Financial result January to December 2014 and Annual Report for 2014 published

Financial result January to December 2014

Strong cash flow and improved profitability despite weak demand

Financial highlights of January to December 2014 (year-on-year in brackets)
– Turnover declined by 4.1% to EUR 933.4 million (973.7)
– EBITDA declined by 0.8% to EUR 130.6 million (131.6)
– EBIT grew by 19.3% to EUR 42.7 million (35.8)
– Net debt reduced by 14.2% to EUR 247.1 million (288.1)
– Free cash flow declined by 4.2% to EUR 102.7 million (107.2)

Hans Sohlström, President and CEO of Rettig Group:
“Rettig Group suffered from the generally slow European economy with weak demand in all three business areas leading to decline in turnover. Profitability in terms of EBIT, ROCE and net result improved thanks to efficiency improvements, cost reductions and lower depreciations in all three business areas. EBITDA remained almost at the same level as the previous year despite reduced turnover. Continued strong free cash flow enabled further reduction in net debt. Thus, the targeted net gearing level of below 60 per cent was achieved as we ended the year with a net gearing of 59.4 per cent”.

Outlook for 2015
The business environment will remain challenging in 2015 as the economic growth in Europe is forecast to continue weak. We expect to improve our profitability through continued focus on the implementation of our strategy.

For more detailed information about the result for 2014 including the fourth quarter, please see our investor presentation as well as 2014 annual report published today.

For further information please contact:
Josefina Tallqvist, Director, Corporate Communication and Investor Relations
Mobile: +358 40 7455276
Email: josefina.tallqvist@rettig.fi

Rettig Group is a Finnish family business that creates value for generations through sustainable and long-term growth. We focus on leading market positions and more customer value with less environmental impact. Rettig Group’s businesses are Rettig ICC – indoor climate comfort, Nordkalk – lime-stone based products and Bore – RoRo shipping services. In 2014 total turnover was about EUR 933 million and the group had about 4,100 employees in 25 countries