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15.05.2024 07:30:40 - dpa-AFX: EQS-News: Semperit with stable revenue and 9% EBITDA increase in Q1 2024 (english)
Semperit with stable revenue and 9% EBITDA increase in Q1 2024
EQS-News: Semperit AG Holding / Key word(s): Quarter Results
Semperit with stable revenue and 9% EBITDA increase in Q1 2024
15.05.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Semperit with stable revenue and 9% EBITDA increase in Q1 2024
Vienna, May 15, 2024 - In the first three months of 2024, the Semperit Group
generated stable revenue of EUR 176.0 million (1-3 2023: EUR 176.4 million)
while EBITDA increased by 9.4% to EUR 23.0 million. The cost-cutting
programs introduced in 2023 already reduced expenses by a total of EUR 9.9
million, of which EUR 4.1 million was attributable to the first quarter of
2024. Earnings after tax improved to EUR 3.6 million (1-3 2023: EUR 0.4
million). Earnings after tax from continued operations were positive at EUR
5.0 million.
'The market environment remained challenging, but the cost-cutting measures
we introduced at an early stage are taking effect, and our industrial
strategy with investments in our growth and a further increase in sales
excellence is being fully implemented,' says Semperit CEO Karl Haider. 'We
thus confirm our guidance and see ourselves well on track to increase our
EBITDA to around EUR 80 million in the full year 2024.'
Semperit has also come a big step closer to the second and final closing of
the sale of the remaining medical business. It was agreed that Semperit
would take over the contract manufacturing of surgical gloves for Harps for
up to five years - i.e. until 2028 - after selling and handing over the
majority of the glove business to Harps in 2023. However, a so-called co-use
agreement was concluded with Harps already at the end of March 2024. This
agreement stipulates that Harps can use certain properties at the Wimpassing
production site after the complete purchase of the glove business. Semperit
therefore expects this transaction to be completed within the next 12
months. In accounting terms, this means that Surgical Operations is
presented as discontinued operations. This had a negative impact of EUR -1.4
million on the overall result.
Robust financial base
The Semperit Group has a robust balance sheet and financial base with an
equity ratio of 45.1%, net financial debt of EUR 120.2 million and cash and
cash equivalents of EUR 119.9 million. The debt ratio measured by net
financial debt in relation to EBITDA was a conservative 1.6.
Earnings development in Q1 2024 in detail:
The Semperit Group has focused exclusively on industrial customers with the
two divisions Semperit Industrial Applications (SIA) and Semperit Engineered
Applications (SEA) since its reorganization in the previous year and
generated stable revenue of EUR 176.0 million (-0.2%) in the first three
months of 2024. The two divisions performed differently depending on the
market environment and customer sectors. While the persistently challenging
economic situation at SIA (comprising Hoses and Profiles) led to a decline
in sales volumes and thus also a decrease in revenue by -25.0% to EUR 74.5
million, the SEA division (comprising Form, Belting and Rico/Liquid Silicone
Rubber) benefited primarily from higher sales volumes. Sales in the SEA
division thus rose by 31.7% to EUR 101.5 million, of which
EUR 24.3 million was attributable to Rico.
Total expenses decreased by 3.6% to EUR 156.1 million. Cost of materials
fell by 15.9% to EUR 74.8 million (previous year: EUR 88.9 million). This is
primarily due to easing raw material prices and lower sales volumes in the
SIA division. Personnel expenses increased by 17.2% to EUR 57.8 million
(previous year: EUR 49.3 million), primarily as a result of the Rico
takeover. Other effects included inflation-related wage and salary
increases. This increase was partially offset by capacity-related
adjustments to headcount. At EUR 23.5 million, other operating expenses were
0.9% lower than in the previous year (previous year: EUR 23.7 million).
Cost programs take effect
The cost-cutting programs introduced early in 2023 already reduced expenses
by a total of EUR 9.9 million, of which EUR 4.1 million became effective in
the first quarter of 2024.
EBITDA in continued operations improved to EUR 23.0 million (previous year:
EUR 21.0 million) and the EBITDA margin to 13.0% (previous year: 11.9%).
Regular depreciation and amortization increased to EUR 11.4 million in the
first three months of 2024 (previous year: EUR 7.4 million), primarily as a
result of the acquisition of the Rico Group. EBIT from continued operations
therefore amounted to EUR 11.6 million (previous year: EUR 13.6 million).
The financial result amounted to EUR -3.6 million (previous year: EUR -2.0
million), which was primarily due to a slight increase in bank liabilities
for the financing of growth projects. Tax expenses remained unchanged at EUR
2.9 million (previous year: EUR 2.9 million).
Earnings after tax from continued operations were positive at EUR 5.0
million (previous year: EUR 8.7 million), while earnings after tax from
discontinued operations amounted to EUR -1.4 million (previous year: EUR
-8.3 million). Overall, earnings after tax (from continued and discontinued
operations) improved to EUR 3.6 million (previous year: EUR 0.4 million).
Earnings per share attributable to the shareholders of Semperit AG Holding
thus increased to EUR 0.18 in the first quarter of 2024 (previous year: EUR
0.02).
Free cash flow is the net cash flow adjusted for interest payments that is
available for strategic growth investments, dividends and the repayment of
debt. It amounted to EUR 3.5 million in the first quarter 2024 (previous
year: EUR 6.9 million).
Overview of the main financial figures of the first quarter 2024:
Balance sheet key figures, in EUR million 31.03.2024 Change 31.12.2023
For further details see Semperit's report on the first quarter of 2024:
https://www.semperitgroup.com/investor-relations/
Contact:
About Semperit
The publicly listed Semperit AG Holding is an internationally oriented group
of companies that develops, produces and sells high-quality elastomer
products and applications for industrial customers in over 100 countries
worldwide through its two divisions Semperit Industrial Applications and
Semperit Engineered Applications. With its highly efficient production and
cost leadership, the Semperit Industrial Applications division focusses on
industrial applications in connection with large-scale production, including
hydraulic and industrial hoses as well as profiles. The Semperit Engineered
Applications division comprises the production of escalator handrails,
conveyor belts, cable car rings, other engineered elastomer products, as
well as the Rico Group, and focuses on customized technical solutions. The
traditional Austrian company was founded in 1824 and is headquartered in
Vienna. The Semperit Group employs around 4,300 people worldwide and has 16
production sites and numerous sales offices in Europe, Asia, Australia and
America. In the 2023 financial year, the Group generated revenue of EUR
721.1 million and EBITDA of EUR 71.8 million.
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15.05.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
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End of News EQS News Service
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1903117 15.05.2024 CET/CEST
EQS-News: Semperit AG Holding / Key word(s): Quarter Results
Semperit with stable revenue and 9% EBITDA increase in Q1 2024
15.05.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Semperit with stable revenue and 9% EBITDA increase in Q1 2024
* Continued operations with revenue of EUR 176.0 million (-0.2%) and
EBITDA of EUR 23.0 million (+9.4%)
* Cost reductions initiated in the previous year already reduced expenses
by
EUR 9.9 million, of which EUR 4.1 million was attributable to Q1 2024
* EBITDA guidance of around EUR 80 million confirmed for the year as a
whole
Vienna, May 15, 2024 - In the first three months of 2024, the Semperit Group
generated stable revenue of EUR 176.0 million (1-3 2023: EUR 176.4 million)
while EBITDA increased by 9.4% to EUR 23.0 million. The cost-cutting
programs introduced in 2023 already reduced expenses by a total of EUR 9.9
million, of which EUR 4.1 million was attributable to the first quarter of
2024. Earnings after tax improved to EUR 3.6 million (1-3 2023: EUR 0.4
million). Earnings after tax from continued operations were positive at EUR
5.0 million.
'The market environment remained challenging, but the cost-cutting measures
we introduced at an early stage are taking effect, and our industrial
strategy with investments in our growth and a further increase in sales
excellence is being fully implemented,' says Semperit CEO Karl Haider. 'We
thus confirm our guidance and see ourselves well on track to increase our
EBITDA to around EUR 80 million in the full year 2024.'
Semperit has also come a big step closer to the second and final closing of
the sale of the remaining medical business. It was agreed that Semperit
would take over the contract manufacturing of surgical gloves for Harps for
up to five years - i.e. until 2028 - after selling and handing over the
majority of the glove business to Harps in 2023. However, a so-called co-use
agreement was concluded with Harps already at the end of March 2024. This
agreement stipulates that Harps can use certain properties at the Wimpassing
production site after the complete purchase of the glove business. Semperit
therefore expects this transaction to be completed within the next 12
months. In accounting terms, this means that Surgical Operations is
presented as discontinued operations. This had a negative impact of EUR -1.4
million on the overall result.
Robust financial base
The Semperit Group has a robust balance sheet and financial base with an
equity ratio of 45.1%, net financial debt of EUR 120.2 million and cash and
cash equivalents of EUR 119.9 million. The debt ratio measured by net
financial debt in relation to EBITDA was a conservative 1.6.
Earnings development in Q1 2024 in detail:
The Semperit Group has focused exclusively on industrial customers with the
two divisions Semperit Industrial Applications (SIA) and Semperit Engineered
Applications (SEA) since its reorganization in the previous year and
generated stable revenue of EUR 176.0 million (-0.2%) in the first three
months of 2024. The two divisions performed differently depending on the
market environment and customer sectors. While the persistently challenging
economic situation at SIA (comprising Hoses and Profiles) led to a decline
in sales volumes and thus also a decrease in revenue by -25.0% to EUR 74.5
million, the SEA division (comprising Form, Belting and Rico/Liquid Silicone
Rubber) benefited primarily from higher sales volumes. Sales in the SEA
division thus rose by 31.7% to EUR 101.5 million, of which
EUR 24.3 million was attributable to Rico.
Total expenses decreased by 3.6% to EUR 156.1 million. Cost of materials
fell by 15.9% to EUR 74.8 million (previous year: EUR 88.9 million). This is
primarily due to easing raw material prices and lower sales volumes in the
SIA division. Personnel expenses increased by 17.2% to EUR 57.8 million
(previous year: EUR 49.3 million), primarily as a result of the Rico
takeover. Other effects included inflation-related wage and salary
increases. This increase was partially offset by capacity-related
adjustments to headcount. At EUR 23.5 million, other operating expenses were
0.9% lower than in the previous year (previous year: EUR 23.7 million).
Cost programs take effect
The cost-cutting programs introduced early in 2023 already reduced expenses
by a total of EUR 9.9 million, of which EUR 4.1 million became effective in
the first quarter of 2024.
EBITDA in continued operations improved to EUR 23.0 million (previous year:
EUR 21.0 million) and the EBITDA margin to 13.0% (previous year: 11.9%).
Regular depreciation and amortization increased to EUR 11.4 million in the
first three months of 2024 (previous year: EUR 7.4 million), primarily as a
result of the acquisition of the Rico Group. EBIT from continued operations
therefore amounted to EUR 11.6 million (previous year: EUR 13.6 million).
The financial result amounted to EUR -3.6 million (previous year: EUR -2.0
million), which was primarily due to a slight increase in bank liabilities
for the financing of growth projects. Tax expenses remained unchanged at EUR
2.9 million (previous year: EUR 2.9 million).
Earnings after tax from continued operations were positive at EUR 5.0
million (previous year: EUR 8.7 million), while earnings after tax from
discontinued operations amounted to EUR -1.4 million (previous year: EUR
-8.3 million). Overall, earnings after tax (from continued and discontinued
operations) improved to EUR 3.6 million (previous year: EUR 0.4 million).
Earnings per share attributable to the shareholders of Semperit AG Holding
thus increased to EUR 0.18 in the first quarter of 2024 (previous year: EUR
0.02).
Free cash flow is the net cash flow adjusted for interest payments that is
available for strategic growth investments, dividends and the repayment of
debt. It amounted to EUR 3.5 million in the first quarter 2024 (previous
year: EUR 6.9 million).
Overview of the main financial figures of the first quarter 2024:
Key figures of the Semperit-Group, in EUR Q1 Change Q1
million 2024 2023
Revenue 176.0 -0.2% 176.4
EBITDA 23.0 +9.4% 21.0
EBITDA margin 13.0% +1.2 11.9%
PP
EBIT 11.6 -15.1% 13.6
EBIT margin 6.6% -1.1 7.7%
PP
Earnings after taxes from continued operations 5.0 -42.8% 8.7
Earnings after taxes from discontinued -1.4 -83.3% -8.3
operations
Earnings after taxes 3.6 n/a 0.4
Earnings per share (EPS), in EUR 0.18 n/a 0.02
Free cash flow 3.5 -49.3% 6.9
Balance sheet key figures, in EUR million 31.03.2024 Change 31.12.2023
Total assets 950.1 +1.3% 937.9 Equity 428.1 +0.7% 425.3 Equity ratio 45.1% -0.2 PP 45.3% Net Financial Debt 120.2 4.4% 115.2
Segment key figures, in EUR million Q1 Chang- Q1
2024 e 2023
Division Semperit Industrial Revenu- 74.5 -25.0- 99.4
Applications e %
EBITDA 13.8 -20.9- 17.5
%
EBIT 9.4 -27.6- 12.9
%
Division Semperit Engineered Revenu- 101.5 +31.7- 77.1
Applications e %
EBITDA 15.4 +17.2- 13.1
%
EBIT 8.9 -17.4- 10.7
%
For further details see Semperit's report on the first quarter of 2024:
https://www.semperitgroup.com/investor-relations/
Contact:
Bettina Schragl Director Group Judit Helenyi Director Investor Communications, IR and Brands / Relations +43 676 8715 8310 Spokeswoman +43 676 8715 8257 (1)judit.helenyi@semperitgroup. (1)bettina.schragl@semperitgroup.com com 1. 1. mailto:judit.helenyi@semperitgr mailto:bettina.schragl@semperitgroup oup.com
About Semperit
The publicly listed Semperit AG Holding is an internationally oriented group
of companies that develops, produces and sells high-quality elastomer
products and applications for industrial customers in over 100 countries
worldwide through its two divisions Semperit Industrial Applications and
Semperit Engineered Applications. With its highly efficient production and
cost leadership, the Semperit Industrial Applications division focusses on
industrial applications in connection with large-scale production, including
hydraulic and industrial hoses as well as profiles. The Semperit Engineered
Applications division comprises the production of escalator handrails,
conveyor belts, cable car rings, other engineered elastomer products, as
well as the Rico Group, and focuses on customized technical solutions. The
traditional Austrian company was founded in 1824 and is headquartered in
Vienna. The Semperit Group employs around 4,300 people worldwide and has 16
production sites and numerous sales offices in Europe, Asia, Australia and
America. In the 2023 financial year, the Group generated revenue of EUR
721.1 million and EBITDA of EUR 71.8 million.
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15.05.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
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Language: English
Company: Semperit AG Holding
Am Belvedere 10
1100 Wien
Austria
Phone: +43 1 79 777-310
Fax: +43 1 79 777-602
E-mail: judit.helenyi@semperitgroup.com
Internet: www.semperitgroup.com
ISIN: AT0000785555
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 1903117
End of News EQS News Service
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1903117 15.05.2024 CET/CEST
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
SEMPERIT AG HLDG | 870378 | Xetra | 10,780 | 28.06.24 17:35:55 | -0,380 | -3,40% | 0,000 | 0,000 | 10,840 | 10,780 |
