Interim report for January to June 2016: Positive development in continued challenging market conditions
Financial highlights of January to June 2016 (year-on-year in brackets, IFRS)
- Turnover increased by 14 % to EUR 464 million (406)
- EBITDA improved by 14 % to EUR 62 million (55)
- EBIT improved by 5 % to EUR 40 million (38)
- Net result improved by 3 % to EUR 24 million (23)
- Free cash flow improved by 912 % to EUR 161 million (-20)
- Net debt reduced by 29 % to EUR 223 million (315)
Tomas von Rettig, President and CEO of Rettig Group:
“Continued focus on efficiency improvement supported the improved profitability of the Group. Turnover and EBITDA improved thanks to Rettig ICC, which was supported by the positive impact of the recently acquired Italian Emmeti S.p.A. The strong performance was offset by Nordkalk that faced weaker than expected demand. Year-on-year EBITDA-% remained almost unchanged at circa 14 per cent.
During the period we continued to develop our value focused strategy through our Core and Financial investments. We completed successfully the divestment of Bore Ltd., continued to ramp up the investment operations of Anchor Ltd and acquired an 8.33 per cent stake in eQ Plc. Supported by the recruitment of Matts Rosenberg as COO, with focus on our Core investments that currently include Rettig ICC, Nordkalk and the associated company Alandia, I look forward to continue building Rettig Group as a responsible investment company that is truly focused on long-term value creation.”
Unchanged outlook for 2016
Despite weak signs of recovery in the European market, we expect business activity to remain at a similar level in 2016 as in the year before. We will continue to focus on profitability improvement.
Financial calendar 2016
Rettig Group will publish the Interim Managemant Statement for January-September 2016 on 20 October 2016.
For further information go to www.rettig.fi or contact:
Josefina Tallqvist, Rettig Group, Director, Corporate Communication and Investor Relations
Tel: +358 40 7455276, email: email@example.com
Rettig Group is a Finnish family held investment company that creates value for generations through active and responsible ownership. Our holdings include Rettig ICC (indoor climate comfort), Nordkalk (limestone), Alandia (insurance) and Anchor (financial investments). Through these businesses Rettig Group is active in 28 countries globally and employs about 4,200 people.