Santa Fe Group
EAC Interim Report Q3 2014 – Company announcement No. 11/2014

DGAP-News: A/S Det Østasiatiske Kompagni

20.11.2014 / 08:46

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SOLID GROWTH IN THE Q3 PEAK SEASON  

Q3 showed
increased activity during the peak season for international relocations in the
Northern hemisphere. EMEA and Australia recorded growth rates of 11 per cent
and 10 per cent respectively, while Asia achieved 5 per cent growth in local
currencies. All business lines contributed to growth, but progress was
particularly strong in the higher-margin Relocation Services, inclusive visa
and immigration. Q4 is anticipated to be negatively impacted by overall market
decline in Australia and continued margin pressure in Moving Services in EMEA. 
 

  Highlights from Q3: 

EAC Group
revenue grew by 9.1 per cent in local currencies and 10.8 per cent in DKK to
DKK 782m (DKK 706m). 
EAC Group
EBITDA before special items was DKK 68m (DKK 64m).  
The Santa Fe Group achieved an EBITDA of DKK
75m (DKK 71m) corresponding to an EBITDA margin of 9.6 per cent (10.1 per
cent). 
Special items related to the restructuring of the parent
company amounted to DKK 15m (DKK 0m). 
  Highlights from the first 9 months:  

EAC Group
revenue grew by 3.6 per cent in local currencies and 0.7 per cent in DKK to
DKK 1,848m (DKK 1,835m). 
EAC Group EBITDA before special items was DKK 82m (DKK 70m).
Special items amounted to around DKK 18m (DKK 0m).  
The Santa Fe Group EBITDA improved by 13.0 per cent
in local currencies and 8.6 per cent in DKK to DKK 101m  (DKK 93m). EBITDA
margin was 5.5 per cent (5.1 per cent) and was particularly driven by a more
favourable product mix.  
Disregarding one-off income
in H1 2013, Santa Fe EBITDA increased by DKK 14m or 21.3 per cent in local
currencies.  
  Full-year outlook is
adjusted: 

The
full-year outlook is adjusted: Revenue is now expected at DKK 2,475m-2,550m
(previously: DKK 2,355m-2,550m) following the increased activity levels in all
regions in Q3 2014. However, Santa Fe's operating result is expected to be
challenged by a material unforeseen decline in Australian consumers' demand in
Q4 2014 and continued margin pressure in Moving Services in EMEA. Santa Fe
Group EBITDA is now expected at DKK 115m-125m (previously: DKK 135m-155m),
while EAC Group EBITDA before special items is expected at DKK 90m-100m
(previously: DKK 105m-125m). By comparison, EAC Group EBITDA amounted to DKK
68m in 2013.   



Commenting on the results, CEO and President Niels Henrik Jensen says:
 

'The Santa
Fe Group has improved its profitability for three consecutive quarters. The
transformation of the business is largely on track with sustained growth in
higher-margin services and increased contribution from the large corporate
tenders that have been won. It is frustrating though to see deteriorating
market conditions in Australia and continued weakness in EMEA hampering the
overall progress. The revised full-year outlook still represents progress over
2013'    





Comparative figures for Q3 2013 and 9 months 2013 are stated in
brackets. All currency effects refer to translation effects from reporting
currencies unless otherwise stated. 



For further information, please contact: 

Niels
Henrik Jensen 

President
and CEO 

Telephone:
+45 3525 4300
News Source: NASDAQ OMX



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20.11.2014 Dissemination of a Corporate News, transmitted by DGAP - a
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Language:    English                        
Company:     A/S Det Østasiatiske Kompagni  
 
 
             Denmark                        
ISIN:        DK0010006329                   
 
 
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