RESULTS IN LINE WITH OUTLOOK – CONTINUED FOCUS TO BUILD FOUNDATION FOR FUTURE GROWTH AND IMPROVED EARNINGS
Consolidated highlights from the Annual Report 2015
- Revenue in 2015 reached EUR 373.6m (EUR 338.1m) in line with the latest published outlook as announced in Q3 2015, equivalent to a growth of 10.5% in EUR and 3.8% in local currencies driven by EMEA and Asia.
- Relocation Services grew by 28.4% in EUR and 18.7% in local currencies.
- EBITDA before special items was on par with 2014 at EUR 12.2m and in line with the most recent outlook. EBITDA included a EUR 2.0m gain from divestment of a warehouse in Singapore. Significant pressure on margins in moving services and depressed market conditions in Australia impacted negatively.
- EBITDA margin before special items was 3.3% (3.6%).
- The result from continuing operations was a loss of EUR 3.3m (EUR -33.7m).
- Dedicated efforts drove a strong improvement in working capital, net debt position and operating cash flow.
Outlook for 2016
- The Santa Fe Group consolidated revenue is expected to be at the same level as in 2015 (EUR 373.6m).
- EBITDA before special items is expected to be in the range of EUR 13-15m. Special items are expected to be below the cost in 2015 (EUR 2.7m).
Commenting on the results, Group CEO Martin Thaysen says:
“We succeeded in growing our business despite severe market setbacks in Australia and China. Our operating performance, however, was disappointing with unsatisfactory low margins in moving services and challenging market conditions in Australia and China affecting our performance.
We began to see traction from our strategy and efforts to Fix the core with improving margins during H2, continuing growth in relocation services and a significant improvement in our cash flow and net debt position.
2016 will be a challenging year. Although the underlying fundamentals of the global mobility and relocation industry are still attractive, the 2016 macro-economic outlook is somewhat uncertain. We continue our efforts to execute on our 2020 Strategy with a focus to restructure and improve earnings in moving services, reduce cost, enhance our organisational capabilities, and initiate the New Core Technology project.”
Webcast today at 10:00
SFG‘s Annual Report 2015 will be presented in a webcast followed by a conference call with financial analysts, investors and the press today at 10:00 CET on the company website www.thesantafegroup.com
Martin Thaysen, Group CEO, +44 20 3691 8300
Christian Møller Laursen, Group CFO, +44 20 8963 2514
