015 outlook reflects management's expectations of future events and must be viewed in the context of the business environments and currency markets, which may cause actual results to deviate materially from those projected by Santa Fe Group. The outlook is stated at current exchange rates and based on consensus growth rates in key economies as well as present expectations from key corporate customers. Santa Fe's business is highly seasonal and dependent on the third quarter peak season at the Northern Hemisphere as well as the local fourth quarter peak season in Australia. Hence, the majority of revenue and earnings may be recognized in these periods.
Santa Fe Group A/S
East Asiatic House
20 Indiakaj
DK-2100 Copenhagen Ø
CVR-no. 26 04 17 16
Telephone +45 3525 4300
E-mail: sfg@santaferelo.com
Further information on the Santa Fe Group is avail- able on the Group's website: www.santaferelo.com
Santa fe group a/S / INTERIM REPORT Q1 2015
Company announCement no. 7/2015 1
fInanCIaL HIgHLIgHtS anD Key ratIoS
EURm Q1 2015 Q1 2014 FY 2014
CONSOLIDATED INCOME STATEMENT | |||
Revenue | 83.2 | 70.9 | 338.1 |
Earnings before depreciation, amortisation and special items | -1.1 | -0.3 | 12.3 |
Special items, net | -0.4 | 0.0 | -2.5 |
Earnings before depreciation and amortisation (EBITDA) | -1.5 | -0.3 | 9.8 |
Operating profit (EBIT) | -3.4 | -1.8 | -34.9 |
Financials, net | -1.4 | -0.6 | -2.5 |
Share of profit in associates | 0.0 | 0.0 | 0.1 |
Income tax | -1.2 | -0.1 | -3.6 |
Loss from continuing operations | -3.6 | -2.3 | -33.7 |
Profit from discontinued operations | 0.0 | 18.6 | 80.5 |
Profit for the period | -3.6 | 16.3 | 46.8 |
Earnings per share (diluted) EUR, continuing operations | -0.3 | -0.2 | -2.9 |
EURm 31.03.2015 31.03.2014 31.12.2014
CONSOLIDATED BALANCE SHEET Total assets Working capital employed Net interest bearing debt, end of period Net interest bearing debt, average Invested capital Santa Fe Group A/S' share of equity Non-controlling interests Cash and cash equivalents Cash and cash equivalents in the parent company Investments in intangible assets and property, plant and equipment, continuing operations | 242.9 17.1 20.1 20.2 113.5 99.4 1.2 19.8 0.1 0.5 | 638.4 239.7 11.4 18.0 28.7 20.2 30.1 25.9 136.5 115.1 151.5 97.0 25.3 2.4 24.5 18.7 3.8 0.4 1.3 5.3 |
CASH FLOW Operating activities Investing activities Financing activities | 0.2 -0.4 -0.4 | -3.1 -5.4 6.4 -29.1 -6.5 -49.2 |
RATIOS EBITDA margin (%), before special items Operating margin (%) Equity ratio (%) Return on average invested capital (%), annualised Return on parent equity (%) Equity per share (diluted) Market price per share, DKK Number of treasury shares Number of employees end of period, continuing operations | -1.3 -4.1 40.9 -5.3 -15.0 8.2 72.5 338,494 2,969 | -0.4 3.6 -2.5 -10.3 23.7 40.5 -0.9 7.6 38.1 35.1 12.6 8.1 88.0 52.0 338,494 338,494 2,965 2,969 |
The ratios have been calculated in accordance with definitions on page 74 in the Annual Report 2014.
For the detailed income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement, refer
to pages 6 - 10.
Santa fe group a/S / INTERIM REPORT Q1 2015
Company announCement no. 7/2015 2
Q1 IN REvIEwfInanCIaL HIgHLIgHtS anD Key ratIoS
Brand alignmentThe final stage of the global brand alignment to Santa Fe was completed
with the brand change in Europe and the renaming of EAC to Santa Fe Group. The Santa Fe brand is now globally aligned as a leader in mobility services, and consistent from customers at the front end, with our employees and suppliers, through to our shareholders and investors.
Records Management
Revenue increased by 9.5 per cent in local currencies to EUR 3.9m
(EUR 3.0m). Measured in volume the business grew by 5.9 per cent.
EMEA
Group StructureWith effect from 1 January 2015 the Santa Fe Group Parent (formerly the EAC Parent) merged with the fully owned subsidiary Santa Fe Group Holding Ltd. A/S which was the ultimate holding company for the Santa
Asia
Australia
2 Q1 2015 48% 29 Q1 2014 45%Fe Group. The two former Danish holding companies will continue under the name Santa Fe Group A/S as the ultimate owner of the Santa Fe Group.
26% 26% New contracts winsDuring Q1 2015, Santa Fe continued its strong track record of adding new global accounts to its portfolio by securing a new EUR 11m a year contract for global relocation services with one of the world's leading agro-chemical businesses. The contract win is particularly important as being the first major global win for the group with a U.S. headquartered client. The contract is expected to contribute to revenue starting in H2
2015, however, due to the associated implementation costs related to setting up the platform to operate the contract, the EBITDA contribution is expected to have a small negative impact on the 2015 result.
FINANCIAL PERFORMANCE
BY BUSINESS LINES ANd REgION
Revenue by business line EMEAOverall revenue in EMEA of EUR 39.8m (EUR 31.9m) was 18.5 per
cent above 2014 in local currencies.
Revenue from Moving Services in EMEA increased 18.5 per cent in lo- cal currencies to EUR 32.5m (EUR 26.9m). Strong growth was achieved in UK, Germany, Italy, South Africa and the Middle East who benefitted from contracts won during the latter half of 2014 and increased activity levels from existing accounts.
Progress from Relocation Services was significant in EMEA with a 38.2 per cent revenue growth in local currencies to EUR 7.1m (EUR 4.8m). This was driven by strong results in Western Europe reflecting the ben- efit from contracts won in 2014 which have now gained full momentum, combined with an uplift in revenues from existing corporate customers.
Moving
Services
Relocation
Services
Records
Management
5% 13 Q1 2015 82% 4% 12 Q1 2014 84%EBITDA in EMEA decreased despite of revenue improvement. This was primarily due to pressure on gross margins in the European countries, and to some extend impact from contracts with a significant depend- ence on USD-related costs.
ASIARevenue in Asia of EUR 22.1m (EUR 18.1m) was up by 3.5 per cent in
local currencies.
Moving Services
Overall revenue from Moving Services increased by 6.1 per cent in local currencies and by 14.5 per cent in EUR to a total of EUR 68.0m (EUR
59.4m).
Revenue increased by 20.8 per cent in local currencies and 32.9 per cent in EUR to EUR 11.3m (EUR 8.5m).
Revenue from Moving Services in Asia increased 3.5 per cent in local currencies to EUR 15.0m (EUR 12.0m). Conditions in most markets were stable with growth in Hong Kong, Singapore and Indonesia but offset by a significant revenue decline in China.
Revenue from Relocation Services in Asia decreased by 11.6 per cent
in local currencies to EUR 3.4m (EUR 3.3m). The decrease was primar- ily driven by the activity decline in China, where inbound business has declined by 20%.
Revenue from the Records Management business in Asia increased by
10.4 per cent in local currencies to EUR 3.7m (EUR 2.8m) driven by
volume growth in Greater China.
Santa fe group a/S / INTERIM REPORT Q1 2015
Company announCement no. 7/2015 3
REVENUE BY BUSINESS LINES AND REGIONSfInanCIaL HIgHLIgHtS anD Key ratIoS
EURm
Change in Change
Q1 2015 Q1 2014 %, EUR in %, LCMoving Services Relocation Services Records Management Total revenue Change in %, EUR Change in %, LC | 32.5 15.0 20.5 68.0 7.1 3.4 0.8 11.3 0.2 3.7 - 3.9 39.8 22.1 21.3 83.2 24.8 22.1 1.9 17.3 18.5 3.5 -3.7 8.0 | 26.9 12.0 20.5 59.4 4.8 3.3 0.4 8.5 0.2 2.8 - 3.0 31.9 18.1 20.9 70.9 | 14.5 6.1 32.9 20.8 30.0 9.5 17.3 8.0 |
EBITDA in Asia slightly improved due to better performance in Hong Kong and South East Asia, countered by the slowdown in Mainland China.
AUSTRALIAIn Australia, revenue was EUR 21.3m (EUR 20.9m) but deceased 3.7
per cent in local currencies.
The Australian Moving Services revenue decreased by 3.7 per cent in local currencies, but remained flat in EUR at EUR 20.5m (EUR 20.5m).
Both the international and domestic business continue to be impacted by the economic slowdown and specific slowdown in the mining and re- sources industry, that is the most significant part of the Group's business in Australia. Reduced consumer confidence also negatively impacted
our direct consumer business for domestic moving in Australia.
Revenue from Relocation Services from the emerging business in Australia increased by 107.8 per cent in local currencies to EUR 0.8m (EUR 0.4m), driven by a new contract and growth in the Visa and Im- migration business.
EBITDA in Australia continued the downward trend from 2014. Slowdown in revenue, combined with margin pressure, lower trans- port utilisation levels and existing fixed cost base continues to reduce
EBITDA contribution. There is also a minor impact on operating cost for
international business from the appreciation of the USD.
A restructuring program was initiated in Q1, focused on trimming the fixed cost base, to reduce losses and recover profitability from Q3 onwards.
FINANCIAL REVIEW
CONSOLIdATEd INCOME STATEMENT
Change in presentation currencyThe presentation currency has been changed from DKK to EUR with effect from 1 January 2015 and results are now presented in Euro mil- lion with one decimal point. All comparatives have been translated into EUR accordingly for the financial period ending 31 March 2014 and 31
December 2014. To assist shareholders during the transition period a
highlight table has been presented in DKK in note 6.
Revenue amounted to EUR 83.2m (EUR 70.9m). Revenue increased8.0 per cent in local currencies and 17.3 per cent in EUR.
Revenue increased in all three product lines, but Relocation Services performed particularly strong with a 20.8 per cent growth in local cur- rencies.
Overall performance was influenced by a strong performance in EMEA,
and negatively impacted by continued weakness in Australia.
Developments in exchange rates between the reporting currency EUR and the functional currencies of subsidiaries affected the Group revenue in Q1 2015 positively by EUR 6.3m. This was mainly due to the appre- ciation of the USD and USD-related currencies, primarily in Asia which had a positive impact measured in EUR, but also Switzerland and UK benefitted from a strengthening versus the EUR.
EBITDA before special items was a loss of EUR 1.1m (EUR -0.3m), pri- marily due to the results in Australia and continued pressure on margins in the moving business. This was offset by slightly improved results in Asia combined with lower corporate costs in Copenhagen.Developments in exchange rates between EUR and the functional cur- rencies of subsidiaries only impacted EBITDA to a very limited extend due to the low season in Asia and Europe in Q1.
Special items were EUR 0.4m (EUR 0.0m) related to the restructuring ofthe Australian business.
Reported EBITDA was a loss of EUR 1.5m (EUR -0.3m).
Amortisation and depreciation of intangibles, property, plant and equipment of EUR 1.9m (EUR 1.5m) increased compared to Q1 2014 as result of the amortisation of the WridgWays trademark amounting to EUR 0.4m in Q1 2015. The useful life of the WridgWays trademark was reassessed to be finite at year-end 2014 and will accordingly be amor- tised over a useful life of 10 years from 1 January 2015.
Financial expenses and income, net was an expense of EUR 1.4m (EUR 0.6m). Financial expenses of EUR 1.5m (EUR 0.8m) were primar- ily related to exchange losses on receivables and payables particularly in the European markets as result of the appreciation of the USD and the depreciation of the EUR.
The Q1 2015 effective tax rate was 25.0 per cent (4.2 per cent). The Q1 2014 effective tax rate was affected by certain entities including the Santa Fe Group Parent company which did not recognize deferred tax assets in respect of losses for the period due to uncertainty with respect of utilization which negatively impacted profit.
Santa fe group a/S / INTERIM REPORT Q1 2015
Company announCement no. 7/2015 4
fInanCIaL HIgHLIgHtS anD Key ratIoS
Net loss for the period from continuing operations was EUR 3.6m
(EUR -2.3m).
Net profit from discontinued operations was EUR 0.0m (EUR 18.6m). Discontinued operations in Q1 2014 related to the divestment of the Plumrose business upon closing of the sale in April 2014. Further de- tails are disclosed in the EAC Annual Report in note 29 on pages 58-59.
Non-controlling interests' share of net profit for the period amounted to EUR 0.0m (EUR 1.8m) of which EUR 0.0m (EUR 0.2m) related to continuing operations primarily the Sino Santa Fe minority shareholder in Santa Fe China.
Santa Fe's share of the net profit/loss for the period was a loss of EUR3.6m (EUR 14.5m).
CONSOLIdATEd BALANCE SHEET
Total equity by the end of Q1 2015 was EUR 100.6m (EUR 99.4m at the end of 2014), increased by foreign currency translation adjustments offset by the declared interim dividend to non-controlling interests as well as the net loss for the period. Working capital employed amounted to EUR 17.1m (EUR 18.0m at the end of 2014) equivalent to a decrease of 11 per cent in local currencies due to lower trade receivables partly offset by a corresponding decrease in trade payables. This was a result of collections in the Q1 2015 low season combined with increased efforts to reduce overdue receivables. Invested capital decreased 5 per cent versus 31 December 2014in local currencies to EUR 113.5m (EUR 115.1 at the end of 2014). The reduction was primarily driven by the decrease in working capital employed.
Net interest bearing debt amounted to EUR 20.1m (EUR 20.2m at the end of 2014) equivalent to a decrease of 2 per cent in local currencies versus 31 December 2014. Loan facilities being renewed in 2015 are presented as current. Return on average invested capital was -5.3 per cent in 2015 (-0.9 per cent) based on EBITDA after special items due to the weak performance in the northern hemisphere in the Santa Fe business. Cash inflow from operating activities was EUR 0.2m mainly due to a reduction in working capital, and a harder drive on collections of over- due receivables. Cash outflow from investing activities of EUR 0.4m was primarilyrelated to investments in property, plant and equipment.
Cash outflow from financing activities amounted to EUR 0.4m primar- ily due to repayment of borrowings in Australia and Indonesia offset by drawdown in other locations.
RefinancingIn Q1 2015, the Santa Fe Group agreed terms on a new EUR 43.5m (DKK 325m) loan facility split between HSBC and Danske Bank, which will replace current bank loans in the amount of EUR 29m (DKK 215m) providing funding for the operations during 2015 and 2016. The new facility is a combined two year term loan and revolving credit facility, and subject to usual financial covenants regarding leverage, interest cover and solvency and includes certain restrictions on future dividend pay- ments of the Santa Fe Group.
Incentive schemeAn incentive pay scheme ("Matching Option Incentive Program") for
a number of senior executives and key staff members of the Santa Fe
Group was adopted at the Annual General Meeting held on 26 March
2015. The general guidelines have been published on the Company's
website (www.santaferelo.com).The maximum number of shares that
can be transferred to the participants under the scheme is 320,000 (ap- prox. 2.6% of the Company's share capital). The Company keeps these shares in its treasury. The treasury shares were used to hedge options that were granted in 2007-2009, all of which have expired unexercised.
For accounting purposes, the cost of the scheme will be distributed over the duration of the scheme. The programme has no impact on the Q1
2015 results, but will have impact from Q2 2015.
SUBSEQUENT EVENTS
As announced on 21 April 2015 (announcement no 5/2015) Christian Moller Laursen has been appointed Group Chief Financial Officer and member of the Executive Board, effective from 18 May 2015.
No other material events have taken place after 31 March 2015.
The outlook for 2015 remains unchanged.
The revenue growth is expected to modest compared to 2014 (EUR
338.1m/ DKK 2,520m) with positive development in Asia, Europe and the Middle East, while Australia continues to be challenged.
EBITDA before special items is expected to be in the range of EUR
13.4-16.1m / DKK 100m-DKK 120m, based on the expected top-line growth combined with efficiency improvements, and countered by im- plementation cost of new contracts. Efficiency initiatives are expected to entail minor restructuring costs, which will be reported as special items.
Special items are expected to be below the cost in 2014 (EUR 2.5m / DKK 18m).
The exchange rates used for the outlook are maintained.
The full-year outlook will be updated during the year as various strategic reviews are completed.
Santa fe group a/S / INTERIM REPORT Q1 2015
Company announCement no. 7/2015 5
CONSOLIDATED INCOME STATEMENTSanta fe group a/S
EURm Q1 2015 Q1 2014 FY 2014
Revenue Direct costs Other external expenses Staff costs | 83.2 46.9 7.5 29.9 | 70.9 338.1 38.0 188.2 6.5 27.5 26.7 110.1 |
Operating profit before amortisation, depreciation, impairment and special items Special items, net | -1.1 -0.4 | -0.3 12.3 0.0 -2.5 |
Operating profit before amortisation, depreciation and impairment Amortisation and depreciation of intangibles, property, plant and equipment Impairment of goodwill and trademarks, etc. | -1.5 1.9 0.0 | -0.3 9.8 1.5 5.9 0.0 38.8 |
Operating profit Financial income Financial expenses Share of profit in associates | -3.4 0.1 1.5 0.0 | -1.8 -34.9 0.2 8.3 0.8 10.8 0.0 0.1 |
Profit before income tax expense Income tax expense | -4.8 -1.2 | -2.4 -37.3 -0.1 -3.6 |
Profit from continuing operations Profit from discontinued operations | -3.6 0.0 | -2.3 -33.7 18.6 80.5 |
Net profit for the period | -3.6 | 16.3 46.8 |
Attributable to: Equity holders of the parent Santa Fe Group A/S Non-controlling interests | -3.6 0.0 | 14.5 43.9 1.8 2.9 |
Earnings per share (EUR) from continuing operations from discontinued operations Earnings per share diluted (EUR) from continuing operations from discontinued operations | -0.3 -0.3 0.0 -0.3 -0.3 0.0 | 1.2 3.7 -0.2 -2.9 1.4 6.6 1.2 3.7 -0.2 -2.9 1.4 6.6 |
Santa fe group a/S / INTERIM REPORT Q1 2015
Company announCement no. 7/2015 6
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMESanta fe group a/S
EURm Q1 2015 Q1 2014 FY 2014
Net profit/loss for the period | -3.6 | 16.3 46.8 |
Other comprehensive income for the period: Items not reclassifiable to the income statement Actuarial gain/(losses), defined benefit obligations Taxes | 0.0 0.0 | 0.0 0.3 0.0 0.0 |
Total items not reclassifiable to the income statement, net of tax | 0.0 | 0.0 0.3 |
Items reclassifable to the income statement Foreign currency translation adjustments, foreign entities Foreign currency translation adjustments, transferred to profit from discontinued operations Foreign currency tranlation adjustments, transferred to financial items Devaluation of the Bolivar (VEF) in Plumrose Inflation adjustment for the period (and at 1 January) in Plumrose | 6.3 | 1.4 12.9 -61.7 -8.2 -57.8 -37.8 28.5 8.5 |
Total items reclassifiable to the income statement, net of tax | 6.3 | -27.9 -86.3 |
Total comprehensive income, net of tax | 6.3 | -27.9 -86.0 |
Total comprehensive income | 2.7 | -11.6 -39.2 |
Total comprehensive income attributable to: Equity holders of the parent Santa Fe Group A/S Non-controlling interests | 2.3 0.4 | -1.1 -30.3 -10.5 -8.9 |
Santa fe group a/S / INTERIM REPORT Q1 2015
Company announCement no. 7/2015 7
CONSOLIDATED BALANCE SHEET - ASSETSSanta fe group a/S
EURm 31.03.15 31.03.14 31.12.14
Non-current assets Intangible assets Property, plant and equipment Investment in associates Other investments Deferred tax Other receivables | 74.9 33.7 3.2 2.1 4.4 2.0 | 110.5 73.2 31.9 32.5 2.6 2.8 1.6 1.9 3.1 1.3 0.9 1.5 |
Total non-current assets | 120.3 | 150.6 113.2 |
Current assets Inventories Trade receivables Other receivables Current tax receivable Cash and cash equivalents | 2.2 68.1 31.6 0.9 19.8 | 2.0 2.2 56.7 73.8 28.1 31.0 0.6 0.8 24.5 18.7 |
Assets held for sale | 122.6 | 111.9 126.5 375.9 |
Total current assets | 122.6 | 487.8 126.5 |
Total assets | 242.9 | 638.4 239.7 |
EURm 31.03.15 31.03.14 31.12.14
EQUITY Share capital Other reserves Treasury shares Retained earnings | 116.1 -1.6 -3.2 -11.9 | 115.8 116.1 48.7 -7.5 -3.2 -3.2 -9.8 -8.3 |
SFG's share of equity Non-controlling interests | 99.4 1.2 | 151.5 97.0 25.3 2.4 |
Total equity | 100.6 | 176.8 99.4 |
LIABILITIES Non-current liabilities Borrowings Deferred tax Provisions for other liabilities and charges Defined benefit obligations | 9.7 4.4 1.5 2.3 | 16.7 9.0 11.4 2.9 1.4 1.7 2.1 1.9 |
Total non-current liabilities | 17.9 | 31.6 15.5 |
Current liabilities Borrowings Trade payables Other liabilities Current tax payable | 30.2 51.6 40.9 1.7 | 36.5 29.9 46.2 56.9 42.2 36.2 1.4 1.7 |
Liabilities held for sale | 124.4 | 126.3 124.7 303.7 |
Total current liabilities | 124.4 | 430.0 124.7 |
Total liabilities | 142.3 | 461.6 140.2 |
Total equity and liabilities | 242.9 | 638.4 239.7 |
Santa fe group a/S / INTERIM REPORT Q1 2015
Company announCement no. 7/2015 8
Santa fe group a/S
Equity at 1 January 2015 Comprehensive income for the period Profit for the period | 116.1 -7.5 -3.2 -8.3 97.1 2.4 99.5 -3.6 -3.6 0.0 -3.6 |
Other comprehensive income Foreign currency translation adjustments, foreign entities Actuarial gain/(losses), defined benefit obligations, reclassified Tax on other comprehensive income, reclassified | 5.9 5.9 0.4 6.3 0.0 0.0 0.0 0.0 |
Total other comprehensive income | 0.0 5.9 0.0 0.0 0.0 5.9 0.4 6.3 |
Total comprehensive income for the period | 0.0 5.9 0.0 -3.6 0.0 2.3 0.4 2.7 |
Transactions with the equity holders Interim dividends paid to shareholders Dividends, treasurry shares | -1.6 -1.6 0.0 |
Total transactions with the equity holders | 0.0 0.0 0.0 0.0 0.0 0.0 -1.6 -1.6 |
Equity at 31 March 2015 | 116.1 -1.6 -3.2 -11.9 0.0 99.4 1.2 100.6 |
Profit for the period 14.5 14.5 1.8 16.3
Foreign currency translation adjustments,
foreign entities 1.5 1.5 -0.1 1.4
Devaluation of the Bolivar (VEF) in Plumrose,
February 2014 -42.1 -42.1 -15.7 -57.8
Inflation adjustment for the period and at 1 January 25.0 25.0 3.5 28.5
Actuarial gain/(losses), defined benefit obligations 0.0 0.0 0.0 0.0
Tax on other comprehensive income 0.0 0.0 0.0 0.0
Total other comprehensive income 0.0 -15.6 0.0 0.0 0.0 -15.6 -12.3 -27.9
Ordinary dividends paid to shareholders 0.0 -1.5 -1.5
Total transactions with the equity holders 0.0 0.0 0.0 0.0 0.0 0.0 -1.5 -1.5
Santa fe group a/S / INTERIM REPORT Q1 2015
Company announCement no. 7/2015 9
CONSOLIDATED CASH FLOW STATEMENTSanta fe group a/S
EURm note 31.03.15 31.03.14 31.12.14
Cash flows from operating activities Operating profit Adjustment for: Depreciation and amortisation and impairment losses Other non-cash items Change in working capital Interest, paid Interest, received Corporate tax paid | -3.4 1.9 -1.2 4.0 -0.9 0.0 -0.2 | -1.8 -34.9 1.4 44.7 0.3 -1.0 -1.5 -8.2 -0.8 -2.0 0.0 0.1 -0.7 -4.1 |
Net cash flow from operating activities | 0.2 | -3.1 -5.4 |
Cash flows from investing activities Dividends received from associates Investments in intangible assets and property, plant and equipment Proceeds from sale of non-current assets Acquisition of activities Proceeds from sale of discontinued operations (less restricted cash balances disposed) Change in non-current investments | -0.5 0.1 0.0 | 0.2 -1.1 -4.6 0.2 0.4 -0.5 7.3 -24.2 0.0 -0.4 |
Net cash flow from investing activities | -0.4 | 6.4 -29.1 |
Net cash flow from operating and investing activities | -0.2 | 3.3 -34.5 |
Cash flows from financing activities Proceeds from borrowings Repayment of borrowings Dividend paid out to non-controlling interests in subsidiaries Dividend paid | 0.6 -1.0 | 0.5 1.2 -6.7 -22.9 -0.3 -1.7 -25.8 |
Net cash flow from financing activities | -0.4 | -6.5 -49.2 |
Net cash flow from discontinued operations Changes in cash and cash equivalents Cash and cash equivalents at beginning of year, continuing operations Cash and cash equivalents at beginning of year presented as discontinued operations Translation adjustments of cash and cash equivalents (including devaluation impact) | -0.6 18.7 1.7 | 43.0 34.5 39.8 -49.2 92.2 27.8 64.5 -34.5 -24.4 |
Cash and cash equivalents at end of period Of which presented as assets held for sale at end of period | 19.8 | 97.8 18.7 -73.0 |
Bank balances | 19.8 | 24.5 18.7 |
Cash and cash equivalents at end of period, continuing operations | 19.8 | 24.5 18.7 |
Santa fe group a/S / INTERIM REPORT Q1 2015
Company announCement no. 7/2015 10
Santa fe group a/S
note 1 - Corporate InformatIon
Santa Fe Group A/S (the Company) is a limited liability company incor- porated and domiciled in Denmark. The address of its registered office is 20 Indiakaj, DK-2100 Copenhagen Ø, Denmark.
The Santa Fe Group A/S and its subsidiaries (together the SFG Group) provide moving, value-added relocation and records management services to corporate and individual clients.
The Company has its listing on Nasdaq OMX Copenhagen A/S, where its
shares are publicly traded.
On 21 May 2015, the Board of Directors approved this interim report for
issue.
Figures in the Interim Report Q1 2015 are presented in EUR million with
one decimal point unless otherwise stated.
note 2 - aCCountIng poLICIeS
Basis of preparation of the Interim Report Q1 2015
The Interim Report Q1 2015 has been prepared in accordance with IAS
34 Interim Financial Reporting (IFRS) as adopted by the EU and Danish
disclosure requirements for listed companies.
The Interim Report Q1 2015 contains condensed consolidated financial statements of Santa Fe Group A/S and does not include all the informa- tion and disclosures required in the annual financial statements, and should be read in conjunction with the EAC Annual Report 2014.
The Interim Report Q1 2015 has been prepared using the same ac- counting policies as the EAC Annual Report 2014, except as described below in note 3, which also describes presentational changes in 2015.
A description of the accounting policies is available on pages 35-40 of the EAC Annual Report 2014.
Profit/loss after tax from discontinued operations that represent a sepa- rate major line of a business are also presented separately in the income statement, and comparative figures are restated.
Special itemsSpecial items consist of restructuring costs related to the corporate restructuring of the former EAC conglomerate into a one-business com- pany, primarily staff costs related to the EAC parent company.
note 3 - neW aCCountIng StanDarDS, CHangeS
In aCCountIng poLICIeS, eStImateS anD
preSentatIon
As of 1 January 2015, the SFG Group has implemented the standards and interpretations, which are mandatory for the preparation of the an- nual report for 2015 cf. note 3 to the EAC Annual Report 2014 page 40. None of these standards or interpretations have impacted the recogni- tion and measurement in the financial reporting of the Santa Fe Group for Q1 2015 in any material respect.
Change in presentation currencyWith effect from 1 January 2015 the Santa Fe Group has changed the currency in which it presents its financial statements from Danish Kro- ner (DKK) to Euro (EUR) which will be the presentation currency going forward. To assist shareholders during the transition period a highlight table with key figures in DKK has been presented in note 6.
In the Q1 2015 report comparatives for the periods ending 31 March
2014 and 31 December 2014 is presented in EUR. All comparative figures have been translated into EUR accordingly.
Net profit, comprehensive income, total assets and total equity are unaf- fected by these presentational changes apart from the translation from DKK to EUR.
Basis of preparation
In order to satisfy the requirements of IAS 21 with respect to a change in presentation currency, the financial information as previously reported in the Group's Annual Reports has been restated from DKK into EUR using the procedures outlined below as if EUR had always been the Santa Fe Group's presentational currency:
• assets and liabilities of foreign operations where the functional cur- rency is not EUR have been translated into EUR at the relevant closing rates of exchange. Profit and loss items were translated into EUR at
the relevant average rates of exchange. Differences arising from the retranslation of the opening net assets and the results for the year/pe- riod have been taken to the foreign currency translation reserve; and
• the cumulative foreign currency translation reserve was set to nil at 1
April 2004, the date of transition to IFRS. All subsequent movements comprising differences on the retranslation of the opening net assets of non-EUR subsidiaries have been taken to the foreign currency translation reserve. Share capital, share premium and other reserves were translated at the historic rates prevailing at the dates of transac- tions.
note 4 - ContIngent aSSetS anD LIaBILItIeS
Contingent liabilities have not changed significantly since year-end
2014. For further information, please refer to the EAC Annual Report
2014, page 57, note 25.
Santa fe group a/S / INTERIM REPORT Q1 2015
Company announCement no. 7/2015 11
|
distributed by
|
