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ROY Ceramics SE: Intended relocation of production facilities affects Q3 financial results
DGAP-News: ROY Ceramics SE / Key word(s): 9-month figures
ROY Ceramics SE: Intended relocation of production facilities affects Q3
financial results
30.11.2015 / 10:02
The issuer is solely responsible for the content of this announcement.
ROY Ceramics SE: Intended relocation of production facilities affects Q3
financial results
30.11.2015 / 10:02
The issuer is solely responsible for the content of this announcement.
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Financial results 9M 2015
ROY Ceramics SE: Intended relocation of production facilities affects Q3
financial results
Frankfurt, 30 November 2015 - The third quarter of the financial year 2015
of Roy Ceramics SE ("ROY") was mainly marked by the sale of the two
principal and operating Chinese subsidiaries of ROY Ceramics in preparation
of the relocation of the production to the USA. The weak results in the
third quarter 2015 consequently reflected the closure of the factory and
the winding down of ROY's business in the PRC.
As a result of the disposal of its two principal and operating subsidiaries
in China to White Horse Holdings Limited, revenues in Q3 2015 were down to
9.7 million Euros (Q3 2014: 28.2 million Euros). In the first nine months
2015 revenues of ROY Ceramics decreased slightly by 4.5 per cent from 74.0
million Euros to 70.7 million Euros. With regard to ROY's two product
segments, the segment "Ceramics Products" accounted with revenues of 28.1
million Euros (9M 2014: 42.6 million Euros) for 39.8 per cent of total
revenues. Revenues in the second segment "Non-ceramics accessories"
increased significantly by 35.3 per cent to 42.6 million Euros (9M 2014:
31.5 million Euros) representing 60.2 per cent (9M 2014: 42.5 per cent) of
total revenues. The very positive development in the "Non-ceramics
accessories" segment reflects ROY's strategy to shift the focus from lower
margin core ceramics products to more value added non-ceramics accessories
such as intelligent toilet seats with advanced automated features.
Gross profit went down by 45.7 per cent to 15.8 million Euros from January
to September 2015 (9M 2014: 29.2 million Euros) representing a gross profit
margin of 22.4 per cent (9M 2014: 39.4 per cent). Besides the sale of the
operating subsidiaries, toughening market conditions in the PRC, which
necessitated ROY to provide discounts on prices, caused the decrease in
gross profit and gross profit margin. Due to the loss on disposal of
subsidiaries amounting to 12.1 million Euros and the closure of the Beijing
factory in the third quarter 2015, also EBIT dropped to -9.8 million Euros
(9M 2014: 16.3 million Euros). Adjusted for the negative extraordinary
effect of the disposal of the two operating subsidiaries, ROY's EBIT
Financial results 9M 2015
ROY Ceramics SE: Intended relocation of production facilities affects Q3
financial results
Frankfurt, 30 November 2015 - The third quarter of the financial year 2015
of Roy Ceramics SE ("ROY") was mainly marked by the sale of the two
principal and operating Chinese subsidiaries of ROY Ceramics in preparation
of the relocation of the production to the USA. The weak results in the
third quarter 2015 consequently reflected the closure of the factory and
the winding down of ROY's business in the PRC.
As a result of the disposal of its two principal and operating subsidiaries
in China to White Horse Holdings Limited, revenues in Q3 2015 were down to
9.7 million Euros (Q3 2014: 28.2 million Euros). In the first nine months
2015 revenues of ROY Ceramics decreased slightly by 4.5 per cent from 74.0
million Euros to 70.7 million Euros. With regard to ROY's two product
segments, the segment "Ceramics Products" accounted with revenues of 28.1
million Euros (9M 2014: 42.6 million Euros) for 39.8 per cent of total
revenues. Revenues in the second segment "Non-ceramics accessories"
increased significantly by 35.3 per cent to 42.6 million Euros (9M 2014:
31.5 million Euros) representing 60.2 per cent (9M 2014: 42.5 per cent) of
total revenues. The very positive development in the "Non-ceramics
accessories" segment reflects ROY's strategy to shift the focus from lower
margin core ceramics products to more value added non-ceramics accessories
such as intelligent toilet seats with advanced automated features.
Gross profit went down by 45.7 per cent to 15.8 million Euros from January
to September 2015 (9M 2014: 29.2 million Euros) representing a gross profit
margin of 22.4 per cent (9M 2014: 39.4 per cent). Besides the sale of the
operating subsidiaries, toughening market conditions in the PRC, which
necessitated ROY to provide discounts on prices, caused the decrease in
gross profit and gross profit margin. Due to the loss on disposal of
subsidiaries amounting to 12.1 million Euros and the closure of the Beijing
factory in the third quarter 2015, also EBIT dropped to -9.8 million Euros
(9M 2014: 16.3 million Euros). Adjusted for the negative extraordinary
effect of the disposal of the two operating subsidiaries, ROY's EBIT
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