Kährs Holding AB (publ) Interim report Q1-2014
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1 Kährs Holding AB (publ) Interim report Q1-19 May
2 Chief Executive s comments Net sales in the first quarter amounted to 646 (613), which is an increase of 33 or 5% compared to same period previous year. This is mainly explained by a positive sales trend in the Swedish and the Central European markets, while the development in Finland and Russia remained weak. The operating profit excluding depreciation and nonrecurring items (adjusted EBITDA) amounted to 53 (48) or 8.2% (7.8) and was 5 better than in the same period. The improvement in operating profit was mainly related to higher turnover and continued good cost control. The group s total net sales during Q1 was better than the same period last year related to net sales in hardwood flooring which increased by 5%. Also resilient, laminate and tiles showed a positive trend and increased with 6% while segment Other, especially flooring accessories, grew with just over 20% during the first quarter of the year. On the market side, Region Nordic developed positively with significant growth, especially in Sweden. Several other markets such as Central Europe, Spain and China also showed good improvement in sales during the first quarter of the year. The development in Finland and Russia remained weak due to a slow project market. Region Americas also showed a weak quarter significantly impacted by the extreme weather conditions in January and February. However, we see a positive momentum in that market. The gross margin decreased from 33.8% to 32.6% which is explained by changes in product mix, especially on the hardwood flooring segment, and also a higher share of sales to projects. The fixed costs are still kept on a moderate level and during the first quarter, fixed costs were 2% lower than the same period. The operating profit excluding depreciation and non-recurring items (adjusted EBITDA) was 53 or 8.2% compared to 48 or 7.8% the same period last year. During March, Kährs made a tap issue of nominal 225 within the terms and conditions of the corporate bond, which has added net liquidity of 214. This available liquidity will be used to refinance the business through repayment of the main part of the shareholder loans to Nanna II S.C.A. in Luxembourg during Q2,. Christer Persson President and CEO 2 (17)
3 Financial highlights and key ratios In Kährs Holding AB s consolidated financials, the subgroups AB Gustaf Kähr, Karelia-Upofloor Oy and Oak Norge AS, are included. First quarter in brief Net sales amounted to 646 (613), an increase of 33 or 5% compared with last year. The operating profit excluding depreciation and non-recurring items (adjusted EBITDA) in Q1 amounted to 53 (48) or 8.2% (7.8), an improvement of 11%. The operating profit excluding non-recurring items (adjusted EBIT) in the first quarter amounted to 30 (21) or 4.6% (3.4). The profit for the period amounted to 5 (10) during Q1. The reason for this negative deviation was related to currency translation of internal loans effecting the finance net with -14. The company has in March made a tap issue of nominally 225 according to the Terms and Conditions of the corporate bond. This has added 214 net liquidity to the company. The net debt of the group per March 31, amounted to 482 including a financial lease of 118. Events after balance sheet date In the beginning of April, the group made a repayment of shareholder loans of totally 260 to Nanna II S.C.A. in Luxembourg. Apr - Net sales ,437 2,470 Operating profit excl. depreciation (EBITDA) Operating profit excl. depreciation and non-recurring items (Adj. EBITDA) Operating profit excl. non-recurring items (Adj. EBIT) Operating profit (EBIT) Profit for the period Operating profit excl. depreciation (EBITDA), % 8.2% 7.7% 6.4% 6.5% Operating profit excl. depreciation and non-recurring items (Adj. EBITDA), % 8.2% 7.8% 9.3% 9.4% Operating profit excl. non-recurring items (Adj. EBIT),% 4.6% 3.4% 5.3% 5.6% Operating profit (EBIT), % 4.6% 3.3% 2.4% 2.8% 3 (17)
4 Kährs, first quarter In Kährs Holding AB s consolidated financials, the subgroups AB Gustaf Kähr, Karelia-Upofloor Oy and Oak Norge AS, are included. Net sales First quarter Total group net sales amounted to 646 (613), an increase with 5% compared to. Operating profit First quarter The operating profit (EBIT) for the first quarter amounted to 30 (20), an improvement with 50%. The operating profit excl. non-recurring items (Adj. EBIT) amounted to 30 (21) or 4.6% (3.4%) The operating result excluding depreciation and non-recurring items (Adj. EBITDA) reached 53 (48) or 8.2% (7.8). The profit for the period was 5 (10) and the change is explained by currency translation of internal loans effecting the result negatively with 14. The total depreciation of the group s fixed assets amounted to 22 (26) and the company did not have any costs for restructuring during the first quarter. The cost provisions for the shutdown of the factory in Kuopio, Finland was fully taken in the financial statement of. Net financial cost First quarter The net financial cost was -24 (-10). The deviation from last year is mainly related to above mentioned currency translation of internal loans to Nanna II S.C.A Luxembourg. Cash flow and Investments First quarter Operating cash flow in the first quarter amounted to -73 (-43). The improvement in result compared to last year effected the operative cash flow positively but at the same time the net working capital increased with 111 in the quarter. This increase was mainly related to more capital tied in trade receivables through higher net sales compared with the same period, and also compared to the 4 (17) normal seasonal variations of the group sales. Net working capital is also 16 lower per 31 March compared with the same month last year. The investments increased during the period to 37, to be compared with 12 during Q1. The majority of the investments are made in the largest production plant of the group in Nybro, Sweden. Financial position Total assets of the group amounted to 2,404 per 31 March (2,164 per 31 December ) and the Equity ratio was 17% excluding shareholder loans to Nanna II S.C.A (19% per 31 December ). The net debt of the group, including finance lease amounted to 482 per 31 March, to be compared with 376 per 31 December. The group net debt excl. finance lease amounted to 364 per 31 March, to be compared with 255 per December. The net debt to adjusted EBITDA ratio amounted per 31 March to 1.6x and the ratio of adjusted EBITDA to net finance charges amounted to 5.1x. Consolidated cash and cash equivalents per 31 March was 341 compared to 236 per 31 December, which is an increase of 105 during the quarter. In March, Kährs made a tap issue of nominal 225 within the terms and conditions of the bond. This provided the company with 214 of net cash and is reported in the statement of cash flow under financing activities. The net proceeds will be used for refinancing the business by a repayment of a large part of the shareholder loans to Nanna II S.C.A. in Luxembourg in Q2,. Employees The number of employees per 31 March was 1,565 which is an increase of 21 employees since year end. The number of employees outside Sweden at the end of the period was 783 which is an increase by 1 from 782 employees per 31 December.
5 Net sales and result in summary Net sales Net sales for the group amounted to 646 (613), in the first quarter, an increase with 33 or 5%. A large part of the increase in net sales, 25 of 33, is explained by a positive sales development in hardwood flooring. Additionally, the sales of resilient, laminate and tiles increased with 4 and Other, mainly flooring accessories, increased also by 4 compared to the same period. A generally weak project market explains this development while the segment retail show a small improvement. Net sales per product group Hardwood flooring continued to show a mixed development in the regions during the first quarter. The hardwood sales reached 553, an increase by 25 or 5% compared to the same period last year. Sales of resilient, laminate and tiles amounted to 69 in the quarter which meant an increase of 6% compared to the same period. Net sales for Other business, including flooring accessories, did increase by over 20% in the first quarter to 24. Net Sales by region The group had a good sales development in Region Nordic where the increase compared to the same period was 15%. This upswing in sales is mainly driven by a positive development in hardwood flooring in Sweden and additionally a good development of resilient in the Swedish and Norwegian markets. Also Region Central Europe as well as Other Markets had a positive development with sales increases of 5% respectively 45% in the quarter. In Central Europe we see improvements in several markets, while the increase in Other Markets is mainly driven by China and Spain. In Region Americas sales was effected negatively during January and February by extreme weather conditions and sales in the first quarter was in total 11% lower than last year. However, we see an improved market development in the US. Region Finland/Baltic and Region Russia/CIS showed a continuous declining sales development during the first quarter of, at -14% and -9% respectively. Operating result (adjusted EBITDA and EBIT) The operating result excluding depreciation and non-recurring items (adjusted EBITDA) amounted in the first quarter to 53 (48) or 8.2% (7.8). Restructuring costs has not affected the result during Q1. Operating result (EBIT) during Q1- was 30 (20). The allocation of group EBIT between product segments is shown in the charts on page 6. 5 (17)
6 Segment development Hardwood flooring Apr - Segment revenue External customers ,106 2,131 Operating profit excl. non-recurring items (Adj. EBIT) Operating profit excl. non-recurring items (Adj. EBIT), % 3.4% 2.8% 5.0% 5.1% Operating profit, (EBIT) Operating profit (EBIT), % 3.4% 2.7% 1.8% 2.0% Resilient products Apr - Segment revenue External customers Operating profit excl. non-recurring items (Adj. EBIT) Operating profit excl. non-recurring items (Adj. EBIT), % 8.7% 7.7% 8.1% 8.4% Operating profit, (EBIT) Operating profit (EBIT), % 8.7% 7.7% 7.3% 7.6% Other Apr - Segment revenue External customers Operating profit excl. non-recurring items (Adj. EBIT) Operating profit excl. non-recurring items (Adj. EBIT), % 20.8% 5.0% 6.0% 10.2% Operating profit, (EBIT) Operating profit (EBIT), % 20.8% 5.0% 3.6% 8.0% 6 (17)
7 Generell information Accounting principles in This interim report is prepared in accordance with the Swedish Annual Accounts Act and IAS34, Interim Financial Reporting. For further information regarding the accounting policies applied, see the Financial Statements for fiscal year. Related-party transactions Transactions with related parties are priced in accordance with market terms and prices. Related parties refer to companies over which Kährs Holding AB (publ) has a controlling or significant influence in terms of the operational and financial decisions. Related parties also includes those companies and individuals, such as board of directors and members of management, who have the ability to control or exercise significant influence over the Group's financial and operational decisions. Risk and uncertainty factors Kährs is a global company represented in many countries and as such exposed to a number of commercial and financial risks. Accordingly, risk management is an important process for Kährs in its work to achieve established targets. Efficient risk management is an ongoing process conducted within the framework of business controlling, and is a continuing review of the operations and forward-looking assessments of the business. Kährs long-time risk exposure is not assumed to deviate from the inherent exposure associated with Kährs ongoing business operations. Parent company The parent company, Kährs Holding AB (publ) was established in 1996 and is a limited liability company with its registered office in Nybro, Sweden. The revenue for the period January to March was 0 (0) with a profit after tax of -13 (-8). The parent company s income statement and statement of financial position are presented on page in this interim report. Events after balance sheet date In the beginning of April, the group made a repayment of shareholder loans of totally 260 to Nanna II S.C.A. as a first step in the refinancing. Additionally 90 repayment is planned to take place later in Q2-14. Except for the above, no significant events have taken place after the balance sheet date. 7 (17)
8 Consolidated Income Statement Note Jan -Dec Apr - Sale of goods ,437 2,470 Cost of goods sold ,989-2,013 Gross profit % of Sale of goods % % % % Selling and distribution expenses Administrative expenses Other operating income Other operating expenses Operating profit 2 % of Sale of goods % % % Financial income Financial expenses Profit before tax Income tax expense Profit for the period % Consolidated statement of comprehensive income Profit for the period Other comprehensive income Items that can be reclassified into profit and loss: Translation differences Other comprehensive income, net of tax Total comprehensive income for the period Attributable to shareholders of the Parent Company Attributable to non-controlling interests Total Earnings per share before and after dilution, SEK (17)
9 Consolidated statement of financial position Note Mar 31 Dec ASSETS Non-current assets Intangible assets Property, plant and equipment Financial assets Deferred tax assets Total non-current assets Current assets Inventories Trade receivables Derivatives Other current assets Cash and cash equivalents Total current assets 1,485 1,389 1,262 TOTAL ASSETS 2,404 2,252 2,164 EQUITY AND LIABILITIES Equity Share capital Other reserves Retained earnings Total Non-controlling interests Total equity Non-current liabilities Interest bearing liabilities 4 1,313 1,160 1,074 Provisions for pensions Other provisions Deferred tax liabilities Total non-current liabilities 1,331 1,198 1,094 Current liabilities Interest bearing liabilities Other provisions Trade payables Income tax payable Derivatives Other current liabilities Total current liabilities TOTAL EQUITY AND LIABILITIES 2,404 2,252 2,164 9 (17)
10 Consolidated statement of cash flows Operating activities Apr - Profit before tax Reconciliation between profit before tax & net cash flow Interest received Interest paid Income tax paid Cash flow from operating activities Working capital adjustments Changes in inventories Changes in operating receivables Changes in operating liabilities Net cash flows from operating activities Investing activities Purchase of property, plant and equipment Change in financial assets Proceeds from sale of property, plant and equipment Net cash flows used in investing activities Financing activities Proceeds from borrowings Repayment of borrowings Net cash flows used in financing activities Cash flow for the period Cash and cash equivalents, opening balance Exchange - rate differences Cash and cash equivalents, closing balance (17)
11 Consolidated statement of changes in equity Share capital Contributions of other capital Other reserves Retained earnings Total equity As at 1 January Profit for the period 5 5 Other comprehensive income -3-3 As at 31 March Share capital Contributions of other capital Other reserves Retained earnings Total equity As at 1 January Profit for the period Other comprehensive income As at 31 December (17)
12 Kährs Holding AB (publ) - Income Statement Apr - Sale of goods Cost of goods sold Gross profit % of Sale of goods Selling and distribution expenses Administrative expenses Other operating income Other operating expenses Operating profit (EBIT) Financial income Financial expenses Profit excluding tax Income tax expense Profit for the period (17)
13 Kährs Holding AB (publ) - Statement of financial position Mar 31 Dec ASSETS Non-current assets Financial assets 960 1, Deferred tax assets Total non-current assets 976 1, Current assets Other current assets Cash and cash equivalents Total current assets TOTAL ASSETS 1,195 1, EQUITY AND LIABILITIES Equity Share capital Retained earnings Total Non-controlling interests Total equity Non-current liabilities Interest bearing liabilities Total non-current liabilities Current liabilities Trade payables Other current liabilities Total current liabilities TOTAL EQUITY AND LIABILITIES 1,195 1, (17)
14 Notes Note 1, Accounting policies This interim report is prepared in accordance with the Swedish Annual Accounts Act and IAS 34, Interim Financial Reporting. For further information regarding the accounting policies applied, see the company s Financial Statements for fiscal year. The preparation of the financial reports in accordance with IFRS requires management to make judgments and estimates, as well as assumptions, which affect the application of the accounting principles and the carrying amounts in the income statement and balance sheet. Estimates and assumptions are based on historical experience and a number of factors that under current circumstances seem reasonable. The results of these estimates and assumptions are then used to determine the carrying amounts of assets and liabilities that otherwise are not clearly indicated by other sources. Actual outcomes may deviate from these estimates and judgments. Note 2, Segment Sale of goods by segment Apr - Hardwood flooring ,106 2,131 Resilient products Other Sale of goods ,437 2,470 Operating profit excl. non-recurring items (Adj. EBIT) by segment Apr - Hardwood flooring Resilient products Other Operating profit excl. non-recurring items (Adj. EBIT) Operating profit (EBIT) by segment Apr - Hardwood flooring Resilient products Other Operating profit (EBIT) (17)
15 Note 3, Non-recurring items Apr-- Operating profit excl. non-recurring items (Adj. EBIT) Production footprint changes Other non-recurring items Operating profit (EBIT) Note 4, Interest bearing liabilities Mar 31 Dec Non-current liabilities Shareholder loans Corporate bond Financing costs Finance lease Other loans Total non-current interest bearing liabilities 1,313 1,160 1,074 Current liabilities Finance lease Other loans Total current interest bearing liabilities Total interest bearing liabilities 1,317 1,164 1,078 1 Shareholder loans to Nanna II S.C.A. (PIK interest only) 2 Financing costs accrued over the corporate bond-loan maturities 15 (17)
16 Consolidated key performance indicators Apr - Net sales ,437 2,470 Operating profit excl. depreciation (EBITDA), % 8.2% 7.7% 6.4% 6.5% Operating profit excl. depreciation and non-recurring items (Adj. EBITDA), % 8.2% 7.8% 9.3% 9.4% Operating profit excl. non-recurring items (Adj. EBIT), % 4.6% 3.4% 5.3% 5.6% Operating profit (EBIT), % 4.6% 3.3% 2.4% 2.8% Profit for the period, % 0.8% 1.6% -1.6% -1.8% Net working capital Net debt Equity ratio 17% 21% 19% 17% 1 Corporate bond and finance lease minus cash and cash equivalents Financial reporting calendar Kährs Holding AB (publ) s interim reporting as well as the year end-report are available on Kährs website The reporting calendar is as follows: Statutory report April Interim report Q1 May Interim report Q2 August Interim report Q3 November Interim report Q4 and full year February 2015 Governing text This report has been translated from Swedish. The Swedish text shall govern for all purposes and prevail in the event of any discrepancy between the versions. 16 (17)
17 Nybro, 19 May KÄHRS HOLDING AB (PUBL) Sven-Gunnar Schough Chairman Carl Johan Falkenberg Anders Wassberg Hannu Paitula Bertel Langenskiöld Board director Board director Board director Board director Anne Berner Stefan Karlsson Jakob Jakobsson Board director Employee representative Employee representative Christer Persson President and CEO The information in this interim report is what Kährs Holding AB (publ) is obliged to publish under the provisions of the Stock Exchange and Clearing Operations Act and/or the Trading in Financial Instruments Act. The information was released to the media for publication on May 19, at 1500 CET. This report has not been reviewed by the company s auditors. For further information, please contact: Christer Persson President and CEO Phone: christer.persson@kahrs.se Peter Ericsson CFO Phone: peter.ericsson@kahrs.se Address: Kährs Holding AB (publ) Dunderbergsgatan Nybro Sweden Corporate identity number: Phone: (17)
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