2012 First Half Year Results - 31/08/2012

Press releaseEtex posts good results despite difficult economic circumstances.
The integration of the recently acquired plasterboard division is well on track.

The first half year results of Etex reflect a strong performance despite challenging markets. The increase in revenue and cash flow is the result of both a strong performance of Etex’ historic divisions in emerging markets and the recent acquisition of Lafarge’s European gypsum division, now “Siniat”. On a like-for-like basis, Etex posted a 5.1% increase in revenues and a 5.2% increase in cash flow as compared to the 2011 half year results.

Fons Peeters, CEO of Etex, commented “In the first quarter the business performed very well compared to last year. The economic climate in Europe slowed down during the second quarter, but Etex benefitted from consistent growth in emerging markets such as Latin America and Asia.

We are happy that the integration of the plasterboard division which we acquired from Lafarge is running smoothly. The acquisition gave Etex a leadership position in the dry construction market. Its solutions respond to contemporary market trends relating to energy efficiency and affordable housing.” 

In millions of Euros June 2011  June 2012 var
Revenue 1,037 1,586 52,9%
Recurring operating income (REBIT) 107 141 32,02%
     % revenue 10,3% 8,9%    
         
Non-recurring items -2 0    
         
Operating cash flow (EBITDA) 150 221 46,6%
Operating income (EBIT) 106 142 34,2%
     % revenue 10,2% 8,9%    
         
Net profit (group share) 49 110 124,2%  
         
Capital expenditure 44 89    
Net financial debt 368 1,418  
Working capital 405 487    
Capital employed 1,510 2,778    

Net profit includes the gain on disposal of financial assets (€ 36.3 million). The increase in working capital reflects the normal business seasonality. The above is the key financial information for the first semester of 2012. This information has been extracted from unaudited accounts of the Group, and was not subject to any review or verification by the auditors of the Group.

More information

Frédéric Deslypere
CFO Etex
Tel + 32 (0) 2 778 13 11


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