Earnings Release • Aug 13, 2013
Earnings Release
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| in EUR million | H1 2013 (Jan.-June) |
Change | H1 2012 (Jan.-June) |
Q2 2013 (April-June) |
Change | Q2 2012 (April-June) |
2012 (Jan.-Dec.) |
|---|---|---|---|---|---|---|---|
| Revenue | 451.4 | +10.2% | 409.8 | 236.2 | +13.6% | 208.0 | 828.6 |
| EBITDA | 65.8 | +21.9% | 53.9 | 36.4 | +23.2% | 29.6 | 108.7 |
| EBITDA margin | 14.6% | +1.4 PP | 13.2% | 15.4% | +1.2 PP | 14.2% | 13.1% |
| EBIT | 43.7 | +16.5% | 37.5 | 24.9 | +18.9% | 21.0 | 72.5 |
| EBIT margin | 9.7% | +0.5 PP | 9.2% | 10.6% | +0.5 PP | 10.1% | 8.8% |
| Earnings after tax | 28.2 | +18.3% | 23.9 | 15.8 | +28.5% | 12.3 | 46.2 |
| Earnings per share (EPS) 1), in EUR | 1.36 | +17.3% | 1.16 | 0.76 | +27.4% | 0.60 | 2.25 |
| Gross cash flow 2) | 58.5 | +40.9% | 41.5 | 30.3 | +41.0% | 21.5 | 85.6 |
| Return on equity 2) 3) | 13.6% | +1.4 PP | 12.2% | 15.2% | +2.7 PP | 12.5% | 11.4% |
| in EUR million | 30.6.2013 | Change | 30.6.2012 | 31.3.2013 | Change | 31.3.2012 | 31.12.2012 |
|---|---|---|---|---|---|---|---|
| Balance sheet total | 815.2 | +24.9% | 652.7 | 867.4 | +34.7% | 644.1 | 824.5 |
| Equity 2) 4) | 411.1 | +4.9% | 392.1 | 427.7 | +8.4% | 394.6 | 406.2 |
| Equity ratio 2) | 50.4% | –9.7 PP | 60.1% | 49.3% | –12.0 PP | 61.3% | 49.3% |
| Investments in tangible and intangible assets |
19.9 | +18.9% | 16.7 | 9.8 | +14.6% | 8.6 | 41.2 |
| Employees (at balance sheet date, full-time equivalent) |
10,039 | +23.7% | 8.115 | 10,030 | +26.2% | 7.947 | 9,577 |
| Sector and segment key figures | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| in EUR million | H1 2013 (Jan.-June) |
Change | H1 2012 (Jan.-June) |
Q2 2013 (April-June) |
Change | Q2 2012 (April-June) |
2012 (Jan.-Dec.) |
||
| Medical Sector = Sempermed | |||||||||
| Revenue | 218.3 | +19.8% | 182.2 | 111.6 | +18.4% | 94.2 | 383.5 | ||
| EBITDA | 28.2 | +52.9% | 18.5 | 16.0 | +33.9% | 11.9 | 41.5 | ||
| EBIT | 17.1 | +39.6% | 12.3 | 10.0 | +17.0% | 8.6 | 27.6 | ||
| Industrial Sector = Semperflex + Sempertrans + Semperform | |||||||||
| Revenue | 233.1 | +2.4% | 227.6 | 124.7 | +9.6% | 113.7 | 445.1 | ||
| EBITDA | 45.1 | +8.6% | 41.6 | 24.9 | +13.3% | 21.9 | 80.2 | ||
| EBIT | 34.3 | +9.0% | 31.5 | 19.4 | +15.2% | 16.8 | 58.2 | ||
| Semperflex | |||||||||
| Revenue | 90.4 | –5.8% | 96.0 | 48.0 | –0.5% | 48.3 | 180.6 | ||
| EBITDA | 20.7 | –6.8% | 22.2 | 10.8 | –4.7% | 11.4 | 38.6 | ||
| EBIT | 14.8 | –12.5% | 16.9 | 7.9 | –10.1% | 8.7 | 27.6 | ||
| Sempertrans | |||||||||
| Revenue | 78.4 | +10.0% | 71.3 | 41.2 | +27.4% | 32.3 | 143.8 | ||
| EBITDA | 11.9 | +47.2% | 8.1 | 6.3 | +63.6% | 3.9 | 21.2 | ||
| EBIT | 9.8 | +63.0% | 6.0 | 5.3 | +91.0% | 2.8 | 16.0 | ||
| Semperform | |||||||||
| Revenue | 64.3 | +6.6% | 60.3 | 35.4 | +6.9% | 33.1 | 120.7 | ||
| EBITDA | 12.5 | +11.3% | 11.3 | 7.7 | +14.7% | 6.7 | 20.4 | ||
| EBIT | 9.7 | +13.9% | 8.5 | 6.3 | +17.4% | 5.3 | 14.6 |
Note: Rounding differences in the totalling of rounded amounts and percentages may arise from the use of automatic data processing. 1) Attributable to the shareholders of Semperit AG Holding 2) Figures for 2012 adjusted (except full year)
3) Based on full year projection 4) Excl. non-controlling interests
In the first six months of 2013 consolidated revenue increased by 10.2% from EUR 409.8 million to EUR 451.4 million compared with the same period last year. This growth is primarily due to the consolidation of Latexx Partners as well as organic growth. Despite the negative influences on its global sales markets, Semperit Group generated six-month revenue of more than EUR 450 million. This means that the Group reached a new peak in the company's history.
The revenue increase in the Medical Sector was mainly driven by acquisition-based positive quantity effects for examination gloves. In the Sempertrans segment,revenue was considerably higher year-on-year at plus 10%. The Semperform segment raised its revenue, too. Only the Semperflex segment posted slight declines in revenue in all three of its business units (Hydraulic Hoses, Industrial Hoses as well as Elastomer and Wear-resistant Sheeting).
Changes in inventories rose from EUR 8.6 million to EUR 9.9 million because part of the output was in the process of being shipped at the end of the quarter, thus no actual revenue could be realised.
Other operating income declined from EUR 15.5 million to EUR 12.4 million due to lower foreign exchange gains and subsidies.
The increase in material costs was disproportionately low compared to revenue, rising by 3.5% to EUR 264.1 million versus EUR 255.2 million in the first half of 2012. Semperit Group is continuing its active raw material management approach to address price volatility in procurement markets.
Material costs as a percentage of revenue declined from 62.3% to 58.5%
Personnel expenses rose by 22.1% to EUR 76.6 million due to higher employee headcount. This spike in the number of staff is primarily attributable to the acquisition of Latexx Partners with nearly 1,800 employees, the expansion of the Sempermed sales team in the US, and a higher number of staff at the Sempermed segment in Thailand due to the new plant in Surat Thani, in the Corporate Center, and in the Sempertrans segment.
Other operating expenses rose in line with higher revenue by 8.9% year-on-year to EUR 68.0 million.
As a consequence of the considerably higher operating revenue combined with a disproportionately low increase in material costs, EBITDA (earnings before interest, tax, depreciation and amortisation) improved during the first six months of 2013 despite the higher personnel expenses, rising by 21.9% from EUR 53.9 million to EUR 65.8 million. The EBITDA margin improved as well, up from 13.2% in the prior-year period to now 14.6%.
Due to the organic and non-organic growth strategy of Semperit Group, depreciation rose to EUR 22.1 million, an increase of 34.1% on the EUR 16.4 million in the same period last year. As a consequence, EBIT was 16.5% higher at EUR 43.7 million, following EUR 37.5 million in the first half of the previous year. In connection with this upturn, the EBIT margin improved, too, rising from 9.2% to 9.7%.
The positive trend in earnings during the first half of 2013 was primarily attributable to the higher contribution from the Medical Sector. Besides the consolidation effect of Latexx Partners, the absence of negative special effects, which had to be recorded in previous year's reporting period, were the main reasons for this improvement. The business in the Medical Sector, however, remained impacted by an oversupply due to the overcapacity in the market.
All in all, the segments of the Industrial Sector posted positive earnings in a challenging environment. Even though revenue and earnings declined in the Semperflex segment, the strong level of earnings achieved in the previous year was once again surpassed.
The negative financial result was EUR 7.0 million after EUR 5.7 million in the comparable period of last year. This increase was primarily caused by higher financial expenses of EUR 1.3 million, up from EUR 0.3 million in the previous year, due to the external financing costs associated with the acquisition of Latexx Partners and the acquired debt. The item "profit/loss attributable to redeemable non-controlling interests" increased slightly from EUR 6.4 million to EUR 6.5 million and relates primarily to several companies in the Sempermed segment.
Income tax expense rose by 6.5% to EUR 8.5 million, up considerably less than the 15.4% increase in pretax earnings. The tax rate as a percentage of earnings before tax and redeemable non-controlling interests declined slightly from 20.8% to 19.6% due to a change in the regional composition of pretax earnings.
Earnings after tax (profit for the period) improved by 18.3% to EUR 28.2 million. This led to earnings per share of EUR 1.36 for the first half of 2013, up from EUR 1.16 in the comparable period last year.
Contrary to the trend of the economy, Semperit Group performed considerably in the second quarter of 2013. At the Group level, a new record level of revenue was achieved, totalling EUR 236.2 million (+13.6% compared with the second quarter of 2012, +9.8% versus the first Increase of 21.9% in EBITDA and 16.5% in EBIT
EPS of EUR 1.36, up from EUR 1.16 in the previous year quarter of 2013) due to the acquisition of Latexx Partners and considerable growth in revenue in almost all segments.
EBITDA improved by 23.2% to EUR 36.4 million, while EBIT – due to higher depreciation – increased somewhat less strongly by 18.9% to EUR 24.6 million. Therewith, profitability improved considerably, too. The EBITDA margin expanded by more than one percentage point to 15.4% and the EBIT margin grew from 10.1% to 10.6%.
Earnings after tax improved by 28.5% to EUR 15.8 million and earnings per share stood at EUR 0.76 in the second quarter of 2013, up from EUR 0.60 in the same period last year. This clearly demonstrates that the growth strategy initiated by the Group continues to make good progress and that the measures undertaken to enhance profitability are having an effect.
The balance sheet total for the first half of 2013 declined by 1.1% from EUR 824.5 million to EUR 815.2 million. On the asset side of the balance sheet, the main reason for this decline was lower cash and cash equivalents. On the liabilities and equity side, the main reasons included the partial repayment of liabilities from the framework loan and dividend payments.
As of June 30, 2013, Semperit Group's equity (without non-controlling interests) stood at EUR 411.1 million, EUR 4.9 million higher than at the end of 2012 (EUR 406.2 million). This higher amount consisted of a EUR 28.0 million increase resulting from the earnings after tax attributable to the shareholders of Semperit AG Holding, and decreases related to the dividend payment to the shareholders of Semperit AG Holding and the negative currency translation effect of EUR 6.5 million that is recognised in equity. This means that the Group's equity ratio as of June 30, 2013 improved to 50.4%, considerably higher than the sector average.
The capital structure of Semperit Group continues to be very solid. Extrapolated for the full year, return on equity was 13.6% (first half of 2012: 12.2%).
Cash and cash equivalents declined from EUR 133.3 million at the end of 2012 to EUR 111.9 million due to the payment of a dividend to the shareholders of Semperit AG Holding (EUR 16.5 million), the acquisition of further shares in Latexx Partners (EUR 16.4 million), the dividend payment to non-controlling interests of subsidiary companies (EUR 9.0 million) and a partial repayment of the framework loan (EUR 8.0 million). These liquid funds stand in contrast to liabilities to banks now totalling EUR 107.7 million (year-end 2012: EUR 118.5 million). Net liquidity was therefore EUR 4.2 million.
Due to the imminent repayment of the framework loan with the proceeds from the corporate Schuldschein loan, the corresponding liability in the amount of EUR 92.0 million has been classified as a current liability in the balance sheet as at June 30, 2013.
Gross cash flow totalled EUR 58.5 million, a plus of more than 40%. The increase is mainly attributable to better earnings.
Trade working capital (inventories plus trade receivables minus trade payables) has risen since the end of 2012 from EUR 212.1 million to EUR 222.0 million, therefore representing 25.5% of the rolling 12-month revenue of EUR 870.2 million. This development is primarily attributable to the increased business volume.
Investments in the first half of 2013 stood at EUR 19.9 million, exceeding the EUR 16.7 million invested during the comparable period last year significantly (+18.9%). The focus of investing activity is on expansion and improvement projects in the Sempermed and Semperflex segments at the locations in Thailand, Malaysia and Austria.
As of June 30, 2013, the Group's total headcount stood at 10,039 employees, 23.7% more than at the same time last year (8,115 people). This spike is primarily attributable to the consolidation of Latexx Partners, the increase in staff at Sempermed's Thai plant in Surat Thani and in Sempermed's sales force in the US, and higher staffing in the Sempertrans segment and the Corporate Center.
According to the World Bank's economic forecast from June 2013, the global economy is recovering slowly but steadily. Despite the necessary consolidation of government budgets, there was a slight upturn recently in the economies of western industrialised countries, although it remains unclear how sustained this trend will be. The World Bank expects the global economy to expand by 2.2% in 2013, with its forecasts calling for growth of 3.0% and 3.3% for 2014 and 2015, respectively.
Significant growth is still expected in the emerging and developing countries: the forecasts for these countries foresee an increase in GDP of 5.1% for 2013, rising to 5.6% and 5.7% for 2014 and 2015, respectively. The average growth rates for Brazil, at 2.9% for 2013 and 4.0% for 2014, are considerably below this average, while 5.7% and 6.5% are expected for India. The economy in Russia has been weaker recently, too, with GDP forecast to grow by 2.3% in Stronger worldwide growth expected not before 2014 and 2015
Gross cash flow +40.9%
2013 and 3.5% in 2014. The US economy is recovering only slowly; GDP growth of 2.0% is expected for 2013 and 2.8% for 2014.
The economy in the Eurozone is expected to contract by 0.6% for the full year 2013, but it is forecast to start expanding again in 2014 by 0.9%. Economic growth has been robust in Germany, even though there have been some temporary weak phases. However, the economies of southern Europe in particular are finding it difficult to develop momentum.
In its assessments from June 2013, the Austrian National Bank forecasts the Austrian economy to grow by 0.3% for the full year 2013, with growth accelerating to 1.5% in 2014. This means that compared with its forecast as at December 2012, the Bank has lowered its outlook for each year by 0.2 percentage points.
The business areas of Semperit Group are impacted to varying degrees by macroeconomic developments. The market for medical products tends to evolve largely independent of cyclical influences, whereas the energy, construction, mechanical engineering and industrial equipment sectors, which are relevant for the Group's Industrial Sector, are significantly impacted by the macroeconomic environment.
After prices declined during 2012 for nearly all raw materials that are important for the Semperit Group, prices in several important submarkets started to rise at the start of the 2013. But by the middle of the year, a decline had set in once again.
All in all, during the first six months of 2013 the raw material markets that are relevant for the rubber industry were therefore characterised by both differing regional trends in pricing as well as persistently high levels of volatility. Demand still tends to be weak, particularly from the tyre and automobile industry, leading to lower raw material prices.
Following an increase at the start of 2013, the prices for natural rubber remained largely stable until the end of the first quarter. But then they declined considerably, reaching a point towards the middle of 2013 that was nearly a quarter below the level at the end of 2012. In July 2013, prices started to bottom out.
In synthetic rubber, price trends in the markets in Asia and Europe varied during the first five months of 2013. These different trends were due to uncertainties in the markets, but they offset each other in June 2013. Following a significant decline in prices during the second quarter, there have been growing signs that a bottom has been reached since July 2013. Upward tendencies can already be seen in Asia.
Carbon black, an important filling material used in the rubber industry, was available in sufficient quantities in the first half of 2013. Lower energy prices and subdued demand resulted in stable to slightly declining prices. Following a decline, prices in the market for wires and steel cord, which are processed in the Semperflex and Sempertrans segments, recently began to stabilise.
Natural rubber and synthetic rubber: signs of bottoming out
Semperit Group divides its business into two sectors: Medical and Industrial. The Medical Sector comprises the Sempermed segment, while the Industrial Sector includes the Semperflex, Sempertrans and Semperform segments. Despite the tense macroeconomic environment, Semperit Group was able to increase both the revenue and the earnings of its two sectors, Medical and Industrial, during the first six months of 2013: the Medical Sector – primarily thanks to the acquisition of Latexx Partners – posted revenue of EUR 218.3 million, nearly 20% higher year-on-year. Despite a weak economic environment, revenue in the Industrial Sector rose by more than 2% to EUR 233.1 million.
EBITDA in the Medical Sector surged by more than 50% to EUR 28.2 million, driven by the acquisition of Latexx Partners and the absence of negative special effects that weighed on results in the first half of 2012. The Industrial Sector was able to raise its EBITDA by 8.6% to EUR 45.1 million. Both sectors therefore achieved double-digit EBITDA margins (12.9% for Medical and 19.4% for Industrial). EBIT rose in the Medical Sector by nearly 40% to EUR 17.1 million and in the Industrial Sector by more than 9% to EUR 34.3 million. This earnings power demonstrates once again the balanced portfolio of Semperit Group.
In a challenging environment, Semperit's objective in the Medical Sector is to extend the integration of Latexx Partners following the acquisition in November 2012 and to counteract the ongoing challenging competitive conditions as best as possible. The delisting of Latexx Partners from the stock exchange in Malaysia was finalised in June 2013. The remaining shareholders have the opportunity until August 30, 2013 to sell their shares to Semperit at unchanged conditions. Except for an impairment charge of EUR 0.6 million for the impairment of the customer base in Brazil due to a transition of the business model, no further negative special effects – in contrast to the first six months of 2012 – were posted in the first half of 2013 in the Medical Sector with the Sempermed segment.
Despite the difficult environment, the Industrial Sector was able to improve its profitability even further, increasing its EBIT margin from 13.8% to 14.7%. All segments in the Industrial Sector posted double-digit EBIT margins. Despite the economic challenges, the Semperflex segment, which is especially exposed, was able to stem the expected decline in the EBIT margin from 17.6% to 16.4% with strict cost and capacity management as well as strategic priority projects. Profitability in the Sempertrans segment remained very successful, with an EBIT margin of 12.5% (up from 8.4% in the previous year). The figure for the Semperform segment was 15.1%, following 14.2% in the same period last year.
Despite an economic slowdown, profitability remains good
Medical Sector posts considerably improved profitability
EBITDA margin by sector in %
34.3
EBIT margin by sector in %
Revenue in the Sempermed segment grew by 19.8% or EUR 36.1 million to EUR 218.3 million in the first half of 2013. Higher sales volumes, which resulted from the acquisition of Latexx Partners in November 2012 and generally better sales performance, were offset by negative price effects caused by lower raw material prices for natural latex and nitrile compared with the first six months of 2012. In a quarter-on-quarter comparison, revenue, EBITDA and EBIT were considerably higher in the second quarter of 2013.
Sales of examination gloves increased at double-digit rates in all important regions (Europe, North America and Asia), with a particularly strong demand in Europe. Growth was achieved not just in the medical field, but also in the currently faster developing areas such as the industrial and consumer goods sectors. Utilisation of the production plants in the Sempermed segment was more than 80% in the first half of 2013. In addition to these operational successes, a detailed analysis of supply chains was conducted with selected customers during the reporting period in order to further improve the accuracy of planning.
Global demand for examination gloves made of nitrile (synthetic latex) is currently growing faster than for gloves made of natural latex. Overcapacities resulting from the sector-wide expansion of production facilities still keep price pressure high, particularly for nitrile-based products.
Demand for surgical gloves was good in the first six months of 2013; sales trends were particularly positive in the core markets of central Europe (including Germany). Successes were also achieved in growth markets close to Europe. Capacity utilisation at the plant in Wimpassing improved slightly. This meant that packaging capacity in Hungary needed to be increased as well, a further expansion is planned. The first revenue from the sale of the newly developed Syntegra UV glove, which will be marketed as a premium product, are expected in the third quarter of 2013.
EBITDA in the Sempermed segment grew by more than 50% year-on-year to EUR 28.2 million during the first half of 2013, while EBIT rose from EUR 12.3 million to EUR 17.1 million, an improvement of 39.6%. Besides the contribution to earnings of Latexx Partners, the absence of the negative special effects of the previous year period was mainly responsible for this development. EBIT grew less than EBITDA because depreciation rose by nearly 80% to EUR 11.1 million. This increase was caused by the commissioning of new capacities at the Surat Thani, Thailand location and the consolidation of Latexx Partners, Malaysia. EBIT was also negatively impacted by an impairment charge of EUR 0.6 million on the customer base in Brazil. This expense was necessary because of the change of the business model. The EBITDA margin rose year-on-year from 10.1% to 12.9%, while the EBIT margin improved from 6.7% to 7.8%. For the second quarter of 2013, the EBITDA margin was 14.3%, following 12.7% in the same period last year, and the EBIT margin improved from 9.0% to 9.1%.
The difficult economic conditions influencing the business of the Semperflex segment since the third quarter of 2012 have continued in the first six months of 2013. Nevertheless, the Semperflex segment performed quite well, posting a decline in revenue of only 5.8% or EUR 5.6 million to EUR 90.4 million. There was as well a slight quarter-on-quarter decline in revenue, EBITDA and EBIT recorded in the second quarter of 2013.
Orders were good in Europe, making it possible to almost fully utilise capacity. In Asia, a slightly recently improved demand led to somewhat better utilisation, so that on balance, capacity utilisation trends in the segment were satisfactory.
The Hydraulic Hoses Unit generated most of the segment's revenue, and it continued to benefit from good demand, particularly in Europe. Strategic priority projects led therefore to gains in market share. In North America, the disproportionately high increase in customer stocks in the fourth quarter of 2012 had a negative impact on demand in the first quarter of 2013. In the second quarter of 2013, positive momentum resumed here again. Trends in Asia remain subdued. While demand in China was below average, new customers were won in the rest of Asia during the second quarter of 2013.
In Industrial Hoses, which are almost exclusively sold in Europe, new products made it possible to increase quantities sold and grow market share. While demand was quite satisfactory in most European markets, it remained subdued in southern Europe. The business unit achieved the first successes from its expanded efforts to penetrate the market outside Europe, particularly in Asia and the US.
The smallest unit, Elastomer and Wear-Resistant Sheeting, posted, as expected, a slight yearon-year decline in revenue.
The segment's EBITDA declined in the first six months of 2013 by 6.9% to EUR 20.7 million, and EBIT fell by 12.5% to EUR 14.8 million. The EBITDA margin of 22,9% was virtually unchanged compared with the same period last year, whereas the EBIT margin decreased from 17.6% to 16.4% due to higher depreciation. For the second quarter of 2013, the segment's EBITDA margin came in at 22.6%, following 23.6% in the second quarter last year, and the EBIT margin stood at 16.4% versus 18.1% in 2012.
The Sempertrans segment posted satisfactory demand during the first six months of 2013 and achieved a 10.0% increase in revenue to EUR 78.4 million despite lower raw material prices. In a quarterly comparison, both revenue as well as EBITDA and EBIT were considerably higher in 2013.
The business was characterised by the following developments: the project business slowed compared with a dynamic prior-year period because new projects are being scrutinised in more detail and customers are more cautious about making order decisions. The industrial business, which includes sales to companies outside the mining sector, is currently muted with just a few isolated exceptions, e.g., the cement industry. But overall, capacity in the Sempertrans segment is well utilised into the fourth quarter of 2013.
From a geographic perspective, the performance in Europe was satisfactory and South America was slightly weaker compared with the very good year 2012. India remains a fiercely competitive market with short-term order backlogs, and the trend in Southeast Asia is subdued.
Based on the good order situation at the Polish plant in Bełchatów, which is also due to the newly developed energy-saving conveyor belt, a decision was made to invest about EUR 40 million to expand this location in the next several years.
The positive earnings trend was due to improved coverage of fixed costs thanks to higher utilisation of plant capacity, a rigorous continuation of the segment's active raw material management approach and better order intake management. Furthermore, capacity utilisation largely normalised in India following the end of a strike, meaning negative influences that impacted the past were avoided. In addition, higher-value products were emphasised in the product portfolio.
EBITDA nearly doubled in the first half of 2013 to EUR 11.9 million, and EBIT rose by more than half to EUR 9.8 million. This improvement was also accompanied by a year-on-year rise in the EBITDA margin from 11.3% to 15.2%, and in the EBIT margin from 8.4% to 12.5%. In a quarteron-quarter comparison, the EBITDA margin was 15.4% in the second quarter of 2013, following 12.0% in the prior year, and the EBIT margin rose from 8.6% last year to now 12.8%.
The Semperform segment posted an increase in revenue of more than 5% to EUR 64.3 million in the first six months of 2013. Except for the Special Applications business unit, all areas contributed to this improvement thanks to positive quantity effects. On the other hand, price effects were negative in most business units. Compared with the same period last year, revenue, EBITDA and EBIT were higher in the second quarter of 2013.
With its seal profiles for windows and doors, the Building Profiles business unit is the largest in the Semperform segment. Despite a weak economy, the quantities sold by this unit during the reporting period exceeded their comparative figures in the previous year period. It gained market share in West and East Europe, but orders are generally still being awarded for the short term.
Despite the persistent weakness in the industrial economy, the Industrial Moulded Parts business unit gained moderate market share with existing customers (construction and industrial areas, pipe construction).
The Handrails business unit successfully defended its position with OEMs in China, although this market remains characterised by strong competition and high price pressure. On the other hand, market share was expanded in the After Sales market (ASM) in the US and Europe.
The smallest business unit, Special Applications, maintained its revenue nearly unchanged despite unfavourable macroeconomic conditions. For portfolio optimisation purposes, the production of sponge and foam rubber was discontinued. About 1% of the segment's total revenue for the full year 2012 was generated by these products.
EBITDA for the Semperform segment as a whole rose in the first six months of 2013 to EUR 12.5 million, up from EUR 11.4 million in the previous year, while EBIT grew from EUR 8.5 million to now EUR 9.7 million. This means that both EBITDA and EBIT improved by more than 10%. The EBITDA margin for the first half of 2013 increased year-on-year from 18.7% to 19.5%, while the EBIT margin improved from 14.2% to 15.1%. For the second quarter of 2013, the EBITDA margin was 21.7%, following 20.2% in the same period last year, and the EBIT margin improved from 16.1% to 17.7%.
A sustained, global recovery in the economic environment is currently not in sight. Semperit Group expects that its current level of incoming orders will also continue in the second half of 2013.
In the Medical sector, the focus is on deepening the integration and improving the capacity utilisation at Latexx Partners, which was acquired in November 2012. As far as the global market for examination gloves is concerned, it can also be assumed that due to supply side overcapacities, price pressure will continue during the further course of 2013.
In the Industrial Sector, demand is expected to be relatively stable in the next several months. Capacity in the Sempertrans segment in particular will be well utilised into autumn. The Group continues to forecast positive demand in Europe in the Semperflex segment. Medium-term stimulus for growth in the Industrial Sector's segments is expected from the energy industry, the mining sector and the infrastructure sector.
Capital expenditure (CAPEX) of around EUR 50 million in total is planned for the full year 2013. This amount also includes the first investments to expand the Sempertrans plant in Bełchatów, Poland. Semperit Group is therefore investing in both the replacement of its existing production facilities as well as in the continuation of its growth strategy.
The Group's growth objective remains unchanged: to achieve double-digit revenue growth on average in the years from 2010 to 2015 inclusive. Semperit Group's target for the next several years is still to achieve an EBITDA margin of between 12% and 15% and an EBIT margin of between 8% and 11%.
This outlook is based on the assessments of the Management Board as at August 9, 2013 and does not take into account the effects of possible acquisitions, divestments or other structural changes during the remainder of 2013. These assessments are subject to both known and unknown risks and uncertainties, which may result in the actual outcome differing from the statements made here.
In July 2013, Semperit AG Holding issued a corporate Schuldschein loan totalling EUR 125 million. The proceeds from this loan will be used to refinance the acquisition of Latexx Partners Berhad, Malaysia and, additionally, to support the implementation of Semperit Group's on-going growth strategy.
Vienna, August 9, 2013
Thomas Fahnemann Chief Executive Officer Chairman
Johannes Schmidt-Schultes Chief Financial Officer
Richard Ehrenfeldner Chief Technical Officer
| in EUR thousand | 1.1.– 30.6.2013 |
1.1.– 30.6.2012 |
1.4.– 30.6.2013 |
1.4.– 30.6.2012 |
|---|---|---|---|---|
| Revenue | 451,400 | 409,768 | 236,216 | 207,971 |
| Changes in inventories | 9,872 | 8,585 | 1,652 | 8,562 |
| Own work capitalised | 499 | 381 | 262 | 191 |
| Operating revenue | 461,771 | 418,735 | 238,130 | 216,723 |
| Other operating income 1) | 12,442 | 15,535 | 5,878 | 6,171 |
| Cost of material and purchased services | –264,062 | –255,204 | –133,148 | –130,646 |
| Personnel expenses | –76,580 | –62,726 | –39,261 | –32,742 |
| Other operating expenses 1) | –67,995 | –62,413 | –35,350 | –29,943 |
| Share of profit from associated companies | 174 | 0 | 174 | 0 |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) | 65,750 | 53,927 | 36,423 | 29,564 |
| Depreciation and amortisation of tangible and intangible assets | –22,051 | –16,424 | –11,490 | –8,592 |
| Earnings before interest and tax (EBIT) | 43,699 | 37,503 | 24,933 | 20,972 |
| Financial income | 849 | 974 | 395 | 491 |
| Financial expenses | –1,331 | –262 | –618 | –189 |
| Profit/loss attributable to redeemable non-controlling interests | –6,523 | –6,408 | –3,756 | –4,593 |
| Financial result | –7,004 | –5,697 | –3,979 | –4,291 |
| Earnings before tax (EBT) | 36,695 | 31,806 | 20,954 | 16,681 |
| Income taxes | –8,464 | –7,947 | –5,176 | –4,402 |
| Earnings after tax | 28,231 | 23,859 | 15,779 | 12,279 |
| of which attributable to the shareholders of Semperit AG Holding | 27,985 | 23,859 | 15,642 | 12,279 |
| of which attributable to non-controlling interests | 246 | 0 | 136 | 0 |
| Earnings per share (diluted and undiluted) 2) | 1.36 | 1.16 | 0.76 | 0.60 |
1) Figure for 2012 adjusted (for an explanation see notes to the consolidated financial statements)
2) Attributable to the shareholders of Semperit AG Holding
| 1.1.– | 1.1.– | 1.4.– | 1.4.– | |
|---|---|---|---|---|
| in EUR thousand | 30.6.2013 | 30.6.2012 | 30.6.2013 | 30.6.2012 |
| Earnings after tax according to the consolidated income statement | 28,231 | 23,859 | 15,779 | 12,279 |
| Other comprehensive income | ||||
| Amounts that will potentially be recognised through profit and loss in future periods |
||||
| Available-for-sale financial assets | ||||
| Revaluation gains/losses for the period | –55 | –3 | –31 | –59 |
| Reclassification to profit and loss for the period | 72 | 0 | 0 | 0 |
| 17 | –3 | –31 | –59 | |
| Currency translation differences | ||||
| Currency translation differences for the period | –6,111 | 5,334 | –15,505 | 1,802 |
| Related deferred taxes | –4 | 1 | 8 | 15 |
| –6,098 | 5,332 | –15,528 | 1,757 | |
| Other comprehensive income | –6,098 | 5,332 | –15,528 | 1,757 |
| Total recognised comprehensive income | 22,133 | 29,191 | 251 | 14,037 |
| of which on earnings attributable to the shareholders of Semperit AG Holding |
21,336 | 29,191 | –99 | 14,037 |
| of which on earnings attributable to non-controlling interests | 797 | 0 | 350 | 0 |
| in EUR thousand | 1.1.– 30.6.2013 |
1.1.– 30.6.20121) |
|---|---|---|
| Earnings before tax | 36,695 | 31,806 |
| Depreciation/write-ups of tangible and intangible assets | 22,051 | 16,393 |
| Profit and loss from disposal of assets (including current and non-current financial assets) |
228 | –45 |
| Changes in non-current provisions | –2 | –4,484 |
| Share of profit from associated companies | –174 | 0 |
| Dividend received from associated companies | 205 | 0 |
| Profit/loss attributable to redeemable non-controlling interests | 6,523 | 6,408 |
| Net interest income (including income from securities) | 211 | –711 |
| Interest paid | –1,061 | –338 |
| Interest received | 1,052 | 863 |
| Taxes paid on income | –7,263 | –8,410 |
| Gross cash flow | 58,464 | 41,482 |
| Increase/decrease in inventories | –11,725 | –3,499 |
| Increase/decrease in trade receivables | –11,686 | –11,313 |
| Increase/decrease in other receivables and assets | 312 | –803 |
| Increase/decrease in trade payables | 13,905 | 9,213 |
| Increase/decrease in other liabilities and current provisions | 3,936 | 7,881 |
| Changes in working capital resulting from currency translation adjustments | –603 | 2,981 |
| Cash flow from operating activities | 52,602 | 45,942 |
| Proceeds from sale of tangible and intangible assets | 112 | 65 |
| Proceeds from sale of non-current financial assets | 1,051 | 0 |
| Investments in tangible and intangible assets | –19,905 | –16,740 |
| Acquisition of non-controlling interests | –16,400 | 0 |
| Cash flow from investing activities | –35,140 | –16,675 |
| Assumptions of current and non-current financing liabilities | 62 | –27 |
| Repayments of current and non-current financing liabilities | –12,437 | 0 |
| Dividend to shareholders of Semperit AG Holding | –16,459 | –16,459 |
| Dividends to non-controlling shareholders of subsidiaries | –9,005 | –603 |
| Cash flow from financing activities | –37,838 | –17,089 |
| Net increase/decrease in cash and cash equivalents | –20,377 | 12,178 |
| Effects resulting from currency translation | –1,072 | 365 |
| Cash and cash equivalents at the beginning of the period | 133,322 | 97,892 |
| Cash and cash equivalents at the end of the period | 111,873 | 110,435 |
1) Figures for the prior year period partially adjusted (for an explanation see notes to the consolidated financial statements)
| in EUR thousand | 30.6.2013 | 31.12.2012 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Intangible assets | 108,892 | 112,773 |
| Tangible assets | 264,742 | 267,894 |
| Investments in associated companies | 994 | 1,026 |
| Other financial assets | 9,512 | 10,655 |
| Other assets | 602 | 648 |
| Deferred taxes | 14,387 | 13,616 |
| 399,129 | 406,612 | |
| Current assets | ||
| Inventories | 154,197 | 142,472 |
| Trade receivables | 131,839 | 120,152 |
| Other financial assets | 2,252 | 1,846 |
| Other assets | 12,855 | 13,522 |
| Current tax receivables | 3,088 | 6,531 |
| Cash and cash equivalents | 111,873 | 133,322 |
| 416,104 | 417,846 | |
| Total ASSETS | 815,233 | 824,458 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Share capital | 21,359 | 21,359 |
| Capital reserves | 21,503 | 21,503 |
| Revenue reserves | 361,234 | 349,661 |
| Currency translation reserve | 7,053 | 13,715 |
| Equity attributable to the shareholders of Semperit AG Holding | 411,150 | 406,238 |
| Non-controlling interests | 6,118 | 21,755 |
| 417,268 | 427,993 | |
| Non-current provisions and liabilities | ||
| Provisions for pension and severance payments | 40,106 | 40,325 |
| Other provisions | 9,068 | 8,849 |
| Liabilities from redeemable non-controlling interests | 104,315 | 110,083 |
| Liabilities to banks | 668 | 101,131 |
| Other financial liabilities | 6,650 | 8,163 |
| Other liabilities | 583 | 612 |
| Deferred taxes | 5,911 | 5,968 |
| 167,302 | 275,132 | |
| Current provisions and liabilities | ||
| Provisions for pension and severance payments | 435 | 1,052 |
| Other provisions | 13,829 | 14,605 |
| Liabilities from redeemable non-controlling interests | 3,720 | 0 |
| Liabilities to banks | 107,023 | 17,393 |
| Trade payables | 64,056 | 50,534 |
| Other financial liabilities | 20,181 | 17,881 |
| Other liabilities | 14,615 | 11,703 |
| Current tax liabilities | 6,804 | 8,165 |
| 230,663 | 121,332 | |
| TOTAL EQUITY AND LIABILITIES | 815,233 | 824,458 |
| Revenue reserves | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| in EUR thousand | Share capital |
Capital reserves |
Re valuation reserves |
Other revenue reserves |
Total revenue reserves |
Currency translation reserve |
Total equity attributable to the share holders of Semperit AG Holding |
Non control ling interests |
Total equity |
| As at 1.1.2012 | 21,359 | 21,503 | –297 | 317,172 | 316,875 | 12,716 | 372,453 | 0 | 372,453 |
| Adjustment 1) | 0 | 0 | 0 | 6,944 | 6,944 | 0 | 6,944 | 0 | 6,944 |
| As at 1.1.2012 (adjusted) 1) |
21,359 | 21,503 | –297 | 324,117 | 323,820 | 12,716 | 379,398 | 0 | 379,398 |
| Earnings after tax |
0 | 0 | 0 | 23,859 | 23,859 | 0 | 23,859 | 0 | 23,859 |
| Other comprehensive income |
0 | 0 | –2 | 0 | –2 | 5,334 | 5,332 | 0 | 5,332 |
| Total recognised comprehensive income |
0 | 0 | –2 | 23,859 | 23,857 | 5,334 | 29,191 | 0 | 29,191 |
| Dividend | 0 | 0 | 0 | –16,459 | –16,459 | 0 | –16,459 | 0 | –16,459 |
| As at 30.6.2012 (adjusted) 1) |
21,359 | 21,503 | –299 | 331,517 | 331,218 | 18,050 | 392,130 | 0 | 392,130 |
| As at 1.1.2013 | 21,359 | 21,503 | –125 | 349,786 | 349,661 | 13,715 | 406,238 | 21,755 | 427,993 |
| Earnings after tax |
0 | 0 | 0 | 27,985 | 27,985 | 0 | 27,985 | 246 | 28,231 |
| Other comprehensive income |
0 | 0 | 13 | 0 | 13 | –6,661 | –6,649 | 551 | –6,098 |
| Total recognised comprehensive income |
0 | 0 | 13 | 27,985 | 27,997 | –6,661 | 21,336 | 799 | 22,133 |
| Dividend | 0 | 0 | 0 | –16,459 | –16,459 | 0 | –16,459 | 0 | –16,459 |
| Acquisition of non-controlling interests |
0 | 0 | 0 | 35 | 35 | 0 | 35 | –16,434 | –16,400 |
| As at 30.6.2013 | 21,359 | 21,503 | –112 | 361,346 | 361,234 | 7,053 | 411,150 | 6,118 | 417,268 |
1) for an explanation see notes to the consolidated financial statements
The interim financial statements as at June 30, 2013 have been prepared in accordance with International Financial Reporting Standards (IFRS) and IAS 34 Interim Financial Reporting. In general, the same accounting policies as at December 31, 2012 have been used. For more information on accounting policies, please refer to the consolidated financial statements as at December 31, 2012, which form the basis for these interim financial statements.
In order to improve the presentation, balances were offset in the consolidated income statement. The comparable periods, January 1 to June 30, 2012 and April 1 to June 30, 2012, were revised accordingly (January 1 to June 30, 2012: reduction of other operating income and expenses each by EUR 1,607 thousand, April 1 to June 30, 2012: reduction of other operating income and expenses each by EUR 530 thousand).
In the consolidated cash flow statement, as in the consolidated financial statements as of December 31, 2012 interest and tax payments are reported separately in gross cash flow. The comparable period January 1 until June 30, 2012 was revised accordingly (adjustment of gross cash flow by EUR 609 thousand).
With regard to the retroactive adjustments reported in the consolidated statement of changes in equity as of January 1, 2012, please refer to the explanations in the consolidated financial statements as of December 31, 2012.
This interim report of Semperit Group has not been audited or reviewed.
The following new and revised standards and interpretations were applied for the first time in the reporting period January 1 until June 30, 2013:
| First-time adoption of standards and interpretations | ||||||||
|---|---|---|---|---|---|---|---|---|
| New standards and interpretations | ||||||||
| IFRS 13 | Fair Value Measurement | 1.1.20132) | ||||||
| IFRIC 20 | Stripping Costs in the Production Phase of a Surface Mine | 1.1.20133) | ||||||
| Amended standards and interpretations | ||||||||
| IFRS 1 | First-time Adoption of International Financial Reporting Standards – Amendment: Government Loans |
1.1.20133) | ||||||
| IFRS 7 | Financial Instruments: Disclosures – Amendments: Offsetting Financial Assets and Financial Liabilities |
1.1.2013 2) | ||||||
| Diverse | Improvements to IFRS 2009-2011 | 1.1.20133) |
1) In accordance with the Official Journal of the European Union,
it is mandatory to apply the standards for those financial years that begin on or after the effective date.
2) Adopted in the EU in December 2012
3) Adopted in the EU in March 2013
IFRS 13 contains regulations on determining fair value and expands the disclosures required in the notes. The application of this new standard will lead to additional disclosures in the notes to the consolidated interim financial statements and consolidated financial statements of Semperit Group.
Other revised or new standards and interpretations are not relevant to Semperit Group or have no material impact on the consolidated interim financial statements and consolidated financial statements.
In January 2013, Semperit Produtos Técnicos, SpA, Chile was founded. This company will be responsible for the distribution of medical gloves.
In April 2013, Semperit Group made another tender offer to the shareholders of Latexx Partners Berhad, Kamunting, Malaysia, to acquire all shares and warrants; this offer, including the extension period, continues until August 30, 2013. As of June 30, 2013, Semperit Group has acquired a further 10.08% interest in Latexx Partners, meaning the Group's total holding has increased from 85.94% to now 96.02%. This transaction was accounted for as an equity transaction. For further information, please refer to the explanations on the principles and methods of consolidation in the consolidated financial statements as of December 31, 2012.
The carrying amount of the investment in Synergy Health Allershausen GmbH (previously: Isotron Deutschland GmbH) totalled EUR 994 thousand as at 30 June 2013 (31 December 2012: EUR 1,026 thousand). Furthermore, Semperit Group has extended a loan to this associated company of EUR 563 thousand as at 30 June 2013 (31 December 2012: EUR 563 thousand).
| Corporate Center and Group |
||||||
|---|---|---|---|---|---|---|
| in EUR thousand | Sempermed | Semperflex | Sempertrans | Semperform | eliminations | Group |
| 1.1.–30.6.2013 | ||||||
| Revenue | 218,317 | 90,428 | 78,384 | 64,271 | 0 | 451,400 |
| EBITDA | 28,223 | 20,714 | 11,895 | 12,536 | –7,618 | 65,750 |
| EBIT = segment result | 17,127 | 14,818 | 9,798 | 9,733 | –7,776 | 43,699 |
| 1.1.–30.6.2012 | ||||||
| Revenue | 182,184 | 96,007 | 71,277 | 60,300 | 0 | 409,768 |
| EBITDA | 18,457 | 22,236 | 8,080 | 11,260 | –6,106 | 53,927 |
| EBIT = segment result | 12,266 | 16,943 | 6,012 | 8,546 | –6,265 | 37,503 |
In the first half of 2013, the segment earnings of the Sempermed segment were negatively impacted by an impairment charge of EUR 560 thousand on the Brazilian customer base (prior year: EUR 0 thousand).
The income and expenses of companies involved in production and distribution in more than one segment are subdivided and allocated to the appropriate segments so that no further eliminations are necessary. The Corporate Center consists of Semperit Aktiengesellschaft Holding, which is not involved in operating activities, and a management company in China. Internal charging and allocations of Corporate Center costs are already allocated to the segments as far as possible.
In the first half of 2013, Semperit Group made investments in tangible and intangible assets totalling EUR 19,905 thousand (previous year: EUR 16,740 thousand). Tangible and intangible assets with a net carrying amount of EUR 268 thousand (previous year: EUR 80 thousand) were sold.
| Valuation category | Carrying amount |
Fair value | Carrying amount |
Fair value | ||
|---|---|---|---|---|---|---|
| in EUR thousand | IAS 39 | 30.6.2013 | 30.6.2013 | 31.12.2012 | 31.12.2012 | Level |
| Assets | ||||||
| Securities | Available-for-sale | 7,691 | 7,691 | 8,798 | 8,798 | 1 |
| Loans to associated companies | Loans and receivables | 563 | 563 | 563 | 563 | - |
| Other long-term loans | Loans and receivables | 0 | 0 | 9 | 9 | - |
| Trade accounts receivable | Loans and receivables | 131,839 | 131,839 | 120,152 | 120,152 | - |
| Derivative financial instruments | Held for trading | 3 | 3 | 334 | 334 | 2 |
| Remaining other financial assets | Loans and receivables | 3,506 | 3,506 | 2,799 | 2,799 | - |
| Liabilities | ||||||
| Liabilities from redeemable non-controlling interests |
Liabilities at amortised cost |
108,035 | n/a | 110,083 | n/a | - |
| Liabilities to banks | Liabilities at amortised cost |
107,692 | 107,692 | 118,524 | 118,524 | - |
| Trade payables | Liabilities at amortised cost |
64,056 | 64,056 | 50,534 | 50,534 | - |
| Derivative financial liabilities | Held for trading | 1,424 | 1,424 | 2 | 2 | 2 |
| Remaining other financial liabilities |
Liabilities at amortised cost |
25,407 | 25,407 | 26,043 | 26,043 | - |
As at 30 June 2013, the Group has contractual obligations to acquire tangible assets totalling EUR 5,878 thousand (31 December 2012: EUR 5,344 thousand).
Financial instruments at fair value include securities and derivative financial instruments. The levels in the fair value hierarchy are defined as follows:
The fair value of securities is determined using publicly available prices. They are reported in the consolidated balance sheet under the item "other financial assets".
The derivative financial instruments are forward foreign exchange transactions. Their fair value is determined by counterparties (banks) using generally accepted financial valuation models (e.g., determination of the present value of expected future cash flows based on current foreign exchange rates and yield curves). These are included in the consolidated balance sheet under the items "other financial assets" and "other financial liabilities".
The fair value of all other financial assets and liabilities, except for liabilities from redeemable non-controlling interests, corresponds to their carrying value.
Regarding the measurement of liabilities from redeemable non-controlling interests, please refer to the explanations in the consolidated financial statements as at 31 December 2012. The fair value can only be calculated at a disproportionately high cost and is thus not disclosed.
A dividend of EUR 0.80 per share, a total of EUR 16,459 thousand, was paid out on 14 May 2013 (previous year: EUR 0.80 per share, a total of EUR 16,459 thousand).
There have been no material changes in contingent liabilities since the last reporting date (31 December 2012).
Outstanding balances and transactions between Semperit Aktiengesellschaft Holding and its subsidiaries were eliminated in the course of consolidation and are not discussed here.
B & C Semperit HoldingGmbH is thedirect majority shareholder of Semperit Aktiengesellschaft Holding, and B & C Privatstiftung is the dominant legal entity. B & C Industrieholding GmbH is the shareholder holding an indirect majority stake which draws up and publishes consolidated financial statements in which Semperit Group is consolidated. UnderIAS 24,B & C Privatstiftung and all its subsidiaries, joint ventures and associated companies are related parties of Semperit Group.
Related parties of Semperit Group include the members of the management and supervisory boards of Semperit Aktiengesellschaft Holding, the managing directors and supervisory board members of all companies which directly or indirectly hold a majority stake in Semperit Aktiengesellschaft Holding, including the members of the management board of B&C Privatstiftung and close family members of these management and supervisory board members and managing directors.
The level of transactions with associated companies and other related parties is low, and they are conducted on normal business terms and conditions.
The fully consolidated companies Semperflex Asia Corp. Ltd., Siam Sempermed Corp. Ltd., Shanghai Semperit Rubber & Plastic Products Co. Ltd. and Semperflex Shanghai Ltd. conduct business with the non-controlling co-partner of these subsidiaries, Sri Trang Agro-Industry Plc, at established market conditions. Sempertrans Best (Shandong) Belting Co. Ltd. conducts business with Wang Chao Coal & Electricity Group, the non-controlling co-partner of this company, under established market conditions.
In April 2013, the Supervisory Board extended the mandate of Thomas Fahnemann as CEO and Chairman of the Management Board of Semperit AG Holding until December 31, 2016.
In July 2013, Semperit AG Holding issued a corporate Schuldschein loan totalling EUR 125 million. The proceeds from this loan will be used to refinance the acquisition of Latexx Partners Berhad, Malaysia and, additionally, to support the implementation of Semperit Group's on-going growth strategy.
Vienna, August 9, 2013 The Management Board
Thomas Fahnemann Chief Executive Officer Chairman
Johannes Schmidt-Schultes Chief Financial Officer
Richard Ehrenfeldner Chief Technical Officer
We confirm to the best of our knowledge that the condensed interim financial statements as at June 30, 2013 prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU) give a true and fair view of the assets, liabilities, financial position and profit or loss of the group as required by the applicable accounting standards and that the group management report gives a true and fair view of important events that have occurred during the first six months of the financial year and their impact on the condensed interim financial statements, of the principal risks and uncertainties for the remaining six months of the financial year and of the major related party transactions to be disclosed.
Vienna, August 9, 2013 The Management Board
Thomas Fahnemann Chief Executive Officer Chairman
Johannes Schmidt-Schultes Chief Financial Officer
Richard Ehrenfeldner Chief Technical Officer
| Key figures | 1.1.–30.6.2013 | |
|---|---|---|
| Lowest price | in EUR | 26.86 |
| Highest price | in EUR | 32.90 |
| Price at 30.6. | in EUR | 27.60 |
| Market capitalisation at 30.6. | in EUR million | 567.8 |
| Number of shares issued | in unit | 20,573,434 |
| Price-to-earnings ratio1) | 10.15 | |
| Earnings per share (EPS) | in EUR | 1.36 |
1) Based on full year projection
The 124th Annual General Meeting took place on April 30, 2013 in Vienna, Austria. All resolutions of the Annual General Meeting can be viewed on www.semperitgroup.com/en/ir. The Annual General Meeting agreed to the Management Board's proposal to pay a dividend of EUR 0.80 per eligible share. The dividend was paid on May 14, 2013, the ex-dividend day was May 7, 2013.
Semperit share ATX
| Financial Calendar 2013 | Financial Calendar 2014 | |||
|---|---|---|---|---|
| November 12, 2013 Report on the first three quarters of 2013 |
March 27, 2014 | Publication of 2013 annual financial statements and press conference |
||
| April 29, 2014 | Annual general meeting, Vienna | |||
| May 6, 2014 | Ex-dividend day | |||
| May 8, 2014 | Dividend payment day | |||
| May 20, 2014 | Report on the first quarter of 2014 | |||
| August 19, 2014 | Half-year financial report 2014 |
November 18, 2014 Report on the first three quarters of 2014
Ownership and publisher: Semperit Aktiengesellschaft Holding, Modecenterstrasse 22, 1031 Vienna, Austria
In this report, the terms "Semperit" or the "Semperit Group" refers to the Group; "Semperit AG Holding" or "Semperit Aktiengesellschaft Holding" is used to refer to the parent company (individual company).
We have prepared this report and verified the information contained in it with the greatest possible care. In spite of this, rounding, typesetting and printing errors cannot be ruled out. Rounding of differences in the totalling of rounded amounts and percentages may arise from the automatic processing of data.
The forecasts, plans and forward-looking statements contained in this report are based on the knowledge and information available and the assessments made at the time that this report was prepared (editorial deadline: August 9, 2013). As is true of all forward-looking statements, these statements are subject to risk and uncertainties. As a result, the actual events may deviate significantly from these expectations. No liability whatsoever is assumed for the accuracy of projections or for the achievement of planned targets or for any other forward-looking statements.
This document has been made up in German which is the official version. In case of discrepancies with the English translation, the German version shall prevail.
Semperit AG Holding Modecenterstrasse 22 1031 Vienna, Austria Tel.: +43 1 79 777-0 Fax: +43 1 79 777-600 www.semperitgroup.com
Tel.: +43 1 79 777-210 [email protected] www.semperitgroup.com/en/ir
www.semperitgroup.com/en/contact
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