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Interim Management Statement

Rettig Group today announces the following Interim Management Statement for the period from 1 July to 7 November 2013. Unless otherwise stated, figures refer to three months ended 30 September 2013 and the corresponding period last year.

Financial highlights

MEUR       
7-9/2013   
7-9/2012   
Change   
1-9/2013   
1-9/2012   
Change  
2012   
Turnover  265.4 256.8 +3.3% 722.2 718.8 +0.5% 970.1
EBITDA 38.8 40.7 -4.7% 95.9 97.2 -1.3% 125.4
EBIT 18.2 19.0 -4.2% 33.4 33.7 -0.9% 24.5
Net debt       357.2 402.4 -11.2% 338.9

 

Key events of the period
Free cash flow improved by 4.1% to 38.1 MEUR (36.6 MEUR) in the third quarter of 2013. Net debt was down by 11.2% to 357.2 MEUR (402.4 MEUR) between January and September 2013. Planned maintenance dockings of Bore vessels resulted in lower EBITDA of Bore while EBITDA of Rettig ICC and Nordkalk were above last year’s levels.

In line with the strategy involving production optimisation and improved cost efficiency, Nordkalk finalised co-determination negotiations on 28 October 2013 regarding all its operations in Finland. Rettig ICC initiated discussions with local unions on 31 October 2013 regarding a proposal to discontinue production of electric radiators in Järpås in Sweden. The company is considering concentrating production of an equivalent type of electric radiators to its production facility in Gateshead in the United Kingdom.

A partial buy-back of the 100 MEUR bond issued by Rettig Group on 22.6.2010 was completed on 2 October 2013 leaving 58.15 MEUR of the bond outstanding. On 31 October 2013 a new 110 MEUR five year revolving credit facility was signed by Rettig Group replacing a similar amount of existing credit arrangements.

Outlook for 2013 somewhat improved
Thanks to continuous focus on free cash flow and cost efficiency improvement, we expect reduced debt and somewhat improved profitability compared to the previous year. However, due to economic uncertainty and low growth in Europe our operating environment remains challenging and our profitability unsatisfactory.

Financial calendar 2014
Rettig Group will publish the financial report for the full year of 2013 on 27 February 2014. The remainder of the financial calendar in 2014: Interim management statement on 24 April 2014, the interim financial report for January to June 2014 on 21 August 2014 and the interim management statement on 23 October 2014.

For further information please contact:
Josefina Tallqvist, Rettig Group, Investor Relations Manager
Tel: +358 40 7455276, email: josefina.tallqvist@rettig.fi or www.rettig.fi


Rettig Group is a Finnish family business that creates value for generations through sustainable and long-term growth. In all our businesses we focus on leading positions on selected markets and more customer value with less environmental impact. Today Rettig Group owns Rettig ICC – Europe's leading supplier of heat emitters and indoor climate comfort; Nordkalk – Northern Europe’s leading supplier of limestone-based products for industry, agriculture and environmental care; and Bore – the industrial shipping service provider. In 2012, Rettig Group’s turnover was about 970 million euro and the group had about 4400 employees in 25 countries.

 

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