Scandinavian Tobacco Group A/S: Interim report 1 January-31 March 2017
May 17 2017 - 12:51PM
Company
Announcement
No.15/2017
17 MAY 2017 |
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3M |
1 january-31 march 2017 |
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Net Sales Growth and EBITDA
impacted By
IT Implementation in Cigars INternational
- Full year guidance revised
Highlights for the first quarter
We have guided for negative net sales and adjusted EBITDA growth in
the first quarter.
-
Reported net sales were DKK 1,379 million (DKK
1,499 million) - organic growth was negative at 9.5%
-
Reported EBITDA was DKK 201 million (DKK 266
million) - organic growth was negative at 22.4%
-
Net profit was DKK 75 million (DKK 138
million)
-
Free cash flow was DKK 48 million (DKK -204
million)
Financial Guidance
2017
As earlier communicated, the implementation of a new IT
infrastructure in Cigars International has impacted our online and
catalogue retailer's ability to process orders and to run campaigns
and promotions to customers. Where we had expected this to be
resolved by now, we conclude that the business will be further
impacted in the second quarter returning to normalisation during
the course of the third quarter.
In addition, we did not see the expected pick-up
in net sales for machine-made cigars in April 2017.
Based on the above, we revise our guidance for 2017. We now expect
slightly negative net sales growth (previously flat organic net
sales) and negative growth in adjusted EBITDA of 4-8% (previously
positive at 1-3%) for the full year.
The Board of Directors will continue to evaluate
the distribution of excess cash to shareholders in relation to the
third-quarter announcement in November 2017.
STATEMENT BY CEO NIELS
FREDERIKSEN:
"As previously guided, we delivered negative net
sales and EBITDA growth in the first quarter due to the
implementation of the new IT infrastructure in Cigars International
and current total market development in machine-made cigars. We
work diligently to resolve our issues in Cigars International that
are of a temporary nature. Despite this set-back we remain
confident in our business model and we continue to focus on cost
optimisation and investing in our brands and future growth
opportunities."
For media
enquiries:
Kaspar Bach Habersaat
Director of Group Communications
+45 7220 7152 or kaspar.bach@st-group.com |
For investor
enquiries:
Torben Sand
Head of Investor Relations
+45 7220 7126 or torben.sand@st-group.com |
Q1 2017 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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