Half Year Results January - June 2013 - 30/08/2013

Press releaseEtex focuses on core businesses and invests in expansion.

In the first half of 2013, building materials group Etex posted sales of 1,483 million euro, representing a 2.9% drop in real terms compared to last year. The decline in sales can be explained by the particularly harsh winter in Europe and the general weak market conditions.

Despite these difficult circumstances, Etex generally managed to uphold its margins and keep its market shares in its respective markets. The group continues to focus on its core businesses and invests in expansion and new capacity to take advantage of the growth in emerging markets and promising building segments.

Fons Peeters, CEO of Etex, comments: “Bad winter conditions in Europe affected our half year results, particularly in Eastern Europe. Etex continues its debt reduction programme by selling non-used assets and divesting non-core businesses. At the same time, we are investing in promising growth markets.”

Divestment of non-core businesses

Etex’s gypsum division Siniat divested La Chape Liquide and Gyvlon, two subsidiaries that manufacture and sell anhydrite floor screed binders in Europe. This operation is part of Siniat’s long-term investment policy allowing Etex to focus on dry construction, providing inside and outside building solutions.

Strengthening Siniat’s polystyrene leadership in France

Etex is investing 25 million euro in Siniat’s French polystyrene factories. The financial injection involves new manufacturing tools and an increased production capacity, strengthening Siniat’s market leadership in polystyrene backed plasterboards. In addition, a drop in CO2 emissions is to be expected, as shortening the distance between production sites and the market should cut down transport by approximately 2,500 trucks a year.

Promat expands in Russia through the acquisition of A+B

On 26 August, Etex’s FPI division Promat acquired the Russian based company A+B, a well-established producer and supplier of quality paints and sprays for passive fire protection. This product range represents a perfect fit with the strategic ambitions of Promat. A+B developed a recognized brand based on quality products.

Fons Peeters, CEO of Etex, concludes: “For the second year-half we expect slightly better results than in 2012. Building on our historical core business, we are using our unique combination of gypsum and fibre cement to build a strong position in the growing dry construction market.”

In millions of euro June 2012  June 2013 var
Revenue 1.586 1,483 -6,5%
Recurring operating income (REBIT) 141 106 -25,3%
     % revenue 8,9% 7,1%    
Non-recurring items 0 3    
Operating cash flow (EBITDA) 221 190 -13,9%
Operating income (EBIT) 142 108 -23,7%
     % revenue 8,9% 7,3%    
Net profit (group share) 110 41 -63,0%  
Capital expenditure 89 69    
Net financial debt 1,418 1,300  
Working capital 487 491    
Capital employed 2,778 2,710    

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