Quarterly Report • May 10, 2011
Quarterly Report
Open in ViewerOpens in native device viewer
| 1–3/2011 | 1–3/2010 | Changes 2011/2010 in % |
2010 | ||
|---|---|---|---|---|---|
| Revenue | in EUR million | 193.7 | 152.4 | +27.1 | 689.4 |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) |
in EUR million | 25.3 | 23.8 | +6.2 | 112.3 |
| Earnings before interest and tax (EBIT) | in EUR million | 18.0 | 16.2 | +11.3 | 82.3 |
| EBITDA margin | in % | 13.1 | 15.6 | –2.61) | 16.3 |
| EBIT margin | in % | 9.3 | 10.6 | –1.31) | 11.9 |
| Earnings after tax | in EUR million | 11.2 | 9.3 | +20.3 | 45.4 |
| Earnings per share | in EUR | 0.54 | 0.45 | +20.3 | 2.21 |
| Balance sheet total | in EUR million | 605.5 | 567.7 | +6.7 | 593.5 |
| Capital and reserves | in EUR million | 355.2 | 333.6 | +6.5 | 351.1 |
| Equity ratio | in % | 58.7 | 58.8 | –0.11) | 59.2 |
| Return on equity2) | in % | 12.6 | 11.2 | +1.41) | 12.9 |
| Gross cash flow | in EUR million | 21.8 | 22.6 | –3.7 | 91.0 |
| Investments in tangible and intangible assets | in EUR million | 9.5 | 18.6 | –49.0 | 60.0 |
| Number of employees (at balance sheet date) | 7,364 | 7,010 | +5.0 | 7,019 | |
| Sempermed | |||||
| Revenue | in EUR million | 86.2 | 73.3 | +17.5 | 316.4 |
| Operating profit (EBIT) = segment results | in EUR million | 8.1 | 10.0 | –19.2 | 47.1 |
| Semperflex | |||||
| Revenue | in EUR million | 46.5 | 31.8 | +46.1 | 145.5 |
| Operating profit (EBIT) = segment results | in EUR million | 7.5 | 3.5 | +115.5 | 24.2 |
| Semperform | |||||
| Revenue | in EUR million | 26.6 | 21.4 | +24.3 | 109.4 |
| Operating profit (EBIT) = segment results | in EUR million | 2.6 | 2.1 | +24.1 | 15.9 |
| Sempertrans | |||||
| Revenue | in EUR million | 34.4 | 25.9 | +33.0 | 118.1 |
| Operating profit (EBIT) = segment results | in EUR million | 2.3 | 0.8 | +195.9 | 0.0 |
1) Percentage points 2) Calculated on the basis of the full-year projection; 3.2% isolated for Q1 2011 (Q1 2010: 2.8%).
| Chief Executive's review | 2 |
|---|---|
| Group Management Report | 3 |
| Interim financial statements and notes to the interim financial statements | 8 |
| Statement of the legal representatives | 13 |
| The Semperit share | 14 |
| Financial calendar | 15 |
As the new Chief Executive Officer of the Semperit Group, I would like to take this opportunity to express my thanks to my predecessor, Rainer Zellner, for handing over an outstandingly managed
» Continue to accelerate profitable growth. «
company. Semperit boasts a solid capital base, strong market positions and a competitive cost structure, which will enable the company to successfully expand its business operations. I will do everything I can to promote the profitable growth of the Semperit Group in the upcoming years.
The first quarter of 2011 proceeded satisfactorily for the Semperit Group. Supported by a positive market environment, we succeeded in further increasing total revenue by +27% to EUR 194 million. However, a not insubstantial share of this revenue growth can be attributed to the significant
» Rigorous resource management. «
increases in the selling prices of almost all our products, which were made necessary by the massive rise in raw material costs. In addition to increasing raw material prices, we were also increasingly faced with the problem
of supply shortfalls in the past few months. On the basis of rigorous resource management, we succeeded in procuring the required materials on time and were thus able to avoid production interruptions.
Despite this greater burden on the cost side, we could improve earnings before interest and tax (EBIT) of the Semperit Group by +11% to EUR 18 million. Earnings after tax were improved by +20% up to EUR 11 million.
We assume that the strong demand for products manufactured by the Semperit Group will also continue in the months to come. In many busi-
ness areas our production capacities are already fully booked until the summer. Against the backdrop of this environment, a key success factor will be the ability to effectively deal with the availability and
price volatilities of raw materials. In any case, we will take advantage of the positive economic environment to further press ahead with the growth of our company.
Thomas Fahnemann Chairman of the Management Board
The upswing on the global economy continued at the beginning of the year 2011. In particular, the emerging markets in Asia provided important impetus for the expansion of the world economy. The U.S. economy grew unexpectedly strongly, driven by exports, investments and expenditures on durable consumer goods.
The economy did not develop uniformly in the European countries. Whereas the recession persisted in Ireland and several Southern European countries, the German economy flourished along with all those economies closely tied to Germany. The upturn in Austria was thus also quite vigorous.
In this environment, prices for natural and synthetic rubber rose strongly during the first three months of 2011. There was a downward price correction for natural rubber in February, but the overall increase over the entire first quarter was once again very significant.
Whereas a sufficient supply of natural rubber was available, the shortage of synthetic rubbers posed an additional problem along with the considerable price increases. World capacity for several types of synthetic rubber is currently too low. In the first quarter, the Semperit Group still succeeded in procuring sufficient quantities in order to process existing orders, but the struggle for available supplies is increasingly intensifying.
Carbon black, an important filling material used in the production of rubber mixtures, continued to be in short supply in the first quarter of 2011. The price of carbon black rose significantly as did the costs of chemical ingredients such as softeners and activators. Reinforcing materials such as steel wires and textiles were also subject to price hikes.
earnings after tax rose by +20% to EUR 11 million.
On basis of increased demand in almost all markets, total revenue of the Semperit Group climbed by +27% to EUR 194 million. In addition to the higher level of sales, the underlying reason was the large-scale selling price increases, in some cases in the double-digit range. Earnings before interest, tax, depreciation and amortization (EBITDA) amounted to EUR 25 million, a rise of +6% from the prior-year quarter. Despite considerably high raw material prices, this improvement was mainly related to higher sales volumes. The EBITDA margin was 13%, below the previous year's figure of 16%. EBIT rose by +11% from the first quarter of 2010 to EUR 18 million. However, the EBIT margin fell to 9%. In the first three months of 2011, the results attributable to redeemable non-controlling shares was slightly lower than the comparable figure in the previous year. For this reason, the financial results of minus EUR 3 million remained unchanged from the prior-year quarter. Accordingly, the Group revenue +27% EBIT +11% Earnings after tax up +20%
Expansion of global economy
Price increase for raw materials
Low capacity with synthetic rubber The increase in working capital tied up in trade receivables and inventories is due to the sales and revenue growth, as well as higher raw material costs. Investments in tangible and intangible fixed assets totaled EUR 10 million, below the EUR 19 million invested in the previous year, which also included the purchase of the machinery and equipment of the conveyor belt plant acquired in China. Cash and cash equivalents at the end of the first quarter of 2011 amounted to EUR 119 million.
Cash and cash equivalents: EUR 119 million
The Semperit Group managed to report a gratifying business development especially in the industrial sector (Semperflex, Semperform, Sempertrans), whereas revenue growth in the medical sector (Sempermed) was due to selling price increases. The industrial sector achieved considerable volume growth in all divisions.
Considerable volume growth in the industrial business
Revenue of the Sempermed division increased by +18% to EUR 86 million during the first quarter of 2011. Most of the revenue growth can be attributed to the significant increases in selling prices
necessitated by massive raw material price hikes. EBIT amounted to EUR 8 million, a decline of 19% below the outstanding figure for the prior-year quarter. Margins came under pressure due to the rising costs of materials.
Sales of surgical gloves developed in a stable manner during the period under review. The considerably larger business segment for examination gloves only showed a small volume growth in the first quarter of 2011. Demand in Europe continued to grow dynamically, whereas business in the USA declined slightly. Nevertheless, revenue with examination gloves in all regions still considerably surpassed the prior-year figures as a consequence of the implemented selling price increases.
Once again, the production lines at the Hatyai site were converted in the first quarter of 2011 to enable the manufacturing of nitrile gloves as a consequence of the particularly high price of latex. In particular, demand for nitrile products on the part of hospitals is increasing for price reasons. At the same time, the first production line was put into operation at the new examination glove facility in Surat Thani.
The Semperflex division once again expanded during the reporting period. Against the backdrop of a positive market environment, the order situation developed very satisfactorily in the first quarter of 2011. Revenue rose by +46% to EUR 47 million. Although the prices had to be hiked significantly as a result of rising raw material costs, product margins continued to decline. However, by exploiting economies of scale Semperflex succeeded in improving EBIT to EUR 7 million (previous year: EUR 3 million).
Semperflex was particularly impacted by the lack of availability of some types of synthetic rubber during the first quarter of 2011. In several cases the division had to resort to using more expensive materials due to supply shortfalls.
The hydraulic hose segment benefitted from increased demand in all markets. Business was par-
ticularly good in the USA, where Semperflex could improve its market position. In addition to rising demand on all markets, the delivery share gains achieved by Semperflex mainly in 2009 and 2010 helped push up the volume of incoming orders.
The good demand development also continued for industrial hoses and in all product groups. With the exception of Southern Europe, all markets developed positively for Semperflex Industrial. Germany, Scandinavia and Russia showed themselves to be quite dynamic, with demand once again fully picking up steam.
Lower sales rise for examination gloves
Continued growth
Trend towards nitrile gloves
Considerable revenue increase
Burden of raw material supply shortfall
Perceptible growth in demand for hydraulic hoses
Good order situation for industrial hoses
All production facilities were operating at full capacity due to the good level of demand. In the first quarter of 2011 additional capacities created in the Czech Republic and China considerably raised total output. Furthermore, the decision was made to further expand capacity at the manufacturing facilities located in Thailand and China.
The volume of incoming orders for elastomer sheeting remained good in the first quarter of 2011. Output could be increased compared to the previous year as the result of efficiency enhancement measures. However, due to its high material share, the earnings of the elastomer sheeting segment were more seriously impacted by the raw material price hikes than any other segment of the Semperflex division. Accordingly, it suffered considerable margin losses despite selling price increases passed on to customers. Strong cost burden on elastomer sheeting
The Semperform division reported a considerable rise in revenue of +24% to EUR 27 million in the first quarter of 2011. Business developed satisfactorily in all segments, though at different growth rates. Similar to the situation with industrial hoses, the business development was not only negatively affected by rising raw material costs but also by supply shortfalls. However, the significant growth in sales helped push up EBIT by +24% to EUR 3 million.
The seal profile segment for windows and doors continued to enjoy good demand in the first quarter of 2011. Sales and revenue rose significantly both in Germany as well as in the Eastern European countries.
The railway superstructure segment succeeded in winning numerous new orders during the reporting period. Not only did the business in France proceed more favourably than in the previous year,
but the Austrian and German markets also achieved major increases.
The handrail segment profited from increased demand for spare parts in all markets in the first quarter of 2011. However, business in the OEM (Original Equipment Manufacturer) segment in the Asian growth market stagnated at the prior-year level due to tough competition and increasing price pressure.
Following a rather weak period for business in 2010, the order situation for cable car rings was very good during the reporting period. Sales of ski membranes also developed extremely positively thanks to the significant upswing in the ski industry.
The pipe construction business continued to develop very gratifyingly, whereas demand for filter membranes remained constant at a moderate level, similar to the situation prevailing in 2010. The sponge rubber segment profited from the recovery of the construction industry in the period under review.
Revenue and earnings improvement
Higher output
Good order situation for window and door seal profiles
Gains achieved by the railway superstructure segment
Handrails: Focus on spare parts
Highly dynamic growth for cable car rings and ski membranes
Solid development
The conveyor belt division Sempertrans succeeded in increasing its revenues by +33% to EUR 34 million in the first three months of 2011 on the basis of a good order volume at the end of 2010. However, incoming orders fell somewhat in the first quarter of 2011. EBIT improved from the prior-year level of EUR 1 million to EUR 2 million during the reporting period.
In particular, the order volume for standard textile conveyor belts developed negatively in all markets. The situation was aggravated by competitive pressure in a highly competitive environment featuring rapidly rising raw material prices.
earnings improvement
Revenue and
Decline in order intake for textile conveyor belts
Positive trend for metal conveyor belts
In contrast, the order situation for high quality metal conveyor belts was more favourable. Mining sector demand for conveyor belts rose in Eastern Europe and South America. Business was stable in Western Europe, where the main customers are busy in the cement and steel industries and are operators of quarries.
In our opinion, the upswing of the global economy will continue, even if the price increases for raw material and energy along with the more restrictive approach to economic policy on the part of the industrialized nations and emerging markets end up having a dampening effect. In any case, the current economic situation should ensure the high capacity utilization of all production companies.
High capacity utilization at all production sites
Pressure on margins
Against this backdrop, the further development of raw material markets poses a big risk to the business development of the company. From today's perspective, the situation on raw material markets is expected to deteriorate further, in terms of both price levels and availability. The ability to fully pass on raw material price hikes to customers in a timely manner seems to be limited. For this reason, margins are likely to come under even more pressure in the upcoming quarterly periods. In this environment, Semperit will do everything in its power to further improve its productivity and cost structure in order to be able to also generate satisfactory results in the entire year 2011.
| in TEUR | 31.3.2011 | 31.12.2010 |
|---|---|---|
| Non-current assets | ||
| Intangible assets | 5,752 | 6,031 |
| Tangible assets | 195,044 | 199,843 |
| Financial assets | 12,352 | 13,397 |
| Investments in associated companies | 560 | 560 |
| Other receivables and assets | 608 | 767 |
| 214,315 | 220,599 | |
| Deferred Taxes | 11,394 | 10,761 |
| Current assets | ||
| Inventories | 130,543 | 113,704 |
| Trade receivables | 105,401 | 85,531 |
| Other receivables and assets | 24,522 | 23,695 |
| Cash and cash equivalents | 119,372 | 139,186 |
| 379,838 | 362,116 | |
| Assets | 605,547 | 593,476 |
| in TEUR | 31.3.2011 | 31.12.2010 |
|---|---|---|
| Capital and reserves | ||
| Share capital | 21,359 | 21,359 |
| Captial reserves | 21,503 | 21,503 |
| Revenue reserves | 299,706 | 288,613 |
| Currency translation adjustments | 12,675 | 19,590 |
| 355,244 | 351,065 | |
| Non-current provisions and liabilities | ||
| Liabilities from redeemable non-controlling shares | 81,381 | 83,405 |
| Provisions for pension and severance payments | 41,647 | 41,998 |
| Other provisions | 19,014 | 18,924 |
| Liabilities to banks | 5,639 | 5,974 |
| Other liabilities | 896 | 972 |
| 148,578 | 151,274 | |
| Deferred taxes | 3,846 | 4,206 |
| Current provisions and liabilities | ||
| Tax provisions | 8,843 | 5,710 |
| Other provisions | 26,191 | 24,848 |
| Trade payables | 42,354 | 40,969 |
| Other liabilities | 20,491 | 15,404 |
| 97,879 | 86,931 | |
| Equity and liabilities | 605,547 | 593,476 |
| in TEUR | 1.1.–31.3.2011 | 1.1.–31.3.2010 |
|---|---|---|
| Revenue | 193,664 | 152,399 |
| Changes in inventories | 7,325 | 8,738 |
| Own work capitalised | 216 | 223 |
| Operating revenue | 201,205 | 161,360 |
| Other operating income | 5,413 | 4,842 |
| Material costs | –123,206 | –90,561 |
| Personnel expenses | –28,998 | –26,055 |
| Other operating expenses | –29,125 | –25,765 |
| Earnings before interest, taxes, depreciation and amortization (EBITD A) |
25,290 | 23,822 |
| Depreciation and amortisation of tangible and intangible assets | –7,272 | –7,633 |
| Earnings before interest and tax (EBIT ) |
18,019 | 16,189 |
| Interest and other income from financial investments | 370 | 531 |
| Expenses on financial assets | –3 | –12 |
| Interest and other financial assets | –51 | –69 |
| Profit/loss attributable to redeemable non-controlling shares | –3,634 | –3,740 |
| Financial results | –3,318 | –3,290 |
| Earnings before tax (EBT) | 14,700 | 12,900 |
| Income taxes | –3,493 | –3,584 |
| Earnings after tax | 11,207 | 9,316 |
| Earnings per share (undiluted) | 0.54 | 0.45 |
| Avarage number of outstanding shares | 20,573,434 | 20,573,434 |
| in TEUR | 1.1.–31.3.2011 | 1.1.–31.3.2010 |
|---|---|---|
| Earnings after tax | 11,207 | 9,316 |
| Other comprehensive income | ||
| "Available for sale" financial assets | –152 | 98 |
| thereof deferred taxes | 38 | –25 |
| Currency translation differences of the period | –6,928 | 13,649 |
| Reclassification in the net profit | 14 | 0 |
| –7,028 | 13,722 | |
| Total recognised comprehensive income | 4,179 | 23,038 |
| in TEUR | 1.1.–31.3.2011 | 1.1.–31.3.2010 |
|---|---|---|
| Earnings after tax | 11,207 | 9,316 |
| Depreciation/write-ups of tangible and intangible assets | 7,272 | 7,591 |
| Profit and loss from asset disposal | –134 | 1,183 |
| Changes in non-current provisions | –261 | 782 |
| Other non-cash expense/income | 41 | –25 |
| Profit/loss attributable to redeemable non-controlling shares | 3,634 | 3,740 |
| Gross cash flow | 21,760 | 22,587 |
| Increase/decrease in inventories | –16,838 | –16,898 |
| Increase/decrease in trade receivables | –19,871 | –15,372 |
| Increase/decrease in other receivables and assets and deferred taxes | –1,301 | –4,183 |
| Increase/decrease in trade payables | 1,385 | 5,124 |
| Increase/decrease in other liablilities and current provisions and deferred taxes |
9,128 | 1,481 |
| Changes in working capital resulting from currency translation adjustments | –2,952 | 1,498 |
| Cash flow from operating activities | –8,689 | –5,763 |
| Proceeds from sale of tangible and intangible assets | 921 | 54 |
| Proceeds from sale of current and non-current financial assets | 2,000 | 0 |
| Investments in tangible and intangible assets | –9,503 | –10,532 |
| Investments in current and non-current financial assets | –1,110 | –2,170 |
| Net cash outflow on acquisition of businesses | 0 | –1,840 |
| Cash flow from investing activities | –7,692 | –14,489 |
| Dividends to non-controlling shareholders of subsidiaries | 0 | –11,013 |
| Cash flow from financing activities | 0 | –11,013 |
| Net increase/-decrease in cash and cash equivalents | –16,381 | –31,265 |
| Effects resulting from currency translation | –3,434 | 9,916 |
| Cash and cash equivalents at the beginning of the period | 139,186 | 185,756 |
| Cash and cash equivalents at the end of the period | 119,372 | 164,407 |
| in TEUR | Share capital |
Capital reserves |
Revenue reserves |
Revaluation reserves |
Currency translation |
Total |
|---|---|---|---|---|---|---|
| Balance at 31.12.2009 | 21,359 | 21,503 | 267,085 | –182 | 793 | 310,558 |
| Total recognised comprehensive income |
0 | 0 | 9,316 | 74 | 13,649 | 23,038 |
| Balance at 31.03.2010 | 21,359 | 21,503 | 276,401 | –109 | 14,441 | 333,596 |
| Balance at 31.12.2010 | 21,359 | 21,503 | 288,811 | –198 | 19,590 | 351,065 |
| Total recognised comprehensive income |
0 | 0 | 11,207 | –114 | –6,914 | 4,179 |
| Balance at 31.03.2011 | 21,359 | 21,503 | 300,019 | –312 | 12,675 | 355,244 |
These interim financial statements as at March 31, 2011 have been prepared in keeping with the principles set forth by the International Financial Reporting Standards (IFRS) as contained in IAS 34, Interim Financial Reporting. There have been no major changes made in the accounting and valuation methods applied by the Semperit Group. For more detailed information on the accounting and valuation methods applied, readers are referred to the consolidated annual financial statements for the year ending December 31, 2010, which are the basis for these interim statements.
This interim report of the Semperit Group has neither been audited nor subject to an auditor's review.
The net book value of Isotron Deutschland GmbH on March 31, 2011 amounted to TEUR 560 (December 31, 2010: TEUR 560).
In the first three months of 2011, the Semperit Group purchased tangible and intangible fixed assets amounting to TEUR 9,503 (previous year: TEUR 18,619). In contrast, tangible and intangible fixed assets with a net book value of TEUR 785 (previous year: TEUR 144) were disposed of.
On April 21, 2011 a dividend of EUR 1.25 per share was paid.
| Year | Number of shares |
Total dividend in TEUR |
Dividend per share in TEUR |
|---|---|---|---|
| 2011 | 20,573,434 | 25,717 | 1.25 |
| 2010 | 20,573,434 | 23,659 | 1.15 |
There were no material changes in respect to contingent liabilities since the last balance sheet date.
Balances and transactions between Semperit AG Holding and its subsidiaries are eliminated within the context of consolidation and are not further described here.
B&C Semperit Holding GmbH is the direct 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. It prepares and publishes consolidated financial statements, in which the Semperit Group is included in consolidation. B&C Privatstiftung and all its subsidiaries are considered as related parties or individuals of the Smperit Group pursuant to IAS 24.
Related parties and individuals of the 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 own a majority stake in Semperit Aktiengesellschaft Holding, and finally the members of the Management Board of B&C Privatstiftung and the close relatives of these Management and Supervisory Board members and managing directors.
The following fully-consolidated companies – Semperflex Asia Corp. Ltd., Semperform Pacific Corp. Ltd., Siam Sempermed Corp. Ltd., Shanghai Semperit Rubber & Plastic Products Co. Ltd., Shanghai Sempermed Gloves Co. Ltd. and Semperflex Shanghai Ltd. - undertake business transactions with the non-controlling co-partner of these subsidiaries Sri Trang Agro Plc under established market conditions. Sempertrans Best (Shandong) Belting Co. Ltd. undertakes business transactions with the joint venture partner Wang Chao Coal & Electricity Group, the noncontrolling co-partner of these subsidiaries, under established market conditions. Furthermore, insignificant business transactions were carried out with related parties and individuals at prevailing market rates.
The longstanding Chief Executive Officer Rainer Zellner vacated his position on the Management Board at the end of the 122nd Annual General Meeting, on April 14, 2011. Thomas Fahnemann was named to serve as the new CEO and Chairman of the Management Board. At the same time, Johannes Schmidt-Schultes was appointed to be the new Chief Financial Officer of Semperit AG Holding effective April 15, 2011.
Patrick F. Prügger was elected to serve on the Supervisory Board of Semperit AG Holding for a period of three years to succeed Walter Lederer, whose Supervisory Board mandate expired with the end of the Annual General Meeting. Veit Sorger and Michael Junghans were re-elected to the positions of Chairman and Deputy Chairman of the Supervisory Board respectively.
We confirm to the best of our knowledge that the consolidated interim financial statements prepared in accordance with the International Financial Reporting Standards (IFRS) give a true and fair view of the assets, liabilities, financial position and profit or loss of the Semperit Group, and that the first quarter Group Management Report gives a true and fair view of the assets, liabilities, financial position and profit or loss with respect to the important events that have occurred during the first three months of the financial year and their impact on the consolidated interim financial statements, of the principal risks and uncertainties for the remaining nine months of the financial year, and of the major related party transactions disclosed.
Vienna, May 5, 2011
The Management Board
Thomas Fahnemann Chairman
Johannes Schmidt-Schultes
Richard Ehrenfeldner Richard Stralz
| key Data | ||
|---|---|---|
| International Securities Identification Number (ISIN) | AT0000785555 | |
| Share price low 1st Quarter 2011 | in EUR | 35.27 |
| Share price high 1st Quarter 2011 | in EUR | 41.05 |
| Share price at March 31, 2011 | in EUR | 41.05 |
| Market capitalization at March 31, 2011 | in EUR million | 844.4 |
| Earnings per share 1st Quarter 2011 | in EUR | 0.54 |
| Half-year financial report 2011 | August 9, 2011 |
|---|---|
| Report on the 1st–3rd Quarter 2011 | November 15, 2011 |
Media proprietor: Semperit Aktiengesellschaft Holding, Modecenterstrasse 22, A-1030 Vienna Design, typesetting and lithography: be.public Werbung Finanzkommunikation GmbH, Vienna
We have prepared this Report on the 1st Quarter 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. 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.
Statements referring to people are valid for both men and women. This interim report was prepared in German and English. In case of doubt, the German version shall take precedence.
Sybille Richter Investor Relations Tel: +43 1 79 777-210 Fax: +43 1 79 777-602 E-Mail: [email protected]
www.semperit.at
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.