Earnings Release • Mar 15, 2017
Earnings Release
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Under Embargo until 15/03/2017 - 17.40 CET Regulated information
A year of high investments
| Dec 31, 2016 | Dec 31, 2015 | Change | |
|---|---|---|---|
| (million euro) | 12M | 12M | |
| Revenue | 318,2 | 286,3 | 11,1% |
| Operating result (EBIT) | 25,1 | 24,8 | 1,1% |
| Cash flow from operations (EBITDA) 1 | 28,5 | 31,7 | -10,3% |
| Financial result | -1,3 | -1,2 | 9,3% |
| Profit before taxes | 23,7 | 23,6 | 0,6% |
| Taxes | -6,8 | -5,9 | 14,6% |
| Net income from continuing operations | 16,9 | 17,7 | -4,1% |
| Result from discontinued operations | -0,2 | -0,1 | 131,8% |
| Result of companies consolidated under equity method | 0,3 | ||
| Result attributable to Minority Interest | -0,2 | ||
| Net income (Group share in the profit) | 17,1 | 17,5 | -2,4% |
| Net cash flow 2 | 20,5 | 24,6 | -16,5% |
| Dec 31, 2016 Dec 31, 2015 | Change | ||
|---|---|---|---|
| (million euro) | 12M | 12M | |
| Equity | 100,2 | 87,1 | 15,1% |
| Net financial debt (+)/Net cash (-) | -3,2 | 0,1 | -4382,4% |
| Assets held for sale | 0,5 | 0,5 | 3,0% |
| Total assets | 210,6 | 186,6 | 12,8% |
| Dec 31, 2016 Dec 31, 2015 | Change | ||
|---|---|---|---|
| (euro) | 12M | 12M | |
| Cash flow from operations (EBITDA) 1 | 3,64 | 4,06 | -10,3% |
| Profit before taxes | 3,04 | 3,02 | 0,7% |
| Net profit share of the Group (EPS) | 2,19 | 2,24 | -2,2% |
| Net cash flow 2 | 2,63 | 3,14 | -16,2% |
| Equity | 12,82 | 11,14 | 15,1% |
| Number of shares (end of period) | 7.818.999 | 7.818.999 | |
| Number of shares (average) | 7.818.999 | 7.818.999 |
1 EBITDA = earnings before interest, taxes, depreciation and amortization. This is operating profit plus depreciation and amounts written off on stocks, trade debtors, impairment losses and provisions for other liabilities and charges.
2The net cash flow is the net income (Group share in the profit) excluding depreciation, amounts written off on stocks, trade debtors, impairment losses and provisions for other liabilities and charges.
The order backlog at year-end is 51% higher than last year; taking into account equipment already produced by year-end the production backlog is 57% higher than at December 31, 2015. Management estimates that approximately 10% of this order backlog relates to revenues in 2018 and later. The JENSEN-GROUP considers the order backlog strong to get off to a good start in 2017.
The main business risks have not changed materially from last year. Major risk factors are the volatility in the financial markets affecting our customers' investment decisions and their capacity to find financing, competitive pressure and political instability and uncertainty in certain parts of the world. The Group does not expect a significant impact from the Brexit. The potential impact of possible protectionist movements in various parts of the world cannot be assessed today. Other risks that mainly affect our margin are exchange rate volatility and fluctuating raw material prices, energy and transportation costs.
JENSEN-GROUP has a dividend policy of distributing 0.25 euro per share unless the results and/or the financial position do not allow payment of a dividend. Moreover, for the year 2016, the Board proposes to the Annual Shareholders' meeting to approve a supplemental dividend of 0.25 euro per share based on the excellent results of 2016. The order backlog at the beginning of the year as well as the cash position gives management confidence to get off to a good start of 2017.
Subject to approval by the Annual Shareholders' meeting of May 16, 2017, the share will trade ex-coupon as of May 29, 2017 and the dividend will be payable as from May 31, 2017 at the counters of KBC bank upon presentation of coupon n°12.
| (in thousands of euro) | December 31, 2016 |
December 31, 2015 |
|---|---|---|
| Revenue | 318.169 | 286.301 |
| Raw materials and consumables Services and other goods Employee compensation and benefit expense Depreciation, amortisation, write downs of assets, impairments Total expenses |
-153.524 -36.778 -99.175 -3.853 -293.330 |
-135.612 -31.822 -88.379 -6.495 -262.308 |
| Other Income / ( Expense) | 224 | 807 |
| Operating profit before tax and finance (cost)/ income | 25.063 | 24.800 |
| Interest income Other financial income Financial income Interest charges Other financial charges Financial charges |
1.034 1.078 2.112 -1.675 -1.765 -3.440 |
970 1.522 2.492 -1.413 -2.294 -3.707 |
| Profit before tax | 23.735 | 23.585 |
| Income tax expense | -6.803 | -5.935 |
| Profit for the year from continuing operations | 16.932 | 17.650 |
| Result from discontinued operations Result of companies consolidated under equity method Consolidated profit for the year |
-248 251 16.935 |
-107 0 17.543 |
| Result attributable to Minorty Interest Consolidated result attributable to equity holders |
-184 17.119 |
0 17.543 |
| Other comprehensive income (OCI): Items that may be subsequently reclassified to Profit and Loss Financial instruments Currency translation differences Items that will not be reclassified to Profit and Loss Ac tual gains/(losses) on Defined Benefit Plans Tax on OCI Other comprehensive income for the year |
356 -176 -1.353 299 -874 |
271 2.241 227 -150 2.590 |
| Total comprehensive income for the year | 16.061 | 20.133 |
| Profit attributable to: | ||
| Equity holders of the company Minority Interest |
17.119 -184 |
17.543 0 |
| Total comprehensive income attributable to: Equity holders of the company Minority Interest |
16.061 -179 |
20.133 0 |
| Basic and diluted earnings per share (in euro) Weighted average number of shares |
2,19 7.818.999 |
2,24 7.818.999 |
The Statutory Auditor has confirmed that the audit of the consolidated accounts of JENSEN-GROUP, which is substantially complete, has as off today not revealed any material misstatement in the draft consolidated accounts, and that the accounting data which are reported in the press release are consistent, in all material respects, with the draft consolidated accounts from which these data have been taken.
The JENSEN-GROUP assists heavy-duty laundries worldwide to provide quality textile services economically. We have become a preferred supplier in the laundry industry by leveraging our broad laundry expertise to design and supply sustainable single machines, systems and integrated solutions. We are continuously growing by extending our offer and by developing environmental friendly and innovative products and services that address specific customer needs. Our success results from combining our global skills with our local presence. The JENSEN-GROUP has operations in 24 countries and has distribution in more than 40 countries. Worldwide, JENSEN-GROUP employs about 1,600 employees.
This press release is also available on the corporate website www.jensengroup.com.
(End of press release)
For more information, please contact: JENSEN-GROUP Jesper Munch Jensen, Chief Executive Officer Markus Schalch, Chief Financial Officer Scarlet Janssens, Investor Relations Manager Tel. +32.9.333.83.30 E-mail: [email protected]
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