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2017-02-09

Polygon: Polygon AB (publ) - Interim report 1 January - 31 December 2016

A very strong ending to an already successful year

FOURTH QUARTER 2016

· Sales remained high with growth of 20% compared to the same period
of last year. Growth was driven by a combination of existing and new
contracts, as well as delayed effects from the summer rains in
central Europe. The Temporary Climate Solutions (TCS) and Document
Restoration business in the US continued to grow at a good pace.

· Order intake was consistently strong throughout the fourth
quarter, which is expected to materialize during the first two
quarters of 2017.

· Adjusted EBITA amounted to EUR 10.2 million (7.6), an increase of
35% compared to the last year. Continental Europe and the US have
continued to outperform 2015. The Nordics & UK benefit from better
process control and reported a solid improvement.

· Operating profit before amortization (EBITA) was EUR 9.1 million
(4.8). Items affecting comparability were booked in an amount of EUR
1.1 million in the quarter, and consisted mainly of IT asset
write-offs.

· The roll-out of the new field force system was fully implemented
in Austria and the Netherlands during the period. The next wave of
implementation is planned for Q2 2017.

· A subsequent issue of EUR 60 million 3M EURIBOR +5.00% notes was
successfully completed during the period.

JANUARY - DECEMBER 2016

· Sales for the full year were up by 11% thanks to robust
performance since the second quarter of the year. Underlying organic
growth, adjusted for restructuring in the US and currency effects,
was positive at 14%. Polygon's market position was strengthened by
several large contract wins in the UK, Germany and Norway during the
period.

· Adjusted EBITA amounted to EUR 32.1 million (20.1), an increase of
60% compared to the previous year. The bulk of improvements came from
Central Europe, mainly driven by a very strong development in Germany
following last year's restructuring, the ongoing sales focus and the
positive effects from damages caused by summer rains.

· Operating profit before amortization (EBITA) was EUR 30.3 million
(12.5). Items affecting comparability have decreased by EUR 5.8
million from EUR 7.6 million in 2015, when a total of EUR 4.0 million
was recognized for the restructuring in Germany and the US.

· Cash flow from operating activities increased by 30% to EUR 33.3
million, driven by an improved EBITDA. The liquidity buffer amounted
to EUR 46.4 million (December 2015: 36.5).

· In January 2016, the Board of Directors was reinforced by the
addition of Ole Skov.

· On 29 June, Polygon received permission from bondholders to
optimize the internal debt structure.

+-----------------------------------+-----+-----+-----+-----+
|GROUP KEY FIGURES | |
+-----------------------------------+-----+-----+-----+-----+
|EUR million | Q4 | Full Year |
+-----------------------------------+-----+-----+-----+-----+
| | 2016| 2015| 2016| 2015|
+-----------------------------------+-----+-----+-----+-----+
|Sales |136,3|113,4|485,3|438,7|
+-----------------------------------+-----+-----+-----+-----+
|EBITDA | 11,4| 7,2| 39,6| 21,8|
+-----------------------------------+-----+-----+-----+-----+
|EBITDA,% | 8,4%| 6,3%| 8,2%| 5,0%|
+-----------------------------------+-----+-----+-----+-----+
|Adjusted EBITDA | 12,5| 10,0| 41,4| 29,4|
+-----------------------------------+-----+-----+-----+-----+
|Adjusted EBITDA, % | 9,2%| 8,8%| 8,5%| 6,7%|
+-----------------------------------+-----+-----+-----+-----+
|EBITA | 9,1| 4,8| 30,3| 12,5|
+-----------------------------------+-----+-----+-----+-----+
|EBITA, % | 6,7%| 4,2%| 6,2%| 2,9%|
+-----------------------------------+-----+-----+-----+-----+
|Adjusted EBITA | 10,2| 7,6| 32,1| 20,1|
+-----------------------------------+-----+-----+-----+-----+
|Adjusted EBITA, % | 7,5%| 6,7%| 6,6%| 4,6%|
+-----------------------------------+-----+-----+-----+-----+
|Earnings per share (EUR) | 0,21| 0,31| 1,83| 0,01|
+-----------------------------------+-----+-----+-----+-----+
|Cash flow from operating activities| 18,0| 15,0| 33,3| 25,5|
+-----------------------------------+-----+-----+-----+-----+
|Net debt |144,6| 96,2|144,6| 96,2|
+-----------------------------------+-----+-----+-----+-----+
|Full time employees |2 909|2 765|2 909|2 765|
+-----------------------------------+-----+-----+-----+-----+

For further information, visit www.polygongroup.com or contact:
Mats Norberg, CFO at Polygon
Mail: mats.norberg@polygongroup.com
Phone: +46 (0) 70 331 65 71

This information is information that Polygon AB (publ) is obliged to
make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of the
contact person set out above, at 08.00 CET on 9th of February 2017.

-----------------------------------------------------------
http://news.cision.com/polygon/r/polygon-ab--publ----interim-report-1-ja...
http://mb.cision.com/Main/5752/2184049/625963.pdf

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