Annual report 2013/14 The board of directors has today approved the annual report for 2013/14 for egetÆpper a/s. The annual report 2013/14 has the following main items: Accounting report The result before taxation amounts to
62.1 DKKmillion which is better than our expectations at beginning of the year but in line with our estimate from March 2014where we expected a result before taxation of 60-70 DKKmillion. Financial highlights: -- The group turnover amounts to 784 DKKmillion which is on the same level as last year. -- Result before financial items and taxation amounts to 69.8 DKKmillion equal to an EBIT-margin on 9%. -- Result before taxation amounts to 62.1 DKKmillion, an increase of 13.9 DKKmillion compared to last year. -- The group’s result amounts to 48.0 DKKmillion against 34.4 DKKmillion last year. -- Dividend is recommended fixed at 18.3 DKKmillion equal to approx 40% of the group’s result after taxation and dividend to minority shareholders. -- The net investments in long-term assets during the year amount to 34 DKKmillion. -- Interest-bearing net assets amount to 2.1 DKKmillion as interest-bearing net liabilities have been reduced by 9.5 DKKmillion compared to last year. Investments of the year have been financed by cash flows from operating activities. -- Cash flows from operations amount to 61 DKKmillion. Prospects 2014/15 We determinedly work with egetÆpper’s general strategy ”Sustainable Carpet Design 2020” and on this basis we have set up the following expectations to the markets: -- The activity level on the Danish market, being our biggest market, has developed a bit better than expected in the accounting year 2013/14 – we expect this development to continue. -- Among the important export markets we especially expect growth in England. Furthermore it is our expectation that Norway, Swedenand The Middle Eastwill evolve positively. -- Both Germanyand Francehave not been developing as expected the past year. We have taken steps to turn this development in the year to come. -- The formation in Asiawill go on and we expect ongoing prosperity. As per 1 October 2014egetÆpper a/s acquire 51% of the shares in Hammer TÆpper A/S. The group result is expected to be affected positively by 5 DKKmillion before taxation plus possible effects of valuation adjustments in the fair value as per day of handover. In all our expectations to 2014/15 are: -- A turnover of 900-950 DKKmillion -- An EBIT-margin of 8-9% -- A result before taxation of 70-75 DKKmillion -- A cash flow from operations of 75-85 DKKmillion -- Investments in long-term assets of 45-55 DKKmillion plus investment in Hammer TÆpper A/S of approx 50 DKKmillion The annual general meeting The annual general meeting to be held on Friday 29 August 2014. The board of directors has made the following proposals for the annual general meeting: -- Based on the group’s dividend policy the board of directors recommends that dividend is fixed at 7.00 DKKper share nominal 10 DKKcorresponding to a total dividend of 18.3 DKKmillion or approx 40% of the net result after taxation and dividend to minority shareholders. -- The board of directors also recommends that the board of directors is authorised to acquire own shares up to nominal 5.0 DKKmillion. The authorisation is provided until the annual general meeting. Contacts: Mr. John Vestergaard, CFO Mr. Svend Aage FÆrch Nielsen, CEO Tel: +45 97118811 Tel: +45 97118811 egetÆpper a/s Herning, 28 June 2014The Consolidated annual report is attached. Copyright © 2014 OMX AB (publ).