Egetæpper A/S
Annual report notification for the accounting year 1 May 2013 – 30 April 2014

DGAP-News: Egetæpper A/S /

26.06.2014 / 12:32

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Annual report 2013/14

The board of directors has today approved the annual report for 2013/14 for
egetæpper a/s. The annual report 2013/14 has the following main items: 

Accounting report

The result before taxation amounts to 62.1 DKK million which is better than our
expectations at beginning of the year but in line with our estimate from March
2014 where we expected a result before taxation of 60-70 DKK million. 

Financial highlights:

  -- The group turnover amounts to 784 DKK million which is on the same level as
     last year.

  -- Result before financial items and taxation amounts to 69.8 DKK million
     equal to an EBIT-margin on 9%.

  -- Result before taxation amounts to 62.1 DKK million, an increase of 13.9 DKK
     million compared to last year.

  -- The group's result amounts to 48.0 DKK million against 34.4 DKK million
     last year.

  -- Dividend is recommended fixed at 18.3 DKK million equal to approx 40% of
     the group's result after taxation and dividend to minority shareholders.

  -- The net investments in long-term assets during the year amount to 34 DKK
     million.

  -- Interest-bearing net assets amount to 2.1 DKK million as interest-bearing
     net liabilities have been reduced by 9.5 DKK million compared to last year.
     Investments of the year have been financed by cash flows from operating
     activities.

  -- Cash flows from operations amount to 61 DKK million.


Prospects 2014/15

We determinedly work with egetæpper's general strategy 'Sustainable Carpet
Design 2020' and on this basis we have set up the following expectations to the
markets: 

  -- The activity level on the Danish market, being our biggest market, has
     developed a bit better than expected in the accounting year 2013/14 - we
     expect this development to continue.
  -- Among the important export markets we especially expect growth in England.
     Furthermore it is our expectation that Norway, Sweden and The Middle East
     will evolve positively.
  -- Both Germany and France have not been developing as expected the past year.
     We have taken steps to turn this development in the year to come.
  -- The formation in Asia will go on and we expect ongoing prosperity.

As per 1 October 2014 egetæpper a/s acquire 51% of the shares in Hammer Tæpper
A/S. The group result is expected to be affected positively by 5 DKK million
before taxation plus possible effects of valuation adjustments in the fair
value as per day of handover. 

In all our expectations to 2014/15 are:

  -- A turnover of 900-950 DKK million
  -- An EBIT-margin of 8-9%
  -- A result before taxation of 70-75 DKK million
  -- A cash flow from operations of 75-85 DKK million
  -- Investments in long-term assets of 45-55 DKK million plus investment in
     Hammer Tæpper A/S of approx 50 DKK million


The annual general meeting

The annual general meeting to be held on Friday 29 August 2014.

The board of directors has made the following proposals for the annual general
meeting: 

  -- Based on the group's dividend policy the board of directors recommends that
     dividend is fixed at 7.00 DKK per share nominal 10 DKK corresponding to a
     total dividend of 18.3 DKK million or approx 40% of the net result after
     taxation and dividend to minority shareholders.

  -- The board of directors also recommends that the board of directors is
     authorised to acquire own shares up to nominal 5.0 DKK million. The
     authorisation is provided until the annual general meeting.



Contacts:

Mr. John Vestergaard, CFO                                              Mr.
Svend Aage Færch Nielsen, CEO 
Tel: +45 97118811                                                         Tel:
+45 97118811 



egetæpper a/s


Herning, 28 June 2014



The Consolidated annual report  is attached.
News Source: NASDAQ OMX


End of Corporate News

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Language:    English        
Company:     Egetæpper A/S  
 
 
             Denmark        
ISIN:        DK0010259290   
 
 
End of News    DGAP News-Service  
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275361 26.06.2014