Copenhagen, Denmark, August 12, 2016, 2016-08-12 09:02 CEST (GLOBE NEWSWIRE) -- Haldor Topsoe Group’s revenue in the first half-year of 2016 was in line with the same period last year. Geopolitical unrest and macroeconomic slowdown have had a negative impact on business in some regions. Catalyst revenue was negatively impacted by the reduced sale of technology projects in previous years as well as reduced raw material costs, whereas technology revenue picked up in the first half of 2016. Resumed Iranian contracts from 2012 positively impacted revenue as well as EBIT in first half of 2016 by DKK 93 mill. Cost reduction initiatives implemented in 2015 and 2016 positively impacted the profitability level. The order book increased significantly, mainly as a consequence of the lifting of the international sanctions on Iran.
“We are very pleased to see the significant increase in profitability. We generate a satisfactory profit from our business, and we have significantly increased our order book in the first half of 2016. We have effectuated substantial cost savings, and we have been able to increase our technology revenue. This is important for our current technology business as well as our future catalyst business. Also, it is encouraging that we have been able to complete our new automotive catalyst plant in China in time and within budget” says Peter Rønnest Andersen, CFO, Haldor Topsoe.
Revenue for the full year of 2016 is expected to be at the same level or slightly higher than in 2015. EBIT margin is expected to be higher than full year 2015 .
As stated in announcements no. 906457 and 906456 of today Henrik Topsøe has, due to illness, decided to leave the Board of Haldor Topsoe A/S. New Chairman of the Board is Jeppe Christiansen.
Financial highlights
- Revenue amounted to DKK 2,836 million, in line with the same period last year. Technology revenue increased by 57%, whereas catalyst revenue decreased by 12%.
- EBITDA was DKK 586 million, an increase of 67% compared to same period last year.
- EBIT was DKK 435 million, an increase of 105% compared to same period last year – due to new technology projects and significant cost reductions.
- Net profit was DKK 305 million, an increase of 98% compared to same period last year.
- Cash flow from operations was DKK 495 million, an improvement of 40% compared to same period last year. Working capital decreased by DKK 3 million during first half 2016.
- Capital expenditure was DKK 180 million compared to DKK 290 million in the first half of 2015. The construction of the production plant in Tianjin, China has been finalized with the second phase becoming operational according to plans in June 2016.
- As outlined in the outlook in the annual report 2015, revenue for the full year of 2016 is expected to be at the same level or slightly higher than in 2015. EBIT margin is expected to be higher than full year 2015.
- In January 2016, economic sanctions against Iran were lifted. This has had a positive impact on revenue, profitability and order book.
Financial highlights for Haldor Topsoe A/S Group (DKK million)
| 1st half year 2016 | 1st half year 2015 | |
| Revenue | 2,836 | 2,831 |
| EBITDA | 586 | 351 |
| EBIT | 435 | 212 |
| Net profit | 305 | 154 |
| Return on equity | 29.4% | 16.5% |
| Equity ratio | 29.5% | 27.9% |
| June 30, 2016 | December 31, 2015 | |
| Non-current assets | 3,397 | 3,302 |
| Current assets | 3,846 | 3,892 |
| Assets | 7,243 | 7,194 |
| Equity attributed to the owners of the parent company | 2,136 | 2,003 |
| Non-controlling interest | 58 | 71 |
| Liabilities | 5,049 | 5,120 |
| Equity and liabilities | 7,243 | 7,194 |
| 1st half year 2016 | 1st half year 2015 | |
| Cash and cash equivalents beginning | 952 | 920 |
| Cash flows from operations | 495 | 353 |
| Change in working capital | -3 | 97 |
| Cash flows from operating activities | 492 | 450 |
| Cash flows from investing activities | -180 | -290 |
| Cash flows from financing activities | -218 | -127 |
| Cash and cash equivalents end | 1,042 | 961 |
| 1st half year 2016 | 1st half year 2015 | |
| Equity beginning | 2,074 | 1,925 |
| Comprehensive income | 270 | 238 |
| Transactions with owners | -150 | -150 |
| Equity end | 2,194 | 2,013 |
The half year figures have not been reviewed by the company’s auditors. The audited annual report 2016 will be published by Haldor Topsoe A/S on March 21, 2017.
About Haldor Topsoe A/S Haldor Topsoe is a world leader in catalysis and surface science. The company is committed to helping its customers achieve optimal performance. This means enabling customers to get the most out of their processes and products, using the least possible energy and resources in the most responsible way. Haldor Topsoe is a global organization with production plants, regional offices and engineering activities all over the world. The company employs approximately 2,550 employees. For further information: www.topsoe.com
Financial contact Peter Rønnest Andersen, CFO, Haldor Topsoe A/S Phone: +45 22 75 48 30 Mail: pera@topsoe.dk Media contact Svend Ravn, Media Relations Manager, Haldor Topsoe A/S Phone: +45 22 75 43 58 Mail: svra@topsoe.dk
