Interim report Q4 2015

Transcription

1 Interim report Q4 2015

2 Interim report October-December 2015 Fourth quarter (October- December) financial highlights* Net sales of SEK million (138.9) Adjusted EBITDA of SEK 42.0 million (41.8) and reported EBITDA of SEK 41.3 million (41.1) CEO comments The fourth quarter showed slight improvement in financial outcome year-on-year with sales of SEK million and EBITDA adjusted of SEK 42.0 million. The fourth quarter had stable volumes, and strategic initiatives as well as the integration of Göteborgstvätt progressed according to plan. As from November the second entity in Gothenburg, formerly part of Samhall s operations, was integrated in the Group. Profit and Loss summary 3 months 12 months * Net sales 141,9 138,9 529,8 505,5 EBITDA adjusted* 42,0 41,8 147,1 146,0 EBITDA reported* 41,3 41,1 144,1 134,2 Finance charges 8,4 9,7 35,3 34,9 Net finance charges 8,4 9,7 35,3 34,9 Note: * The figures relate to the Group as if the Lavare Holding AB (publ) ( Lavare Holding or the Company ) was the sole shareholder of Textilia Group AB for the period and are attached for illustrative purpose, i.e. proforma FY 2014 (Textilia Group AB is a wholly owned company by Lavare Holding since April 8, 2014 (the Textilia Group, or the Group ) Lavare Holding and Textilia in brief Lavare Holding is the holding company of the Textilia group. Textilia is the leading textile service provider primarily for the health care sector in Sweden. Every day, approximately 150,000 people wear Textilia s clothes and approximately 16,000 beds are made with linen from the Group. Interim report Q

3 Comments on the consolidated income statement, balance sheet and cash flow Sales The Group reported sales of SEK million (138.9) in the fourth quarter. The consolidated accounts for the Group start from April 2014, therefore the reported figures for the first three months of 2015 has no direct comparable figures for the corresponding period last year. Earnings Reported EBITDA, i.e. operating profit (EBIT) before depreciation and amortization of fixed tangible and intangible assets, amounted to SEK 41.3 million (41.1) for the fourth quarter. The result has been affected by non-recurring items of SEK 0.6 million, related to re-evaluation of intercompany receivable in NOK. Adjusted EBITDA amounted to SEK 42.0 million (41.8). The consolidated accounts for the Group start from April 2014, therefore the reported figures for the first three months of 2015 has no comparable figures for the corresponding period last year. Cash flow Cash flow from operating activities, i.e. EBITDA adding changes in net working capital, paid taxes and net interest costs paid and other adjustments, amounted to SEK 54.2 million (34.0) during the fourth quarter. Tax return contributed SEK 13,1 million, and ordinary investments in tangible fixed assets amounted to SEK 27.3 million (12.8) which includes 3 MSEK for acquisition of assets and liabilities in Aröd. Cash flow from financing activities for the fourth quarter amounted to SEK -2.3 million and net cash flow for the fourth quarter amounted to SEK 24.6 million (21.1). The consolidated accounts for the Group start from April 2014, therefore the reported figures for the first quarter 2015 has no comparable figures for the corresponding period last year. Financial position On December 30, 2015, cash and cash equivalents amounted to SEK million and interest bearing debt amounted to SEK million, of which the bond loan issued in April 2014 accounted for SEK million less arrangement fee of SEK 11.4 million, and leases accounted for SEK 31.2 million. Net debt, i.e. interest bearing debt less cash and cash equivalents, amounted to SEK million. Goodwill The Goodwill in the consolidated balance sheet amounted to SEK million. The value of goodwill is reviewed yearly. Details regarding normalisations of financial information presented in the report The financial information presented herein marked "adj." or adjusted represents adjusted financials: normalization adjustments for any extraordinary or exceptional items have been made in order to present the statements on a recurring basis. Please also see the table Attachment: Bridge reported to adjusted EBITDA. All figures pertain to the Group unless otherwise stated. Comparisons in the report refer to the corresponding period in last year, unless otherwise stated. Significant accounting policies Accounting principles This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting. The accounting policies in the Group s consolidated financial statement and the parent company s financial statement have been prepared according to the same accounting policies and calculation method as the 2014 annual account. Concerning information about estimations, assessments, risks and risk management see the Annual Report for The interim report has not been audited or reviewed by the Group s auditors. Other Transactions with related parties No transactions have taken place between the Group and related parties that has significantly affected the Group s financial position and performance during the reported period. Average number of employees in the Group The average number of employees in the Group during the fourth quarter was 441 (434). Risks and uncertainties Several factors could affect the Group s earnings, financial position and operations, many of which can be managed through internal procedures but some are controlled by external factors. Risks and uncertainties include suppliers and other operational risks, changes in market conditions and customer behaviour and other market-related risks, changes in legislation and other legal risks, financial risks as well as environmental risks. Accordingly, risk management is an important process for the Group and it is an ongoing process to achieve efficient risk management with a continuing review of the operations and other assessments of the business. Interim report Q

4 The Annual report contains a more comprehensive description of the risks and uncertainty factors affecting the group. Events after the closing date After closing date Textilia has won a contract with Swedish Defence Materiel for 2 years with possible prolonging up to another 2 years, corresponding to about 7% of total revenue yearly. Textilia has a contract with Swedish Defence Material that expires on March 31, 2016 and the new contract starts April 1, The annual report for 2015 will be published by end of April The interim report for the first quarter (January 2016 March 2016) will be published no later than May 31, Further information CEO Fredrik Lagerkvist CFO Kerstin Torstensson fredrik.lagerkvist@textilia.se kerstin.torstensson@textilia.se Lavare Holding AB (Publ) C/o Textilia Box Örebro Örebro, February 29, 2016 Interim report Q

5 Consolidated income statement 3 months 12 months Sales 141,9 138,9 529,8 384,0 Personnel costs -64,6-62,3-249,5-175,0 Machinery and premises costs -4,2-3,7-20,7-13,7 Other external expenses -31,8-31,8-115,5-91,9 EBITDA 41,3 41,1 144,1 103,4 Depreciation -20,3-20,6-78,3-66,7 EBITA 21,0 20,5 65,8 36,7 Amortization of goodwill -0,7 0,0-2,8-0,7 Operating profit (EBIT) 20,3 20,5 63,0 36,0 Net financial income and expenses -8,4-9,7-35,3-33,8 Profit before tax 11,9 10,8 27,7 2,2 Income tax expenses -4,3-1,4-7,5-3,3 Net profit 7,6 9,4 20,2-1,1 Note: 2014 Jan- Dec figures relate to the period for which Lavare Holding AB (publ) ( Lavare Holding or the Company ) was the sole shareholder of Textilia Group AB ( Textilia Group, or the Group ) i.e. since April 8, 2014 Bridge reported to adjusted Sales and EBITDA 3 months 12 months Sales reported 141,9 138,9 529,8 384,0 Customer contract adjustments 0,0 0,0 0,0 0,0 Normalisation and other adjustments 0,0 0,0 0,0 0,0 Sales adjusted 141,9 138,9 529,8 384,0 EBITDA reported 41,3 41,1 144,1 103,4 Customer contract adjustments 0,0 0,0 0,0 0,0 Normalisation and other adjustments 0,6 0,7 2,9 11,8 EBITDA adjusted 42,0 41,8 147,0 115,2 Note: 2014 Jan- Dec figures relate to the period for which Lavare Holding AB (publ) ( Lavare Holding or the Company ) was the sole shareholder of Textilia Group AB ( Textilia Group, or the Group ) i.e. since April 8, 2014 Consolidated cash flow statement 3 months 12 months EBITDA 41,3 41,1 144,1 99,2 Paid taxes 13,1-4,4 4,5-12,5 Net interest cost paid -13,0-8,8-36,2-21,6 Other adjustments 0,0-0,6 0,0 0,0 Changes in working capital 12,8 6,7 3,6-13,8 Cash flow from operating activities 54,2 34,0 116,0 51,3 Interim report Q

6 Cash flow from ordinary investing activities -27,3-12,8-83,8-61,7 Cash flow from acquisition subsidiaries and other investment 0,0 0,0-16,9-77,8 Cash flow after investing activities 26,9 21,2 15,3-88,2 Cash flow from financing activities -2,3 0,0-5,4 164,8 Cash flow from the period 24,6 21,2 9,9 76,6 Note: 2014 Jan- Dec figures relate to the period for which Lavare Holding AB (publ) ( Lavare Holding or the Company ) was the sole shareholder of Textilia Group AB ( Textilia Group, or the Group ) i.e. since April 8, 2014 Statement of changes in equity Jan - Dec 2015 Jan-Dec 2014 Jan-Dec 2014 Total shareholder's equity at the beginning of the period 221,5 3,4 3,4 Profit of the period 20,2-1,0-1,0 Other adjustments -2,4 0,0 Share issue 0,0 219,1 219,1 Total shareholder's equity at the end of the period 239,3 221,5 221,5 Note: 2014 Jan- Dec figures relate to the period for which Lavare Holding AB (publ) ( Lavare Holding or the Company ) was the sole shareholder of Textilia Group AB ( Textilia Group, or the Group ) i.e. since April 8, 2014 Consolidated balance sheet Dec 31, 2015 Dec 31, 2014 Dec 31, 2014 ASSETS Intangible fixed assets 345,9 327,9 327,9 Tangible fixed assets 448,3 441,8 441,8 Financial fixed assets 2,7 2,7 2,7 Inventories 3,1 1,2 1,2 Accounts receivable 65,5 60,2 60,2 Other current assets 12,2 23,7 23,7 Cash and cash equivalents 113,7 103,8 103,8 Total assets 991,4 961,3 961,3 EQUITY AND LIABILITIES Equity 239,3 221,5 221,5 Long-term liabilities 647,6 649,0 649,0 Short-term liabilities 104,5 90,8 90,8 Total equity and liabilities 991,4 961,3 961,3 Interim report Q

7 Parent company income statement 3 months 12 months Sales 0,0 0,0 21,2 12,7 Fixed personnel costs -2,6-3,5-5,7-6,6 Machinery and premises costs 0,0 0,0 0,0 0,0 Other external expenses -0,5-1,4-2,5-4,4 EBITDA -3,1-4,9 13,0 1,7 Depreciation 0,0 0,0 0,0 0,0 EBITA -3,1-4,9 13,0 1,7 Amortization of goodwill 0,0 0,0 0,0 0,0 Operating profit (EBIT) -3,1-4,9 13,0 1,7 Net financial income and expenses 0,3-9,1-8,1-4,6 Profit before tax -2,8-14,0 4,9-2,9 Income tax expenses 0,0 0,0-0,4 0,0 Net profit -2,8-14,0 4,5-2,9 Parent company cash flow 3 months 12 months EBITDA -3,1-4,9 13,0 1,7 Paid taxes 0,0 0,0-0,1 0,0 Net interest cost paid -7,9-8,7-9,0-4,7 Other adjustments 0,0 0,0 0,0 0,0 Changes in working capital 18,3 23,1-7,0 3,9 Cash flow from operating activities 7,3 9,5-3,1 0,9 Cash flow from investing activities 0,0 0,0 0,0-574,5 Cash flow after investing activities 7,3 9,5-3,1-573,6 Cash flow from financing activities 0,0-15,1 0,0 584,5 Cash flow from the period 7,3-5,6-3,1 10,9 Parent company balance sheet Dec 31, 2015 Dec 31, 2014 Dec 31, 2014 ASSETS Intangible fixed assets 0,0 0,0 0,0 Tangible fixed assets 0,0 0,0 0,0 Financial fixed assets 755,7 794,0 794,0 Inventories 0,0 0,0 0,0 Accounts receivable 0,0 0,0 0,0 Other current assets 53,0 15,9 15,9 Cash and cash equivalents 7,4 11,3 11,3 Interim report Q

8 Total assets 816,1 821,2 821,2 EQUITY AND LIABILITIES Equity 221,7 217,2 217,2 Long-term liabilities 585,0 585,0 585,0 Short-term liabilities 9,4 19,0 19,0 Total equity and liabilities 816,1 821,2 821,2 Note: Lavare Holding AB (publ) is the Group's parent company since 8 April 2014, when it acquired 100% of the shares of Textilia Group AB. No operations were conducted by Lavare Holding AB (publ) prior to the Refinancing. Interim report Q