Net sales

At the end of the first half of 2013 the Sioen Industries Group realized sales from continuing operations of EUR 161.7 million compared to EUR 167.1 million over the same period in 2012 or a decrease of 3.2%.

 

Coating

An extreme long winter has left its marks in the whole industry. Construction projects were delayed, road works were postponed, other outdoor activities were at a low level, the demand for transportation decreased. As a result, a slight decline in all markets where Sioen is active was recorded at the end of the first half of 2013.

 

Apparel

The apparel division realized a slight growth, although weather conditions were unfavorable. The increase is situated in the different markets. The final acquisition agreement with Van Ochten Bedrijfskleding BV was signed on July 1, 2013.

 

Chemicals

Sales in the chemicals division remained status quo, thanks to a well-balanced product range and our presence in various markets.

 

Gross margin

Continuous efforts in research and development combined with a strict pricing policy result in a gross margin of EUR 79.6 million at the end of the first half of 2013, in line with the same period in 2012.

 

Operating result

The operating result at the end of the first half of 2013 amounted to EUR 11.3 million compared to EUR 15.2 million over the same period last year. As a percentage over net sales, operating result decreased from 9.1% to 7.0% at the end of the period.

 

Profit (loss) for the period from continuing operations

The Group recorded a profit from continuing operations of EUR 5.4 million for the first half of 2013, compared to EUR 8.8 million over the same period last year.

 

Net cash flow from continuing operations

The net cash flow from continuing operations amounted to EUR 13.8 million compared to EUR 16.7 million over the same period last year.

 

Balance sheet and cash flow statement

Working capital, expressed as a percentage of net sales, increased slightly from 31.4% as per 30 June 2012 to 32.4% as per 30 June 2013. In Euro however, it has decreased to EUR 104 million or an improvement of about EUR 1 million. The net financial debt position increased from EUR 65.0 million, at the end of last year, to EUR 69.4 million at the end of June 2013.