Auriga, Financials in Q2 2015 as expected after dividend pay-out


Auriga Industries A/S, Harboøre, Denmark, 2015-08-18 08:00 CEST (GLOBE NEWSWIRE) --  

 

Company announcement no. 17/2015

August 18, 2015

   

Financials as expected after dividend pay-out

In Q2 2015, DKK 8.5 billion was received in cash at closing of the divestment of Cheminova A/S, and DKK 8.2 billion, or DKK 323 per share, was paid out as extraordinary dividends to Auriga’s shareholders. Any remaining amount, expectedly DKK 2-2.5 per share, will be distributed at a later stage.
 

Highlights in Q2 2015

  • On April 21, 2015, the transaction divesting Cheminova from Auriga was closed, and the net cash proceeds of DKKm 8,516 were received from FMC Corporation.
  • On April 30, 2015, at the Annual General Meeting, the shareholders authorized the Board of Directors to distribute the net proceeds from the sale as extraordinary dividends. Furthermore, a capital reduction was adopted in order to increase the distributable reserves.
  • On June 3, 2015, the capital reduction was completed. The nominal value of the shares was reduced from DKK 10 to DKK 0.2 per share, reducing the share capital to DKKm 5.1. The number of shares and votes were not affected by the capital reduction.
  • On June 16, 2015, extraordinary dividends of DKKm 8,237 were distributed, corresponding to DKK 323 per share. This was in line with the outlook announced on September 8, 2014, when the sales agreement was signed.
  • Until April 21, 2015, Cheminova was a fully owned subsidiary held for sale and consolidated into Auriga’s accounts as discontinuing operations. From April 21, 2015, Auriga has no operational activities. Accordingly, Cheminova is presented as discontinued operations, while Auriga is the continuing operations during its closing-down process.
  • Net profits for Q2 2015 totaled DKKm 7,448, following an accounting gain from the divestment of DKKm 7,617 and tax income of DKKm 3. The result was impacted by administrative costs of DKKm 101 and net financial costs of DKKm 13. Further, the discontinued operations posted a net loss of DKKm 58 in the period April 1-20, 2015.
  • Auriga’s equity on June 30, 2015, was DKKm 80. Assets consisted of DKKm 84 in cash and DKKm 1 in other receivables. Total liabilities were DKKm 5.
     

Remaining activities in 2015-2016

  • Auriga’s focus will be on distributing the remaining proceeds. No definite timelines can be disclosed at this stage, as the remaining process depends on dialogue with and subsequent approvals by relevant authorities.
  • Any remaining amount in Auriga, expected to be DKK 2-2.5 per share, will be distributed at a later stage. More information will be communicated later in 2015.
     
  • As part of the closing-down process, CEO René Schneider will leave Auriga at the end of August 2015, though still available as required until the end of May 2016. As of September 1, 2015, the current Deputy Chairman Torben Svejgård will assume responsibility as CEO and remain an ordinary board member. The Board of Directors will appoint Jutta af Rosenborg as Deputy Chairman.
      

   
AURIGA INDUSTRIES A/S


René Schneider
CEO 
Mobile +45 40 80 99 50


Lene Faurskov
Manager, Investor Relations
Mobile +45 41 64 05 04

investor@auriga.dk - www.auriga-industries.com

 

  
 


Attachments

Auriga_UK_Q2 2015_18-08-2015.pdf