Auriga Industries A/S, Harboøre, Denmark, 2014-11-19 08:00 CET (GLOBE NEWSWIRE) --
Company announcement no. 15/2014
November 19, 2014
The announcement reflects the divestment of Cheminova
The financial report and outlook of Auriga reflect the divestment of the wholly owned subsidiary Cheminova. As previously announced, closing of the transaction is expected to occur early 2015. The divestment has a significant impact on Auriga’s financial reporting, as Cheminova is presented as discontinuing operations with revenue up 10% and EBIT up 13% for the nine-month period 2014.
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In the Q3 2014 report, Auriga is presented as continuing operations and Cheminova as discontinuing operations.
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In Q3 2014, the net profit from continuing operations (Auriga) totaled DKKm -20 following an increase in administrative expenses of DKKm 16 to DKKm 20 due to the divestment process.
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For the nine-month period, the net profit from continuing operations totaled DKKm -41, impacted negatively by the increase in administrative expenses of DKKm 28 to DKKm 40 due to expenses related to the divestment.
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Discontinuing operations (Cheminova) continued to show solid growth in revenue and earnings. The cash flow was negative, primarily due to significantly lower use of factoring and securitization.
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Following closing, which is still expected to occur early 2015, Auriga will distribute the cash proceeds to the shareholders, followed by delisting and liquidation of Auriga. Distribution methods are still being assessed to determine the most efficient method, and the outcome will be communicated at a later stage, as Auriga is in a dialogue with the Danish tax authorities in this regard.
- As announced on September 8, 2014, the expected net proceeds for distribution to shareholders are in the range of DKK 323 to DKK 325 per share. This range is still subject to some uncertainty.
AURIGA INDUSTRIES A/S
CONTACT PERSONS IN AURIGA INDUSTRIES:
René Schneider, Chief Financial Officer
Tel. +45 40 80 99 50
Lene Faurskov, Manager, Investor Relations
Tel. +45 41 64 05 04
www.auriga-industries.com - investor@auriga.dk
Tlf. 70 10 70 30
No audiocast/conference call will be held in connection with the Q3 2014 report.
Facts about Auriga
Auriga Industries A/S is the listed parent company of Cheminova A/S, which is the wholly owned operating company domiciled in Denmark. Cheminova is developing, producing and marketing crop protection products. All activities are carried out with due consideration for the environment and in compliance with ever higher sustainability standards. The products are sold in more than 100 countries, and 98% of sales are generated outside Denmark. In 2013, the group posted revenue of approx. DKK 6.6 billion and has more than 2,200 employees in a global organization with subsidiaries in 24 countries.
