Lyngby, 2013-08-15 07:45 CEST (GLOBE NEWSWIRE) -- In the first half of 2013, Haldor Topsøe A/S maintained a solid performance level achieving profitability and growth rates in line with the company’s overall ambitions. The ongoing expansion and modernization of the chemical, refining, power, and automotive industries continue to drive demand for Topsøe’s catalysts and related process technologies across the globe.
Topsøe experienced a satisfactory revenue growth rate in the first half of 2013. Progress is based on a strong interest for the solutions that Topsøe offers to address key global challenges related to the environment, energy efficiency and food supply.
Financial highlights from the first half of 2013:
- Group revenue amounted to DKK 2,842 million, an increase of 14% compared to same period last year.
- EBIT was DKK 403 million compared to DKK 315 million in the first half of 2012.
- Net profit was DKK 311 million compared to DKK 228 million in the first half of 2012.
- Cash flow from operations was DKK 516 million compared to DKK 347 in the first half of 2012.
- Capital expenditure increased to DKK 298 million compared to DKK 124 million in the first half of 2012 reflecting the investments being made to establish additional production lines in Frederikssund, Denmark and Houston, Texas - Topsøe’s two primary production sites.
A change of estimate of warranty provisions related to technology projects had a positive impact on EBIT (DKK 105 million) and net profit (DKK 79 million) in the first half of 2013.
“During the first half of 2013, we observed healthy growth and solid financial performance across our business. Meanwhile, we invested substantially in laying the foundation for future growth and profitability by expanding our key production sites in Denmark and the US and by increasing our significant investments in R&D”, says Peter Rønnest Andersen, Chief Financial Officer in Haldor Topsøe.
Key financial figures for Haldor Topsøe A/S Group (DKK million)
| 1st half year 2013 | 1st half year 2012 | |
| Revenue | 2,842 | 2,497 |
| EBIT | 403 | 315 |
| Net profit | 311 | 228 |
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| June 30, 2013 | December 31, 2012 | |
| Non-current assets | 2,261 | 2,111 |
| Current assets | 3,747 | 3,392 |
| Assets total | 6,008 | 5,503 |
| Equity | 1,438 | 1,422 |
| Liabilities | 4,570 | 4,081 |
| Equity and liabilities total | 6,008 | 5,503 |
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| 1st half year 2013 | 1st half year 2012 | |
| Cash and cash equivalents beginning | 1,009 | 812 |
| Cash flow from operations | 516 | 347 |
| Change in working capital | -400 | 187 |
| Cash flow from operating activities | 116 | 534 |
| Cash flow from investment activities | -298 | -124 |
| Cash flow from financing activities | 257 | 53 |
| Cash and cash equivalents end | 1,084 | 1,275 |
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| 1st half year 2013 | 1st half year 2012 | |
| Equity beginning | 1,422 | 1,307 |
| Change in comprehensive income | 316 | 237 |
| Change in transactions with owners | -300 | -100 |
| Equity end | 1,438 | 1,444 |
The half year figures have not been reviewed by the company’s auditors. The audited Annual Report 2013 will be published by Haldor Topsøe on March 19, 2014. Annual reports and financial statements are available at www.topsoe.com.
Investor relations contact
Peter Rønnest Andersen
Chief Financial Officer,
pera@topsoe.dk
Press contact
Mads Cordt Gyldenkærne
Media Relations Manager,
macg@topsoe.dk
Mobile: +45 2275 4124