Stable financial performance with a strong free cash flow in 2012
Rettig Group reported a stable performance in 2012 (2011) despite a challenging market environment. Turnover in 2012 amounted to 970 M€ (968 M€) and EBITDA was 125 M€ (134 M€). Free cash flow was very strong at 83 M€ (-9 M€). Net gearing improved to 78% (82%). EBIT was lower compared to 2011 due to an extra write down of the book value of Bore’s fleet of 20 M€ .
“In the light of the challenging operating environment our financial performance was satisfactory. Our free cash flow of 83 M€ was strong enabling us to reduce debt, says Hans Sohlström, President and CEO.
Key figures
| INCOME STATEMENT | Actual | Actual |
| (in MEUR) | 2012 | 2011 |
| Turnover | 970 | 968 |
| Change in % to previous year | 0,2 % | 5,4 % |
| Variable Expenses | -661 | -647 |
| Sales Margin | 310 | 321 |
| Sales Margin % | 31,9 % | 33,1 % |
| Operating Expenses | -193 | -198 |
| Operating Expenses % | -19,8 % | -20,5 % |
| Other Income/Expenses | 8 | 12 |
| EBITDA | 125 | 134 |
| EBITDA % | 12,9 % | 13,9 % |
| EBIT | 24 | 52 |
Future outlook
“Due to economic uncertainty and low growth inEuropeour operating environment remains challenging. Thanks to our continuous focus on free cash flow and cost efficiency improvement we expect a stable financial performance and further reduced debt in 2013”, says Hans Sohlström.
Please find Rettig Groups annual reports available at www.rettig.fi.
Rettig Group will arrange a Finnish-language press conference at Rettig Group headquarters (Bulevardi 46,Helsinki) today at 11.00 am Finnish time.
For further information: Hans Sohlström, President and CEO, tel. +358 400 547 717 or hans.sohlstrom@rettig.fi
