The Board of Directors meeting on 10 October 2018 approved the Company's financial statements and the Consolidated financial statements for the Mid-year 2018, according to the IFRS International Accounting Standards.

Half-Year Report

The turnover and consolidated results of the Gévelot Group for the first half of 2018 compared to the first half of 2017 are as follows:

Consolidated Accounts

In millions of Euros

1st half 2018

1st half 2017 (1)

Year 2017 (1)

Turnover

48.9

46.1

89.5

Current operating income

4.6

3.8

3.5

Operating Income (2)

4.8

8.4

24.6

Financial income

0.6

- 1.4

- 1.7

Current pre-tax income, integrated companies

5.4

7.0

22.9

Tax

- 0.9

- 2.4

- 8.4

Net income of activities undertaken

4,5

4,6

14,5

Net income of discontinued activities (1)

-

0.3

- 12.6

Net income of consolidated companies

4.5

4.9

1.9

Minority interests' share

0.1

0.1

0.1

Income attributable to the parent company

4.4

4.8

1.8

(1) Presentation of the Extrusion's activity in a separated line within the Balance sheet

(2) Including income on contractual renegociations

-

4.7

22.1

The Group's Consolidated turnover for the first half of 2018 amounted to €48.9 M, increasing 6 % over the same period in 2017.

It consists of the Pumps Sector's turnover representing €48.8 M, 6 % up over the first 2018 half-year mainly due to the international invoicing related to orders taken at the end of year 2017.

The Group's current operating income amounted to a profit of €4.6 M against €3.8 M at the end of June 2017.

The operating income was positive : €4.8 M against €8.4 M at the end of June 2017, period which integrated €4.7 M of income on contractual renegociations in the Pumps Sector.

Given the aforementioned facts and after tax, the Net income for the first 2018 half-year (Group share) shows profits of €4.4 M against €4.8 M in the first 2017 half-year.

GROUP OUTLOOK FOR 2018

Pumps Sector

The activity of this sector could enjoy a slight rise according to our initial estimates due to non-recurring factors.

The negative effect expected during the second 2018 half-year of the cancellation of the major Oil & Gas supply contract could be mitigated in 2018 by the Export invoicing related to markets won previously in the beginning of the year.

Overall Group

The Turnover of Gévelot SA consisting of rental products and services will be decreasing due to the sale of real estate assets at the end of 2017.

The consolidated turnover will slightly increase compared to the year 2017, same scope.

The net consolidated income should amount to a profit, on a new scope.

To remind, the year 2017 has been impacted by the effects of the cancellation in May 2017 of an Oil & Gas supply contract and by the transfer of the whole Extrusion Sector in November 2017.

Discussions on international development of the Pumps Sector's activity are currently in progress.

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Disclaimer

Gévelot SA published this content on 11 October 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 11 October 2018 15:47:02 UTC