Interim Report for January–June 2018: Stable performance
- Group turnover for the first half-year 2018 (H1 2018) was slightly below the corresponding period last year due to lower sales in Rettig ICC.
- Group EBITDA during H1 2018 improved compared to H1 2017 thanks to increased sales margin for Rettig ICC.
- Group EBIT and net profit from continuing operations were lower in H1 2018 compared to last year due to lower results from the associated companies Alandia and NorFraKalk.
- Group free cash flow during H1 2018 included the additional investments in the shares in Terveystalo and eQ. The underlying operational cash flow was lower than last year mainly due to increased working capital within Rettig ICC.
- Net debt and Net debt / EBITDA at the end of June 2018 increased compared to last year as a result of the additional investments in Terveystalo and eQ.
Unless otherwise stated, the figures refer to 1 January to 30 June 2018 and the corresponding period last year. All figures are unaudited and according to International Financial Reporting Standards (IFRS).
Tomas von Rettig, President and CEO of Rettig Group:
"During the first half of 2018 the performance of Rettig ICC and Nordkalk was stable. EQ and Terveystalo are developing well and according to our expectations. Anchor performed well despite volatile market conditions. Alandia's profitability during the first half has been disappointing. While Rettig Group's overall performance in H1 2018 is stable, it is below our ambition level."
Unchanged outlook for 2018
The outlook for 2018 remains unchanged. Macroeconomic conditions, in particular the positive cycle in the construction sector, continue to be supportive. We expect the favourable economic conditions to help drive profitability in 2018. We will continue to look for opportunities to further develop our existing companies and we are actively examining opportunities to expand into new businesses.
Interim report and presentation published at www.rettig.fi
For more detailed information about Rettig Group in the first half of 2018, including second quarter performance, go to our 2018 interim report or presentation published today at www.rettig.fi > Investors & Media > Reports and presentations
Financial calendar 2018
Rettig Group will publish the Interim Management Statement for January-September 2018 on 30 October 2018.
For further information, please contact:
Tomas von Rettig, President and CEO, Rettig Group
Pia Dahlqvist, Communications Director, Rettig Group
Tel. +358 40 526 7813