YTD, Q3, 2018/19
To Nasdaq OMX Copenhagen A/S Public announcement no. 433 February 6, 2019
ECONOMIC KEY FIGURES FOR GLUNZ & JENSEN HOLDING A/S YEAR TO DATE (YTD) Q3 2018/19 AND GUIDANCE FOR 2018/19 The YTD Q3 2018/19 of the fiscal year was reviewed and approved at the Board of Directors meeting today. The Board of Directors announces the following consolidated financial statements year to date (YTD) for Q3 (the first 9 months) of 2018/19. The YTD Q3 result of the fiscal year 2018/19 has not met the expectations and the Board of Directors has expressed dissatisfaction with the YTD Q3 2018/19 financial results. Revenue was 171,7 million DKK (2017/18: 204,3 million DKK).
EBITDA was 13,2 million DKK before non-recurring items and fair value adjustment on investment properties (2017/18: 21,3 million DKK before non-recurring items and fair value adjustment on investment properties). Glunz & Jensen has not included any fair value adjustment on properties in the Q3, 2018/19 reporting. | MDKK | YTD Q3 2018/19 | YTD Q3 2017/18 | | EBITDA before non-recurring items and fair value adjustment on investment properties | +13,2 | +21,3 | | Fair value adjustment | 0,0 | +4,1 | | Non recurring items | - 5,0 | -0,3 | | EBITDA | +8,2 | +25,1 |
Non-recurring items YTD 2018/19 are 5,0 million DKK in cost related to the production start-up of the flexo manufacturing in Nyborg (2017/18: 0,3 million DKK). The revenue in the Offset equipment has decreased from 125 million DKK in YTD Q3, 2017/18 to 93 million DKK in YTD Q3, 2018/19, which has lowered the EBITDA by 14 MDKK. The market has decreased faster than expected and the management expects the decrease in demand in Offset to have flattened out. Glunz & Jensen is working on attracting more Offset revenue in 2019/20. The Flexo revenue was 69 million DKK in YTD Q3, 2018/19 compared to 71 million DKK in YTD Q3, 2017/18 as the current year has been negatively impacted by unforeseen challenges in the start-up and initial consolidation process of the Flexo equipment operation in Nyborg, Denmark. This has also impacted cost and subsequently lowered EBITDA by 5 MDKK. Glunz & Jensen expects to increase our market share in 2019/20. Fixed cost saving reductions and other measures have improved the EBITDA by 11 MDKK by YTD Q3, 2018/19 compared to YTD Q3, 2017/18. The significant saving on fixed cost is due to the implementation of the turnaround plan - Change4Success. The guidance for the Group revenue is adjusted to the 228 million DKK level and the EBITDA (result before interest, tax, amortization and depreciation) before non-recurring items and fair value adjustment on investment properties is adjusted to the 16 million DKK level. Non-recurring items of total 8 MDKK are expected for the full year of 2018/19. For further information: CEO René Normann Christensen, +4524234677
Chairman of the Board Carsten Knudsen, +4521464236
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