Report for the first half year 2015 GfK Group

Size: px
Start display at page:

Download "Report for the first half year 2015 GfK Group"

Transcription

1 CLARITY Report for the first half year 2015 GfK Group Growth from knowledge

2 2 Report for the first half year 2015 The GfK Group at a glance GfK is the trusted source of relevant market and consumer information that enables its clients to make smarter decisions. More than 13,000 market research experts combine their passion with GfK s 80 years of data science experience.this allows GfK to deliver vital global insights matched with local market intelligence from more than 100 countries. By using innovative technologies and data sciences, GfK turns big data into smart data, enabling its clients to improve their competitive edge and enrich consumers experiences and choices. in EUR million 1) 2. Quarter ) 2015 Change in % 1. Half Year ) 2015 Change in % ) Earnings situation Sales , ,452.9 Gross income from sales EBITDA Adjusted operating income Margin in percent 3) 12.4% 11.4% 9.8% 9.5% 12.3% 12.3% Operating income EBIT Consolidated total income Basic earnings per share in EUR Investment and finance Cash flow from operating activity Cash flow from investing activity Cash flow from financing activity Free cash flow before acquisitions, other financial investments and asset disposals Free cash flow after acquisitions, other financial investments and asset disposals Change as of in % Change as of in % Asset and capital position Total assets 1, , % 1, , % Equity % % Equity ratio in per cent 39.9% 41.1% 39.0% 41.1% Liquidity 4) % % Net debt 5) % % Employees No. of employees 13,380 13, % 13,203 13, % 1) Rounded 2) Excluding the goodwill impairment of 59.5 million 3) Adjusted operating income in relation to sales 4) Cash and cash equivalents plus securities and fixed-term deposits 5) Liabilities to banks plus pension obligations, liabilities under leases and other interest-bearing liabilities less cash and cash equivalents and securities and fixed-term deposits 6) Percentage points 7) Adjusted due to the reclassification between cost of sales and selling and general administrative expenses, see section 2 of the notes to the half-year financial statements.

3 Report for the first half year Business development at a glance of GfK Group Sales in EUR million Adjusted operating income in EUR million Month Change Month Change % % % % , Earnings per share in EUR Cash flow from operating activity in EUR million Month Change Month Change % % % % Share of sectors in total sales in percent 1) Share of regions in total sales in percent 1) 56.4 Consumer Experiences 43.4 Consumer Choices 0.2 Other Northern Europe 17.9 Southern & Western Europe 8.3 Central Eastern Europe/META 4.2 Latin America 20.3 North America 12.5 Asia and Pacific ) Figures from the Management-Information System rounded 1) Figures from the Management-Information System rounded

4 4 Report for the first half year 2015 The sectors at a glance Consumer Experiences The Consumer Experiences sector deals with consumer habits, behavior, perceptions and attitudes and answers the who, why and how of consumption. This research is based on flexible creative methods. GfK is developing pioneering new procedures to deliver a profound understanding of how consumers experience brands and services. In EUR million 2. Quarter Change in % 1. Half Year Sales Adjusted operating income Margin in per cent 1) Figures from the Management-Information System rounded 1) Adjusted operating income in relation to sales Change in % Consumer Choices The Consumer Choices sector investigates what s selling when and where. It focuses on the continuous assessment of market segments and trends by analyzing all major sales and information channels and media. In EUR million 2. Quarter Change in % 1. Half Year Sales Adjusted operating income Margin in per cent 1) Figures from the Management-Information System rounded 1) Adjusted operating income in relation to sales Change in %

5 Report for the first half year contents Letter to the shareholders... 6 GfK share performance... 7 Interim management report General economic situation Economic and financial development in the GfK Group Cash flow and investment Assets and capital structure Trends in the sectors Regional trends Own the Future implementing the new corporate strategy Number of employees Research and development Organization and administration Changes in participations in the second quarter of Important events after the reporting date of 30 June Opportunity and risk position Outlook...15 Consolidated financial statements...17 Notes to the consolidated financial statements...26 Additional information...28

6 6 Report for the first half year 2015 Letter to the shareholders matthias hartmann Chief executive officer of GfK SE In the first six months of 2015, GfK grew slightly in organic terms and we increased our adjusted operating income. In particular: Our sales grew in organic terms by 0.3 percent and positive currency effects of 6.7 percent were added to sales. Overall, we were able to record a growth of 7.1 percent in the first six months. We are on track for our growth target for 2015, aiming at moderate organic growth. We also increased our adjusted operating income in the first six months. At 71.2 million, this is 3.7 percent higher than for the same period last year. Thus, our margin now stands at 9.5 percent, compared to 9.8 percent in the first six months of last year. Sales continued to stabilize in the Consumer Experiences sector. These decreased in organic terms by 0.7 percent but, with positive currency effects (+6.8 percent), overall growth was 6.1 percent and the sector s sales amounted to million in the first sixth months. At the same time, we further improved our productivity in Consumer Experiences, in line with our strategy. Our redistribution of sales to focus on standardized products is progressing, with approximately 43 percent of Consumer Experiences sales currently achieved with such products. And we are increasingly collecting data digitally. In 2008, less than one-third of the data was collected digitally; today it is approximately three quarters. In addition, we no longer collect data in the way we did a few years ago, using 20 platforms; now it is only two platforms. These measures have helped to raise the sector s margin even more in the first sixth months, up 0.4 percentage points to 5.1 percent. Consumer Experience s order list is also solid and we therefore expect continued stabilization of sales in the second half of the year. The Consumer Choices sector grew. Sales increased in the first six months by 8.5 percent, compared with the same period of the previous year, and amounted to million. In addition to Consumer Choice s organic growth of 1.8, currency effects also had a positive impact, leading to an overall growth of 8.5 percent, of which 0.2 percent was due to acquisitions. The margin was reduced due to startup costs for the media research contracts won in Brazil and the Kingdom of Saudi Arabia and amounted to 18.3 percent in the first sixth months (the same period of the previous year: 19.4 percent). These contracts, however, are expected to contribute to sales growth in the fourth quarter. As part of our strategy of internationalization, the media research business is achieving further successes: We have won long-term contracts in Poland, Singapore and Sweden and another radio research contract is pending in New Zealand (the other party to the contract is already communicating about awarding the contract to GfK, although the document is not yet signed). Our Audience Measurement business, in particular, developed positively in the first sixth months. As part of our strategy, we have been and will be focusing on internationalizing these activities. The fact that we are winning challenging contracts some against competitors that have been in place for many years shows that we live up to our own high aspirations in attracting clients with our online, TV or radio research offerings and especially with our integrated approaches. The specifics of our contracts vary widely, but the foundation for them all is the need of media companies and advertisers to better evaluate and understand their users, readers, viewers, listeners and consumers. For example, in Singapore we are building an integrated, panel-based measuring system for online and TV viewing across various types of devices. This is creating the official currency for the TV and video market in Singapore. In Poland we have won the contract to provide online businesses and advertisers with reliable data, which will be used to support decision-making within this strongly growing economic sector. And in Sweden our media and integration expertise is coming into play in a project where we are combining various measurement systems in a cross-media moving-image currency: a total video currency. This project is less about our ability to collect data than about our expertise in the successful integration of various challenging data types and sources. We remain firm in expecting to reach our guidance for 2015 and are expecting moderate organic sales growth, as well as a margin of 12.4 to 12.8 percent. For the second half of the year, we are expecting sales to pick-up in the fourth quarter, especially from the above-mentioned media contracts we have already won in Brazil and the Kingdom of Saudi Arabia. We continue to have the necessary leeway for the successful development of our your company. The equity ratio stands at 41 percent and we have used the continued favorable interest situation to refinance our liabilities at better conditions. These examples show that we are continuing to move well ahead on our strategically-oriented journey. Nevertheless, we are not losing sight of the challenges that face us in a quickly changing market research industry. Sincerely yours, Matthias Hartmann

7 Report for the first half year GfK share performance GfK share price performance from 1 January, 2015, to 30 June, ) in EUR January February March April May June 1) All values are indexed to the GfK share price, closing prices, in EUR GfK DAX 30 Performance SDAXPerformance Dow Jones Euro Stoxx Media The opening price of GfK shares at the beginning of 2015 was In January and February GfK grew more strongly than the benchmark indices. While the SDAX continued to develop positively, GfK shares began a sideways trend and in March finally gave up most of the gains from January. The price development in the second quarter ran contrary to this. After an initial continued sideways movement, GfK shares increased significantly in June until they reached a high of on June 29 and ended the quarter at on the following day. Thus, share price was 17.9 percent higher than at the beginning of the year and again on par with the SDAX. The DAX and the DJ Stoxx Media remained behind this development with 12.1 and 13.7 percent respectively. In the first quarter, the average trading volume of GfK shares on the German stock exchanges was still below the previous year. It reached a six month total of 10,659, which was slightly above the previous year s figure of 10,103. On May 28, more than 200 shareholders and shareholder representatives (an attendance of 88.4 percent) voted at the 7th Ordinary General Meeting of GfK. The resolutions were adopted with approval rates between and percent. Dividends remain stable at 0.65 per share. GfK is covered by national and international financial analysts. At the end of June, out of the 13 analysts rating GfK shares, seven recommended the stock as buy and a further five as hold. At the end of June, the number of shares in free float stood at 43.6 percent. At that time, 0.03 percent of the shares were held by GfK s Management and Supervisory Boards, with percent in institutional hands and 9.22 percent held by private investors. Analyst ratings as of Buy 5 Hold 0 Sell 7 5 GfK share 1) 2014 Q Q Number of shares in thousands 36,504 36,504 36,504 Market Capitalization EUR mio 1,241 1,254 1,431 High/Low EUR 43.86/ / /34.20 Close EUR Earnings per share EUR ) ) as of reporting dates 2) Excluding the goodwill impairment of 59.5 million

8 8 Report for the first half year 2015 GfK increases sales and adjusted operating income Sales increased by 7.1 percent, organic growth at 0.3 percent Adjusted operating income increased by 3.7 percent, margin at 9.5 percent (previous year: 9.8 percent) EBITDA 89.5 million (previous year: 90.1 million) Guidance for full year unchanged GfK has seen an increase in sales and adjusted operating income in the first six months of Organic sales growth amounted to 0.3 percent, and currency effects of 6.7 percent had a strong positive effect. Overall, sales reached million in the first six months. This represents an overall growth of 7.1 percent. The Consumer Experiences sector stabilized, although sales declines were accepted as necessary during the realignment. Sales only dropped by 0.7 percent in organic terms, while the margin rose to 5.1 percent (previous year: 4.7 percent). In the Consumer Choices sector, sales increased in organic terms by 1.8 percent and adjusted operating income rose by 2.6 percent. The margin remained at a high level of 18.3 percent, but, due to investments, below the previous year s figure of 19.4 percent. All regions, except for Northern Europe, grew in organic terms. The regions of Latin America, Asia and the Pacific achieved the strongest organic growth. Adjusted operating income was 71.2 million in the first six months, which is 2.5 million more than in the same period of the previous year. The margin fell slightly from 9.8 percent in the first half of last year to 9.5 percent for the same period this year as a result of investments in growth. However, the recent positive trend in the order book leads to an expectation of a pick-up in business by year end. At the end of June, a total of 78.5 percent of the annual sales required to achieve the guidance had already been posted or were in the order book (previous year: 81.6 percent). This is in line with the last five years, which fluctuated from 77.3 percent to 81.9 percent.

9 Report for the first half year Interim management report 1. General economic situation In the first six months of 2015, growth in the global economy lost some momentum. However, the development in many industrial nations was more stable than in many emerging markets. In particular, the world-wide fall in raw material prices have very different effects. Loose monetary policy, as well as the positive sentiments of consumers, has supported the economy in North America. In Northern Europe, the development was also solid and in Southern and Western Europe the end of the recession is apparent in many countries. In China, growth fell slightly, and economic uncertainties have increased there. In Japan, the recovery is proceeding slowly. The performance of large South American economies such as Brazil and Argentina continues to decline, in part due to high inflation weighing on the economic area. After a strong devaluation of the euro in the first quarter in comparison to the US dollar and the British pound, the development of the foreign exchange market has calmed somewhat in the second quarter. The euro was up slightly again compared to the US-Dollar. The British pound continues to be stronger in comparison to the euro, due to the positive economic development of the currency zone. 2. Economic and financial development in the GfK Group GfK s business was realigned in the past three years. The Consumer Experiences sector was particularly affected, and the focus in this sector continues to be on raising income and the margin. The high-margin Consumer Choices sector continues to pursue a growth strategy. The necessary structural changes due to the realignment have been largely completed. Sales development in the Consumer Experiences sector has stabilized and margins improved. The Consumer Choices sector was able to grow organically, but sustained investment activity is currently reducing the sector s margin. The Group s sales increased by 7.1 percent to million. Organic growth was 0.3 percent. Currency effects had a significant positive impact of 6.7 percent. Only 0.1 percent of growth came from acquisitions. While sales in the Consumer Experiences sector were only 0.7 percent lower in organic terms, following a significant decline in the past year, the Consumer Choices sector increased its sales in organic terms by 1.8 percent. Over the six month time period, the sales trend in the first quarter was more dynamic than in the second. In organic terms, the Group s sales decreased by 0.7 percent in the second quarter, compared to the samequarter in Both sectors contributed to this development. Several new contracts in particular, television contracts in Brazil and Saudi Arabia will provide additional sales starting in the fourth quarter. GfK Group: key figures In EUR million (rounded) 2. Quarter Quarter 2015 Change in % 1. Half Year Half Year 2015 Change in % Sales EBITDA Adjusted operating income Margin in percent 1) 12.4% 11.4% 9.8% 9.5% Operating income EBIT Other financial income / expenses Consolidated total income Cash flow from operating activities Earnings per share in EUR ) Adjusted operating income in relation to sales 2) Percentage points Adjusted operating income (hereinafter: income) increased by 3.7 percent to 71.2 million in the first six months of 2015 (first six months of 2014: 68.6 million). Both sectors contributed to the improvement. Within the reporting period, the income trend in the first quarter was stronger than in the second. A one-off effect that was already explained in the Q1 report and amounted to approximately two million euros in the same period of the previous year had a marked influence on the income trend: In the past year, there was a delay in the recognition of revenues and income following implementation of the new ERP/SAP system in the North America region, which was offset in the second quarter. Moreover, the investments in panel set-up were noticeable in the margin development. The Group s margin decreased by 0.3 percentage points to 9.5 percent in the first half of this year, in comparison to the previous year.

10 10 Report for the first half year 2015 Like its competitors, the GfK Group uses adjusted operating income as a key performance indicator. The explanations regarding business performance using adjusted operating income facilitate interpretation of the GfK Group s business development and enhance the informative value in comparison with other major companies operating in the market research sector. Adjusted operating income is determined by eliminating other expenses and income items from operating income that distort the evaluation of operating earnings power. These items, known as highlighted items, produced an expense of 13.1 million in net terms. In the same period of the previous year, the expense was 10.4 million. The increase was largely due to reorganization and improvement projects. The measures introduced at the beginning of the year to streamline the organization were continued in the second quarter. In Southern and Western Europe, in particular, this led to severance expenses of 4.1 million in the first six months (first six months in 2014: 1.6 million). Other expenses include, among other things, the optimization of the rental situation and the standardization of processes and software. These have led to an increase in expenses due to reorganization and optimization projects from 3.0 million to a total of 8.2 million. Adjusted operating income 1) In EUR million 1. Half Year Half Year 2015 Operating income Write-ups and write-downs of additional assets identified on acquisitions Income and expenses in connection with share and asset deals Income and expenses in connection with reorganization and improvement projects Personnel expenses for share-based incentive payments Currency conversion differences Income and expenses related to one-off effects and other exceptional circumstances Total highlighted items Adjusted operating income ) rounded Income from participations decreased from 1.9 million in the first six months of 2014 to 0.7 million. Losses from the previous year strongly contributed to this, which had to be posted in the reporting period as part of a reorganization of investments in France. Consequently, EBIT decreased by 2.4 percent to 58.7 million, and Ebitda decreased by 0.7 percent to 89.5 million. The net financial income, the balance of other financial income and other financial expenses developed positively. It amounted to million in this reporting period, from million in the first six months of Interest expenses were reduced by 1.3 million, largely due to the average interest rate was improved by 70 basis points. After the significant devaluation of the euro in the first quarter led to strong negative valuation adjustments of several balance sheet items and foreign currency cash pool liabilities, the more stable rates seen in the second quarter had a slight positive effect. The TAX RATIO rose from 35.2 percent in the same quarter of the previous year to 40.9 percent this year. The fluctuations during the year mainly resulted from currency effects and evaluating the recognition of tax loss carryforwards as deferred tax assets, which are re-assessed every quarter. Due to the increased tax expenses the consolidated total income fell by 1.9 million to 28.9 million. 3. Cash flow and investment Cash flow from ongoing activies declined from 57.6 million in the first half of last year to 31.4 million for the same period of This was caused by the working capital trend, with the greatest effects coming from Europe. In Southern and Western Europe, the receivables portfolio increased due to the high share of projects with public-sector companies that can only be invoiced when the project is ended. Moreover, the opening balance in 2014 of liabilities on orders in progress was abnormally low, which led to a smaller increase of operating liabilities in the reporting period. The increase in non-operating working capital was largely due to the payout of an amount put aside as a provision in the previous year by GfK Turkey, as a result of a court decision in March. Investments in intangible assets rose by 12.2 million to 28.6 million and investments in fixed assets rose by 4.6 million to 14.1 million. A large proportion of the investment was for panel set-up in Brazil and, to a lesser extent, in Saudi Arabia. Furthermore, investments were made in software. In doing so, expenses were incurred for several projects in the roll-out phase, such as GfK Cross Media Link and the Drive Platform that was developed to automate market research processes. In addition, continuing investments are being made in the StarTrack Platform, which is the Point-of-Sales Tracking production system. Payments arising from the acquisition of consolidated companies were 2.0 million higher than in the previous year and related mainly to earn-out payments for acquisitions in previous years. Overall, cash outflow from investing activities increased from 29.2 million to 45.4 million.

11 Report for the first half year Free cash flow after acquisitions, other investments and asset disposals was reduced accordingly from 28.5 million in the previous year s period to million. As at the end of June 2015, GfK had cash and cash equivalents amounting to 94.2 million (30 June 2014: 80.7 million). The unutilized credit lines amounted to million as at the end of June (30 June 2014: million). 4. Assets and capital structure During the first six months of 2015, GfK SE s total assets increased by 120 million to 1,888 million in comparison to the 2014 year-end figure. The reason for this 6.8 percent increase was mainly currency effects. These currency effects led to an increase in goodwill of 50 million, and the increase in intangible assets can mainly be attributed to currency effects as well. The currency related effects were particularly strong in the first quarter. When taking an isolated look, the development showed a downward trend in the second quarter again: Goodwill decreased by 7 million compared to 31 March Investments in associates increased to a total of 6 million because of acquiring a share in YouEye Inc. in the first quarter, as well as an increase in investment book value in NPD Intelect USA. As at 30 June 2015, equity increased by 71 million to 776 million (31 December 2014: 705 million). This was mainly caused by the currencyrelated increase of the other reserves by 69 million, as well as retained earnings being increased. This development also had a slight decline in the second quarter due to the dollar exchange rate. The equity ratio increased by 1.2 percentage points to 41.1 percent, compared with the figure at the year-end. GfK SE s share capital remained constant at 153 million. Net debt on 30 June 2015 amounted to million approximately the same as the previous year s level (30 June 2014: million). Net debt rose by 51.8 million compared to the end of The main reasons for the increase in net debt in the first six months of 2015 were the payments to the Turkish tax authorities, amounting to 16.2 million, and the negative cash flow from investing activities that was already addressed in section 3. The ratio of modified net debt to EBITDA was 2.23 as at the reporting date (30 June 2014: 2.02). The gearing ratio, which reflects net debt in relation to equity, slightly increased to 57.3 percent as at 30 June 2015 (end of 2014: 55.7 percent). The covenants agreed with the banks were comfortably met once again. 25 million of the revolving credit facility (totaling 200 million) had been drawn as at 30 June. 5. Trends in the sectors GfK conducts its business activities in two sectors: Consumer Experiences and Consumer Choices. Structure of sales growth by sectors 1) Total 0.7% 6.8% Consumer Experiences 6.1 % 0.2% 1.8% 6.6% Consumer Choices 8.5 % 27.4% 11.5% Other 2) 15.9 % 0.1% 0.3% 6.7% Total 7.1 % 1) Figures from the Management-Information System rounded Currency Acquisitions Organic 2) Other division The Consumer Experiences sector deals with consumer habits, behavior, perceptions and attitudes and answers the who, why and how of consumption. GfK is developing pioneering new procedures to deliver a profound understanding of how consumers experience brands and services. The Consumer Choices sector investigates what is bought by consumers, when and where. The main focus here is on continuous measurement of market volumes and trends. All the significant sales and information channels and media are included in the analysis process.

12 12 Report for the first half year 2015 Consumer Experiences 1) in EUR million Half Year 2015 Change in % Sales Adjusted operating income Margin in per cent 2) ) Figures from the Management-Information System rounded 2) Adjusted operating income in relation to sales Consumer experiences: The substantial negative sales trend from the past year was largely stabilized in the first six months of 2015 after the sector was successfully realigned. In organic terms, sales dropped by 0.7 percent, but, because of positive currency effects, sales increased by a total of 6.1 percent to million. The first quarter trend continued. The global standardized products introduced as part of the realignment are successful as shown not only by new contracts won, but also by the first contract extensions for these products, which show that they meet the needs of the clients. As at the end of June, 43 percent of sales world-wide were generated with global standardized products. The order book has developed well, which points to a further stabilization of sales trends in the second six months. The profitability of this sector has developed positively. Income rose by 15.0 percent to 21.6 million. The margin rose from 4.7 percent in the same period of the previous year to 5.1 percent. Consumer Choices 1) in EUR million Half Year 2015 Change in % Sales Adjusted operating income Margin in per cent 2) ) Figures from the Management-Information System rounded 2) Adjusted operating income in relation to sales Consumer choices: Sales in the Consumer Choices sector grew organically by 1.8 percent. The total growth for the six months was 8.5 percent, mainly due to strong currency effects, with sales reaching million. The growth dynamics of point-of-sales tracking (previously: retail tracking) has declined in the second quarter in comparison to the beginning of the year, but the order book shows that a better development can be expected in the second six months. The weak growth was notable particularly in the region of Northern Europe, where two major Asian customers in the consumer electronics sector have reduced their order volumes, whose global orders are posted in this region. On the other hand, business with medium-sized customers shows good growth. A regional shift can also be seen: While business with certain established Asian technology companies is stagnant, high levels of growth can be reported with emerging competitors in China. During the reporting period, this growth could not yet completely compensate for the lost sales however, the orders received in the second quarter show that these customers will contribute to the growth of the sector in the current year. In the area of Audience Measurement, the set-up of TV audience measurement panels in Brazil and Saudi Arabia has been largely completed, with the supply of data and thus the first sales from these orders expected in the fourth quarter. In the second quarter, GfK was able to win more media research contracts. The first major television research contract for the region of Asia and the Pacific was won in Singapore, and a new contract for online audience measurement was won in Poland. Furthermore, GfK was appointed to produce Sweden s first universal currency covering the full scope of this advanced market that includes traditional linear and time-shift television audiences as well as those viewing video content on smartphones, tablets, laptops and PCs. Income in the Consumer Choices sector rose by 1.5 million to 59.4 million, while the margin in this sector declined from 19.4 to 18.3 percent in comparison to the same period of the previous year Other 1) in EUR million Half Year 2015 Change in % Sales Adjusted operating income ) Figures from the Management-Information System rounded

13 Report for the first half year Other: Complementary to these two sectors is the Other category, which unites the central services that GfK provides for its subsidiary companies and other services unrelated to market research. In the first six months of 2015, sales generated by the Other category were at 1.6 million and were slightly lower than the previous year (first six months of 2014: 1.9 million). The costs in this category increased from 8.0 million in the same period of the previous year to 9.8 million, due to increased investments in a better infrastructure and professional methods and processes. This was, among other things, the result of the centralization of various functions, whose costs are now recognized in the area of Other. 6. Regional trends The GfK Group offers its products and services in over 100 countries via a network of subsidiaries. In geographic terms, business is divided into six regions: Northern Europe, Southern and Western Europe, Central Eastern Europe/META, Latin America, North America, and Asia and the Pacific. Structure of sales growth in the regions 1) Total 4.9% 0.2% 3.6% Northern Europe 1.1 % 1.6% Southern & Western Europe 1.6 % 6.3% 3.3% Central Eastern Europe/META 3.0 % 2.8% 11.1% Latin America 13.9 % 1.9% 23.4% North America 25.3 % 7.9% 15.6% Asia and the Pacific 23.4 % 0.1% 0.3% 6.7% Total 7.1 % 1) Figures from the Management-Information System rounded Currency Acquisitions Organic In the top-selling region of Northern Europe, GfK companies sales amounted to million. Although this was strengthened by positive currency effects, it decreased in organic terms by 4.9 percent. This was, in part, due to weaker business, particularly in the UK, but also in Germany. Sales were also affected in the wake of a merger of two customers, resulting in an order that was previously booked in the region, being shifted to the US. Southern and Western Europe resumed growth of 1.6 percent, in spite of the continued difficult economic situation for many countries in the region. The positive trend already apparent in the first quarter has slightly increased in the course of the second quarter. Encouraging here, among other things, is the development in the Benelux countries, where the restructuring in recent years is now bearing fruit. The ongoing reorganization of GfK s business in this region has not yet been completed, with one-off costs for restructuring, in particular severance payments, being accrued in the second quarter. Business in the Central Eastern Europe/Meta (Middle East, Turkey and Africa) region continued to develop positively. An organic sales increase of 3.3 percent was achieved. However, the increase was countered by marked currency effects, and total sales dropped by 3.0 percent to 62.0 million. This region has also seen the positive trend in the second quarter strengthened somewhat. In spite of the crisis, business in Russia continued to grow. Sales grew particularly strong in Latin America. The business of GfK companies in this region grew in organic terms by 11.1 percent and was able to defy the negative tendencies in some South American economies. Currency effects made an additional positive contribution, and the overall growth in the region totaled 13.9 percent. Sales in the North America region increased by 30.6 million to million. This increase of 25.3 percent was due, in large part, to the price slump of the euro against the US dollar in the first quarter, but also organic sales grew in this region by 1.9 percent. Over the six month period, the growth in the first quarter was stronger than in the second. This was attributed to the one-off effect addressed in the explanation of income (section 2).

14 14 Report for the first half year 2015 The Asia and the Pacific region showed strong organic growth again with 7.9 percent. Because of positive currency effects, sales in the region increased by a total of 23.4 percent to 93.6 million. In China, business developed positively in the automotive sector, as well as with new Chinese customers in consumer electronics. Regions: sales growth 1) in EUR million Half Year 2015 Northern Europe Southern & Western Europe Central Eastern Europe/META Latin America North America Asia and the Pacific Total ) Figures from the Management-Information System rounded Change in % 7. Own the Future implementing the new corporate strategy Since 1 January 2012, GfK has pursued its Own the Future strategy. The aim of the strategy is to make global use of strengths within GfK for specific client groups and in various regions in the future. GfK has changed from a network of local units to a global organization in the three years of implementing this strategy. Today, GfK has a global matrix-based organizational model, global standardized product portfolios and company structures. This not only offers the opportunity to create added value for clients, but also to optimize costs and increase return on investment. This foundation will be used in the current year with the motto Shape for Growth, to increase productivity ( Shape ), as well as to increase sales and income ( Growth ). In order to achieve this, all digital offers will be perfectly matched in a consistent way and global service centers will be used. The share of global products in sales will continue to be expanded and particular focus placed on digital products and invests in new technologies and opportunities to consolidate and accumulate data. An example of this is the GfK Reference Layer Concept for calibrating large amounts of data. In times of big data, the amounts of data to be evaluated have multiplied, but they are mostly unstructured, and it is difficult to separate the signal from the noise. GfK has various reference data, such as data from consumer panels and GfK cross media link, which it uses to calibrate and evaluate unstructured data. 8. Number of employees As at 30 June 2015, the GfK Group had 13,434 employees. That is an increase of 54 employees compared to year end 2014, 17 of whom are from the newly consolidated companies. The growth was notable in the fast-growing region of Latin America, as well is in the Middle East. In both regions, major television research panels are being set-up, among other things. The number of employees was reduced by restructuring measures in the regions of North America, Southern and Western Europe, where business did not grow in past periods. Personnel expenses increased by 11.3 percent to million compared to the same period last year, but the increase slowed somewhat in the second quarter. This was attributable to a great extent to strong currency effects, but also to growth in the number of employees and increased severance payments. The personnel cost ratio, which expresses the ratio of personnel expenses to sales, increased accordingly, from 49.5 percent to 51.4 percent. 9. Research and Development GfK has a dedicated team and clear processes established to identify innovative capabilities and drive them into GfK methods and products. Since the process has been introduced, a significant number of ideas have been processed and identified as promising and have been prioritized for further investigation and development. The assessment of all ideas received according to strategic criteria ensures that development is in line with the concrete commercial application of these ideas. Two new organizational initiatives were rolled out in second quarter 2015 to support this process: GfK Idea Lab was launched to broaden the reach of the innovation process inside the GfK global organization. Idea Lab is an internal crowdsourcing capability, supported by software specially designed to solicit ideas and engender discussion among internal colleagues. Innovation ideation and problem-solving are instigated by structured campaigns, sponsored by various product and capability areas from around the company and managed and curated by the Idea Lab team.

15 Report for the first half year GfK Data Lab is a new global group formed within our Data & Technology organization to research, develop and enhance GfK s data landscape, and to further expand GfK s ability and agility to combine our own data with data from our clients, publicly available data, and data from new sources (e.g., sensor data). Utilizing these data assets, the Lab team will develop and use cutting edge IT and data science tools to drive deeper insights that help answer our clients questions. The group was formed by combining leading internal innovation and data science talent with new external hires from physics and computer science. 10. Organization and Administration The Group has embraced the challenges associated with globalization and set up an organizational structure that enables the local GfK companies to respond to market opportunities quickly and efficiently. Worldwide, the GfK Group has 138 consolidated associates and 14 other associates, three participations and 28 non-consolidated affiliated companies. The Group is headquartered in Nuremberg, Germany. 11. Changes in participations in the second quarter of 2015 In the second quarter 2015, GfK increased its shares in the subsidiaries Incoma GfK Czech Republic and GfK CR Japan from 85 and 86 percent respectively to 100 percent. Changes in the GfK Network during the second Quarter 2015 Company Reason for investment Shareholding in % Sector Country Incoma GfK CZ Increase in shares 85% to 100% CE Central and Eastern Europe/META GfK CR Japan Increase in shares 86% to 100% CE Asia and the Pacific 12. Important events after the reporting date of 30 June 2015 In August 2015, GfK acquired the Swedish market research company NORM Research & Consulting AB. NORM specializes in digital methods in the area of shopper research. 13. Opportunity and risk position The risk position and opportunities of the GfK Group are described in the Group Management Report as at 31 December No material changes have occurred compared with the description provided there and no risks have been identified that could jeopardize the continued existence of the Group. The GfK Group s risk position is impacted by the ongoing uncertainties related to the economic environment. If the global economic situation should worsen significantly and severely affect the business of GfK clients, this would also impact GfK. The GfK business model is subject to seasonally-related fluctuations. Traditionally, sales and income trends are significantly better in the fourth quarter than in the other quarters, since year-end business is highly relevant to GfK s clients operations. Thanks to its global network as a full-service provider, the GfK Group is well-positioned. GfK is equipped to meet new challenges in the market research industry with an innovative portfolio of products and services tailored to client requirements Outlook GfK expects overall global economic growth to continue to increase moderately in the course of this year. In its last economic forecast in June, the World Bank raised its growth forecast for the euro zone from 1.1 percent to 1.5 percent in 2015, but at the same time lowered its global outlook by 0.2 percent points to 2.8 percent growth. The reduction in the global outlook was based on a growth slowdown in emerging markets. However, there are still uncertainties due to the political crises in the euro area and the crisis between Russia and Ukraine, as well as in various centers of conflict in the Middle East. GfK s motto for financial year 2015 is Shape for Growth. This involves both creating growth in the various business divisions and raising productivity. The capital expenditure investment level will remain at a similar level to the previous year. We are currently expecting a slight increase in expansion and replacement investments compared to the previous year s figure of 90 million. Amortization and depreciation is

16 16 Report for the first half year 2015 likely to amount to around 70 million and will therefore be approximately 10 million higher than in In the next few years, the figure is set to rise further on the back of higher investment activity. In the Consumer Experiences sector, the focus is on stabilizing sales at the level generated in The transformation towards more profitable activities and digital products will continue while purely local and less profitable contract research projects will be scaled back. In light of this, the sector is not expected to make a growth contribution in A further decline in sales is also possible. It is anticipated that the margin will continue to rise modestly. The Consumer Choices sector will continue systematically to pursue growth and margin opportunities. The core point-of-sales tracking business will be expanded further, and new panels are expected to make a gradual contribution to sales and earnings growth. In Audience Measurement, the set-up of new panels to measure TV audiences will be completed in 2015, and the contracts will begin to contribute significantly to sales growth in this sector in the fourth quarter. The main focus is still on expansion into new regions and countries. The Management Board assumes that this sector will grow faster than in the previous year. Its share of sales relative to Group sales will therefore increase further. Even though Audience Measurement sales are likely to account for a larger share of the business, the margin is not expected to change significantly against the previous year. The Group anticipates a return to modest organic growth in Adjusted operating income should improve, and the margin should to rise to somewhere in the region of between 12.4 percent and 12.8 percent. The Group is aiming to outpace the market in 2016, in terms of organic growth. GfK is still aiming for a margin of between 14 percent and 15 percent. At the end of June, a total of 78.5 percent of the annual sales required to achieve the guidance had already been posted or were in the order book (previous year: 81.6 percent). This is in line with the last 5 years, which fluctuated from 77.3 percent to 81.9 percent. *The outlook contains predictive statements on future developments, which are based on current management assessments. Words such as anticipate, assume, believe, estimate, expect, intend, could/might, planned, projected, should, likely and other such terms are statements of a predictive nature. Such predictive statements contain comments on the anticipated development sales proceeds and income for Such statements are subject to risks and uncertainties, for example, economic effects such as exchange rate fluctuations and changes in interest rates. Some uncertainties and other unforeseen factors which might affect ability to achieve targets are described under risk position in the Management Report. If these or other uncertainties and unforeseen factors arise or the assumptions on which the statements are based prove to be incorrect, actual results could materially differ from the results indicated or implied in these statements. We do not guarantee that our predictive statements will prove to be correct. The predictive statements contained herein are based on the current Group structure and are made on the basis of the facts on the day of publication of the present document. We do not intend nor accept any obligation to update predictive statements on an ongoing basis.

17 Report for the first half year Consolidated income statement of GfK Group from 1 April to 30 June 2015 in EUR 000 (according to IFRS, not audited) Q ) % of sales Q % of Change sales abs. % Sales 363, % 384, % 21, % Cost of sales 244, % 264, % 20, % Gross income from sales 118, % 120, % 1, % Selling and general administrative expenses 76, % 79, % 3, % Other operating income % 1, % % Other operating expenses 3, % 3, % % Operating income 2) 39, % 38, % % Income from associates 1, % % 1, % Other income from participations % % % ebit 40, % 37, % 2, % Other financial income % % 1, % Other financial expenses 8, % 2, % 6, % Income from ongoing business activity 32, % 34, % 2, % Tax on income from ongoing business activity 11,289 14,940 3, % Consolidated total income 20, % 19, % 1, % Attributable to equity holders of the parent: 17, % 16, % % Attributable to minority interests: 3, % 3, % % Consolidated total income 20, % 19, % 1, % Basic earnings per share (eur) % Diluted earnings per share (eur) % Adjusted earnings per share (eur) % For information: Personnel expenses 174, % 192, % 17, % Depreciation/amortization 15, % 15, % % ebitda 55, % 53, % 2, % 1) Adjusted due to the reclassification between cost of sales and selling and general administrative expenses, see section 2 of the notes to the half-year financial statements. 2) Reconciliation to internal management indicator adjusted operating income amounting to EUR 43,882 thousand (Q EUR thousand) as indicated on page 10.

18 18 Report for the first half year 2015 Consolidated income statement of GfK Group from 1 January to 30 June, 2015 in EUR 000 (according to IFRS, not audited) H ) % of sales H % of Change sales abs. % Sales 697, % 747, % 49, % Cost of sales 479, % 519, % 39, % Gross income from sales 218, % 227, % 9, % Selling and general administrative expenses 155, % 163, % 7, % Other operating income 3, % 5, % 2, % Other operating expenses 7, % 12, % 4, % Operating income 2) 58, % 58, % % Income from associates 1, % % 1, % Other income from participations % % % ebit 60, % 58, % 1, % Other financial income 2, % 19, % 17, % Other financial expenses 15, % 29, % 14, % Income from ongoing business activity 47, % 48, % 1, % Tax on income from ongoing business activity 16,783 20,029 3, % Consolidated total income 30, % 28, % 1, % Attributable to equity holders of the parent: 24, % 22, % 1, % Attributable to minority interests: 6, % 5, % % Consolidated total income 30, % 28, % 1, % Basic earnings per share (eur) % Diluted earnings per share (eur) % Adjusted earnings per share (eur) % For information: Personnel expenses 345, % 384, % 38, % Depreciation/amortization 29, % 30, % % ebitda 90, % 89, % % 1) Adjusted due to the reclassification between cost of sales and selling and general administrative expenses, see section 2 of the notes to the half-year financial statements. 2) Reconciliation to internal management indicator adjusted operating income amounting to EUR thousand (H EUR thousand) as indicated on page 10.

19 Report for the first half year Consolidated cash flow statement from 1 January to 30 June, 2015 in EUR 000 (according to IFRS, not audited) Consolidated total income 30,839 28,889 H H Write-downs/write-ups of intangible assets 17,354 18,528 Write-downs/write-ups of tangible assets 12,613 12,243 Write-downs/write-ups of other financial assets Total write-downs/write-ups 30,109 31,647 Increase/decrease in inventories and trade receivables 30,213 23,238 Increase/decrease in trade payables and liabilities on orders in progress 34,296 18,904 Changes in other assets not attributable to investing or financing activity 4,231 2,243 Changes in other liabilities not attributable to investing or financing activity 25,712 41,286 Profit/loss from the disposal of non-current assets Non-cash income from associates 1, Increase/decrease in long-term provisions 2,162 2,129 Other non-cash income/expenses 4,388 4,579 Net interest income 9,601 8,170 Change in deferred taxes 2,462 1,472 Current income tax expense 19,245 18,557 Taxes paid 17,438 14,221 a) Cash flow from operating activity 57,606 31,417 Cash outflows for investments in intangible assets 16,415 28,597 Cash outflows for investments in tangible assets 9,545 14,105 Cash outflows for acquisitions of consolidated companies and other business units 1,148 3,154 Cash outflows for investments in other financial assets 2,194 3,907 Cash inflows from disposal of intangible assets 0 1 Cash inflows from disposal of tangible assets 144 4,345 Cash inflows from the sale of consolidated companies and other business units 0 2 Cash inflows from disposal of other financial assets 2 0 b) Cash flow from investing activity 29,156 45,415 Dividend payments to equity holders of the parent 23,728 23,728 Dividend payments to minority interests and other equity transactions 1,876 3,462 Cash inflows from loans raised 39, ,633 Cash outflows for repayment of loans 17,321 49,614 Interest received 1, Interest paid 15,430 17,010 c) Cash flow from financing activity 17,337 10,782 Changes in cash and cash equivalents (total of a), b) and c)) 11,113 3,216 Changes in cash and cash equivalents owing to exchange gains/losses and valuation 114 4,207 Cash and cash equivalents at the beginning of the period 69,706 93,180 Cash and cash equivalents at the end of the period 80,705 94,171

20 20 Report for the first half year 2015 Calculation of net debt and free cash flow in EUR 000 (according to IFRS, not audited) Calculation of net debt Liquid funds 80,705 93,180 94,171 Short-term securities and time deposits 1, ,272 Liquid funds, short-term securities and time deposits 81,934 94,125 95,443 Liabilities to banks 231, , ,325 Pension obligations 50,394 64,326 65,560 Liabilities from finance leases Other interest-bearing liabilities 243, , ,511 Interest-bearing liabilities 525, , ,423 Net debt 443, , ,980 Calculation of free cash flow Consolidated total income 30,839 28,889 Write-downs/write-ups of intangible assets 17,354 18,528 Write-downs/write-ups of tangible assets 12,613 12,243 Write-downs/write-ups of other financial assets Others 3,342 29,119 Cash flow from operating activity 57,606 31,417 H H Investments in tangible and intangible assets 25,960 42,702 Free cash flow before acquisitions, other investments and asset disposals 31,646 11,285 Acquisitions 2,370 5,904 Other financial investments 972 1,157 Asset disposals 146 4,348 Free cash flow after acquisitions, other investments and asset disposals 28,450 13,998

CLARITY. REPORT FOR THE FIRST QUARTER 2015 GfK GROUP GROWTH FROM KNOWLEDGE

CLARITY. REPORT FOR THE FIRST QUARTER 2015 GfK GROUP GROWTH FROM KNOWLEDGE CLARITY REPORT FOR THE FIRST QUARTER 2015 GfK GROUP GROWTH FROM KNOWLEDGE 2 REPORT FOR THE FIRST QUARTER 2015 THE GfK GROUP AT A GLANCE GfK is the trusted source of relevant market and consumer information

More information

Report for the first quarter 2014 DIGITAL TRUST PLATFORMS

Report for the first quarter 2014 DIGITAL TRUST PLATFORMS Report for the first quarter 2014 DIGITAL TRUST PLATFORMS The GfK Group at a glance 2 GfK is the trusted source of relevant market and consumer information that enables its clients to make smarter decisions.

More information

The GfK Group at a glance

The GfK Group at a glance The art of smart data Report for the first Quarter 2 Report for the first Quarter The GfK Group at a glance GfK is the trusted source of relevant market and consumer information that enables its clients

More information

The GfK Group at a glance

The GfK Group at a glance report for the first half year 2013 The GfK Group at a glance 2 GfK is one of the world s largest research companies, with more than 12,000 experts working to discover new insights into the way people

More information

GrandVision reports Revenue growth of 13.8% and EPS growth of 31.7%

GrandVision reports Revenue growth of 13.8% and EPS growth of 31.7% GrandVision reports Revenue of 13.8% and EPS of 31.7% Schiphol, the Netherlands 16 March 2015. GrandVision NV (EURONEXT: GVNV) publishes Full Year and Fourth Quarter 2015 results. 2015 Highlights Revenue

More information

HALF YEAR REPORT AS OF JUNE 30

HALF YEAR REPORT AS OF JUNE 30 2 0 1 4 HALF YEAR REPORT AS OF JUNE 30 T O O U R S H A R E H O L D E R S Dear shareholders, ladies and gentlemen, The Nemetschek Group continued its successful development in the second quarter of 2014

More information

*See note 4 to our Summary Financial Information table below concerning our current operational and reporting structure

*See note 4 to our Summary Financial Information table below concerning our current operational and reporting structure INTERIM REPORT 1(39) Nokia Corporation Interim Report for Q1 2014 FINANCIAL AND OPERATING HIGHLIGHTS First quarter 2014 highlights for continuing operations*: Nokia s non-ifrs diluted EPS in Q1 2014 of

More information

Release no. 04 2014 Report on first quarter 2014 To NASDAQ OMX Nordic Exchange Copenhagen A/S

Release no. 04 2014 Report on first quarter 2014 To NASDAQ OMX Nordic Exchange Copenhagen A/S Page 1/10 22 May 2014 for ROCKWOOL International A/S Today the Board of ROCKWOOL International A/S has discussed and approved the following report on first quarter 2014. Highlights Sales in first quarter

More information

GrandVision reports 2.8 billion Revenue and 449 million EBITDA for 2014

GrandVision reports 2.8 billion Revenue and 449 million EBITDA for 2014 GrandVision reports 2.8 billion Revenue and 449 million EBITDA for 2014 Schiphol, the Netherlands 18 March 2015. GrandVision N.V. publishes Full Year and Quarter 2014 results. 2014 Highlights Revenue grew

More information

FOR IMMEDIATE RELEASE

FOR IMMEDIATE RELEASE FOR IMMEDIATE RELEASE O-I REPORTS FULL YEAR AND FOURTH QUARTER 2014 RESULTS O-I generates second highest free cash flow in the Company s history PERRYSBURG, Ohio (February 2, 2015) Owens-Illinois, Inc.

More information

METRO GROUP increases sales 2012 in a challenging consumer environment

METRO GROUP increases sales 2012 in a challenging consumer environment METRO GROUP increases sales in a challenging consumer environment Sales rose by 1.2% to 66.7 billion (adjusted for portfolio measures: +2.3%); EBIT before special items reached around 2.0 billion Operating

More information

FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2013 SALES AND EARNINGS

FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2013 SALES AND EARNINGS For Immediate Release For Further Information Refer to: John J. Haines 260-824-2900 FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2013 SALES AND EARNINGS Bluffton, Indiana July 30, 2013 - Franklin Electric

More information

Consolidated Settlement of Accounts for the First 3 Quarters Ended December 31, 2011 [Japanese Standards]

Consolidated Settlement of Accounts for the First 3 Quarters Ended December 31, 2011 [Japanese Standards] The figures for these Financial Statements are prepared in accordance with the accounting principles based on Japanese law. Accordingly, they do not necessarily match the figures in the Annual Report issued

More information

Consolidated sales of 6,347 million euros, up 10% on a like-for-like basis (7% as reported)

Consolidated sales of 6,347 million euros, up 10% on a like-for-like basis (7% as reported) 14.18 Order intake surged 25% to 9.1 billion euros Sales came in at 6.3 billion euros, up 10% like for like (7% as reported) Operating margin (1) up 15% to 442 million euros, or 7.0% of sales Net income

More information

How To Profit From A Strong Dollar

How To Profit From A Strong Dollar For Immediate Release MERCER INTERNATIONAL INC. REPORTS STRONG 2015 THIRD QUARTER RESULTS ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.115 NEW YORK, NY, October 29, 2015 - Mercer International Inc. (Nasdaq:

More information

Ontex Q3 2015: Trading in line with Company expectations and full year outlook reiterated

Ontex Q3 2015: Trading in line with Company expectations and full year outlook reiterated Ontex Q3 2015: Trading in line with Company expectations and full year outlook reiterated Aalst-Erembodegem, November 5, 2015 - Ontex Group NV (Euronext Brussels: ONTEX; Ontex, the Group or the Company

More information

Logwin AG. Interim Financial Report as of 31 March 2015

Logwin AG. Interim Financial Report as of 31 March 2015 Logwin AG Interim Financial Report as of 31 March 2015 Key Figures 1 January 31 March 2015 Earnings position In thousand EUR 2015 2014 Revenues Group 274,433 278,533 Change on 2014-1.5% Solutions 101,821

More information

Financial Information

Financial Information Financial Information Solid results with in all key financial metrics of 23.6 bn, up 0.4% like-for like Adjusted EBITA margin up 0.3 pt on organic basis Net profit up +4% to 1.9 bn Record Free Cash Flow

More information

2015 Quarterly Report II

2015 Quarterly Report II 2015 Quarterly Report II 2 Key data Eckert & Ziegler 01 06/2015 01 06/2014 Change Sales million 69.0 61.9 + 11 % Return on revenue before tax % 16 % 9 % + 87 % EBITDA million 15.6 9.7 + 61 % EBIT million

More information

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges

More information

Dear shareholders, TAKKT highlights during the first six months of 2001. The TAKKT group. Half-year report 2001

Dear shareholders, TAKKT highlights during the first six months of 2001. The TAKKT group. Half-year report 2001 Half-year report 2001 Stuttgart, July 2001 Dear shareholders, TAKKT AG continued its dynamic development during the first six months of 2001. Compared to the same period last year, the group increased

More information

Significant reduction in net loss

Significant reduction in net loss press release 12 May 2015 Royal Imtech publishes first quarter 2015 results Significant reduction in net loss Order intake in Q1 at a satisfactorily level of 912 million Revenue 3% down excluding Germany

More information

Summary of Consolidated Financial Statements for the Second Quarter of Fiscal Year Ending March 31, 2012 (Japanese GAAP)

Summary of Consolidated Financial Statements for the Second Quarter of Fiscal Year Ending March 31, 2012 (Japanese GAAP) This document is a translation of the Japanese financial statements and is not in conformity with accounting principles of the United States. Summary of Consolidated Financial Statements for the Second

More information

TO OUR SHAREHOLDERS DYNAMIC FIRST HALF YEAR

TO OUR SHAREHOLDERS DYNAMIC FIRST HALF YEAR HALF YEAR REPORT AS OF JUNE 30, 2015 TO OUR SHAREHOLDERS Patrik Heider, Spokesman of the Executive Board and CFOO The Nemetschek Group maintained its dynamic development from the first quarter of 2015

More information

Insurance Market Outlook

Insurance Market Outlook Munich Re Economic Research May 2014 Premium growth is again slowly gathering momentum After a rather restrained 2013 (according to partly preliminary data), we expect growth in global primary insurance

More information

Altus Group Reports First Quarter Financial Results for 2015

Altus Group Reports First Quarter Financial Results for 2015 Street Smart. World Wise. Altus Group Reports First Quarter Financial Results for 2015 Altus Group Delivers 14% Revenue Growth, Including 43% Increase in Recurring Revenues from GAIM Businesses TORONTO,

More information

Verifone Reports Results for the Second Quarter of Fiscal 2016

Verifone Reports Results for the Second Quarter of Fiscal 2016 Verifone Reports Results for the Second Quarter of Fiscal 2016 SAN JOSE, Calif. (BUSINESS WIRE) Verifone (NYSE: PAY), a world leader in payments and commerce solutions, today announced financial results

More information

Bank Austria IR Release

Bank Austria IR Release Bank Austria IR Release Günther Stromenger +43 (0) 50505 57232 Vienna, 12 February 2015 Preliminary results 1 for the 2014 financial year: Bank Austria posts net profit of about EUR 1.4 billion Sound operating

More information

2014/2015 The IndusTrIal Group

2014/2015 The IndusTrIal Group Q2 2014/2015 Half-Year Interim Report 2014/2015 1 April to 30 September 2014 The Industrial Group The first six months of financial year 2014/2015 at a glance Incoming orders increased in the first half

More information

DATA GROUP LTD. ANNOUNCES FIRST QUARTER RESULTS FOR 2014

DATA GROUP LTD. ANNOUNCES FIRST QUARTER RESULTS FOR 2014 For Immediate Release DATA GROUP LTD. ANNOUNCES FIRST QUARTER RESULTS FOR 2014 HIGHLIGHTS Q1 2014 First quarter 2014 ( Q1 ) Revenues of 77.9 million, Q1 Gross Profit of 18.8 million and Q1 Net Income of

More information

Consolidated Financial Results for the Third Quarter Ended December 31, 2014

Consolidated Financial Results for the Third Quarter Ended December 31, 2014 Consolidated Financial Results for the Third Quarter Ended February 3, 2015 SHARP CORPORATION Stock exchange listings: Tokyo Code number: 6753 URL: http://www.sharp.co.jp/ Representative: Kozo Takahashi,

More information

Press release Regulated information

Press release Regulated information Press release Regulated information 26 February 2010 Annual results 2009 Press Katelijn Bohez T +32 56 23 05 71 Investor Relations Jacques Anckaert T +32 56 23 05 72 www.bekaert.com www.bekaert.mobi Bekaert

More information

Net attributable income totaled 64.7million in first-half 2015 compared with 69.0 million in firsthalf

Net attributable income totaled 64.7million in first-half 2015 compared with 69.0 million in firsthalf HALF-YEAR RESULTS 2015 H1 2015: FURTHER STRONG GROWTH FOR COMMUNICATION AND SHIPPING SOLUTIONS Sales up 10.4%, or -1.1% organically 1 CSS activities: organic growth of 16.0% Current operating margin 2

More information

Quarterly Financial Report

Quarterly Financial Report 3/2012 Quarterly Financial Report Sales up by over 27 % to more than 35 million EBIT improved by 20 % to 3.4 million Quarterly Financial Report 3/2012 Dear shareholders, employees, partners and friends

More information

Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges

More information

Q1 / 2015: INTERIM REPORT WITHIN THE FIRST HALF-YEAR OF 2015. Berentzen-Gruppe Aktiengesellschaft Haselünne / Germany

Q1 / 2015: INTERIM REPORT WITHIN THE FIRST HALF-YEAR OF 2015. Berentzen-Gruppe Aktiengesellschaft Haselünne / Germany Q1 / 2015: INTERIM REPORT WITHIN THE FIRST HALF-YEAR OF 2015 Berentzen-Gruppe Aktiengesellschaft Haselünne / Germany Securities Identification Number 520 163 International Securities Identification Numbers

More information

Group sales stable on a currency-neutral basis Results significantly impacted by negative currency effects adidas Group confirms full year guidance

Group sales stable on a currency-neutral basis Results significantly impacted by negative currency effects adidas Group confirms full year guidance For immediate release Herzogenaurach, May 6, 2014 First Quarter 2014 Results: Group sales stable on a currency-neutral basis Results significantly impacted by negative currency effects adidas Group confirms

More information

Herzogenaurach, Germany, July 27, 2004 PUMA AG announces its consolidated nd

Herzogenaurach, Germany, July 27, 2004 PUMA AG announces its consolidated nd P Quarter P Half-Year For immediate release MEDIA CONTACT: INVESTOR CONTACT: U.S.A.: Lisa Beachy, Tel. +1 617 488 2945 Europe: Ulf Santjer, Tel. +49 9132 81 2489 Dieter Bock, Tel. +49 9132 81 2261 Herzogenaurach,

More information

H1 2013 INTERIM REPORT JANUARY JUNE

H1 2013 INTERIM REPORT JANUARY JUNE H1 2013 INTERIM REPORT JANUARY JUNE 2 Contents GENERAL Business Developments Overview 3 Beiersdorf s Shares 4 INTERIM MANAGEMENT REPORT GROUP Results of Operations Group 5 Results of Operations Business

More information

Elements of a Pharmaceutical Spending in the United Kingdom

Elements of a Pharmaceutical Spending in the United Kingdom Half-yearly Financial Report January 1 June 30, engineering for a better world GEA Group: Key IFRS figures GEA Group: Key IFRS figures (EUR million) Q2 Q2 1 Q1-Q2 Q1-Q2 1 Results of operations Order intake

More information

for earnings per 54.1% Adjusted basic since March 2014 Adjusted basic Completed six CCL Industries to $635.8 million quarter of 2014.

for earnings per 54.1% Adjusted basic since March 2014 Adjusted basic Completed six CCL Industries to $635.8 million quarter of 2014. News Releasee For Immediate Release, Thursday, February 25,, 2016 Stock Symbols: TSX CCL.A and CCL.B Strong Fourth Quarter Caps Record Year for CCL Industries Fourth Quarter Highlights Adjusted basic earnings

More information

TO OUR SHAREHOLDERS PROFITABLE GROWTH COURSE INTERNATIONALIZATION FURTHER EXTENDED US MARKET IN FOCUS

TO OUR SHAREHOLDERS PROFITABLE GROWTH COURSE INTERNATIONALIZATION FURTHER EXTENDED US MARKET IN FOCUS QUARTERLY STATEMENT AS OF MARCH 31, 2015 TO OUR SHAREHOLDERS Patrik Heider, Spokesman of the Executive Board and CFOO The Nemetschek Group has made a dynamic start in the 2015 financial year and continues

More information

DATA GROUP LTD. ANNOUNCES SECOND QUARTER FINANCIAL RESULTS FOR 2015

DATA GROUP LTD. ANNOUNCES SECOND QUARTER FINANCIAL RESULTS FOR 2015 For Immediate Release DATA GROUP LTD. ANNOUNCES SECOND QUARTER FINANCIAL RESULTS FOR 2015 SECOND QUARTER HIGHLIGHTS Second quarter 2015 ( Q2 ) Revenues of $73.4 million, a decrease of 4.3% year over year

More information

QUARTERLY REPORT For the six months ended September 30, 2012 010_0774017502412.indd 2 2012/12/21 11:54:11

QUARTERLY REPORT For the six months ended September 30, 2012 010_0774017502412.indd 2 2012/12/21 11:54:11 QUARTERLY REPORT For the six months ended September 30, 2012 QUALITATIVE INFORMATION (1) Qualitative Information Relating to Consolidated Quarterly Operating Results During the first half of the fiscal

More information

FORACO INTERNATIONAL REPORTS Q3 2014

FORACO INTERNATIONAL REPORTS Q3 2014 NEWS RELEASE FORACO INTERNATIONAL REPORTS Q3 2014 Toronto, Ontario / Marseille, France Tuesday, November 4, 2014 Foraco International SA (TSX:FAR) (the Company or Foraco ), a leading global provider of

More information

Ahlers AG, Herford. ISIN DE0005009708 and DE0005009732 INTERIM REPORT

Ahlers AG, Herford. ISIN DE0005009708 and DE0005009732 INTERIM REPORT Ahlers AG, Herford ISIN DE0005009708 and DE0005009732 I N T E R I M R E P O R T for the first six months of the 2006/07 financial year (December 1, 2006 to May 31, 2007) BUSINESS DEVELOPMENT IN THE FIRST

More information

Unaudited Nine Months Financial Report

Unaudited Nine Months Financial Report RECRUITING SERVICES Amadeus FiRe AG Unaudited Nine Months Financial Report January to September 2015 Temporary Staffing. Permanent Placement Interim Management. Training www.amadeus-fire.de Unaudited Nine

More information

Quarter Report 2014 ESSANELLE HAIR GROUP AG

Quarter Report 2014 ESSANELLE HAIR GROUP AG Quarter Report 2014 ESSANELLE HAIR GROUP AG Q1 2 Q1/2014 ESSANELLE HAIR GROUP KEY FIGURES for 1 January to 31 March 2014/2013 (IFRS) million 2014 2013 Change* Consolidated sales 32.3 30.8 +4.7% essanelle

More information

Half year results 2011

Half year results 2011 Half year results 2011 29 July 2011 Bert De Graeve, Chief Executive Officer Bruno Humblet, Chief Financial Officer Address by Bert De Graeve, Chief Executive Officer Introductory remark The consolidated

More information

Consolidated Financial Review for the Second Quarter Ended September 30, 2014

Consolidated Financial Review for the Second Quarter Ended September 30, 2014 Consolidated Financial Review for the Second Quarter Ended September 30, 2014 TOKYO ELECTRON Oct 29, 2014 Company name: Tokyo Electron Limited URL: http://www.tel.com Telephone number: (03) 5561-7000 Stock

More information

Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges Where

More information

Interim report as at 30 September 2014

Interim report as at 30 September 2014 Interim report as at 30 September 2014 Fielmann increases unit sales, revenue and profit Result registers significant growth in the 3 rd quarter of 2014 Fielmann trains more than 2,900 opticians Fielmann

More information

LUBRICANTS. TECHNOLOGY. PEOPLE.

LUBRICANTS. TECHNOLOGY. PEOPLE. 2015 Interim report as at SEPTEMBER 30 sales revenues up 10 % to 1.5 billion (currency: + 6 %; acquisitions: + 4 %) Earnings (EBIT) increase by 11 % to 261 million outlook for the financial year remains

More information

ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2015 RESULTS

ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2015 RESULTS Almere, The Netherlands October 28, 2015 ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2015 RESULTS ASM International N.V. (Euronext Amsterdam: ASM) today reports its third quarter 2015 operating results

More information

Intel Reports Second-Quarter Results

Intel Reports Second-Quarter Results Intel Corporation 2200 Mission College Blvd. Santa Clara, CA 95054-1549 CONTACTS: Mark Henninger Amy Kircos Investor Relations Media Relations 408-653-9944 480-552-8803 mark.h.henninger@intel.com amy.kircos@intel.com

More information

2014 Half-Year Results

2014 Half-Year Results 2014 Half-Year Results July 30, 2014 Amsterdam Nancy McKinstry Chief Executive Officer and Chairman Kevin Entricken Chief Financial Officer Forward-looking Statements This presentation contains forward-looking

More information

Q4 2003. Outlook. Getinge Group Financial Statement 2003

Q4 2003. Outlook. Getinge Group Financial Statement 2003 Getinge Group Financial Statement 2003 Orders received totalled SEK 9,153.8 million (8,772.9) Net sales rose to SEK 9,160.2 million (8,640.1) Profit before tax climbed by 25 % to SEK 1,095.4 million (875.6)

More information

Key figures as of June 30, 2013 1st half

Key figures as of June 30, 2013 1st half Never standing still. Interim Report as of June 30, 2013 Contents 2 Key figures as of June 30, 2013 1st half 3 Key figures as of June 30, 2013 2nd quarter 6 Strong revenue growth 12 Consolidated interim

More information

TORSTAR CORPORATION REPORTS SECOND QUARTER RESULTS

TORSTAR CORPORATION REPORTS SECOND QUARTER RESULTS PRESS RELEASE TORSTAR CORPORATION REPORTS SECOND QUARTER RESULTS TORONTO, ONTARIO (Marketwired July 30, 2014) Torstar Corporation (TSX:TS.B) today reported financial results for the second quarter ended

More information

CANON REPORTS RESULTS FOR FISCAL 1999

CANON REPORTS RESULTS FOR FISCAL 1999 February 14, 2000 CANON REPORTS RESULTS FOR FISCAL 1999 1. CONSOLIDATED RESULTS Millions of yen (except per share amounts) Actual Projected 1999 1998 Change(%) 2000 Change(%) Net sales 2,622,265 2,826,269-7.2

More information

Consolidated Nine-month Report of Baader Bank AG as of 30 September 2012

Consolidated Nine-month Report of Baader Bank AG as of 30 September 2012 Consolidated Nine-month Report of Baader Bank AG as of 30 September 2012 Overview of key figures EARNINGS 1 Jan. - 30 Sept. 2012 1 Jan. - 30 Sept. 2011 Change % Net interest income thou. 4.06 4.66-13.0

More information

2014/2015 The IndusTrIal Group

2014/2015 The IndusTrIal Group Q1 2014/2015 Interim Report 1 April to 30 june 2014 The Industrial Group The essentials at a glance in the first quarter Big increase in incoming orders, sales on par with previous year, earnings considerably

More information

NEWS CORPORATION REPORTS SECOND QUARTER RESULTS FOR FISCAL 2016

NEWS CORPORATION REPORTS SECOND QUARTER RESULTS FOR FISCAL 2016 NEWS CORPORATION REPORTS SECOND QUARTER RESULTS FOR FISCAL 2016 FISCAL 2016 SECOND QUARTER KEY FINANCIAL HIGHLIGHTS Revenues of $2.16 billion compared to $2.26 billion in the prior year; Excluding the

More information

DEUFOL SE JOHANNES-GUTENBERG-STR. 3 5 65719 HOFHEIM (WALLAU), GERMANY PHONE: + 49 (61 22) 50-00 FAX: + 49 (61 22) 50-13 00 WWW.

DEUFOL SE JOHANNES-GUTENBERG-STR. 3 5 65719 HOFHEIM (WALLAU), GERMANY PHONE: + 49 (61 22) 50-00 FAX: + 49 (61 22) 50-13 00 WWW. SEMI-ANNUAL REPORT 5 Key Figures for the Deufol Group figures in thousand 6M 2015 6M 2014 Results of operations Revenue (total) 152,088 141,450 Germany 83,770 77,730 Rest of the World 68,318 63,720 International

More information

FY2011 Third Quarter Consolidated Financial Results (Prepared in accordance with U.S. GAAP) (Period ended December 31, 2011) (Unaudited)

FY2011 Third Quarter Consolidated Financial Results (Prepared in accordance with U.S. GAAP) (Period ended December 31, 2011) (Unaudited) FY2011 Third Quarter Consolidated Financial Results (Prepared in accordance with U.S. GAAP) (Period ended December 31, 2011) (Unaudited) Advantest Corporation (FY2011 Q3) January 27, 2012 Company name

More information

Makita Corporation. Consolidated Financial Results for the nine months ended December 31, 2007 (U.S. GAAP Financial Information)

Makita Corporation. Consolidated Financial Results for the nine months ended December 31, 2007 (U.S. GAAP Financial Information) Makita Corporation Consolidated Financial Results for the nine months ended (U.S. GAAP Financial Information) (English translation of "ZAIMU/GYOSEKI NO GAIKYO" originally issued in Japanese language) CONSOLIDATED

More information

Order bookings 48,719 55,565-12 12,835 14,845 Sales 48,331 56,492-14 13,166 17,076

Order bookings 48,719 55,565-12 12,835 14,845 Sales 48,331 56,492-14 13,166 17,076 28 January, 2002 SCANIA YEAR-END REPORT JANUARY - DECEMBER 2001 After the unsatisfactory 2001, our measures to adjust production to lower global demand, structural changes related to cab production and

More information

Aalberts Industries realises strong growth in revenue (15%) and earnings per share (24%)

Aalberts Industries realises strong growth in revenue (15%) and earnings per share (24%) date 23 February 2012 more information e-mail Jan Aalberts / John Eijgendaal info@aalberts.nl phone +31 (0)343 565 080 Press Release Aalberts Industries realises strong growth in revenue (15%) and earnings

More information

Unaudited Half Year Financial Report January June 2013. Creating career prospects and deploying targeted professional skills.

Unaudited Half Year Financial Report January June 2013. Creating career prospects and deploying targeted professional skills. Creating career prospects and deploying targeted professional skills Amadeus FiRe AG Unaudited Half Year Financial Report January June 2013 Unaudited Half Year Financial Report, January June 2013 1 Unaudited

More information

Howelliott.Com Is A Major Supplier Of Aeroceo

Howelliott.Com Is A Major Supplier Of Aeroceo Almere, The Netherlands March 4, 2015 ASM INTERNATIONAL N.V. REPORTS FOURTH QUARTER 2014 RESULTS ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam: ASM) reports today its fourth quarter 2014

More information

9-MONTHS REPORT. Stable development of business in Q3 Lila Logistik confirms full-year forecast

9-MONTHS REPORT. Stable development of business in Q3 Lila Logistik confirms full-year forecast /08 9-MONTHS REPORT Stable development of business in Q3 Lila Logistik confirms full-year forecast Key figures for the first three quarters of 2008 in accordance with IFRS 01.01. 01.01. Change in Change

More information

Our results at a glance

Our results at a glance 1Report 15 AkzoNobel I Report for the first quarter 2015 2 AkzoNobel around the world Revenue by destination (44 percent in high growth markets) A North America B Emerging Europe C Mature Europe D Asia

More information

Q2 and Half-Year 2010 Results

Q2 and Half-Year 2010 Results Q2 and Half-Year 2010 Results July 27, 2010 27.07.2010 1 Key financials in billions of Q2 2009 Q2 2010 Revenue 19.6 25.1 EBIT Net profit (loss) Earnings (loss) per share (in ) (1.0) (1.1) (0.99) 2.1 1.3

More information

CENIT AG Systemhaus. Industriestraße 52-54 D-70565 Stuttgart Tel: + 49 711 7825-30 Fax: + 49 711 7825-4000 Internet: http://www.cenit.

CENIT AG Systemhaus. Industriestraße 52-54 D-70565 Stuttgart Tel: + 49 711 7825-30 Fax: + 49 711 7825-4000 Internet: http://www.cenit. 9 Months Report 2007 CENIT AG Systemhaus Industriestraße 52-54 D-70565 Stuttgart Tel: + 49 711 7825-30 Fax: + 49 711 7825-4000 Internet: http://www.cenit.de Investor Relations: ISIN:DE0005407100 Fabian

More information

Sales and profit expectations for 2014 fulfilled Distribution proposed Share buy-back agreed

Sales and profit expectations for 2014 fulfilled Distribution proposed Share buy-back agreed Press release Sales and profit expectations for 2014 fulfilled Distribution proposed Share buy-back agreed Sales up 4 percent on previous year Gross and EBIT margins reduced by temporary start-up costs

More information

Earnings Release Q1 FY 2016 October 1 to December 31, 2015

Earnings Release Q1 FY 2016 October 1 to December 31, 2015 Munich, Germany, January 25, 2016 Earnings Release FY 2016 October 1 to December 31, 2015 Strong start into the fiscal year earnings outlook raised»we delivered a strong quarter and are well underway in

More information

NOMAD FOODS LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2016

NOMAD FOODS LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2016 NOMAD FOODS LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2016 FELTHAM, United Kingdom, May 25, 2016 /PRNewswire/ Nomad Foods Limited ( Nomad or the Company ) (NYSE: NOMD), today

More information

Statement by Kasper Rorsted Chairman of the Management Board Conference-Call November 11, 2015, 10.30 a.m.

Statement by Kasper Rorsted Chairman of the Management Board Conference-Call November 11, 2015, 10.30 a.m. Statement by Kasper Rorsted Chairman of the Management Board Conference-Call November 11, 2015, 10.30 a.m. Welcome to our conference call today. As you will have seen, this morning we sent out our news

More information

Travel24.com AG. Quarterly Report Q1 2015

Travel24.com AG. Quarterly Report Q1 2015 Travel24.com AG Quarterly Report Q1 2015 2 Selected Key Group Data January 1 - March 31 Change In thousands of euro 2015 2014 % Revenue 4,494 7,810-42 % EBIT 806 1,231-35 % Net profit 66 518-87 % Earnings

More information

Consolidated Financial Summary for the Six Months Ended September 30, 2008

Consolidated Financial Summary for the Six Months Ended September 30, 2008 Member of Financial Accounting Standards Foundation Consolidated Financial Summary for the Six Months Ended September 30, 2008 Date: November 11, 2008 Name of Listed Company: NOK Corporation Securities

More information

Interim report April-June 2003

Interim report April-June 2003 Interim report April-June 2003 Pre-tax profit for the second quarter amounted to SEK -34m, which is a SEK 30m improvement compared to last year (SEK -64m). Software revenue grew by 5% during the second

More information

Summary of Financial Statements (J-GAAP) (Consolidated)

Summary of Financial Statements (J-GAAP) (Consolidated) Summary of Financial Statements (J-GAAP) (Consolidated) February 10, 2016 Company Name: Sodick Co., Ltd. Stock Exchange: Tokyo Stock Exchange, 1st Section Code Number: 6143 URL: http://www.sodick.co.jp

More information

Ströer continuing on its profitable course of digital growth in Q3 and significantly raising its guidance for both 2015 and 2016

Ströer continuing on its profitable course of digital growth in Q3 and significantly raising its guidance for both 2015 and 2016 PRESS RELEASE Ströer continuing on its profitable course of digital growth in Q3 and significantly raising its guidance for both 2015 and 2016 Ströer anticipating consolidated revenue of between EUR 1.1b

More information

Monster Worldwide Reports Third Quarter 2015 Results

Monster Worldwide Reports Third Quarter 2015 Results Monster Worldwide Reports Third Quarter 2015 Results Third Quarter Financial Highlights: o Company Exceeds Expectations on All Profitability Metrics For the 5th Consecutive Quarter Adjusted EBITDA Including

More information

ACADIAN TIMBER CORP. REPORTS FOURTH QUARTER AND YEAR-END RESULTS

ACADIAN TIMBER CORP. REPORTS FOURTH QUARTER AND YEAR-END RESULTS News Release Investors, analysts and other interested parties can access Acadian Timber Corp. s 2015 Fourth Quarter Results conference call via webcast on Thursday, February 11, 2016 at 1:00 p.m. ET at

More information

Half Year 2015 Results

Half Year 2015 Results Half Year 2015 Results Letter to shareholders LifeWatch First Half Highlights Revenue growth of 9.1% to USD 52.5 million Above-market growth of over 12% in core monitoring services resulting in market

More information

Analysts and press conference for the financial year 2010. March 16, 2011

Analysts and press conference for the financial year 2010. March 16, 2011 Analysts and press conference for the financial year 2010 March 16, 2011 Welcome Walter Gränicher Jost Sigrist Werner Schmidli Chairman of the Board of Directors Chief Executive Officer Chief Financial

More information

last page of this release. 3 Operating margin is calculated as operating income divided by net revenues.

last page of this release. 3 Operating margin is calculated as operating income divided by net revenues. By: EARNINGS RELEASE Expeditors International of Washington, Inc. 1015 Third Avenue, Suite 1200 Seattle, Washington 98104 CONTACTS: R. Jordan Gates Bradley S. Powell President and Chief Operating Officer

More information

FOSSIL GROUP, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2014 RESULTS; Fourth Quarter Net Sales of $1.065 Billion; Diluted EPS Increases 12% to $3.

FOSSIL GROUP, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2014 RESULTS; Fourth Quarter Net Sales of $1.065 Billion; Diluted EPS Increases 12% to $3. FOSSIL GROUP, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2014 RESULTS; Fourth Quarter Net Sales of $1.065 Billion; Diluted EPS Increases 12% to $3.00 Fiscal Year 2014 Net Sales Increase 8% to $3.510 Billion;

More information

Q1 2015 INTERIM REPORT JANUARY MARCH

Q1 2015 INTERIM REPORT JANUARY MARCH Q1 2015 INTERIM REPORT JANUARY MARCH 2 Contents GENERAL Business Developments Overview 3 Beiersdorf s Shares 4 INTERIM MANAGEMENT REPORT GROUP Results of Operations Group 5 Results of Operations Business

More information

CONSOLIDATED FINANCIAL REPORT FIRST QUARTER FISCAL 2009

CONSOLIDATED FINANCIAL REPORT FIRST QUARTER FISCAL 2009 CONSOLIDATED FINANCIAL REPORT FIRST QUARTER FISCAL 2009 (March 1, 2009 to May 31, 2009) July 9, 2009 F&A Aqua Holdings, Inc. is listed on the First Section of the Tokyo Stock Exchange under the securities

More information

How To Understand And Understand Beiersdorf

How To Understand And Understand Beiersdorf H1 2015 INTERIM REPORT JANUARY JUNE 2 Contents GENERAL Business Developments Overview 3 Beiersdorf s Shares 4 INTERIM MANAGEMENT REPORT GROUP Results of Operations Group 5 Results of Operations Business

More information

Sapiens results in the first quarter represent a solid start to achieving our financial targets for the full year.

Sapiens results in the first quarter represent a solid start to achieving our financial targets for the full year. Sapiens Reports 12% Year-Over-Year Increase in Quarterly Revenue to $41 Million Non-GAAP Quarterly Operating Profit Increased by 58.5% Year-Over-Year Holon, Israel, May 6, 2015 Sapiens International Corporation,

More information

Mitsubishi Electric Announces Consolidated and Non-consolidated Financial Results for Fiscal 2016

Mitsubishi Electric Announces Consolidated and Non-consolidated Financial Results for Fiscal 2016 MITSUBISHI ELECTRIC CORPORATION PUBLIC RELATIONS DIVISION 7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8310 Japan FOR IMMEDIATE RELEASE No. 3023 Investor Relations Inquiries Investor Relations Group,

More information

Year-end report. President s comments. The fourth quarter. January - December

Year-end report. President s comments. The fourth quarter. January - December Year-end report The fourth quarter > > Net sales increased by 17 percent during the fourth quarter to SEK 1,758 M (1,504). In local currencies, net sales increased by 7 percent > > Operating profit increased

More information

RESULTS OF OPERATIONS

RESULTS OF OPERATIONS Management s Discussion and Analysis of Financial Conditions and Results of Operations («MD & A») should be read in conjunction with the unaudited interim consolidated financial statements for the six

More information

Staples, Inc. Announces First Quarter 2016 Performance

Staples, Inc. Announces First Quarter 2016 Performance Media Contact: Mark Cautela 508-253-3832 Investor Contact: Chris Powers/Scott Tilghman 508-253-4632/1487 Staples, Inc. Announces First Quarter 2016 Performance FRAMINGHAM, Mass., May 18, 2016 Staples,

More information

Greif Reports Fourth Quarter 2014 Results

Greif Reports Fourth Quarter 2014 Results Contacts Analyst: Robert Lentz Media: Scott Griffin 614-876-2000 740-657-6516 Greif Reports Fourth Quarter 2014 Results Net sales for the fourth quarter 2014 were flat compared to the fourth quarter 2013

More information

Management s Discussion and Analysis

Management s Discussion and Analysis Management s Discussion and Analysis of Financial Conditions and Results of Operations For the quarter and six months ended June 30, 2012 All figures in US dollars This Interim Management s Discussion

More information

A good start to the year, in line with expectations Danone continues to re-balance its model of growth

A good start to the year, in line with expectations Danone continues to re-balance its model of growth First-quarter 206 sales Press release Paris, April 9, 206 A good start to the year, in line with expectations Danone continues to re-balance its model of growth FIRST QUARTER 206 sales growth: +3.5% Solid

More information