2012-08-13 20:08:08 CEST
2012-08-13 20:09:11 CEST
REGULATED INFORMATION
Eyrir Invest ehf. - Financial Statement Release
Eyrir Invest hf. H1 2012 Results
Solid financials and value creation on track
-- Net profit in first half of the year amounts to EUR 18 million [1H 2011;
-13 million]
-- Net Asset Value per outstanding share is 20.3 eurocents compared with 18.3
eurocents at the beginning of the year
-- NAV amounted to EUR 205 million on June 30th 2012 an increase of EUR 2
million from beginning of the year. Eyrir purchased 9% of total shares in
the period for EUR 16 million
-- Total Assets are EUR 380 million and equity ratio is 54% compared with 51%
at beginning of the year. Cash is EUR 1 million in mid-year 2012. After
closing of the period Eyrir Invest has secured EUR 22 million of long-term
financing
-- The Board of Directors has decided to sell own shares to increase further
financial strength
Eyrir Invest core holdings are a 33% share in Marel and a 17% share in Stork BV
which owns and operates Stork Technical Services and Fokker Technologies.
Eyrir invests as well in prominent ventures.
A major financial event took place in August 2012 when Stork Technical Services
(STS) and Fokker secured separate long term financing. Eyrir Invest supports
the new financing of STS and Fokker with an equity contribution of up to EUR 23
million. Financials of Eyrir´s core holdings are sound and in line with
international benchmarks with net debt levels at 2-4x EBITDA.
Arni Oddur Thordarson, CEO:
„We are pleased to report solid profits and financials. The imbalances in the
global economy continue to be challenging and capital markets are soft in
general.
Our operating companies have increased their geographical footprint in recent
years, organically and with strategic acquisitions. An important milestone
was reached in August when Stork Technical Services and Fokker Technologies
announced separate long-term financing. The new financing provides
operational flexibility and enables the full integration of RBG into Stork
Technical Services.
Our core holdings are well positioned within growth industries and we remain
cautiously optimistic.”
Statement of Comprehensive Income
(in EUR thousands) 2012/6m 2011 2011/6m 2010
--------------------------------------------------------------------------------
Operating revenues:
Change in fair value of investment 24.513 -30.977 -15.165 64.851
securities
Dividend income 2.489 0 0 0
Income from change in accounting treatment of 0 30.107 0 0
an associate
Share of profit of equity accounted 0 11.650 2.583 7.491
associates
Net interest expenses -5.115 -12.920 -5.487 -15.873
Net foreign exchange (loss) gain -2.727 4.763 5.531 -3.254
-------------------------------------
Net operating revenue 19.160 2.623 -12.538 53.215
Operating expenses:
Salaries and salary related expenses 527 934 451 836
Other operating expenses 303 732 370 560
-------------------------------------
-------------------------------------
Operating expenses 830 1.666 821 1.396
Profit (loss) for the period 18.330 957 -13.359 51.819
-------------------------------------
Other compreh. expenses for the period -368 -488 -190 -18.639
-------------------------------------
Total comprehensive inc./(exp.) for the 17.962 469 -13.549 33.180
period
-------------------------------------
Earn. per share-eurocents (each share 1 1.75 -0.09 -1.33 5.14
ISK)
-------------------------------------
Earn. Per shares for 1.71 -0.05 -1.34 3.29
compreh.income-eurocents
-------------------------------------
Statement of Financial Position 2012/6m 2011 2011/6m 2010
-------------------------------------
Assets:
Cash and restricted cash 772 10.474 12.274 22.758
Share subscription 0 15.377 0 0
Investment securities 373.837 364.931 174.320 256.835
Investments in equity accounted securities 0 0 167.533 143.602
Trade and other receivables 2.992 2.282 2.764 1.201
Operating assets 2.045 2.082 2.126 2.050
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Total assets 379.646 395.146 359.017 426.446
-------------------------------------
-------------------------------------
Equity and Liabilities
Total equity 204.880 202.493 173.098 186.648
Trade and other payables 203 239 226 1.908
Liabilities 174.563 192.414 185.693 237.890
-------------------------------------
Total equity and liabilities 379.646 395.146 359.017 426.446
-------------------------------------
Equity ratio 54.0% 51.2% 48.2% 43.8%
Eyrir´s core holdings;
Eyrir´s core assets are booked at fair value or market value in line with
current accounting practices of major international investment companies. Core
assets account for more than 90% of Eyrir's total assets. Marel shares are
listed on Nasdaq OMX Iceland. Stork is an unlisted company valuated by using a
fair value method based on market and transaction multiples. Profits attributed
to shares in Marel are 45 m Euros, while Eyrir´s 17% share in Stork is adjusted
downward by 19 m Euros due to market conditions in Europe.
Highlights of H1 2012
Marel grew organically by 18%
Revenues in first half of 2012 reached EUR 371 million, an 18% increase from
previous year. EBITDA in the first half of the year was 46 million compared
with operating EBITDA of 44 million for same period in 2011. Marel´s net
profit is 20 million in H1 2012 compared with 9 million for the same period
2011.
Eyrir received EUR 2.5 million in dividend from Marel in H1 2012. The dividend
was paid for the operational year 2011. Marel share price is 96 eurocents at
30th June 2012, a 21% increase from the beginning of the year. Current share
price is 98 eurocents.
Eyrir has been a principal shareholder in Marel since 2005 and has been
instrumental in shaping current growth strategy and supporting management in
executing in line with strategy. In recent years Marel has enhanced its
market leading position and enjoyed good growth, driven by high investments in
innovation and market penetration. Marel has good geographical balance in
sales and is well placed to benefit from the underlying growth trend in the
global food industry.
Stork Technical Services (STS) and Fokker refinanced in H2 2012
In August 2012 Stork announced the refinancing of its two businesses, STS and
Fokker. The refinancing of Stork B.V. into two separate capital structures is
the logical next step to establish and grow its two distinct, international
businesses. The refinancing also includes the full integration of the RBG Group
and STS as well as providing necessary operational flexibility for both STS
and Fokker to pursue further growth. The refinancing includes a significant
equity contribution from current investors, out of which Eyrir Invest will
contribute up to EUR 23 million in new equity.
Stork Technical Services;
Stork Technical Services is a global provider of knowledge-based Asset
Integrity Management services for the Oil & Gas, Power and Chemical sectors.
Stork Technical Services including RBG are trading in line with previous year,
with mixed performance between divisions. Traditional Continental European
markets have been facing some headwind while RBG, which focuses on the North
Sea and international markets, is trading above previous year.
STS' revenues, including RBG are in excess of 1.3 billion in 2011 with EBITDA
around 95 million. The combined company has around 14,300 employees across the
UK, Africa, Continental Europe, the Middle East, Asia Pacific and the Americas.
Fokker Technologies;
Fokker develops and produces advanced components and systems for the global
aerospace industry and has innovation and production facilities in the
Netherlands, Turkey, the Americas and Asia. The company also supplies
integrated maintenance services and products to aircraft owners and operators
worldwide. Fokker revenues are 685 million in 2011 with operating EBITDA of 74
million. Revenues and operating profits are developing according to plan.
Financing activities
In March Eyrir purchased own shares corresponding to 9% of total shares for 16
million. The total number of issued shares in Eyrir Invest is 1,108 million,
including 100 million treasury shares. Eyrir's principal shareholders are
Thordur Magnusson and Arni Oddur Thordarson, and companies fully under their
control and ownership, with 34% of total shares.
During the first half of 2012, Eyrir Invest fully repaid its EYRI 05 1 class of
bonds, amounting to ISK 2.540 million (EUR 16 million). Eyrir‘s bond class
EYRI 11 1 with nominal value of ISK 1,012.5 million (EUR 6 million), was
admitted to trading on NASDAQ OMX Iceland in the 1H 2012 but issued in previous
year.
In July Eyrir announced that it had secured long term bank financing for a
total amount of 2.100 million ISK (EUR 13.4 million) with final maturity in
2017.
In addition to the above and previously announced, Eyrir Invest has secured in
August 2012 a EUR 8.5 million loan from a domestic financial institution. The
loan carries LIBOR + 4.2% interest. The principal and interest are due in
August 2013. Eyrir´s bank loans are secured with securities while bond issues
are non-secured. The aim of the financing is ongoing financial and treasury
management to support investing activities.
Outlook
Looking ahead, good growth is expected within the industries where Eyrir Invest
core holdings are placed - the food industry, the energy industry and the
aerospace industry. In the past few years Eyrir´s core assets have
strengthened their market positions and are now in a good position to harvest
well. Nevertheless, results may vary from year to year.
About Eyrir
Eyrir Invest is an international investment company that focuses on investments
in industrial companies that have the potential to become true global leaders.
Eyrir places great emphasis on aligning execution with good long-term strategic
planning. Eyrir´s core assets are a 33% holding in Marel and 17% holding in
Stork BV which owns and operates Stork Technical Services and Fokker
Technologies. In recent years Eyrir has placed increased emphasis on venture
capital investments. Eyrir´s „Buy and Build“ strategy has a proven track record
as shareholder value has increased well above market returns since foundation
in mid-year 2000.
Forward looking statements
Statements in this press release that are not based on historical facts are
forward-looking statements. Although such statements are based on management's
current estimates and expectations, forward-looking statements are inherently
uncertain. We, therefore, caution the reader that there are a variety of
factors that could cause business conditions and results to differ materially
from what is contained in our forward-looking statements, and that we do not
undertake to update any forward-looking statements. All forward-looking
statements are qualified in their entirety by this cautionary statement.
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