Brief: TKH Group H2 Net Profit Before Amortization And One-Offs Down 42.2% YoY

TKH

09/03/2021 06:42

March 9 (Reuters) - TKH Group NV  TWKNc.AS :
    * FY RESULTS
    * H2 RESULT EXCEEDED INDICATED OUTLOOK BANDWIDTH
    * WE DO EXPECT THE IMPACT OF COVID-19 TO BE FELT IN THE FIRST HALF OF 2021,
AS IT
WAS IN THE FIRST HALF OF 2020
    * H2 TURNOVER DECLINED BY 17.1% TO € 610.4 MILLION, ORGANIC DECLINE OF 12.5%
    * H2 EBITA BEFORE ONE-OFF INCOME AND EXPENSES DOWN 29.9% AT € 66.5 MILLION
    * DIVIDEND PROPOSAL: € 1.00 PER (DEPOSITARY RECEIPT FOR) ORDINARY SHARE
(2019: €
1.50)
    * H2 NET PROFIT BEFORE AMORTIZATION AND ONE-OFF INCOME AND EXPENSES
ATTRIBUTABLE
TO SHAREHOLDERS DOWN 42.2% AT € 34.4 MILLION
    * H2 CASH FLOW FROM OPERATING ACTIVITIES INCREASED STRONGLY TO € 150.1
MILLION (H2
2019: € 126.6 MILLION AND H1 2020: € 37.7 MILLION)
    * DUE IN PARTICULAR TO THE IMPACT OF THE LOW ORDER INTAKE IN TIRE BUILDING
IN THE
SECOND AND THIRD QUARTER OF 2020, THE PROFIT OF TKH IN THE FIRST HALF OF 2021
WILL BE LOWER THAN IN THE SAME PERIOD IN 2020
    * H2 ONE-OFF INCOME AND EXPENSES TOTALLING € 3.3 MILLION (EXPENSE) -
IMPAIRMENTS
OF € 2.4 MILLION
    * H2 ROS INCREASED SLIGHTLY TO 10.9% (H1 2020: 10.2%)
    * FOR THE FULL YEAR 2021, TKH EXPECTS TO RECORD A HIGHER PROFIT
    * WILL GIVE A CONCRETE PROFIT FORECAST FOR THE FULL YEAR 2021 AT THE
PRESENTATION
OF ITS INTERIM RESULTS IN AUGUST 2021
    * SINCE THE OUTBREAK OF THE PANDEMIC, COVID-19 HAS HAD A NEGATIVE IMPACT ON
BOTH
TKH'S TURNOVER AND RESULT
    * IMPACT OF COVID-19 ON OUR BUSINESS EASED SOMEWHAT FROM Q3 ONWARDS,
ALTHOUGH
CAPITAL EXPENDITURE STILL LAGGED, RESULTING IN A LOW ORDER INTAKE IN INDUSTRIAL
SOLUTIONS OVER THE FIRST 9 MONTHS
    * DELAYED DELIVERIES OF VARIOUS PROJECTS DUE TO LOCKDOWN SITUATIONS AT
CUSTOMERS
HAVE INCREASED WORKING CAPITAL BY AN ESTIMATED € 10 MILLION AT YEAR-END 2020


Further company coverage:  TWKNc.AS 

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