Press release
Business development continues to be positive
- Net revenues CHF 328.4 million (prior year: CHF 330.7 million)
- Growth -0.7 percent, +5.8 percent after adjustments for currency and acquisition effects
- EBITDA CHF 37.8 million (prior year: CHF 37.9 million)
- EBITDA margin of 11.5 percent at prior year level
- Consolidated net income CHF 10.1 million (prior year: CHF 6.4 million), +57.6 percent
After the first three quarters of the year, Looser Holding AG, headquartered in Arbon (Switzerland), is looking back at a positive business development although, as expected, the dynamic growth experienced in the first half-year has weakened marginally. When compared to the previous year, consolidated net income declined by 0.7 percent to CHF 328.4 million (prior year: CHF 330.7 million) in the first nine months of 2016. After adjustments for currency effects and the revenues of the Temperature Control segment (Single Group) included in the prior year figures as well as for the revenues of WMS WC-Mietservice GmbH acquired in early September 2016, revenue growth amounted to 5.8 percent. The operating result (EBITDA) was CHF 37.8 million (prior year: CHF 37.9 million), the EBITDA margin was 11.5 percent, the same as in the previous year. After adjustments for the EBITDA generated by the sold Temperature Control segment in the amount of CHF 2.3 million, the prior year EBITDA amounted to CHF 35.6 million. Special charges relating to the strategic projects "Coatings segment sale" and "Business combination with AFG" had a negative effect of about CHF 1.7 million. Excluding such special charges and the Single Group's prior year EBITDA, the EBITDA margin was 12.0 percent and the EBITDA growth amounted to 11.0 percent. EBIT increased by about 13 percent to CHF 18.7 million with an EBIT margin of 5.7 percent (prior year: EBIT CHF 16.5 million, EBIT margin 5.0 percent).
Consolidated net income rose by 57.6 percent from the relevant prior year date to CHF 10.1 million (prior year: CHF 6.4 million).
Net debt declined by CHF 16.8 million from the prior year date to CHF 102.8 million and by CHF 17.5 million from the year-end 2015 (31 December 2015: CHF 85.3 million). This increase was largely due to the dividend payment, the acquisition of WMS WC-Mietservice GmbH and the seasonally higher level of cash tied up in net current assets. The equity ratio was a solid 38.2 percent.
Detailed segment information
In the Coatings segment, net revenues declined by 1.9 percent from the previous year, in actual terms as well as after currency adjustments, to CHF 104.4 million (prior year: CHF 106.5 million). The sale process for the Coatings Group announced on 9 August 2016 is progressing as planned.
Net revenues in the Industrial Services segment reached CHF 45.4 million (prior year: CHF 43.0 million) in the third quarter and thus increased by 5.5 percent from the previous year. After adjustments for currency and acquisition effects, revenues grew by 4.6 percent. In early September 2016, Condecta AG took over WMS WC-Mietservice GmbH based in Reichenburg (canton of Schwyz, Switzerland). This enterprise contributed revenues of CHF 0.3 million to consolidated revenues in September 2016.
Net revenues in the Doors segment amounted to CHF 181.5 million (prior year: CHF 159.7 million), a significant increase from the previous year by 13.7 percent. The growth rate after currency effects was 11.1 percent.
Outlook
Based on current results, the Looser Group again anticipates a significant revenue and earnings growth and an increase in the EBITDA margin for the full financial year 2016, after adjustments for currency and acquisition effects and excluding special charges relating to the strategic projects referred to above.
The announced combination of Looser Holding AG with AFG Arbonia-Forster-Holding AG (AFG) is progressing as planned. The two companies will hold extraordinary general meetings on 1 November 2016 (AFG) and 2 November 2016 (Looser Holding AG), respectively. The implementation of the purchase contract relating to 53.4 percent of the shares and the public purchase and exchange offer for the remaining shares are to be completed by mid-December 2016.
Key figures Looser Group
(Amounts in thousands of CHF)
1.1. to 30.09.2016 | 1.1. to 30.09.2015* | |
Net revenues | 328,351 | 330,702 |
Change in net revenues (in %) | -0.7% | |
Net revenue growth after adjustments for currency, acquisition and divestment effects (in %) | 5.8% | |
Earnings before interest, taxes, depreciation and amortization (EBITDA) | 37,849 | 37,933 |
EBITDA as a percentage of net revenues | 11.5% | 11.5% |
Earnings before interest, taxes and amortization (EBITA) | 24,173 | 23,345 |
EBITA as a percentage of net revenues | 7.4% | 7.1% |
Earnings before interest and taxes (EBIT) | 18,698 | 16,545 |
EBIT as a percentage of net revenues | 5.7% | 5.0% |
Consolidated net income | 10,106 | 6,413 |
Consolidated earnings per registered share (in CHF) | 2.66 | 1.69 |
Cashflow from operations | 11,296 | 15,456 |
*adjusted according to the change from IFRS to Swiss GAAP FER
As of 30.09.2016 | As of 31.12.2015 | |
Shareholders' equity | 155,196 | 153,477 |
Net debt | 102,849 | 85,349 |
Number of employees at end of period | 2,257 | 2,131 |
Key revenue figures of the segments
(Amounts in thousands of CHF)
1.1. to 30.09.2016 | 1.1. to 30.09.2015 | In CHF + / - in % | In local currency + / - in % | |
Net revenues Coatings | 104,424 | 106,470 | -1.9 | -1.9 |
Net revenues Industrial Services | 45,379 | 43,007 | +5.5 | +4.6* |
Net revenues Doors | 181,460 | 159,647 | +13.7 | +11.1 |
*after adjustments for currency and acquisition effects
Provider | Channel | Contact | ||
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