Bauwerk Group AG
Bauwerk Boen Group: Measures begin to take effect
Bauwerk Parkett AG / Key word(s): Half Year Results Press Release Bauwerk Boen Group: Measures begin to take effect The currency-adjusted turnover of the Bauwerk Boen Group in the first half of 2019 was slightly below the prior-year period, but increased by 3.5% compared to the second half of 2018. In terms of volumes, the important sales markets Norway and Germany developed differently. In Norway, the decline in parquet sales continued at -17% due to inventory adjustments at a major customer, while in Germany the market situation stabilized and sales volumes developed positively at +10%, also due to market share gains. Although the measures implemented, particularly in the areas of material efficiency and productivity, are beginning to take effect, the EBITDA margin declined to 9.8% and the EBIT margin to 5.5% compared to the very strong first half of 2018. Net income amounted to CHF 5.4 million. Bauwerk Boen Group is confident that the measures that have been introduced – assuming stable volumes – will enable it to maintain sales and improve its earnings figures again in the current financial year. St. Margrethen, 25 September 2019 – Consolidated net turnover of the Bauwerk Boen Group amounted to CHF 146.2 million in the first half of 2019, 3% below the previous year (CHF 150.7 million). Adjusted for exchange rate differences when applying the previous year’s exchange rate, the reduction amounted to 1.6%. Compared to the strong performance of the prior-year period, the key earnings figures for the first half of 2019 were significantly below the results of the first half of 2018. The operating result EBITDA amounted to CHF 14.4 million, compared to CHF 17.2 million, a decline of 16.4%. The resulting EBITDA margin was 9.8% (11.4% in the prior-year period). Slight decline in volumes Efficiency improvement thanks to stabilization in the Croatian parquet plant Solid financing The corporate bonds of Bauwerk Parkett AG in the amount of CHF 80 million were refinanced by 100% as of 22 May 2018 with the syndicate banks Helvetische Bank AG, Zurich, and Raiffeisen Schweiz Genossenschaft, St. Gallen, by means of a 5-year bond issue of Bauwerk Boen AG. Thus, the good balance sheet ratios remained unchanged after the bond issue. Outlook 2019 After the major investments in the construction and expansion of the plant and infrastructure in Đurđevac/Croatia as well as in automation solutions to further increase productivity in Kietaviškės/ Lithuania were made in 2018, investments for 2019 as a whole will go back to a normal level of around CHF 10-12 million.
Contact About Bauwerk Boen Group The economic projections and predictions contained in this information relate to future facts. Such projections and predictions are subject to risks, uncertainties and changes which cannot be foreseen and which are beyond the control of Bauwerk Boen Group. Bauwerk Boen Group is therefore not in a position to make any representations as to the accuracy of economic projections and predictions or their impact on the financial situation of Bauwerk Boen Group or the market in the securities of Bauwerk Boen Group. THIS INFORMATION DOES NOT CONSTITUTE AN ADVICE ON INVESTMENT NOR A RECOMMENDATION OR INVITATION FOR PURCHASING, HOLDING OR SELLING ANY SECURITIES AND IT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES. IT IS NOT INTENDED FOR PERSONS SUBJECT TO LEGISLATION THAT PROHIBITS ITS DISTRIBUTION OR MAKES ITS DISTRIBUTION CONTINGENT UPON AN APPROVAL AND IT IS NOT BEING ISSUED IN COUNTRIES WHERE THE PUBLIC DISSEMINATION OF THE INFORMATION CONTAINED HEREIN MAY BE RESTRICTED OR PROHIBITED BY LAW. IN PARTICULAR, THIS INFORMATION IS NOT BEING ISSUED IN THE UNITED STATES OF AMERICA AND SHOULD NOT BE DISTRIBUTED TO U.S. PERSONS OR PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES. ANY NON-COMPLIANCE WITH SUCH RESTRICTIONS MAY RESULT IN AN INFRINGEMENT OF U.S. SECURITIES LAWS. SECURITIES OF BAUWERK PARKETT AG AND OF BAUWERK BOEN AG (“COMPANIES”) ARE NOT BEING PUBLICLY OFFERED OUTSIDE OF SWITZERLAND. IN PARTICULAR, THE SECURITIES OF THE COMPANIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO OR FOR THE ACCOUNT OF U.S. PERSONS EXCEPT IN AN “OFFSHORE TRANSACTION” IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. THIS DOCUMENT DOES NOT CONSTITUTE A PROSPECTUS ACCORDING TO ART. 652A OR ART. 1156 OF THE SWISS CODE OF OBLIGATIONS OR ART. 27 ET SEQ. OF THE SIX SWISS EXCHANGE LISTING RULES. This document is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “Relevant Persons”). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this information or any of its contents.
Additional features: Document: http://n.eqs.com/c/fncls.ssp?u=NKYBGWTMTV Document title: Bauwerk Boen Group: Measures begin to take effect End of ad hoc announcement |
Language: | English |
Company: | Bauwerk Parkett AG |
Neudorfstrasse 49 | |
9430 St. Margrethen | |
Switzerland | |
Phone: | +41 71 7477474 |
Fax: | +41 71 7477423 |
E-mail: | info@bauwerk.com |
Internet: | www.bauwerk.com |
ISIN: | CH0207961084 |
Listed: | SIX Swiss Exchange |
EQS News ID: | 878311 |
End of Announcement | EQS Group News Service |