Interim report Q 1 2014/15 (1 May - 31 July 2014)

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| Source: Egetæpper A/S
multilang-release

Interim report Q1 2014/15 (1 May – 31 July 2014)

The Board of Directors in egetæpper a/s has today presented and approved the interim report for the first quarter of the financial year 2014/15. The interim report has not been audited or reviewed by the company auditor.

The interim report contains the following main points:

The result of the first quarter:

  • The period’s result before taxation and minority shareholders has increased by 15%, compared to the same period last year, and amounts to 21,8 DKK million.
  • Result before financial items and taxation amounts to 24.4 DKK million, which is an EBIT-margin of 12%.
  • The group turnover amounts to 198 DKK million against 190 DKK million last year, which is an increase of 4%.
  • The net investments in long-term assets during the period amount to 8 DKK million.
  • Cash flows from operation amount to 28 DKK million.

Subsequent events:

egetæpper a/s has today entered into a conditional agreement to sell the property, located on Wittrupvej 1, 7120 Vejle.

The divestment is expected to positively affect the result with 20 DKK million, and the equity with approximately DKK 18 million.

The sales agreement is conditional on the approval of a new district plan for the area, in which the business property is situated, enabling the buyers to use the property as wished. We expect this condition to be clarified, at the latest on 30 September 2015.

egetæpper has produced yarns for carpets from the property until 2012, where the production was closed down.

 

Prospects 2013/14

Based on the development we have observed, during the first 3 months of the financial year, we maintain our expectations to 2014/15 as announced in our annual report of 26 June 2014.

If the sale of the property in Vejle is completed within the current financial year, expectations for the annual result will be raised from 70-75 DKK million to 90-95 DKK million.

 

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

egetæpper a/s
Herning, 29 August 2014

 

Please find the full interim report attached.