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Scandinavian Tobacco Group A/S: Interim report for the period 1 January - 30 September 2016

Strong EBITDA and cash flow - accelerated efficiency programme


The first nine months showed stable overall performance with improving
underlying EBITDA margin and continued strong cash flow. Focus on
implementing new regulations in EU and the US as well as delivering on our
optimisation and efficiency programme.

* Reported net sales of DKK 4,938 million (DKK 4,965 million) - organic
growth was 0.0%
* Reported EBITDA of DKK 960 million (DKK 939 million) - organic growth was
* Net profit of DKK 498 million (DKK 493 million)
* Free cash flow was DKK 792 million (DKK 731 million)

Highlights for the THIRD quarter of 2016

EBITDA and cash flow improved significantly in a quarter where net sales
remained flat. Efficiency and cost optimisation programme was accelerated and
today we announce new initiatives with annual savings of DKK 60-65 million.

* Reported net sales of DKK 1,740 million (DKK 1,741 million) - organic
growth was -0.2%
* Reported EBITDA of DKK 328 million (DKK 305 million) - organic growth was
* Net profit of DKK 152 million (DKK 139 million)
* Free cash flow was DKK 627 million (DKK 421 million)


* We expect 2016 total net sales to be on the same level as last year
implying an organic growth of 0% (previously 1-3%).
* We maintain our guidance for organic growth in adjusted EBITDA of 3-5% and
capital expenditures of approximately DKK 250 million.

Statement by CEO Niels Frederiksen:

"I am pleased that we delivered significant improvements in EBITDA and a
continued strong cash flow in the quarter. This is driven by the impact from
our optimisation and efficiency programme, which progresses well. Our cost
programme has been accelerated by one year, and today we announce new
initiatives to improve our operating model. We will optimise our sales and
support functions and merge our supply chain for machine-made cigars, pipe
tobacco and fine-cut tobacco into one.

Our nine-month net sales performance has been stable. Our US handmade cigars
business continues to grow and outperform the market. Net sales have been
impacted across all categories from fluctuations following new FDA
regulations in the US and the late adoption of new EU regulations in to
national legislation."

| For media enquiries: For investor enquiries: |
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|Kaspar Bach Habersaat Torben Sand |
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|Director of Group Communications Head of Investor Relations |
|+45 7220 7152 +45 7220 7126 |
Q3 2016 Interim Report

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Scandinavian Tobacco Group A/S via Globenewswire

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