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PRESS RELEASE

Continued Satisfactory Performance Despite the European Slowdown Aliaxis S.A. 2012 Half Year Results Brussels, September 19 2012 – Aliaxis, a leading global manufacturer and distributor of plastic fluid handling systems, today released its 2012 half year results which highlight continued satisfactory performance despite the European slowdown. Highlights for the first half of 2012 

Sales revenue amounted to € 1,197 million, an overall increase of 7.3% compared to the first half of last year

Current EBIT(**), excluding non-recurring items, amounted to € 114 million, an increase of 12.8% compared to 2011

Continuing satisfactory performance in North America and Australasia, stability in Asia, and encouraging progress in South Africa.

Solid improvement in operating performance in Latin America.

Continued low activity in Europe, with particularly difficult conditions in the UK, Spain and Italy.

The unaudited interim financial information for the first half of the year 2012 was presented to the Board of Directors on September 14. COMMENTS During the period there have been no material changes in the scope of consolidation. Sales revenue in the first half of 2012 amounted to € 1,197 million (2011: € 1,115 million) which represents an overall increase of 7.3%. Excluding exchange rate impacts, this represents an increase of 3.9%. The Group’s operating income (EBIT) reached € 101 million (2011: € 116 million) representing 8.4% of sales. The opposite impact of the non-recurring items recorded in the respective periods (€ 13 million of costs in 2012 vs. € 15 million income in 2011) resulted in a decrease of 12.9%. The bulk of the € 13 million non-recurring costs incurred in 2012 represents the financial impact of a number of industrial reorganizations mainly affecting underperforming businesses. Current operating income (Current EBIT**) was € 114 million, representing 9.5% of sales and a 12.8% increase versus that of the comparable period in 2011. Net Financial Debt was € 419 million, € 53 million above the level of 30 June 2011. The acquisition of treasury shares by a subsidiary of Aliaxis for an amount of € 72 million impacted financial indebtedness which would otherwise have decreased by € 20 million. Compared to

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December 2011, the increase in non cash working capital as a result of seasonality also required additional funding. During the first half of 2012 capital expenditures were at normal levels and key projects were carried out to plan. At the same time the Group initiated or realised a number of industrial reorganisations and measures were also taken to align the European operations to prevailing activity levels. Strong performances in all other markets mitigated the revenue decrease recorded in Europe. After a price increase recorded in the first months of the year, raw material prices have stabilised.

Europe The low activity level in the construction market influenced by the overall European economic slowdown continued in the first half of 2012 and put revenues and margins under pressure. In the UK, Spain and Italy, the market environment remained particularly challenging. Under these circumstances, the Group reorganised a number of activities in its Building and Sanitary Division in the first half of 2012, in particular Germany and Italy. The market dynamics for the Utilities and Industry Division are somewhat different as it has a greater exposure to international markets. The Division delivered satisfactory results and continues to focus on new product development and an extension of its footprint into new territories.

North America In North America our businesses continued to deliver solid performances. Both in the US and Canada, the activities recorded significant revenue increases.

Australasia, Asia and Africa Revenues increased in Australia and New Zealand and the activities performed well, whilst in Asia the activities stabilised at levels similar to those of previous periods. As the combined result of a recent reorganization and improved market conditions, the operations in South Africa delivered encouraging revenue growth as well as some improvement in performance.

Latin America The region was characterized by a modest top line growth combined with a solid improvement of its current operating performance in Central and South America. The industrial reorganization of certain Brazilian operations was substantially completed during the period.

OUTLOOK FOR THE SECOND HALF OF 2012 As the economy in Europe remains weak, the current low levels of activities in a number of European markets are expected to continue during the second half of the year. In combination with the continued roll out of strategic projects, the Group’s focus will remain on margin improvement. The Group’s global footprint will continue to help mitigate the impact of the current low activity levels in Europe.

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SUMMARY FINANCIAL INFORMATION Condensed Interim Consolidated Statement of Comprehensive income

First half

(€ million)

2012

2011

Inc/(Dec)

Sales

1,197

1,115

82

2,235

Current EBITDA*

154

145

9

272

12.9%

13.0%

114

101

% of sales

9.5%

9,1%

Operating income (EBIT)

101

116

% of sales

8.4%

10.4%

Profit before income taxes

86

103

(17)

149

Net profit,

61

73

(12)

93

■ Non-controlling interests

1

1

-

2

■ Group equity holders

60

72

(12)

91

% of sales

Current EBIT**

Full year 2011

12.2%

13

185

(15)

175 7.8%

attributable to :

First half Full year 2011

Earnings per share

Basic earnings per share (€)

2012

2011

Inc/(Dec)

0.75

0.83

(9.7%)

1.04

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Condensed Consolidated statement of financial position (â‚Ź million)

30 June

30 June

Inc /

2012

2011

(Dec)

31 December 2011

Intangible Assets

623

590

33

610

Property, Plant and Equipment

601

580

21

599

Non Current Investments

53

44

9

39

Other Non Current Assets

23

13

10

27

Total Non Current Assets

1,300

1,227

73

1,275

Non Cash Working Capital

586

553

33

446

Total

1,886

1,780

106

1,721

Equity (attributable to Group)

1,397

1,334

63

1,375

Non-controlling interests

11

10

1

10

Total Equity

1,407

1,344

63

1,385

Non Current Liabilities

39

43

(4)

41

Deferred Tax Liabilities (net) Net Financial Debt

21 419

27 366

(6) 53

16 279

Total

1,886

1,780

106

1,721

* Current EBITDA being EBITDA before non-recurring items ** Current EBIT being EBIT before non-recurring items

Contact: Manuel Monard (Group Corporate Development Finance Manager) Tel. 32-2-775 5050 – Fax. 32-2-775 5051 E-mail: aliaxis@aliaxis.com

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Aliaxis_Press_release_190912