Scandinavian Tobacco Group A/S: Interim report for the period 1 January - 31 March 2016
May 25 2016 - 2:00AM
Company Announcement
No. 21/2016
|
|
25 May 2016 |
Interim report for the period 1
January - 31 March 2016
Continued Strong Performance in
US Handmade Cigars
- Optimisation and Efficiency Programme Progresses According to
Plan
Underlying total performance in the first quarter
in accordance with our expectations - full-year organic growth
guidance maintained.
Highlights for the first quarter
of 2016:
-
Reported net sales of DKK 1,499 million (DKK
1,477 million) - organic growth 1.9%
-
Reported EBITDA of DKK 266 million (DKK 260
million) - organic growth 4.1%
-
Profitability improvement leading to adjusted
EBITDA margin of 18.6% (18.0%)
-
Cost optimisation and efficiency programme
progressing in accordance with plans
-
Net profit of DKK 138 million (DKK 148
million)
-
Cash flow from operating activities was DKK -148
million (DKK 22 million)
-
Guidance for 2016 unchanged: Organic growth in
net sales of 1-3% and organic growth in EBITDA of 3-5%. Capital
expenditure around DKK 250 million.
Statement by CEO Niels Frederiksen:
"2016 has started well with continued strong
performance in our US handmade cigar business and progress in our
cost optimisation and efficiency programme is according to plan. We
are pleased to deliver growth in net sales and EBITDA in line with
our 2016 guidance and medium term outlook.
Deadline for the national implementation of the
new EU Tobacco Products Directive (TPD) was 20 May 2016. We have
prepared thoroughly and taken the opportunity to try to turn the
new legislation into a competitive advantage for us. The
implementation of the new rules in our business has been
complicated by a late adoption of the national legislation in the
EU member states. We believe that we have prepared well for the
transition to the new regulation, but the impact of the new EU
legislation on the market place remains to be seen."
For media
enquiries:
Kaspar Bach Habersaat, Director of Group Communications, phone: +45
7220 7152
or kaspar.bach@st-group.com.
For investor enquiries:
Torben Sand, Head of Investor Relations, phone: +45 7220 7126 or
torben.sand@st-group.com.
Company announcement
21-2016
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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
HUG#2015205
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