HOCHDORF Holding AG
HOCHDORF Holding AG: Good operational results generated
HOCHDORF Holding AG / Key word(s): Half Year Results HOCHDORF Group press release: Half-year results for 2015 Hochdorf, 19 August 2015 – The HOCHDORF Group processed 421.4 million kg of milk, whey, permeate, and cream in the first half of the year (previous year: 255.9 million kg; +64.7%). The Group generated gross sales revenue of CHF 284.3 million (previous year: CHF 220.7 million; +28.8%). The strong growth in these numbers was due to the acquisitions made in late 2014. Without them, volume and turnover figures would have been slightly below the previous year. At the start of the year, it was announced that EBIT would come in at 2.8-3.0% of production revenue. This range has now been increased to 3.2-3.8%. For the first time, volume and turnover figures include Uckermärker Milch GmbH and Marbacher Ölmühle GmbH, which were acquired in late 2014. As a result, comparison with previous year figures is less meaningful. HOCHDORF processed 421.4 million kg of milk, whey, permeate, and cream in the Group as a whole – a significantly higher quantity of liquid than in the previous year (255.9 million kg; +64.7%). Gross sales revenue came in at CHF 284.3 million. Turnover was somewhat lower than originally expected, which is attributable to currency effects and to international milk prices, which fell sharply and suddenly and in some cases led to lower product prices. The HOCHDORF Group as a whole sold 125,767 tonnes of product (+150.6% compared to the previous year). Good results Major currency effects Dairy Ingredients area HOCHDORF Baltic Milk UAB (Lithuania) processed more milk (40.8 million kg; +54.6%) than at any other time in its history. Overall HOCHDORF Baltic Milk generated gross sales revenue of CHF 15.2 million (-14.4% compared to the previous year). The lower turnover is mainly attributable to the appreciation of the franc against the euro, as well as the discontinuation of the milk-exchange deal. The remainder of the decline is due to lower milk prices and correspondingly lower product prices. In the first half of the year, Uckermärker Milch GmbH processed 168.3 million kg of milk, permeate, and cream to make curd, butter, and milk powder (-7.8% compared to the previous year). It generated gross sales revenue of CHF 87.9 million (-22.0% compared to the previous year; CHF 112.6 million). The lower turnover was due to currency effects, lower milk quantities, and, compared to the previous year, considerably lower milk prices. Baby Care area Plans for renovation work at the dried milk plant of Uckermärker Milch GmbH are proceeding on schedule. Collaboration with the local authorities went well. HOCHDORF expects to be able to begin manufacturing infant formula in Prenzlau in late 2016. Cereals & Ingredients area In terms of sales, the collaboration with the team at Marbacher Ölmühle GmbH was expanded in the first half of the year. Initial synergies have been implemented in sales. Other synergies will result from the dissolution of HOCHDORF Deutschland GmbH in the second half of the year and from the sale of these products by the sales staff at Marbacher Ölmühle, as well as from Switzerland. In the first half of the year, Marbacher Ölmühle GmbH (Germany) generated gross sales revenue of CHF 3.7 million. Integration work in the HOCHDORF Group is proceeding well. In terms of sales, the company is pursuing forward and backward integration. Intermediaries are being eliminated where possible and sensible. HOCHDORF South Africa Ltd formed Outlook HOCHDORF expects somewhat lower milk quantities compared to the previous year and for this reason will process more whey and buttermilk. As a result of the abolishment of the quota, the Group expects somewhat higher quantities of milk for processing at its plants in Lithuania and Germany. Despite currency effects and the low prices for milk products internationally, the HOCHDORF Group continues to assume that gross sales revenue for 2015 will come in at CHF 580 million to CHF 620 million. By contrast, the Group has raised the EBIT target as a percentage of production revenue: “Currently, we anticipate EBIT at 3.2-3.8% of production revenue,” said Eisenring. Key figures for the HOCHDORF Group as at 30 June 2015 (consolidated and unchecked)
The full Letter to Shareholders can be found at http://www.hochdorf.com/en/investors/ -> Financial reporting. End of ad hoc announcement +++++ Additional features: Document: http://n.equitystory.com/c/fncls.ssp?u=DSUHKGEAIP Document title: Letter to Shareholders 2015 2015-08-19 News transmitted by EQS Schweiz AG. www.eqs.com – news archive: http://switzerland.eqs.com/de/News The issuer is responsible for the contents of the release. Information and Explaination of the Issuer to this News: The HOCHDORF Group, based in Hochdorf, achieved a consolidated gross sales revenue of CHF 428.7 million in 2014. It is one of the leading foodstuff companies in Switzerland, employing 573 staff as of 31/12/2014. Made from natural ingredients such as milk, wheat germ and oil seeds, HOCHDORF products have been contributing to our health and wellbeing since 1895 – from babies to senior citizens. Its customers include the food industry and the wholesale and retail sectors. Its products are sold in around 80 countries. The shares are traded on the SIX Swiss Exchange in Zurich (ISIN CH0024666528). |
Language: | English | |
Company: | HOCHDORF Holding AG | |
Siedereistrasse 9 | ||
6281 Hochdorf | ||
Switzerland | ||
Phone: | +41 41 914 65 65 | |
Fax: | +41 41 914 66 66 | |
E-mail: | hochdorf@hochdorf.com | |
Internet: | www.hochdorf.com | |
ISIN: | CH0024666528 | |
Listed: | Foreign Exchange(s) SIX | |
End of News | EQS Group News-Service |
387737 2015-08-19 |