Group revenue in line with the latest outlook. Operating margin stronger than the latest outlook.
Santa Fe Group:
Strong growth in strategic business activities. Overall results in line with latest outlook and affected by challenging market conditions in both Europe and Australia.
Strong Q4 secures better than expected EBITDA after a turbulent year with unfavourable market and labour conditions.
Niels Henrik Jensen, President & CEO of EAC:
“2012 proved to be a challenging year for both of our businesses and the overall financial results are disappointing, although a strong finish to the year in Plumrose helped raise the Group EBITDA margin almost 1 percentage point above our latest outlook.
That being said, we reached a number of important underlying strategic goals which have contributed to the continued strengthening of our business platforms and enhanced our ability to pursue new growth opportunities.
In Santa Fe, we have achieved strong double-digit growth in most strategic business segments and we continue to harvest positive sales synergies from the integration of our three regional units winning an increasing share of international contracts. Although we expect a challenging business environment in 2013, we will continue to expand our international business activities and expect to improve our operating margin and overall profitability.
In Plumrose, the continued development of our production facilities and adaptation of product mix made it possible to fully benefit from the revitalised demand after the presidential election, resulting in record-high production volumes in Q4 and an overall EBITDA well ahead of our latest expectations. The devaluation at the beginning of 2013 and general economic and political uncertainties will make market conditions in the coming year extremely challenging. But we maintain our strategic priorities and continue to consolidate our position as market leader in Venezuela.”
The East Asiatic Company Ltd. A/S
For additional information, please contact:
President & CEO Niels Henrik Jensen
+45 3525 4300
Group CFO Michael Østerlund Madsen
+45 3525 4300
A/S Det Østasiatiske Kompagni