07/ M BOND ISSUE

Transcription

1 Q4 07/ M BOND ISSUE Q4.2017, Consolidated statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and unconsolidated statements have been prepared in accordance with Finnish Accounting Standards (FAS)

2 INDEX P&L 3 BALANCE SHEET, ASSETS 4 BALANCE SHEET, EQUITY AND LIABILITIES 5 CASH FLOW STATEMENT 6 P&L 7 BALANCE SHEET 8 CASH FLOW STATEMENTT 9 REPORT FROM THE BOARD OF DIRECTORS 10 2

3 P&L CONSOLIDATED STATEMENT OF INCOME, IFRS EUR Q4/ REVENUE Other operating income Materials and services Personnel expenses Depreciation, amortisation and impairment losses Other operating expenses OPERATING PROFIT (- LOSS) Financial income Financial expenses PROFIT (LOSS) BEFORE TAX Income taxes PROFIT (LOSS) FOR THE FINANCIAL YEAR PROFIT ATTRIBUTABLE TO Owners of the company CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME EUR PROFIT (LOSS) FOR THE FINANCIAL YEAR OTHER COMPREHENSIVE INCOME ITEMS THAT WILL NOT BE CLASSIFIED SUBSEQUENTLY TO PROFIT Remeasurements of defined benefit liability Related tax ITEMS THAT ARE OR MAY BE RECLASSIFIED SUBSEQUENTLY TO PROFIT Translation differences Related tax OTHER COMPREHENSIVE INCOME AFTER TAX TOTAL COMPREHENSIVE INCOME

4 BALANCE SHEET EUR ASSETS NON-CURRENT ASSETS Property, plant and equipment Goodwill Other intangible assets Deferred tax assets TOTAL NON-CURRENT ASSETS CURRENT ASSETS Inventories Trade and other receivables Cash and cash equivalents TOTAL CURRENT ASSETS TOTAL ASSETS

5 BALANCE SHEET EUR EQUITY AND LIABILITIES EQUITY Share capital Reserve for invested unrestricted equity Translation differences 0 2 Retained earnings EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY TOTAL EQUITY LIABILITIES NON-CURRENT LIABILITIES Bond loan Pension liability Finance lease liability Other non-current liabilities Provisions Deferred tax liabilities TOTAL NON-CURRENT LIABILITIES CURRENT LIABILITIES Bond loan Finance lease liability Trade and other payables Current tax liabilities TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES

6 CASH FLOW STATEMENT CASH FLOWS FROM OPERATING ACTIVITIES, EUR Q4/ Profit (loss) for the financial year ADJUSTMENTS FOR Non-cash transactions Depreciations Employee benefits Change in provisions Other Interests and other financial expenses Interest income Dividend income Tax expense Change in working capital Increase (-) / decrease (+) of trade and other receivables Increase (-) / decrease (-) of inventories Increase (+) / decrease (-) of trade and other payables Interest paid Interest received Income tax paid NET CASH FROM OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of property, plant and equipment Acquisition of intangible assets Prepayment of loan receivables Loans granted NET CASH USED IN INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Repayments of bond loan Repayments of non-current loans Repayments of finance lease liabilities NET CASH FROM (USED IN) FINANCING ACTIVITIES NET INCREASE (+) / DECREASE (-) IN CASH AND CASH EQUIVALENTS Cash and cash equivalents at the beginning of the period CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

7 P&L EUR Q4/ NET SALES Other operating income Materials and services Personnel expenses Depreciation, amortisation and impairment losses Other operating expenses OPERATING PROFIT (- LOSS) Finance income and expenses (-) PROFIT (LOSS) BEFORE APPROPRIATIONS AND INCOME TAXES Change in depreciation difference Income taxes PROFIT (LOSS) FOR THE FINANCIAL YEAR

8 BALANCE SHEET EUR ASSETS NON-CURRENT ASSETS Intangible assets Property, plant and equipment Investments TOTAL NON-CURRENT ASSETS CURRENT ASSETS Inventories Current receivables Cash at hand and in banks TOTAL CURRENT ASSETS TOTAL ASSETS EQUITY AND LIABILITIES EQUITY Share capital Reserve for invested unrestricted equity Retained earnings Profit for the financial year TOTAL EQUITY APPROPRIATIONS LIABILITIES Non-current liabilities Current liabilities TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES

9 CASH FLOW STATEMENT CASH FLOWS FROM OPERATING ACTIVITIES, EUR Q4/ Operating result Depreciation and amortisation according to plan Finance income and expenses Direct taxes paid CASH FLOW BEFORE CHANGE IN WORKING CAPITAL Change in working capital Current non-interest-bearing operating receivables, increase (-) / decrease (+) Inventories, increase (-) / decrease (+) Current non-interest-bearing liabilities, increase (+) / decrease (- ) NET CASH FROM OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of property, plant and equipment and intangible assets Loans granted Prepayment of loan receivables NET CASH USED IN INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Repayments of bond loan Repayments of current loans NET CASH FROM (USED IN) FINANCING ACTIVITIES NET INCREASE (+) / DECREASE (-) IN CASH AND CASH EQUIVALENTS Cash and cash equivalents at the beginning of the period Cash from Forchem Oy in merger 30 April CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

10 REPORT FROM THE BOARD OF DIRECTORS Q4 has been operatively very similar to the previous quarters of 2017 and in accordance with Forchem s expectations. Group s revenue for Q4 is 29,7 million and operating profit 4,1 million. Group s year-to-date revenue is 126,6 million and operating profit is 19,7 million. Forchem s profitability at EBITDA-level regarding whole year 2017 is 20 % and it is in line to the previous year (21 % in 2016). Regarding Q4, profitability at EBITDA-level is 18 %. The main reason for the lower EBITDA-level in Q4 is normal seasonal cyclicality both in sales mix and generally in operations. The annual revenue has increased mainly due to higher sales volumes. Demand for all the products has been robust. Furthermore, during Q4 there have been no major changes in refining margin compared to the previous quarters. The increase in crude oil price during Q3 has not significantly depressed the refining margin. However, crude oil price has continued rising and the increased oil price will increase Forchem s raw material cost directly for energy related contracts in the coming months. The higher crude oil price has also expanded activity in oil field operations, which raises demand for CTO based products. Furthermore, although the final decision regarding CTO classification will be given by Trilogue meeting during 2018, European Parliament already decided in January 2018 that the classification should remain as it has been. Hence, as already reported in Q Bondholder Report, CTO market has tightened and if crude oil price stays at the current level or even rises, it might put some pressure on Forchem s margin in the future, if product price stay soft. Streamlining operations within group is ongoing. The complete Financial Statements will be published on 30 April