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2015-08-27

DLG Finance A/S: INTERIM REPORT - FIRST HALF OF 2015

) in the first half of
2015, recording 7% growth and greater market share in its three core business
areas - Farm Supply, Vitamins&Minerals, and Service&Energy.

In the first half of 2015, the Group achieved a turnover of DKK 29.3 bln and a
profit before tax of DKK 9.8 mln. The EBITDA for the entire group increased
by 5% to a record level of DKK 501.3 mln - DKK 24.9 mln more than in the same
period last year.

The net profit of DKK -36.4 mln is satisfactory and DKK 34 mln better than the
same period last year.

In the Farm Supply business, the DLG Group has achieved a sales growth of 9%
in the main markets of Germany, Denmark and Sweden. In 2015, the Group also
strengthened its involvement in the Baltics with Scandagra's takeover of the
Lithuanian farm supply company Agrogimas. The DLG Group thus has improved its
position in the Baltic countries.

Farm Supply activities in Denmark has developed extremely satisfactorily in
the first half of 2015 with increased market share and better earnings for
grain. Transport, logistics and production continues to improve efficiency,
leading to significant cost savings. In a market characterized by very
volatile crop prices, the Group's strong risk management has played an
equally significant role. The farm supply activities in Germany delivered
results in the first half of 2015 in line with last year. In Sweden,
competition has increased and Svenska Foder has not met the expected level of
earnings in the first half.

In the Group's Vitamin&Mineral activities, the first half of 2015 has been
very satisfactory with an EBITDA increase of 18% in the Vilofoss group, a
development primarily driven by the two largest markets, Germany and Denmark.

The Service&Energy area showed an EBITDA increase of 10%. In the first half of
2015, the energy area progressed well in Denmark, and the DLG Group
established a partnership with DCC to strengthen DLG's position in the Danish
market. The effects will be noticeable from the second half of 2015. In
Germany, Service&Energy activities developed satisfactorily in the first
half, and especially the DIY stores delivered good results. There were also
improvements in the Land&Fritid retail chain where significant cost
adjustments and changes in the organisation, shops and their product range
have resulted in balanced accounts.

Kongskilde Industries gained market share but is challenged by a strong
downward trend in the global market for agricultural machinery. The initial
effects of the on-going turnaround process in Kongskilde launched in 2014
compensates for the market down-turn. Further cost-cutting initiatives have
been implemented, most recently by moving production facilities from
Sønderborg to Poland.

A satisfactory management of the balance sheet led to a decrease in net
interest-bearing debt (NIBD) of DKK 97 mln. The Group's balance sheet ended
the first half with a plus of DKK 21.6 bln. The equity ratio of 20.8% is 0.7%
points lower than the same period last year due to the depreciation of
Kongskilde in the end of 2014.

The Investment level is significantly reduced compared to the previous year
and expected to amount to 1% of turnover in line with depreciations this
year.

The DLG Group continually evaluates its businesses to ensure that they support
the Group's strategy, create synergies and contribute with satisfactory
earnings. This has resulted in the sale of two non-core businesses in DLG
Food, European Freeze Dry and Samsø Syltefabrik, effective September 2015.

In order to increase the executive power and strengthen the cohesion across
the whole Group, DLG expanded its Executive Board from two to four members in
June, while two layers at group management level were reduced to one. In
addition to CEO Kristian Hundebøll and Lars Sørensen as COO in charge of
business strategy, the Executive Board now includes Kim Balle as CFO and Ole
Christensen as COO with responsibility for Farm Supply.

The DLG Group expects a stable and positive development in the second half of
2015.

Copenhagen, 27 August 2015
EXECUTIVE BOARD OF THE DLG GROUP

---------------------------------------
| Kristian Hundebøll Kim Balle |
| Group CEO CFO |
| |
| Ole Christensen Lars Sørensen |
| COO COO |
| |
---------------------------------------

----------------------------------------------------------------------------------------
| INCOME |
|STATEMENT |
| |
|FOR |
|THE |
|PERIOD |
|1 JANUARY TO 30 JUNE 2015 |
| 1/1 - 30/6 1/1 - 30/6 1/1 - 31/12 |
| (DKK 1,000) 2015 2014 2014 |
| Net turnover 29,295,558 30,265,673 59,169,436 |
| Production costs -27,263,872 -28,146,673 -54,491,089 |
| Gross 2,031,686 2,119,000 4,678,347 |
|Profit |
| Distribution costs -1,608,182 -1,571,637 -3,328,976 |
| Administrative costs -440,380 -441,827 -862,219 |
| Other operating income 251,581 115,844 445,073 |
| Other operatinng costs -43,263 -39,667 -95,851 |
| Operating 191,442 181,713 836,374 |
|profit |
|before |
|special |
|items |
| Special items 0 0 -598,323 |
| Income from investments in associated companies -2,630 4,242 9,422 |
| Income from other investments and securities 61 9,954 -14,332 |
----------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------
| Net financial costs -179,066 -174,312 -312,717 |
| Profit 9,807 21,597 -79,576 |
|before |
|tax |
| Tax on profit for the period -7,456 -57,433 1,649 |
| Group profit 2,351 -35,836 -77,927 |
| Minority interest' share of the profit -43,932 -54,468 -140,095 |
| Minority interest' share of tax 5,214 19,928 32,562 |
| Net -36,367 -70,376 -185,460 |
|profit |
|for the period |
| BALANCE |
|SHEET, |
|ASSETS |
|AS OF 30 JUNE 2015 |
| 1/1 - 30/6 1/1 - 30/6 1/1 - 31/12 |
| (DKK 1,000) 2015 2014 2014 |
| Completed development projects&Acquired intangible fixed assets 398,111 466,446 368,922 |
| Goodwill 791,312 832,475 781,608 |
| Development projects in progress 70,987 132,055 88,018 |
| Intangible 1,260,410 1,430,976 1,238,548 |
|fixed assets |
| Land and buildings 5,337,918 5,371,748 5,288,285 |
| Plant and machinery 1,947,544 1,905,603 1,964,248 |
| Other plants fixtures and operating material 462,330 472,358 464,838 |
| Property, plant and equipment in progress 298,298 334,093 264,412 |
| Property, 8,046,090 8,083,802 7,981,783 |
|plant and equipment |
| Investments in associated companies 1,113,408 995,978 1,122,357 |
| Other securities and investments 311,545 292,243 322,674 |
| Other receivables 173,812 178,135 189,772 |
| Deferred tax assets 318,479 170,535 257,981 |
| Fixed asset 1,917,244 1,636,891 1,892,784 |
|investment |
| Fixed assets 11,223,744 11,151,669 11,113,115 |
| Raw materials and consumables 2,509,788 1,336,217 1,222,553 |
| Manufactured goods and goods for resale 1,844,092 3,126,047 3,253,821 |
| Total inventories 4,353,880 4,462,264 4,476,374 |
--------------------------------------------------------------------------------------------------------

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