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    You are here: Company information - Resilux N.V.

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    Resilux N.V.

    Belgium, Wetteren


     
    04.05.2016   Resilux Year Results 2015    ( Company news )

    Company news -Increase of added value in line with increase of volumes by 11%
    -Increase of ebitda by more than 15%
    -Increase of result after taxes by more than 40%
    -Figures joint venture Airolux are not yet available
    -Further increase dividend

    Overview of results for the year of 2015
    During the year of 2015, sold volumes of preforms and bottles increased by 11.2% compared to 2014. Russia and East and Central Europe were the regions with the highest increase. The volumes sold also increased in West Europe with growth in France, Greece and Italy but there was a decrease in sales in Spain. In North America sales of preforms decreased. The growth is the result of increased efforts at the level of the organization, market oriented investments and a further diversification of products and customers. In West Europe the growth has been supported by the good climatological circumstances in the spring and the summer.
    The turnover increased during 2015 by 3.3% to € 291.6 million despites a higher percentage increase of the sold volumes. This is the result of lower average prices for raw material during 2015.
    As known Resilux can pass on fluctuations in raw material prices to the customers.
    The added value increased in line with the increased volumes by 11.8%.
    Compared to 2014 this represents an increase of € 7.7 million to € 72.5 million. The other goods and services increased by € 5.0 million or 12.7%. The major part of this increase can be explained by increased variable costs as transport and electricity. Also the increase exchange rates of CHF and USD caused an increase of the expenses when translating to EUR.
    Total remunerations costs have increased by € 2.4 million. Also here the increase in EUR is mainly due to the change of the exchange rates.
    The consolidated operational cash flow (ebitda) increased by € 5.4 million or by 16.3% and amounts to € 38.5 million.
    The depreciation and amortisation expenses increased by € 0.2 million and amount to € 14.2 million. The depreciations on fixed assets increased by € 1.7 million, the provisions for doubtful accounts receivables and inventories decreased by € 1.5 million.
    As a consequence, the operating result for 2015 increased by € 5.2 million or 27.3% and amounts to € 24.2 million compared to € 19.0 million for 2014.
    The financial result increased by € 0.7 million. The net interest expenses decreased by € 0.6 million due to higher interest income compared to 2014. During 2014, the foreign exchange results were almost neutral but in 2015 the foreign exchange results are negative for € -0.8 million. This is explained by the sharp increase of the CHF early 2015. In 2014, the financial result included still a negative unrealised result booked on financial instruments of € -0.7 million compared to € -0.2 million in 2015. The total net financial result amounts to € -2.5 million.
    A pre-tax profit was realized in 2015 of € 21.7 million compared with € 15.8 in 2014 or an increase by 37.6% or € 5.9 million.
    The total taxes amount to € -3.8 million. This amount includes taxes payable for € -4.4 million and deferred taxes for € +0.6 million. After taxes, the group has realized as in 2015 a net profit of € 17.9 million or an increase by 42.4% or € 5.3 million.
    For 2015, no result based upon the equity method has been included in the figures in this press release.
    The net investments for tangible and intangible fixed assets in 2015 amount to € 15.8 million compared to € 17.7 million in 2014. This includes mainly new production tools and an extension of the building in the United States of America. Resilux continues to invest in a further diversification of products, markets and customers.
    The net financial debt (excluding subordinated loans) amounts to € 33.1 million per December 31, 2015 compared to € 36.4 million per December 31, 2014. The decrease is a combination of the increase in net operating cash-flow and an increase in the funding of the joint venture Airolux.

    Dividend
    The Board of Directors proposes to the General Meeting of Shareholders to distribute a gross dividend of € 2.00 per share for 2015. This means a net dividend of € 1.46 per share (in case of 27% Belgian withholding taxes) and of € 2.00 per share (in case of exemption of Belgian withholding taxes). The dividend will be payable as of May 31st, 2016.

    Outlook
    Resilux expects to realise in 2016 an operational cash flow (ebitda) at least in line with the operational cash flow in 2015.
    Resilux will focus on further growth of standard and especially value added products in the existing regions. Resilux will look to further strengthen its presence in Europe and North America.
    Resilux will utilise the existing capacity in an optimal way and will do this accompanied with operational excellence.
    Resilux expects to invest a total amount of around € 15 million during 2016.
    (Resilux N.V.)
     
    10.04.2013   Resilux Year results 2012    ( Company news )

    Key figures for 2012 compared with 2011:
    - Turnover : EUR 279.0 million (-3%)
    - Added value : EUR 56.3 million (+1%)
    - Operating cash flow (EBITDA) : EUR 26.1 million (-8%)
    - Net Financial Debt : EUR 33.3 million (-25%)
    - Ratio Net Financial Debt / EBITDA as per 31.12.12 : 1.28
    - Ratio Equity / Total balance sheet as per 31.12.12 : 42%
    - Depreciations and amortisations : EUR 12.5 million (-8%)
    - Operating result : EUR 13.7 million (-7%)
    - Financial result : EUR -1.6 million (+58%)
    - Profit before taxes : EUR EUR 12.1 million (+11%)
    - Profit before equity method (excl. Airolux) : EUR 10.1 million (+11%)
    - Net Profit after equity method (incl. Airolux) : EUR 7.1 million (-11%)
    - Proposal for payment of dividend of EUR 1.65 per share

    Overview of results for the year of 2012
    During the year of 2012, sold volumes increased by 2.0% compared to 2011. The strongest increase of the volumes was in East and Central Europe and Switzerland. During 2012 the weather conditions in the spring were rather poor in the North of Europe. The economic crisis in the South of Europe had a negative influence on the sales in Spain.
    The turnover decreased during 2012 by 2.6% to EUR 279.0 million. This is the result of the increased volumes and the decreased prices for raw material. As known Resilux can pass on fluctuations in raw material prices to the customers.
    Compared to 2011, the added value increased by 0.8% to EUR 56.3 million. This increase is somewhat lower than the increase in volume.
    Total remunerations costs have increased by EUR 1.7 million. This is partly due to indexation of salaries and wages but also a stronger Swiss franc and American dollar created an increase of the remuneration costs. The total number of personnel remained more or less equal. The total cash costs excluding personnel costs increased by 8.7%. This increase is explained by the increase of the variable production costs as a result of the increased volumes. Also repair and maintenance costs and research and development costs increased in 2012 versus 2011.
    The consolidated operational cash flow (ebitda) decreased by EUR 2.1 million and amounts to EUR 26.1 million.
    The operational non cash costs decreased by EUR 1.1 million and amount to EUR 12.5 million.
    The depreciations on fixed assets increased by EUR 1.1 million. This is the result of the increased capital expenditures of the last years. Furthermore, the non cash costs include in 2012 also EUR 2.1 million less of provisions for doubtful accounts receivables than in 2011.
    As a consequence, the operating result for 2012 decreased by EUR 1.0 million and amounts to EUR 13.7 million compared to EUR 14.7 million for 2011.
    The financial result improved by EUR 2.2 million. This is the result of decreased interest expenses due to decreased average financial debt and a positive foreign exchange result in 2012 of EUR 0.5 million. During 211, the foreign exchange result was negative for EUR 1.1 million. The financial result is negative and amounts to EUR 1.6 million. A pre-tax profit was realized in 2012 of EUR 12.1 million compared with EUR 10.9 in 2011 or an increase by 10.6%. The total taxes amount to EUR -1.9 million. This amount includes taxes payable for EUR -2.4 million and deferred taxes for +0.5 million. After taxes, the group has realized a net profit of EUR 10.1 million or an increase by 11.3%.
    The result based upon the equity method amounts to EUR -3.1 million. This results relates to the in June 2010 established joint venture Air0-Lux AG. In 2012 the production capacity has been in order to be able to produce on a full industrial scale in 2013. After the result based upon the equity method the total profit amounts to EUR 7.1 million compared to EUR 8.0 million in 2011.
    The net investments for fixed assets in 2011 amount to EUR 15.9 million compared to EUR 17.5 million in 2011. Major investments were moulds and replacement of blowing lines. This amount also includes a first part of a new building in Switzerland.
    The net financial debt (excluding subordinated loans) amounts to EUR 33.3 million per
    December 31, 2012 compared to EUR 44.4 million per December 31, 2011. The decrease is mainly the result of decreased working capital.

    Dividend
    The Board of Directors proposes to the General Meeting of Shareholders to distribute a gross dividend of EUR 1.65 per share for 2012, being the same amount as for 2011. This means a net dividend of EUR 1.2375 per share (in case of 25% Belgian withholding taxes), of EUR 1.3035 per share (in case of 21% of Belgian withholding taxes) and of EUR 1.65 per share (in case of exemption of Belgian withholding taxes). The dividend will be payable as of May 30th, 2013.

    Outlook
    Resilux expects to realise in 2013 an operational cashflow (ebitda) at least in line with the operational cash flow in 2012. Resilux will during 2013 pay special attention to cost controlling and to the diversification of the customers and the product mix. Resilux expects, without new projects and without buildings, to invest a total amount of EUR 14 million during 2013. Resilux will also invest an amount of EUR 6 million in buildings. Despites the positive evolution and developments regarding Airolux, Resilux expects that the result of the joint venture through the equity method will still have a negative impact on the net result of 2013.
    (RESILUX NV)
     
     
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