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EANS-News Semperit AG Holding / Significant improvement in operating earnings in 2018 ? particularly due to Industrial sector ? downward trend stopped

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22.03.2019, 09:40  |  297   |   |   
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Financial Figures/Balance Sheet

Vienna, Austria -

* Total revenue of EUR 878.5 million slightly increased compared with the
previous year
* Strong performance in Industrial Sector resulted in revenue increase of 5.6%
to EUR 567.0 million, whereas revenue in Medical Sector declined by 7.6%
* EBITDA adjusted for negative one-off effects increased by 40.6% to EUR 50.3
million; adjusted EBITDA margin rose from 4.1% to 5.7%
* EBIT adjusted for negative one-off effects significantly increased to EUR 15.4
million and was positive compared with the previous year; adjusted EBIT margin
rose from -0.1% to 1.7%
* Net loss for the year caused primarily by impairment in the Sempermed segment
and one-off effects as part of the restructuring


Vienna/Austria, 22 March 2019 - With slightly increasing revenues, the operating
result (adjusted EBITDA) of the publicly listed Semperit Group was significantly
increased in 2018: "We have bottomed out: our intensified restructuring and
transformation course has led to a significant improvement in operating earnings
in the Industrial Sector," emphasises Dr Martin Füllenbach, Chairman of the
Management Board of Semperit AG Holding. "The negative development in the
Medical Sector remains a drop of bitterness, for the restructuring of which we
deliberately set a period of 36 months. We are working on the urgently needed
turnaround of Sempermed with utmost concentration."

Significant improvement in operating earnings in industrial segments
The positive development of the Industrial Sector was mainly driven by an
increase in the Sempertrans and Semperflex segments. At the same time, the
Semperit Management Board consistently intensified and accelerated the ongoing
restructuring measures at Group level, which led to an improvement in operating
performance. Until the end of 2018, the initiatives for efficiency enhancement
within the scope of SemperMOVE10 included a total of more than 700 cross-
functional and cross-segment initiatives in the areas of World Class
Manufacturing, quality, pricing, and focused market development. The
contribution to increasing profitability is measured by means of ongoing
monitoring.

"We see numerous positive signals in the industrial segments and are well on the
way. While our results for the past two years were frequently burdened by one-
off effects throughout the Group, we can rule out restructuring-related one-off
effects for the Industrial Sector in the next two years," says Füllenbach. Since
the beginning of the restructuring and transformation phase, the complexity in
the Industrial Sector has been significantly reduced due to the shutdown of the
production sites in France and China as well as the sale of the production site
in Italy. This has led to high non-recurring charges. From today's perspective,
no further significant expenses from the further optimisation of the production
footprint (in the Industrial Sector) are to be expected in 2019.

Burdens by Sempermed impairment
In the Medical Sector, there was not only a decrease in volumes sold, but at the
end of the first half of the year an impairment of EUR 55.2 million had to be
recognised in context of an impairment test, which affected the reported Group
earnings accordingly.

Against the background of the particular problem complexity in the Medical
Sector, the transformation project was consciously and carefully designed for a
total duration of 36 months: the structural challenges in business processes
(operations), in IT as well as in the product and market approach require that
time.

In 2018, the Group's revenue increased slightly to EUR 878.5 million, whereas
the Industrial Sector achieved an increase in revenue of 5.6%. In contrast to
this, revenue in the Medical Sector declined by 7.6%. Adjusted for the negative
one-off effects of EUR 3.9 million from the shutdown of the Sempertrans site in
China, EBITDA increased from EUR 35.8 million to EUR 50.3 million, while the
adjusted EBITDA margin rose from 4.1% to 5.7%. The reported EBITDA was EUR 46.4
million in 2018 after EUR 100.2 million in 2017.

Accordingly, adjusted EBIT also developed very positively, increasing from EUR -
0.8 million in 2017 to EUR 15.4 million in 2018, while the adjusted EBITDA
margin rose from -0.1% to 1.7%. The reported EBIT amounted to EUR -47.7 million
in 2018 after EUR 37.6 million in 2017 (including one-off effects from the joint
venture transaction in Thailand).

Adjusted earnings after tax totalled EUR -17.3 million in 2018 compared with the
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