Hillerstorp 14th of August, 2015 08.00 CET
JANUARY – JUNE 2015
· Order intake increased 36 per cent whereof 11 per cent organically.
· Sales increased 32 per cent to 50,2 (37,9) MEUR, the acquired business
Satech represents 24 per cent units of this increase. The organic growth
(excluding Satech) was 8 per cent.
· Operating profit increased to 10,4 (6,9) MEUR.
· Operating margin increased to 20,7 (18,2) per cent.
· Adjusted operating profit increased to 10,4 (6,2) MEUR.
· Adjusted operating margin increased to 20,7 (16,4) per cent, mostly
explained by higher volumes.
· Earnings per share was 0,30 (0,24) EUR.
APRIL – JUNE 2015
· Order intake increased 34 per cent whereof 9 per cent organically.
· Net sales increased with 28 per cent to 25,5 (20,0) MEUR, whereof the
acquired Satech represents 25 per cent units of the increase. Adjusted for
acquisition, the organic growth was 3 per cent.
· Operating profit increased to 5,4 (4,7) MEUR.
· Operating margin decreased to 21,2 (23,5) per cent.
· Adjusted operating profit increased to 5,4 (3,8) MEUR.
· Adjusted operating margin increased to 21,2 (19,0) per cent explained by
increased volumes.
· Earnings per share was 0,15 (0,17) EUR.
TROAX GROUP FIGURES
3 Month 3 Month 6 Month 6 Month 12 12 12 Months
s s s s Months Months
Apr Apr Jan Jan Jan 1.) 2.) Jul-Jun
-Jun -Jun -Jun -Jun -Dec Jan
-Dec
M Euro 2015 2014 2015 2014 2014 2014 2014/2015
Order 25,8 19,3 51,7 37,9 92,6 96,5 98,7
intake
Sales 25,5 20,0 50,2 37,9 84,5 91,2 96,8
Gross 11,2 7,9 21,5 14,8 34,6 38,3 41,4
profit
Gross 43,9 39,5 42,8 39,1 40,9 42,0 42,8
margin, %
Operating 5,4 4,7 10,4 6,9 13,8 14,9 17,3
profit
Operating 21,2 23,5 20,7 18,2 16,3 16,3 17,9
margin, %
Adjusted 5,4 3,8 10,4 6,2 15,0 16,3 19,2
operating
profit
Adjusted 21,2 19,0 20,7 16,4 17,8 17,9 19,8
operating
margin, %
Profit 3,0 3,3 5,9 4,7 8,7 8,7 9,7
after tax
Adjusted 5,9 4,3 11,5 7,3 17,3 18,6 21,4
EBITDA
Adjusted 23,1 21,5 22,9 19,3 20,5 20,4 22,1
EBITDA
margin, %
Earnings 0,15 0,17 0,30 0,24 0,28 0,28 0,48
per
share
after
dilution
Closing 9,22 8,95 9,22 8,95 9,52 9,52 9,22
rate
SEK/EUR
1.) Column 2014 includes Satech figures as if
the acquisition was completed 1st January 2014.
2.) Column Jul-Jun includes Satech figures as if
the acquisition was completed 1st January 2014.
CEO COMMENTS
During the second quarter, Troax continued the positive trend from 2014 with
increased order levels and results. The organic growth increased during the
second quarter with 9 per cent, for comparable units in the same period last
year. The development has been especially positive in the UK, Nordic countries
and Satech. Our development in the New Markets has improved during the period as
regards sales invoiced, albeit from a low level. The total order levels
increased by 9 per cent, including the acquired company Satech compared on a pro
forma basis, with the corresponding quarter last year.
Excluding acquisition, sales increased with 3 per cent, compared with same
period last year. We estimate, the general market has continued to grow during
this quarter in order intake, but the number of bigger project orders have been
low compared with last year.
The positive result development has continued which is mainly coming from the
Italian acquisition and a continued good capacity utilization in our
manufacturing units. The adjusted operating profit amounted to 5,4 MEUR for the
period, which is more than 40 per cent higher than second quarter last year.
Satech accounts for approximately 1,5 MEUR of the result for the quarter. The
integration of Satech is developing according to plan and the company has
delivered a significantly higher result than last year.
There is no significant currency impact in the result for the period.
The Working Capital has been stable during the quarter, with a certain increase
of receivables due to the relative high invoicing level, by the end of the
quarter. We have continued our good cash flow generation, even though during
this second quarter, we continued to pay some parts of the main investment in
the new paint line that will be finished during Q1 2016. In accordance with the
agreement that was made in connection with the stock exchange listing, we made a
one off amortization of 10 MEUR of our bond loan during June.
We do not make any forecast for the whole year.
Thomas Widstrand, CEO and President
PHONE CONFERENCE
Invitation to presentation of the second quarter result:
Thomas Widstrand, CEO presents the result on a phone conference on the 14th of
August 2015 at 10:00 CET. Conference will be held in English. For more
information see www.troax.com.
This information is in accordance with the Swedish Securities Market Act, the
Swedish Financial Instruments Trading Act and/or the regulations of NASDAQ
Stockholm. The information was submitted for publication on 14th of August, 2015
at 08.00.
Thomas Widstrand
President and CEO
Troax Group AB
Box 89
330 33 Hillerstorp
(http://tel 46 (0)370-82831)Tel 46 (0)370-82831
http://www.troax.com
thomas.widstrand@troax.com
About Troax
Troax is the leading global supplier of indoor perimeter protection (“metal
-based mesh panel solutions”) for the market segments: Automation & Robotics,
Material Handling & Logistics and Property Protection. Troax develops high
quality and innovative safety solutions to protect people, property and
processes.
Troax Group AB (publ), Reg. No. 556916-4030, has a global organisation with an
unparalleled sales force and efficient logistics setup, enabling local presence
and short delivery times in 31 countries. In 2014 Troax net sales amounted to
around EUR 90 million and the number of employees amounted to about 400 persons.
The Company’s head office is located in Hillerstorp, Sweden.
www.troax.com
TROAX: INTERIM REPORT JANUARY - JUNE 2015
| Source: Troax Group AB
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