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2016-08-31 13:30:23 CEST 2016-08-31 13:30:23 CEST REGULATED INFORMATION Forchem Oyj - Half Year financial reportFORCHEM OYJ'S Q2.2016 BONDHOLDER REPORTStock Exchange release Free for publishing 31.8.2016, hour 14:30 FORCHEM OYJ'S Q2.2016 BONDHOLDER REPORT Based on the terms and conditions of the bond Forchem publishes the bondholder report within two months after the end of each quarter of its financial year. Forchem's bond has been listed in Helsinki Stock Exchange on 30 June 2016 which means after the listing the bondholder reports must be public. During Q2 Forchem Oy merged into Respol Finland Oy, which assumed all the assets and debts as well as obligations and rights of the merging company. The implementation date of the merger was 30 April 2016. After the merger the trade name of Respol Finland Oy was changed to Forchem Oyj. The purpose of the merger of the companies was to rationalize the group structure and achieve synergy effects as well as to combine the companies' administration and cost monitoring systems in order to achieve cost savings. The merger has no impact on the continuity of the companies' operations but due to the merger Forchem Oyj became the Issuer of the bond. Operationally Q2 has been largely similar to Q1. Turnover has dropped in the first half of the year because of general price level erosion, but we have been able to maintain margins as CTO price has also developed in our favour. Revenue of the quarter is € 27 million and operating profit € 5,0 million. Cumulative revenue is € 59 million and operating profit € 9,7 million. Demand for main products has been as expected, some seasonal cyclicality between TOFA and TOR demand. Streamlining of operations within the group are ongoing. Slow-down of oil field operations in the US have reduced the demand for CTO based products in that segment, which has caused the market to be long in both CTO and TOFA for the moment. For this reason, and normal seasonal variation, CTO availability is good at the moment. This release is a summary of Forchem Oyj's bondholder report concerning Q2/2016. The report is based on the terms and the conditions of the bond. The whole report including the tables is attached to this release and it is available at www.forchem.com/investor_area. For more information: Forchem Oyj Henrik Lindegrén, CFO, p. +358 44 032 1075, henrik.lindegren@forchem.com [] |
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