ROUGIER : positive results for the first half of 2017
October 03 2017 - 12:26PM
Rougier Group:
positive results for the first half of 2017
During its
meeting today, the Board of Directors approved the consolidated
accounts for the first half of 2017.
Condensed consolidated income
statement
|
|
H1 2017 |
H1 2016 |
Change |
|
2016 |
| |
€M |
% rev |
€M |
% rev |
€M |
|
€M |
% rev |
| Revenues * |
76.0 |
|
78.5 |
|
- 2.5 |
|
149.4 |
|
| EBITDA |
4.2 |
5.5% |
4.1 |
5.2% |
+ 0.1 |
|
8.9 |
6.0% |
|
Depreciation and provisions ** |
(4.2) |
|
(4.5) |
|
|
|
(8.7) |
|
| Income from ordinary operations |
0.0 |
0.0% |
(0.4) |
(0.5%) |
+ 0.4 |
|
0.2 |
0.1% |
|
Disposal of real estate assets |
3.3 |
|
- |
|
|
|
1.3 |
|
| Asset
impairments |
- |
|
- |
|
|
|
(1.6) |
|
| Other
non-current income and expenses |
(0.6) |
|
(0.2) |
|
|
|
(0.7) |
|
|
EBIT |
2.7 |
3.6% |
(0.6) |
(0.8%) |
+ 3.3 |
|
(0.8) |
(0.5%) |
| Cost of net
financial debt |
(1.5) |
|
(1.7) |
|
|
|
(3.4) |
|
| Other
financial income and expenses |
(0.6) |
|
(0.3) |
|
|
|
(0.7) |
|
|
Tax |
(0.0) |
|
(0.8) |
|
|
|
(1.5) |
|
| Net income |
0.6 |
0.8% |
(3.4) |
(4.3) |
+ 4.0 |
|
(6.3) |
(4.2%) |
| Net income (Group share) |
1.5 |
1.9% |
(2.3) |
(3.0) |
+ 3.8 |
|
(3.9) |
(2.6%) |
* No changes in scope over the period and
virtually non-existent foreign exchange effect.
** Linked to the amount of investments required for operations.
First-half
business
The Rougier Group's revenues for
the first half of 2017 came to €76.0 million, down 3%
year-on-year.
The Rougier Afrique International
branch generated €61.1 million of revenues, down 4% from the first
half of 2016. This change primarily reflects volatile demand on
several international markets and shipping delays at Douala Port in
Cameroon. More specifically, these elements have had an adverse
impact on operating margins in Cameroon and Congo, while EBIT in
Gabon has continued to pick up, benefiting from the good level of
forest production, the improvements in sawmill productivity and the
launch of the contract with GSEZ (Gabon Special Economic Zone) for
log supplies.
Revenues for the France
Import-Distribution branch are up 6% from the previous year to
€17.7 million. This branch is confirming its turnaround, which was
already underway in 2016, with significant progress and positive
results.
Consolidated
accounts
Earnings are higher than for the
first half of 2016 despite the contraction in revenues.
Income from ordinary operations broke even, up €0.4 million from
last year.
EBIT improved to €2.7 million, compared with a €(0.6) million loss
for the first half of 2016. More specifically, this factors in the
capital gain recorded by the holding company during the first half
of 2017 on the sale of an investment property in France for €3.3
million.
After taking into account the cost
of net debt, down to €(1.5) million, and a tax expense offset by a
deferred tax effect, total net income is positive, climbing to €0.6
million, compared with a €(3.4) million loss for the first half of
2016. On a Group share basis, net income comes out at €1.5
million.
Consolidated shareholders' equity
at 30 June 2017 is up to €52.4 million, compared with €51.8 million
at 31 December 2016. Net financial debt is down to €51.9 million at
30 June 2017, versus €56.1 million at 31 December 2016.
Outlook
The Group is focusing its actions
in Africa on improving its industrial and logistics performances,
as well as creating value through its more profitable timber
species. In the second half of the year, the release of the first
€5 million tranche from the €15 million loan set up with Proparco
will enable Rougier to start up operations in the Central African
Republic in the fourth quarter and give it the means to ensure its
development in the Congo Basin.
Founded in 1923, the Rougier Group is a market
leader for certified African tropical timber. The Group has three
core business lines: Rougier Afrique International (natural forest
harvesting, industrial processing and international trade),
Importing and distribution in France of timber from all origins
(including Rougier Sylvaco Panneaux) and Plantations (research,
management and investment in industrial forest plantations in
Africa).
www.rougier.fr |
ISIN: FR0000037640
Reuters: ALRGR.PA
Bloomberg: ALRGR:FP
Eligible for SME share-based savings
schemes
Contact:
Cyril Combe
cyril.combe@calyptus.net
Tel: +33 (0)1 53 65 68 68 |
results for the first half of
2017
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: ROUGIER via Globenewswire
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