Press Release | Exceptional FY2020 update
Regulated Information - inside information
Friday 15 January 2021 at 7:00h CET
Deceuninck FY2020:
Robust EBITDA-growth and cash generation in challenging market conditions
Sales | Adj. EBITDA | Net Financial Debt |
Est. €642m (+1%) | Est. €82-86m (+36%) | Est. €55-60m (vs €140m LY) |
Based on preliminary and unaudited information, Deceuninck, the global designer and manufacturer of profiles for windows and doors, estimates that its 2020 sales will amount to €642m compared to €634m in 2019, despite the negative impact from the COVID-19 pandemic. The 2020 Adj. EBITDA is estimated to increase to est. €82-86m (est. 13.1% on sales) compared to €60.6m (9.6% on sales) in 2019. The negative impact from the COVID-19 pandemic has been largely offset through the immediate implementation of various cost reduction initiatives.
Net debt is expected to decrease by est. €80-85m from €140m in 2019 to est. €55-60m in 2020. Most of this improvement is permanent and has been driven by better performance, normalization of capex, further optimization of working capital, the sale of unused assets, and the sale of 7.5% of Ege Profil in Turkey. An est. €15-20m of this reduction, reflecting exceptionally low working capital levels and timing differences, is considered temporary and will likely reverse in 2021.
Despite the short term uncertainty resulting from the COVID-19 pandemic, our growth drivers remain intact. There is an increasing need for new housing as well as renovation in order to meet increasing comfort and insulation requirements. Composite profiles are the ultimate fenestration solution to enable this and are fully recyclable at the lowest possible ecological impact. We expect this will be supported by various government initiatives like the Green Deal in Europe.
Final and audited financial results will be published on 25 February 2021.
www.deceuninck.com
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Financial calendar | ||
25 | February 2021 | Full year results 2020 |
27 | April 2021 | General Assembly |
17 | August 2021 | Half year results 2021 |
Glossary
EBITDA | EBITDA is defined as operating profit / (loss) adjusted for depreciation / amortization and |
impairment of fixed assets. | |
Adjusted EBITDA | Adjusted EBITDA is defined as operating profit / (loss) adjusted for (i) gains on asset disposals, (ii) |
integration and restructuring expenses, (iii) depreciation / amortization and (iv) impairment of fixed | |
assets. | |
LTM Adjusted EBITDA | Adjusted EBITDA for the prior twelve consecutive months |
EBITA | Earnings before interest, taxes and amortization |
EBIT | Earnings before interest and taxes = operational result |
EBT | Earnings before taxes |
EPS (non-diluted) | (Non-diluted) earnings per share |
EPS (diluted) | (Diluted) earnings per share |
Net debt | Financial debts - cash and cash equivalents |
Working capital | Trade receivables + inventories - trade debts |
Capital employed (CE) The sum of goodwill, intangible, tangible and financial fixed assets and working capital | |
Headcount (FTE) | Total Full Time Equivalents including temporary and external staff |
End of press release
About Deceuninck
Founded in 1937, Deceuninck is a top 3 independent manufacturer of PVC and composite profiles for windows and doors. Headquartered in Hooglede-Gits (BE), Deceuninck is organized in 3 geographical segments: Europe, North America and Turkey & Emerging Markets. Deceuninck operates 15 vertically integrated manufacturing facilities, which together with 21 warehousing and distribution facilities guarantee the necessary service and response time to Customers. Deceuninck strongly focuses on innovation, ecology and design. Deceuninck is listed on Euronext Brussels ("DECB").
Contact Deceuninck: Bert Castel • T +32 51 239 204 • bert.castel@deceuninck.com
Press release
Regulated information - Update FY2020 | www.deceuninck.com |
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Deceuninck NV published this content on 15 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 January 2021 08:53:02 UTC