Auriga Industries A/S, Harboøre, Denmark, 2015-04-30 08:01 CEST (GLOBE NEWSWIRE) --
Company announcement no. 7/2015
April 30, 2015
Excellent results in divested operations
Auriga delivered excellent results in Q1 with Cheminova posting 2% organic growth and 7% reported revenue growth. Cheminova’s gross margin improved to 32.8% and the EBIT margin increased to 15.0%. The divestment of Cheminova was completed on April 21, 2015. Distribution of extraordinary dividends of expectedly DKK 323 per share is subject to approval at today’s AGM.
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Closing of the transaction divesting Cheminova from the Auriga group occurred on April 21, 2015, against a net cash payment of DKK 8,516,338,229, corresponding to the previously announced cash consideration less some transaction related costs agreed to be carried by Auriga.
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Auriga intends to distribute a total amount of DKK 8,236,500,000 to Auriga’s shareholders, corresponding to DKK 323 per share, as an extraordinary dividend with expected payment during June 2015. This is subject to approval at the Annual General Meeting (AGM) on April 30, 2015.
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The amount corresponds to the excess cash proceeds from the sale less transaction costs, repayment of Auriga’s debt and costs for winding down activities in Auriga. Any remaining amount, expected to be around DKK 2 per share, will be distributed at a later stage.
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The Q1 2015 report reflects the status on March 31, 2015, where Cheminova was still a fully owned company. Therefore, Cheminova is still consolidated into Auriga’s accounts as discontinuing operations, while Auriga is presented as continuing operations.
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In Q1, a net loss of DKKm -7 was posted from continuing operations (Auriga), following an increase of DKKm 4 in administrative costs to DKKm 6, due to expenses related to the divestment process.
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The discontinuing operations (Cheminova) had a strong quarter with reported revenue growth of 7% to a historically high level of DKKm 1,955. Growth was driven by a strong performance in region Europe as well as region Latin America and further helped by the appreciation of main currencies versus DKK.
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Cheminova’s gross margin improved 2.1 percentage points to 32.8% resulting in an EBIT increase of 36% to DKKm 293, corresponding to an EBIT margin of 15.0%.
EXPECTED TIMELINE
April 30, 2015 Annual General Meeting to approve extraordinary dividends
June 2015 Distribution of extraordinary dividends
2015-2016 Winding down activities in Auriga
The expected timeline should be regarded as an indication of the stages in the process. Distribution of extraordinary dividends is subject to approval at the Annual General Meeting 2015.
AURIGA INDUSTRIES A/S
René Schneider
CEO
Mobile +45 40 80 99 50
Manager, Investor Relations
Lene Faurskov
Mobile +45 41 64 05 04
investor@auriga.dk - www.auriga-industries.com
