LUXEMBOURG--(BUSINESS WIRE)--Orion Engineered Carbons S.A. ("Orion" or the "Company") (NYSE: OEC), a
worldwide supplier of specialty and high-performance carbon black, today
announced results for its fourth quarter of 2014.
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In EUR
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Fourth Quarter 2014
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Fourth Quarter 2013
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Full Year 2014
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Full Year 2013
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Revenue
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316.8m
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311.9m
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1,318.4m
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1,339.6m
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Volume (in kmt)
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239.3
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230.2
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990.9
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968.3
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Contribution Margin
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103.5m
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94.1m
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419.7m
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396.4m
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Contribution Margin per metric ton
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433
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409
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424
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409
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Operating Result (EBIT)
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21,6m
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1.9m
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104.3m
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83.8m
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Adjusted EBITDA
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48.5m
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43.5m
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207.7m
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191.1m
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Profit or loss for the period
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(8.3m
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(17.0m
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(55.9m
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(19.0m
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Pro forma profit or loss for the period(1)(3)
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N/A
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N/A
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15.9m
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6.4m
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EPS (2)
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(0.14
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(0.39
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(1.11
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(0.43
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Pro forma EPS(2)
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N/A
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N/A
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0.27
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0.11
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Free Cash Flow per Share (4)
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€0.55
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N/A
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€1.81
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N/A
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Notes:
(1) Pro forma profit or loss for full year 2014 prepared on
the same basis as the pro forma financial information included in our
prospectus dated July 24, 2014 (the “Prospectus”), filed in connection
with our initial public offering (the “IPO”), except that the pro forma
for the year ended December 31, 2014 reflects a final interest rate of
5% per annum on the refinanced debt (assumed 4.5% per annum in the
Prospectus), and a final number of outstanding shares of 59.6 million
(assumed in the Prospectus 58.9 million shares).
(2) EPS for the fourth quarter 2014 and Pro forma EPS
calculated using profit or loss for the period and based upon actual
number of shares outstanding of 59,635,126 as of December 31, 2014. EPS
for 2013 calculated based upon using pre-IPO number of shares
outstanding of 43,750,000 and full year 2014 EPS calculated based upon
weighted average number of shares outstanding (43,750,000 pre IPO and
59,635,126 post IPO).
(3) Pro forma profit for the year ended December 31, 2014
includes the impact of adjustment items of €25.7 million to EBITDA:
Consulting fees (€4.6 million) and restructuring expenses (€4.1 million)
and other non-operating expenses of (€17.0 million) mainly related to
IPO-expenses and reconciliation of the difference between EBITDA and
adjusted EBITDA. Pro forma profit for the year ended December 31, 2014
based upon Adjusted EBITDA (i.e., after adjusting for IPO related costs,
consulting fees and restructuring expenses, and the non-cash impact of
unrealized currency losses on an after tax basis using an underlying
group tax rate of 35%) totaled €0.55 per share.
(4) Free Cash Flow per share is based on cash flows from
operations less investing activities.
"I am pleased with our fourth quarter results. We are successfully
executing our strategy of growing Specialty Carbon Black volumes and
improving Rubber Black EBITDA margins. This drove fourth quarter
Adjusted EBITDA growth of 11.5% over the prior year while generating
substantial cash from operations of over €60.2 million”, said Jack Clem,
Orion’s Chief Executive Officer.
Fourth Quarter 2014 Overview
An increase of 9.1 kmt resulted in a volume of 239.2 kmt in the fourth
quarter of 2014 compared to 230.2 kmt in the fourth quarter of 2013.
This performance reflected increased volumes in both the Specialty and
Rubber Carbon Black segments. Increased volumes in the Rubber Carbon
Black segment were mainly driven by increased demand in the Americas,
whereas in the Specialty Carbon Black segment increased volumes were the
result of the strong performance in Europe and North America.
Revenues increased by €4.9 million, or 1.6%, to €316.8 million in the
fourth quarter of 2014 from €311.9 million in the fourth quarter of
2013. Volume increased by 4.0% in the fourth quarter of 2014 compared to
the fourth quarter of 2013. Revenue increases were tempered by the pass
through effect of declining oil prices and somewhat offset primarily by
foreign exchange impacts, driven primarily by the US Dollar
strengthening against the Euro.
Contribution margin increased by €9.4 million, or 10%, to €103.5 million
in the fourth quarter of 2014 from €94.1 million in the fourth quarter
of 2013, driven by gains in Specialty Carbon Black volumes in Europe and
Rubber Carbon Black volumes in Korea and the Americas, partially offset
by Europe as well as foreign exchange effects.
Adjusted EBITDA increased by 11.5% to €48.5 million in the fourth
quarter of 2014 from €43.5 million in the fourth quarter of 2013,
reflecting the impact of the increased Contribution Margin per metric
ton, increased volumes and good cost control, while continuing to invest
in technical sales capabilities in Specialty Carbon Black.
Full year 2014 Overview
An increase of 22.6 kmt resulted in a total volume of 990.9 kmt in 2014
as compared to 968.3 kmt in 2013. This performance was driven by volume
growth in the Specialty Carbon Black segment particularly in the
Americas as well as Europe. Increased volumes in our Rubber Carbon Black
segment in the Americas and in South Korea were partly offset by weaker
demand in Europe and South Africa.
Volumes grew by 2.3%, supporting an increase in Contribution Margin of
€23.3 million, or 5.9%, to €419.7 million in 2014 from €396.4 million in
2013, In addition to volume growth, we benefited from continued
improvements in operating efficiency.
Despite the increase in volumes, revenues decreased by €21.2 million, or
1.6%, to €1,318.4 million in 2014 from €1,339.6 million in 2013 mainly
due to both the impact of the pass through effect of lower oil prices on
our selling prices and changes in mix.
Adjusted EBITDA increased by €16.5 million, or 8.7% to €207.7 million in
2014 from €191.1 million in 2013 as a result of the increase of
Contribution Margin and our continued focus on cost control.
Quarterly Segment Results
Specialty Carbon Black
Volumes for the Specialty Carbon Black segment increased by 3.7 kmt, or
8.2% to 48.8 kmt in the fourth quarter of 2014, reflecting increased
demand in Europe and the Americas.
Revenues of the segment also increased by €4.1 million, or 4.5% to €94.7
million in the fourth quarter of 2014 from €90.5 million in the fourth
quarter of 2013, as a result of increased volumes. Foreign exchange
changes were offset by the pass through effect of lower oil prices and
changes in mix.
Gross profit of the segment increased by €5.2 million, or 21.4%, to
€29.1 million in the fourth quarter of 2014 from €23.9 million in the
fourth quarter of 2013 as a result of profitable growth and the impact
of higher depreciation charges in the prior year quarter.
Adjusted EBITDA of the segment decreased by €1.2 million, to €20.2
million in the fourth quarter of 2014 versus €21.4 million in the fourth
quarter of 2013 due to an increase in expenses associated with the
build-up of technical selling and the associated support infrastructure
footprint in Asia as well as other regions, in order to support future
growth in this segment.
Rubber Carbon Black
Volumes in the Rubber Carbon Black segment increased by 5.6 kmt, or
3.0%, to 190.5 kmt in the fourth quarter of 2014 versus 184.9 kmt in the
fourth quarter of 2013, reflecting increased demand in North America,
which was offset by somewhat weaker demand in Europe, Brazil and South
Africa.
Despite the increase in volumes and favorable effects of currency
exchange rate changes, revenues of the segment only slightly increased
to €222.2 million in the fourth quarter of 2014 versus €221.4 million in
the fourth quarter of 2013 primarily as a result of the impact of the
pass though effect of declining oil prices on our selling prices as well
as changes in mix.
Gross profit of the segment increased by €13.1 million, to €44.0 million
in the fourth quarter 2014 from €30.9 million in the fourth quarter of
2013 as a result of profitable volume growth in 2014, as well as the
effect of higher depreciation charges in the fourth quarter of 2013 in
part associated with the closure of our plant in Portugal.
Adjusted EBITDA of this segment increased by €6.2 million, or 28.3%, to
€28.3 million in the fourth quarter 2014 from €22.0 million in the
fourth quarter of 2013 reflecting the development of gross profit
without the impact of reduced depreciation.
Balance Sheet and Cash Flow
As of December 31, 2014, the Company had cash and cash equivalents of
€70.5 million.
The Company’s non-current indebtedness as of December 31, 2014 was
€670.2 million, mainly comprising the non-current portion of our new
term loan liabilities net of transaction costs of €669.8 million. The
Dollar denominated portion of this loan increased during the fourth
quarter by €10.3 million when converted to Euro based on the year end
2014 closing exchange rate.
Cash inflows from operating activities in the fourth quarter of 2014
amounted to €60.2 million were derived from a consolidated loss for the
period of €8.3 million, adjusted for depreciation and amortization of
€20.0 million as well as cash and non-cash finance cost of €23.4 million
impacting the net income, and a decrease in net working capital of €24.9
million. Net working capital totaled €219.7 million at December 31, 2014
reflecting about 68 days of sales.
Cash outflows from investing activities in the fourth quarter of 2014
amounted to €27.3 million comprised mainly of expenditures for
improvements in our plants in the United States, Korea and Germany. We
plan to continue financing our future capital expenditures with cash
generated by our operating activities.
Cash outflows for financing activities in the fourth quarter amounted to
€(46.4) million and comprised of our dividend payment on December 22,
2014 of €40.0 million, repayments of local credit facilities of €9.6
million, repayments on the New Credit Facility of €1.7 million and
interest payments of €9.5 million. Cash flow from financing activities
was positively affected by cash received from realized gains from
foreign currency derivatives of €13.5 million representing short term
foreign currency hedges against the US dollar portion of our term loan
entered into concurrently with the IPO. Effective with year end of 2014
these short term currency hedges have not been renewed.
2015 Full Year Outlook
“As we move into 2015, we believe we are well positioned to continue our
strong financial and operational performance. Our primary geographies
continue to perform in line with our expectations and we believe we are
well positioned to execute our strategy of growing Specialty Carbon
Black volumes and improving Rubber Carbon Black margins, while driving
robust cash flows.
Consistent with this outlook, we expect full year Adjusted EBITDA to be
in the range of €210 million and €225 million for 2015. This outlook is
based on the following assumptions:
· Volume growth in line with current GDP expectations
· Reasonable stability in oil prices and exchange rates based on current
prices and rates
Dividend Policy
We also expect to continue to generate strong free cash flows and
anticipate paying four quarterly dividends in 2015, the first in April
after the Annual General Meeting. We expect that our total dividend
payment for 2015 will be at a level consistent with our 2014 annual
dividend payment of €40 million,” said Jack Clem, Chief Executive
Officer.
Conference Call
As previously announced, Orion will hold a conference call tomorrow,
Thursday, March 5, 2015, at 8:30 a.m. (ET). The dial-in details for the
conference call are as follow:
U.S. Toll Free:
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1-877-407-4018
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International:
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1-201-689-8471
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U.K. Toll Free:
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0 800 756 3429
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Germany Toll Free:
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0 800 182 0040
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Luxembourg Toll Free:
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800 28 522
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Luxembourg Local:
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352 2786 0689
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A replay of the conference call may be accessed by phone at the
following numbers through March 12, 2015:
U.S. Toll Free:
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1-877-870-5176
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International:
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1-858-384-5517
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Conference ID:
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13601284
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Additionally, a live and archived webcast of the conference call will be
available on the investor relations section of the Company's website at: www.orioncarbons.com.
To learn more about Orion, please visit the company's Web site at www.orioncarbons.com.
Orion uses its Web site as a channel of distribution for material
Company information. Financial and other material information regarding
Orion is routinely posted on the Company's Web site and is readily
accessible.
About Orion Engineered Carbons
Orion is a worldwide supplier of Carbon Black. The Company offers
standard and high-performance products for coatings, printing inks,
polymers, rubber and other applications. Our high-quality Gas Blacks,
Furnace Blacks and Specialty Carbon Blacks tint, colorize and enhance
the performance of plastics, paints and coatings, inks and toners,
adhesives and sealants, tires, and manufactured rubber goods such as
automotive belts and hoses. With 1,360 employees worldwide, Orion runs
14 global production sites and four Applied Technology Centers. For more
information visit our website.
Forward Looking Statements
This document contains certain forward-looking statements with respect
to our financial condition, results of operations and business,
including those in the “2015 Full Year Outlook” section above.
Forward-looking statements are statements of future expectations that
are based on management’s current expectations and assumptions and
involve known and unknown risks and uncertainties that could cause
actual results, performance or events to differ materially from those
expressed or implied in these statements. Forward-looking statements
include, among others, statements concerning the potential exposure to
market risks, statements expressing management’s expectations, beliefs,
estimates, forecasts, projections and assumptions and statements that
are not limited to statements of historical or present facts or
conditions. Some of these statements can be identified by terms and
phrases such as “anticipate,” “believe,” “intend,” “estimate,” “expect,”
“continue,” “could,” “should,” “may,” “plan,” “project,” “predict” and
similar expressions. Factors that could cause our actual results to
differ materially from those expressed or implied in such
forward-looking statements include those factors detailed under the
captions “Note Regarding Forward-Looking Statements” and “Risk Factors”
in the Prospectus. You should not place undue reliance on
forward-looking statements. Each forward-looking statement speaks only
as of the date of the particular statement. New risk factors and
uncertainties emerge from time to time and it is not possible for our
management to predict all risk factors and uncertainties, nor can we
assess the impact of all factors on our business or the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements. We undertake no obligation to publicly update or revise any
forward-looking statement– including the “2015 Full Year Outlook”
section above – as a result of new information, future events or other
information, other than as required by applicable law.
Non-IFRS Financial Measures Reconciliations
In this release we refer to Adjusted EBITDA and Contribution Margin
which are financial measures that have not been prepared in accordance
with International Financial Reporting Standards as issued by the
International Accounting Standards Board (“IFRS”) or the accounting
standards of any other jurisdiction and may not be comparable to other
similarly titled measures of other companies. Adjusted EBITDA is defined
as operating result (EBIT) before depreciation and amortization,
adjusted for acquisition related expenses, restructuring expenses,
consulting fees related to Group strategy, share of profit or loss of
associates and certain other items. Adjusted EBITDA is used by our
management to evaluate our operating performance and make decisions
regarding allocation of capital because it excludes the effects of
certain items that have less bearing on our underlying business
performance. Our use of Adjusted EBITDA has limitations as an analytical
tool, and you should not consider it in isolation or as a substitute for
analysis of our financial results as reported under IFRS. Some of these
limitations are: (a) although Adjusted EBITDA excludes the impact of
depreciation and amortization, the assets being depreciated and
amortized may have to be replaced in the future and thus the cost of
replacing assets or acquiring new assets, which will affect our
operating results over time, is not reflected; (b) Adjusted EBITDA does
not reflect interest or certain other costs that we will continue to
incur over time and will adversely affect our profit or loss, which is
the ultimate measure of our financial performance and (c) other
companies, including companies in our industry, may calculate Adjusted
EBITDA or similarly titled measures differently. Because of these and
other limitations, you should consider Adjusted EBITDA alongside our
other IFRS-based financial performance measures, such as consolidated
profit or loss for the period and our other IFRS financial results.
Contribution Margin is calculated by subtracting variable costs (raw
materials, packaging, utilities and distribution costs) from our
revenue. We believe that Contribution Margin and Contribution Margin per
metric ton are useful since we see these measures as indicating the
portion of revenue that is not consumed by variable costs (raw
materials, packaging, utilities and distribution costs) and therefore
contributes to the coverage of all other costs and profits.
We define Net Working Capital as the total of inventories and current
trade receivables, less trade payables. Net Working Capital is a
non-IFRS financial measure, and other companies may use a similarly
titled financial measure that is calculated differently from the way we
calculate Net Working Capital.
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Consolidated statements of financial position of Orion
Engineered Carbons S.A. as at December 31, 2014 and
2013
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Dec 31, 2014
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Dec 31, 2013
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ASSETS
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In EUR k
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In EUR k
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Non-current assets
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Goodwill
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48,512
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48,512
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Other intangible assets
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110,952
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125,501
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Property, plant and equipment
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358,216
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333,454
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Investment in joint ventures
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4,657
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4,608
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Other financial assets
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5,931
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1,691
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Other assets
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3,750
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4,119
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Deferred tax assets
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57,084
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43,105
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589,102
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560,990
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Current assets
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Inventories
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125,298
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123,171
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Trade receivables
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199,486
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197,623
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Emission rights
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-
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1,977
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Other financial assets
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1,001
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637
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Other assets
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26,166
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40,151
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Income tax receivables
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10,575
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11,938
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Cash and cash equivalents
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70,544
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70,478
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433,070
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445,975
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1,022,172
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1,006,965
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Dec 31, 2014
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Dec 31, 2013
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EQUITY AND LIABILITIES
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In EUR k
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In EUR k
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Equity
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Subscribed capital
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59,635
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43,750
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Reserves
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51,569
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(99,048
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)
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Profit or loss for the period
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(55,939
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(18,953
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)
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55,265
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(74,251
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)
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Non-current liabilities
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Pension provisions
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48,629
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35,943
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Other provisions
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14,169
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15,014
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Liabilities to shareholders
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-
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256,161
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Financial liabilities
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670,189
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538,175
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Other liabilities
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2,101
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1,368
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Deferred tax liabilities
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44,281
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43,797
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779,369
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890,458
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Current liabilities
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Other provisions
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40,808
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44,268
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Liabilities to banks
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-
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2,103
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Trade payables
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105,074
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99,511
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Other financial liabilities
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10,684
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15,828
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Income tax liabilities
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11,552
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5,969
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Other liabilities
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19,420
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23,079
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187,538
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190,758
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1,022,172
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1,006,965
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Consolidated income statements of Orion Engineered Carbons S.A. for
the three months ended December 31, 2014 and December 31, 2013
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Oct 1 to Dec 31, 2014
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Oct 1 to Dec 31, 2013
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Jan 1 to Dec 31, 2014
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Jan 1 to Dec 31, 2013
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In EUR k
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In EUR k
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In EUR k
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In EUR k
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Revenue
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316,835
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311,856
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1,318,399
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1,339,620
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Cost of sales
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(243,762
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)
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(256,987
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)
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(1,017,342
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)
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(1,070,817
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)
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Gross profit
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73,073
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54,870
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301,057
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268,803
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Selling expenses
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(25,457
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)
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(22,663
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(99,642
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)
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(92,062
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)
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Research and development costs
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(3,615
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(2,375
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)
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(12,953
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)
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(10,085
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General and administrative expenses
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(14,696
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(14,760
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(54,602
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)
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(52,524
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)
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Other operating income
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1,531
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935
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4,452
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8,344
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Other operating expenses
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(9,287
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)
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(14,115
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(33,994
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)
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(38,663
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Operating result (EBIT)
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21,550
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1,891
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104,318
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83,813
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Financial result
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(23,247
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)
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(21,468
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)
|
|
(142,833
|
)
|
|
(95,235
|
)
|
Profit or (loss) before income taxes
|
|
(1,697
|
)
|
|
(19,577
|
)
|
|
(38,515
|
)
|
|
(11,422
|
)
|
Income taxes
|
|
(6,612
|
)
|
|
2,622
|
|
|
(17,424
|
)
|
|
(7,531
|
)
|
Profit or (loss) for the period
|
|
(8,309
|
)
|
|
(16,954
|
)
|
|
(55,939
|
)
|
|
(18,953
|
)
|
|
|
|
|
|
|
|
|
|
Net Earnings per Share (EUR per share)*, basic and diluted
|
|
(0.14
|
)
|
|
(0.39
|
)
|
|
(1.11
|
)
|
|
(0.43
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Based on 59,635,126 actual shares as of December 31, 2014 and
43,750,000 actual shares until July 25, 2014,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interim condensed consolidated statements of cash flows of
Orion Engineered Carbons S.A. for the three months
and year ended Dec 31, 2014 and 2013 - unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q 4 2014
|
|
|
|
Q 4 2013
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
In EUR k
|
|
|
|
In EUR k
|
|
|
|
In EUR k
|
|
|
|
In EUR k
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit or loss for the period
|
|
|
(8,309
|
)
|
|
|
|
(16,954
|
)
|
|
|
|
(55,939
|
)
|
|
|
|
(18,953
|
)
|
Income taxes
|
|
|
6,612
|
|
|
|
|
(2,622
|
)
|
|
|
|
17,424
|
|
|
|
|
7,531
|
|
Profit or loss before income taxes
|
|
|
(1,697
|
)
|
|
|
|
(19,577
|
)
|
|
|
|
(38,515
|
)
|
|
|
|
(11,422
|
)
|
Depreciation and amortization of intangible assets and property,
plant and equipment
|
|
|
20,010
|
|
|
|
|
29,813
|
|
|
|
|
77,083
|
|
|
|
|
76,060
|
|
Other non-cash expenses/income
|
|
|
(163
|
)
|
|
|
|
5,101
|
|
|
|
|
-
|
|
|
|
|
(3,889
|
)
|
Increase/decrease in trade receivables
|
|
|
24,676
|
|
|
|
|
13,211
|
|
|
|
|
9,897
|
|
|
|
|
5,001
|
|
Increase/decrease in inventories
|
|
|
18,610
|
|
|
|
|
15,975
|
|
|
|
|
4,138
|
|
|
|
|
25,549
|
|
Increase/decrease in trade payables
|
|
|
(18,388
|
)
|
|
|
|
(12,414
|
)
|
|
|
|
1,524
|
|
|
|
|
4,401
|
|
Increase/decrease in provisions
|
|
|
(1,531
|
)
|
|
|
|
2,842
|
|
|
|
|
(6,957
|
)
|
|
|
|
1,802
|
|
Increase/decrease in other assets and liabilities that cannot be
allocated to investing or financing activities
|
|
|
8,036
|
|
|
|
|
3,794
|
|
|
|
|
5,821
|
|
|
|
|
21,870
|
|
Finance income
|
|
|
(11,751
|
)
|
|
|
|
(16,881
|
)
|
|
|
|
(39,341
|
)
|
|
|
|
(17,136
|
)
|
Finance costs
|
|
|
35,173
|
|
|
|
|
38,532
|
|
|
|
|
182,695
|
|
|
|
|
112,736
|
|
Cash paid for income taxes
|
|
|
(12,794
|
)
|
|
|
|
(4,563
|
)
|
|
|
|
(23,928
|
)
|
|
|
|
(24,118
|
)
|
Cash flows for operating activities
|
|
|
60,183
|
|
|
|
|
55,833
|
|
|
|
|
172,417
|
|
|
|
|
190,854
|
|
Cash paid for the acquisition of intangible assets and property,
plant and equipment
|
|
|
(27,253
|
)
|
|
|
|
(18,551
|
)
|
|
|
|
(64,454
|
)
|
|
|
|
(77,155
|
)
|
Cash flows from investing activities
|
|
|
(27,253
|
)
|
|
|
|
(18,551
|
)
|
|
|
|
(64,454
|
)
|
|
|
|
(77,155
|
)
|
Cash received from borrowings, net of transaction costs
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
645,724
|
|
|
|
|
2,103
|
|
Cash repayments of non-current financial liabilities
|
|
|
(1,735
|
)
|
|
|
|
-
|
|
|
|
|
(621,961
|
)
|
|
|
|
-
|
|
Repayments of borrowings
|
|
|
(9,230
|
)
|
|
|
|
(6,018
|
)
|
|
|
|
(2,311
|
)
|
|
|
|
-
|
|
Interest and similar expenses paid
|
|
|
(9,527
|
)
|
|
|
|
(30,130
|
)
|
|
|
|
(121,138
|
)
|
|
|
|
(117,279
|
)
|
Interest and similar income received
|
|
|
14,092
|
|
|
|
|
-
|
|
|
|
|
29,693
|
|
|
|
|
471
|
|
Dividends paid to shareholders
|
|
|
(40,000
|
)
|
|
|
|
-
|
|
|
|
|
(40,000
|
)
|
|
|
|
-
|
|
Cash flows from financing activities
|
|
|
(46,400
|
)
|
|
|
|
(36,148
|
)
|
|
|
|
(109,993
|
)
|
|
|
|
(114,705
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in cash
|
|
|
(13,470
|
)
|
|
|
|
1,134
|
|
|
|
|
(2,030
|
)
|
|
|
|
(1,006
|
)
|
Change in cash resulting from exchange rate differences
|
|
|
103
|
|
|
|
|
(941
|
)
|
|
|
|
2,096
|
|
|
|
|
(3,378
|
)
|
Cash and cash equivalents at the beginning of the period
|
|
|
83,911
|
|
|
|
|
70,284
|
|
|
|
|
70,478
|
|
|
|
|
74,862
|
|
Cash and cash equivalents at the end of the period
|
|
|
70,544
|
|
|
|
|
70,478
|
|
|
|
|
70,544
|
|
|
|
|
70,478
|
|
|
Adjusted EBITDA is reconciled to profit or loss as follows:
|
|
|
|
|
Reconciliation of profit or loss
|
|
|
In EUR k
|
|
|
|
For the three months ended Dec 31,
|
|
|
|
For the twelve months ended Dec 31,
|
|
|
|
2014
|
|
|
2013
|
|
|
|
2014
|
|
|
2013
|
Adjusted EBITDA
|
|
|
48,460
|
|
|
|
43,472
|
|
|
|
|
207,661
|
|
|
|
191,066
|
|
Share of profit of joint venture
|
|
|
(175
|
)
|
|
|
(184
|
)
|
|
|
|
-520
|
|
|
|
-365
|
|
Restructuring expenses(1)
|
|
|
(1,075
|
)
|
|
|
(7,499
|
)
|
|
|
|
(4,082
|
)
|
|
|
(15,146
|
)
|
Consulting fees related to Group strategy(2)
|
|
|
(746
|
)
|
|
|
(4,261
|
)
|
|
|
|
(4,610
|
)
|
|
|
(12,484
|
)
|
Expenses related to capitalized emission rights
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
(2,706
|
)
|
Other non-operating (3)
|
|
|
(4,904
|
)
|
|
|
176
|
|
|
|
|
(17,048
|
)
|
|
|
(492
|
)
|
EBITDA
|
|
|
41,560
|
|
|
|
31,704
|
|
|
|
|
181,401
|
|
|
|
159,873
|
|
Depreciation, amortization and impairment of intangible assets and
property, plant and equipment
|
|
|
(20,010
|
)
|
|
|
(29,813
|
)
|
|
|
|
(77,083
|
)
|
|
|
(76,060
|
)
|
Earnings before taxes and finance income/costs (operating result
(EBIT))
|
|
|
21,550
|
|
|
|
1,891
|
|
|
|
|
104,318
|
|
|
|
83,813
|
|
Other finance income
|
|
|
11,751
|
|
|
|
16,881
|
|
|
|
|
39,342
|
|
|
|
17,136
|
|
Share of profit of joint ventures
|
|
|
175
|
|
|
|
184
|
|
|
|
|
520
|
|
|
|
365
|
|
Finance costs
|
|
|
(35,173
|
)
|
|
|
(38,532
|
)
|
|
|
|
(182,695
|
)
|
|
|
(112,736
|
)
|
Income taxes
|
|
|
(6,612
|
)
|
|
|
2,622
|
|
|
|
|
(17,424
|
)
|
|
|
(7,531
|
)
|
Profit or loss for the period
|
|
|
(8,309
|
)
|
|
|
(16,954
|
)
|
|
|
|
(55,939
|
)
|
|
|
(18,953
|
)
|
|
|
|
(1)
|
|
Restructuring expenses primarily include personnel-related costs for
all three periods and IT-related costs in particular in connection
with the roll out of our global SAP platform in 2012 and 2013.
|
|
|
|
(2)
|
|
Consulting fees related to the Group strategy include external
consulting fees from establishing and implementing our operating,
tax and organizational strategies.
|
|
|
|
(3)
|
|
Other non-operating include in period ended December 31, 2014
€10,731k IPO related costs as well as an impairment of inventories
in EMEA totaling €3.9 million resulting in part from a
cancellation of a customer contract.
|
