TROAX: INTERIM REPORT JANUARY - JUNE 2015
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 Months | 3 Months | 6 Months | 6 Months | 12 Months | 12 Months | 12 Months | |
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec | 1.) Jan-Dec | 2.) Jul-Jun | |
| M Euro | 2015 | 2014 | 2015 | 2014 | 2014 | 2014 | 2014/2015 |
| Order intake | 25,8 | 19,3 | 51,7 | 37,9 | 92,6 | 96,5 | 98,7 |
| Sales | 25,5 | 20,0 | 50,2 | 37,9 | 84,5 | 91,2 | 96,8 |
| Gross profit | 11,2 | 7,9 | 21,5 | 14,8 | 34,6 | 38,3 | 41,4 |
| Gross margin, % | 43,9 | 39,5 | 42,8 | 39,1 | 40,9 | 42,0 | 42,8 |
| Operating profit | 5,4 | 4,7 | 10,4 | 6,9 | 13,8 | 14,9 | 17,3 |
| Operating margin, % | 21,2 | 23,5 | 20,7 | 18,2 | 16,3 | 16,3 | 17,9 |
| Adjusted operating profit | 5,4 | 3,8 | 10,4 | 6,2 | 15,0 | 16,3 | 19,2 |
| Adjusted operating margin, % | 21,2 | 19,0 | 20,7 | 16,4 | 17,8 | 17,9 | 19,8 |
| Profit after tax | 3,0 | 3,3 | 5,9 | 4,7 | 8,7 | 8,7 | 9,7 |
| Adjusted EBITDA | 5,9 | 4,3 | 11,5 | 7,3 | 17,3 | 18,6 | 21,4 |
| Adjusted EBITDA margin, % | 23,1 | 21,5 | 22,9 | 19,3 | 20,5 | 20,4 | 22,1 |
| Earnings per share after dilution | 0,15 | 0,17 | 0,30 | 0,24 | 0,28 | 0,28 | 0,48 |
| Closing rate SEK/EUR | 9,22 | 8,95 | 9,22 | 8,95 | 9,52 | 9,52 | 9,22 |
| 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
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.
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