07/ M BOND ISSUE

Transcription

1 Q1 07/ M BOND ISSUE Q1.2018, 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 Q1/ YTD REVENUE Other operating income 2 2 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 0 0 Related tax 0 0 ITEMS THAT ARE OR MAY BE RECLASSIFIED SUBSEQUENTLY TO PROFIT Translation differences 1 1 Related tax 0 0 OTHER COMPREHENSIVE INCOME AFTER TAX 1 1 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 1 0 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 Q1/ YTD Profit (loss) for the financial year ADJUSTMENTS FOR Non-cash transactions Depreciations Employee benefits 0 0 Change in provisions 0 0 Other 0 0 Interests and other financial expenses Interest income 0 0 Dividend income 0 0 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 0 0 Loans granted NET CASH USED IN INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Repayments of bond loan 0 0 Repayments of non-current loans 0 0 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 Q1/ YTD NET SALES Other operating income 0 0 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 Q1/ YTD 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 0 0 NET CASH USED IN INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Repayments of bond loan 0 0 Repayments of current loans 0 0 NET CASH FROM (USED IN) FINANCING ACTIVITIES 0 0 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

10 REPORT FROM THE BOARD OF DIRECTORS The beginning of 2018 has been operatively very similar to the previous quarters and the previous year in general. Group s revenue for Q1 is 30,1 million and operating profit 5,0 million. Demand for all the products has continued to be robust and margins have been as expected. The profitability of Q1 at EBITDA-level is 20 % which is largely in line to the previous quarters and year. The minor changes in EBITDA percentage is mainly due to normal seasonal cyclicality both in sales mix and generally in operations. Crude oil price has continued to trend upwards. The dynamics of crude oil price affects both raw material prices and also a relevant portion of end products price, providing a base for a steady margin. Forchem has been able to manage these cycles with a satisfactory stability and the increase in crude oil price has not significantly depressed the refining margin. Forchem believes that it will be capable to maintain that performance also in the future. However, 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 prices stay soft and the prices do not correlate sufficiently to the trend of crude oil. Forchem is active in developing the business by means of new innovations and products. One example of this work is Progres animal feed innovation which is an outcome of the years of research made by Forchem together with the animal feed supplier Hankkija Ltd. Several clinical animal trials have showed that the patented product can improve animal well-being and it has a potential to replace antibiotics in animal feed. The innovation was rewarded by Chemical Industry Federation of Finland s Innovation Award in April 2018 and the commercialization of the product as well as further development continue together with Hankkija Ltd. Streamlining operations within group is still ongoing. 10