Interim report – 9M 2015/16
Matas A/S
Quarterly report
Interim report - 9M 2015/16
Company announcement no. 29 2015/16
Allerød, 2016-02-09 07:46 CET (GLOBE NEWSWIRE) -- Matas’s like-for-like revenue
grew in Q3, maintaining a strong cash flow – guidance confirmed
Q3 2015/16 revenue grew 1.0% year on year to DKK 1,051.5 million. Revenue for
9M 2015/16 amounted to DKK 2,661.2 million, up DKK 0.1 million year on year.
The like-for-like growth rate was 1.5% in Q3 2015/16, compared to a
like-for-like growth rate of 0.8% in the same period of 2014/15. The
like-for-like growth rate for 9M 2015/16 was 0.8%.
The EBITA margin for Q3 2015/16 fell slightly to 21.7% from 21.9% a year
earlier. The EBITA margin for 9M 2015/16 was 18.4%, up from 18.2% in 9M
2014/15.
The guidance for consolidated revenue in 2015/16 is unchanged at around DKK
3.45 billion, assuming like-for-like growth of approximately 1%. Expectations
for the EBITA margin are unchanged at about 17.0%.
Terje List, Chief Executive Officer, said in connection with the release of the
interim report: “We are very pleased with the increased growth relative to the
previous quarters of the year and with our execution in the important Christmas
quarter. In particular, selective beauty products and health products continued
the positive development of the preceding quarters. In the third quarter, Matas
initiated the development of a number of strategic and tactical initiatives
with a view to exploiting and increasing the company’s growth potential. Our
focus is on Club Matas, in-store design, product range and the company’s
e-commerce activities.”
Highlights of Q3 and 9M 2015/16
-- Q3 2015/16 revenue grew 1.0% year on year to DKK 1,051.5 million. The
like-for-like growth rate was 1.5%. 9M 2015/16 revenue was DKK 2,661.2
million, up DKK 0.1 million on the year-earlier period, while the
like-for-like growth rate was 0.8% for 9M 2015/16. Matas’s online store
showed improved growth rates in the third quarter. Black Friday, which grew
in importance compared to previous years, as well as the Christmas trade,
were satisfactorily executed.
-- Q3 2015/16 gross profit was DKK 487.5 million, corresponding to a gross
margin of 46.4%, up from 46.2% in Q3 2014/15. 9M 2015/16 gross profit was
DKK 1,240.4 million, against DKK 1,239.7 million a year earlier, equivalent
to a gross margin of 46.6%, which was unchanged year on year.
-- EBITA was DKK 228.2 million in Q3 2015/16, up from DKK 227.6 million in the
year-earlier period, equivalent to an EBITA margin of 21.7% (Q3 2014/15:
21.9%). EBITA in 9M 2015/16 was DKK 488.9 million (Q3 2014/15: DKK 483.2
million). Overall, the EBITA margin for 9M 2015/16 was 18.4%, an increase
of 0.2 of a percentage point on the year-earlier period.
-- Profit after tax for Q3 2015/16 was DKK 152.9 million, and Adjusted profit
after tax net of amortisation not related to software was DKK 167.4 million
(Q3 2014/15: DKK 158.2 million). In 9M 2015/16, Adjusted profit after tax
was DKK 354.1 million (9M 2014/15: DKK 320.2 million).
-- Cash generated from operations rose to DKK 369.8 million in Q3 2015/16 (Q3
2014/15: DKK 327.3 million), driven by a positive development in net
working capital. The free cash flow in Q3 2015/16 was an inflow of DKK
237.9 million (Q3 2014/15: an inflow of DKK 182.2 million). The free cash
flow in 9M 2015/16 was DKK 434.0 million (9M 2014/15: an inflow of DKK
304.4 million).
-- Gross debt stood at DKK 1,642.7 million as at 31 December 2015. The target
of a gross debt of DKK 1,600–1,800 million remains unchanged. Net
interest-bearing debt was DKK 1,426.0 million at 31 December 2015,
equivalent to 2.1x LTM EBITDA before exceptional items as compared to 2.4x
at 31 December 2015.
Outlook for 2015/16
The financial guidance for the full year remains unchanged from our previous
guidance:
-- Revenue is expected to be around DKK 3.45 billion, assuming like-for-like
growth of approximately 1%.
-- The EBITA margin is expected to be around 17.0%.
Conference call
Matas will host a conference call for investors and analysts on Tuesday, 9
February at 11:00 a.m. CET. The conference call and presentation will be
available on our investor website: investor.en.matas.dk.
Conference call access numbers for investors and analysts:
DK: +45 32 71 16 58
UK (international): +44 (0)20 3427 1900
US: +1 212 444 0896
Code: 4496360
Contacts
Terje List Søren Mølbak
CEO, tel +45 4816 5555 Head of Investor Relations, tel
+45 4816 5548
Anders T. Skole-Sørensen Henrik Engberg Johannsen
CFO, tel +45 4816 5555 Information Manager, tel +45
2171 2474
