Rettig Group today announces the following Interim Management Statement for the period from 1 January to 16 April 2018. Unless otherwise stated, the figures refer to 1 January to 31 March 2018 and the corresponding period last year. All figures are unaudited and according to International Financial Reporting Standards (IFRS).
During the first three months of the year, turnover developed according to plan. For Rettig ICC, turnover in Europe was in line with the previous year whereas turnover in China decreased. Nordkalk’s turnover in Agriculture and Environment segments in Poland increased whereas turnover in the Nordic region as a whole declined.
Total EBITDA improved thanks to higher product profitability within Rettig ICC. Nordkalk's EBITDA was slightly lower mainly as a result of increased energy and maintenance costs, as well as business mix impact.
Total EBIT was in line with that of the previous year.
Total net profit remained at the previous year’s level despite of the weaker development of Anchor’s financial investments.
Net debt increased compared with the previous year as a result of the investment in Terveystalo in the autumn 2017. Despite the fact that free cash-flow declined, mainly as a result of higher net working capital in Rettig ICC, it remained at an expected level.
The AGM of eQ confirmed a dividend of EUR 0.43 per share and a return of capital of EUR 0.07 per share payable on 10 April 2018.
Events after the reporting period
In the annual general meeting of Terveystalo Tomas von Rettig was elected as a new member of the Board and as Vice-Chairman of the Board.
Martti Ala-Härkönen (CFO, Caverion), Tapio Kolunsarka (President and CEO, Ramirent) and Pekka Kuusniemi (President and CEO, Raisio Group) were appointed as new members of the Board of Rettig ICC.
Rettig Group signed a new syndicated multicurrency revolving credit facility of EUR 110 million.
Outlook for 2018
Macroeconomic conditions, in particular the positive cycle in the construction sector, continue to be supportive. We expect the favourable economic conditions to help drive profitability in 2018. We will continue to look for opportunities to further develop our existing companies and we are actively examining opportunities to expand into new businesses.
Financial calendar 2018
Rettig Group will publish the January-June interim report on 24 August 2018 and the January-September Interim Management Statement on 30 October 2018.
Pia Dahlqvist, Communications Director, Rettig Group
Tel. +358 (0)40 526 7813