Auriga Industries A/S
Auriga, Annual Report 2014 – Satisfactory year
DGAP-News: Auriga Industries A/S 2015-02-20 / 08:00 --------------------------------------------------------------------- Auriga Industries A/S, Harboøre, Denmark, 2015-02-20 08:00 CET (GLOBE NEWSWIRE) -- Company announcement no. 2/2015 February 20, 2015 HIGHLIGHTS 2014 Auriga had a satisfactory year with the divestment of Cheminova as the key event. 5% organic growth lifted the reported revenue to DKK 6.8 billion with improved operating margins in Cheminova. The cash flow was impacted by a significant reduction in factoring/securitization, leading to increased leverage. -- 2014 was impacted by the divestment of Cheminova, now awaiting competition clearances to close the transaction. -- Until closing, Cheminova will be consolidated in Auriga's accounts as discontinuing operations, while Auriga is presented as continuing operations. -- In 2014, the net profit from continuing operations (Auriga) totaled DKKm -61, following an increase in administrative cost of DKKm 32 to DKKm 49 due to expenses related to the divestment process. -- Discontinuing operations (Cheminova) had a satisfactory year with 5% organic growth, lifting the reported revenue 2% to DKKm 6,755. The gross margin improved 0.8 percentage points to 30.8% resulting in an EBIT increase of 9% when adjusting for the cost related to the divestment of Cheminova in 2014 and the sale of Stähler Switzerland in 2013. -- Revenue and earnings from discontinuing operations improved, despite a negative impact from the drought and challenging market conditions in Brazil, significantly curtailing the performance in Q4. -- The negative cash flow was impacted by the significantly lower use of factoring/securitization as well as higher inventories, leading to a higher debt by year-end. -- The divestment of Cheminova is expected to be closed in March or April. -- Distribution methods are still being assessed to determine the most efficient method. The outcome will be communicated at a later stage. -- The Annual General Meeting will be held on April 30, 2015, where Auriga expects to be able to give more information about the expected distribution of proceeds from the divestment. -- The outlook of expected net proceeds in the range of DKK 323-325 per share to be distributed to the shareholders in 2015 is maintained. The range is still subject to some uncertainty. Expected timeline for the divestment 2015 Closing of the transaction (expectedly in March or April) 2015 Notice to convene the (Annual and/or Extraordinary) General Meeting to approve the cash distribution and method 2015 Distribution of excess cash proceeds to Auriga's shareholders 2015-16 Delisting and liquidation of Auriga The expected timeline should be regarded as an indication of the stages in the process, which is conditional on the closing of the transaction. A delay in closing will postpone the subsequent stages. AURIGA INDUSTRIES A/S CONTACT: René Schneider, Chief Financial Officer (CFO) Tel. +45 40 80 99 50 Lene Faurskov, Manager, Investor Relations Tel. +45 41 64 05 04 www.auriga-industries.com - investor@auriga.dk Tlf. 70 10 70 30 No audiocast/conference call will be held in connection with the Annual Report 2014. News Source: NASDAQ OMX --------------------------------------------------------------------- 2015-02-20 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Auriga Industries A/S Denmark ISIN: DK0010233816 End of News DGAP News-Service --------------------------------------------------------------------- 325367 2015-02-20
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