RESILUX NV )RESILUX
PRESS RELEASE- ANNOUNCEMENT
HALF YEAR RESULTS 2015
Regulated information
Embargo until August 28th,1 7h40
The innovative packa«j'in«j' company
Higher volumes lead to increase in added value and ebitda with more than 10% Result Resilux after taxes increases with more than 25% Result of JV Airolux up to now still negativeKey figures first half year 2015 compared with2014:
Turnover € 148.6 million (+1%)
Added value € 37.2 million (+10%)
Operating cash flow (EBITDA) € 20.2 million (+12%)
Depreciations and amortisations € 7.1 million (+9%)
Operating result € 13.0 million (+14%)
Financial result € -1.4 million (-23%)
Profit before taxes € 11.7 million (+21%)
Profit before equity method (excl. Airolux) € 9.8 million (+26%)
Net Profit after equity method (incl. Airolux) € 6.8 million (+3%)
Net Financial Debt € 52.6 million (+1%)
Resilux NV - Half Year Results 2015 2
Consolidated key figures (1)
1H 2015 1H 2014 | ||
Ke y figure s of the incom e s tate m e nt | in 000 € | in 000 € Evolution (%) |
Turnover | 148'612 | 147'723 0.6% |
Operating revenues | 149'654 | 150'958 -0.9% |
Added value (2) | 37'172 | 33'744 10.2% |
Operating cash f low - EBITDA (3) | 20'198 | 17'976 12.4% |
Depreciation and operational non-cash costs | 7'148 | 6'561 8.9% |
Operating result | 13'050 | 11'415 14.3% |
Financial result | -1'359 | -1'772 -23.3% |
Result bef ore taxes | 11'691 | 9'643 21.2% |
Taxes | -1'893 | -1'896 -0.2% |
Net result, part of Group | 9'798 | 7'747 26.5% |
Net result af ter result based on the equity value | 6'835 | 6'612 3.4% |
Ke y figure s of the the balance s he e t | in 000 € | in 000 € Evolution (%) |
Equity | 87'978 | 81'443 8.0% |
Equity (incl. subordinated loans) | 89'548 | 82'943 8.0% |
Net f inancial debts (excl. subordinated loans) (4) | 52'621 | 51'829 1.5% |
Total assets and total liabilities | 212'338 | 211'014 0.6% |
Ke y figure s pe r s hare | in € | in € Evolution (%) |
Operating cash f low - EBITDA (3) | 10.20 | 9.08 12.4% |
Operating result | 6.59 | 5.76 14.3% |
Net result, part of Group | 4.95 | 3.91 26.5% |
Net result af ter result based on the equity value | 3.45 | 3.34 3.4% |
Average number of shares | 1'980'410 | 1'980'410 |
Ke y figure s pe r s hare - dilute d (5) | in € | in € Evolution (%) |
Operating cash f low - EBITDA (3) | 9.98 | 8.88 12.4% |
Operating result | 6.44 | 5.64 14.3% |
Net result, part of Group | 4.84 | 3.83 26.5% |
Net result af ter result based on the equity value | 3.38 | 3.27 3.4% |
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.
(4) Interest bearing financial obligations minus available funds and investments.
(5) In 2013 44.450 warrants have been issued and attributed to the member of the personnel
Resilux NV - Half Year Results 2015 3
Overview of results for the first half year of 2015
During the first half year of 2015 the volumes sold of preforms and bottles have increased by 8.4% compared to the first half of 2014. Russia and East and Central Europe were the regions with the highest increase. The volumes sold also increased in West Europe with growth in France but a decrease in sales in Spain. The sold volumes increased also in Greece. In North America sales of preforms decreased. The growth is the result of the good climatological circumstances in the spring and a further diversification of products and customers.
The turnover remained more or less stable during the first half year with an increase by 0.6% up to
Compared to the first half year of 2014, the added value increased by 10.2% or € 3.4 million to €
37.2 million. The other goods and services increased by €2.1 million of 10.6%. The major part of this increase can be explained by increased variable costs as transport and electricity. Also the increase exchange rates of CHF and USD caused an increase in the expenses when translating to EUR.
The total personnel costs increased by € 1.4 million. Also here the increase is mainly due to the change of the exchange rates.
The consolidated operating cash flow (Ebitda) increased by 12.4% and amounts to € 20.2 million. The depreciations and amortisations increased by € 0.6 million and amounted to € 7.1 million in
the first half of this year. This is mainly due to increased depreciations of fixed assets compared to
the first half of 2014.
The operating result for the first semester of 2015 amounts to € 13.0 million compared to € 11.4 million for the first semester of 2014, which means an increase of € 1.6 million or 14.3%.
The total financial result increased from € -1.8 million to € -1.4 million. The total net interest costs slightly decreased. Last year the foreign exchange results were almost neutral but in first half of this year, these are negative for € 0.6 million. This is explained by the sharp increase of the CHF early
2015. Last year the financial result included still a negative unrealised result booked on financial instruments of € -0.5 million. The total net financial result amounts to € -1.4 million.
A pre-tax profit was realized of € 11.7 million compared to € 9.6 in the first half of 2014 or an increase of 21.2%. The total taxes amount to € -1.9 million. This amount includes taxes payable for
€ -2.2 million and deferred taxes for +0.3 million. After taxes, the Group has realized a net profit of
The result based on the equity method amounts to € -3.0 million for the first half of 2015 compared to € -1.1 million for the first half of 2014. This result relates to the joint venture Airolux AG. The total sold volumes increased but the decrease of the result is due to higher development costs, a further strengthening of the marketing and sales organisation and increased depreciations, interest expenses
and foreign exchange losses.
Resilux NV - Half Year Results 2015 4
After the result based upon the equity method the total profit for the year amounts to € 6.8 million
compared to € 6.6 million during the first half of 2014 or an increase by € 0.2 million or 3.4%.
The net investments in intangible and tangible fixed assets in the first half of 2015 amount to € 7.3 million compared to € 9.1 million in the first half of 2014. These investments are mainly made in new production tools. This amount also includes a first part of the extension of the building in the United States of America. Resilux continues to invest in further diversification of products, markets and customers.
The net financial debt on June 30, 2015 increased by € 0.8 million and amounts to € 52.6 million compared to € 51.8 million per June 30, 2014. The increase is the combination of a higher gross operational cash flow, a decrease of the working capital and an increased funding of the joint venture Airolux. AG.
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 websitewww.resilux.com under the heading Investor Relations.
Outlook
The nice weather has resulted in a good start of the second semester. Consequently Resilux expects for the full year of 2015 higher results for Resilux compared with results for 2014.
A further positive evolution of the sales and results is expected regarding the joint venture Airolux. In the meantime investments have been made in higher production capacity. The machines will be taken into use during the fourth quarter of 2015 and a higher production output is expected.
Resilux expects in the second half of 2015 to invest € 6.0 to € 8.0 million, excluding buildings and special projects.
Resilux will continue to focus on cost control and diversification of customers and product mix.
Financial Calendar
Results full year 2015 : March 10, 2016
== End of the press release ==Annexe: Group results
Resilux NV - Half Year Results 2015 5
RESILUX GROUP : 1H 2015
Cons olidate d s tate m e nt of profit or los s in 000 € 1H 2015 1H 2014 % | ||
Ope rating re ve nue s | 149'654 | 150'958 -0.9% |
Turnover | 148'612 | 147'723 0.6% |
Changes in inventories f inished goods and w ork in progress | -496 | 1'897 -126.1% |
Other operating income | 1'538 | 1'338 14.9% |
Ope rating e xpe ns e s | 136'604 | 139'543 -2.1% |
Raw materials and consumables used | 90'612 | 97'444 -7.0% |
Services and other goods | 21'870 | 19'770 10.6% |
Remuneration, social security charges and pensions | 16'476 | 15'043 9.5% |
Depreciation and amortisation expense | 7'148 | 6'561 8.9% |
Other operating expenses | 498 | 725 -31.3% |
Ope rating re s ult | 13'050 | 11'415 14.3% |
Financial income | 5'707 | 1'807 215.8% |
Financial expenses | -7'066 | -3'579 97.4% |
Re s ult be fore taxe s | 11'691 | 9'643 21.2% |
Income tax | -1'893 | -1'896 -0.2% |
Ne t re s ult | 9'798 | 7'747 26.5% |
Result based upon the equity method | -2'963 | -1'135 161.1% |
Ne t re s ult bas e d upôn the e quity m e thod | 6'835 | 6'612 3.4% |
Net prof it af ter equity per share in € | 3.45 | 3.34 3.4% |
Net prof it af ter equity per share diluted in € | 3.38 | 3.27 3.4% |
State m e nt of com pre he ns ive incom e in 000 € 1H 2015 1H 2014 % | ||
Attributable to prof it or loss: the ow ners of the parent | 6'835 | 6'612 3.4% |
State m e nt of the unre alize d re s ults | ||
Currency translation adjustments | 3'453 | -389 -987.7% |
Net movements on cash f low hedges (*1) | 0 | 0 - |
Actuarial gains and losses (net) (*2) | -81 | 0 - |
Total of the unre alize d re s ults | 3'372 | -389 -966.8% |
Total of of the re alize d and unre alize d re s ults | 10'207 | 6'223 64.0% |
*1 recyclab le in the income statement 2* non recycab le in the income statement
Resilux NV - Half Year Results 2015 6
Balance s he e t in 000 € 30.06.2015 30.06.2014 31.12.2014 | ||
Non-curre nt as s e ts | 111'606 | 95'894 101'805 |
Goodw ill | 13'685 | 13'685 13'685 |
Intangible assets | 2'071 | 1'883 1'950 |
Property, plant & equipment | 73'452 | 69'993 68'231 |
Other f inancial assets | 15'919 | 4'734 11'970 |
Def erred tax | 4'689 | 3'531 3'953 |
Non-current receivables | 1'790 | 2'068 2'016 |
Curre nt as s e ts | 100'732 | 115'120 85'747 |
Inventories | 39'500 | 45'427 36'018 |
Trade receivables | 45'125 | 48'519 33'252 |
Other current assets | 9'423 | 10'257 7'646 |
Cash and cash equivalents | 6'684 | 10'917 8'831 |
Total As s e ts | 212'338 | 211'014 187'552 |
Equity | 87'978 | 81'443 81'507 |
Non-curre nt liabilitie s | 50'522 | 40'486 44'431 |
Subordinated loans | 1'570 | 1'500 1'547 |
Intrest-bearing borrow ings | 41'051 | 32'463 35'603 |
Other amounts payables | 1'587 | 1'821 1'655 |
Provisions | 3'724 | 2'067 3'240 |
Def erred tax | 2'590 | 2'635 2'386 |
Curre nt liabilitie s | 73'838 | 89'085 61'614 |
Subordinated loans | 0 | 0 0 |
Intrest-bearing borrow ings | 18'254 | 30'284 9'653 |
Trade payables | 44'991 | 47'492 42'707 |
Income tax payables | 1'508 | 3'337 1'377 |
Other amounts payables | 9'085 | 7'972 7'877 |
Total Liabilitie s | 212'338 | 211'014 187'552 |
State m e nt of change s in e quity in 000 € 2'014 2'013 | ||
Total e quity pe r January 1s t | 81'507 | 78'759 |
Result f or the period | 6'835 | 6'612 |
Currency translation dif f erences | 3'453 | -389 |
Unrealised result hedging contracts | 0 | 0 |
Actuarial gains and losses (net) | -81 | 0 |
Share-base payments | 26 | 26 |
Dividends paid | -3'762 | -3'565 |
Total e quity pe r De ce m be r 31s t | 87'978 | 81'443 |
Resilux NV - Half Year Results 2015 7
Cas h flow s tate m e nt in 000 € 1H 2015 1H 2014 % | ||
Opera ti ng a cti vi ti es | ||
Operating result | 13'050 | 11'415 14.3% |
Depreciation and amortization | 7'148 | 6'561 8.9% |
Gross operating cash f low | 20'198 | 17'976 12.4% |
Gain on disposal f ixed assets | -15 | -66 -77.3% |
Warrants personnel | 26 | 26 0.0% |
Changes in trade receivables | -10'785 | -14'654 -26.4% |
Changes in inventory | -1'836 | -3'585 -48.8% |
Changes in trade payables | 1'193 | 8'862 -86.5% |
Other changes in net w orking capital | -2'647 | -4'750 -44.3% |
Change in net w orking capital | -14'049 | -14'101 -0.4% |
Ne t ope rating cas h flow | 6'134 | 3'809 61.0% |
Financial income | 5'707 | 1'807 215.8% |
Financial expense | -7'066 | -3'579 97.4% |
Income taxes paid | -2'099 | -1'535 36.7% |
Cas h flow from ope rating activitie s | 2'676 | 502 433.1% |
Ca sh fl ow from i nvesti ng a cti vi ti es | ||
Investments in tangible and intangible f ixed assets | -7'663 | -9'606 -20.2% |
Investments in f inancial assets | -5'341 | -1'229 334.6% |
Receipt of goverment grants | 0 | 0 - |
Proceeds on disposals of f ixed assets | 368 | 478 -23.0% |
Cas h flow from inve s ting activitie s -12'636 -10'357 22.0% | ||
Fi na nci ng a cti vi ti es | ||
Dividends paid -3'762 -3'565 5.5% | ||
Proceeds f rom (+), payments (-) of subordinated loans 23 0 - | ||
Proceeds f rom (+), payments (-) of long-term liabilities 11'114 7'339 51.4% | ||
Proceeds f rom (+), payments (-) of short-term liabilities -122 10'742 -101.1% | ||
Cas h flow from financing activitie s 7'253 14'516 -50.0% | ||
Ne t incre as e / de cre as e in cas h and cas h e quivale nts -2'707 4'661 -158.1% | ||
Ef f ect of exchange rate changes on cash and cash equivalents 560 2 27900.0% | ||
Cash and cash equivalents at January 1st 8'831 6'254 41.2% | ||
Cas h and cas h e quivale nts at June 30s t 6'684 10'917 -38.8% |
Resilux NV - Half Year Results 2015 8
)RESILUX
FORMOREINFORMATION,PLEASE CONTACT:
Dirk De Cuyper
Resilux NV. Damstraat 4, 92 30 Wetteren, Belqium
T +32 9 365 7474 •F +32 9 365 7475
INFO@RESILUX.COMWWW.RESILUX.COM
RPR Ghent. divisionDendermonde
VAT BE0447.354.397
RESLI UX NV specialises inthe manufacture and salesofPETpreforms andbottles. Theseperforms and bottlesareusedforthe packaginsoftdrinks. edible oils.ketchup. detergents.milk.beer. wine.fruit juices andother applications.Resilux originally was a famiylbusiness. and was established in1994. Since3rd October 1997. RESILUX has been quoted onEuronext Brussels.RESILUX has production units in Belgium. Spain.Greece.Russia. Switzerland.Hungaryandin the U.S.
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