H1, 2020/21
To Nasdaq OMX Copenhagen A/S
Company announcement no. 481
November 26th, 2020
INTERIM REPORT APRIL 1ST, 2020 – SEPTEMBER 30TH, 2020 (H1 2020/21)
The H1 2020/21 report of the fiscal year was reviewed and approved at the Board of Directors meeting. The Board of Directors announces the following consolidated financial statements year to date (YTD) for H1 2020/21.
Highlights
- The revenue for H1 2020/21 was adversely impacted by COVID 19 and amounted to DKK 70,9 million (2019/20: DKK 101,1 million).
- The order intake and revenue have been negatively impacted by the COVID-19 disruptions.
- Gross profit is at DKK 12,3 million in H1 2020/21 (2019/20: DKK 21,9 million). The process of strengthening gross profit earnings through streamlining the production and supply chain with the consolidation of production and supply chain at the subsidiary in Slovakia is progressing according to the outlined plan.
- An ambitious reduction of fixed costs including a substantial head-count reduction was launched in August 2020 to counter the impact of the sluggish market situation for production equipment in the industry. The full benefit of the cost savings will be realized before the end of the financial year. The major part will show in 2nd half 2020/2021 and hence only a minor part has been included in this 1st half report.
- EBITDA was DKK 5,7 million before non-recurring items and fair value adjustment on investment properties (2019/20: DKK 10,1 million.)
- Non-recurring items YTD 2020/21 amounted to DKK 2,1 million of which DKK 1,2 million related to the mold issues at the building complex Selandia Park, and the remaining DKK 0,9 million related to cost in connection with the transfer of production and spare-part center from Nyborg, Denmark to Presov, Slovakia. (2019/20: DKK 2,5 million).
- Fair value adjustment on investment properties are DKK 0,0 million (2019/20: DKK 0,0 million).
- Profit after tax for the period H1 2020/21 was DKK -3,3 million (2019/20: DKK -1,2 million), corresponding to a result per share (EPS) at -1,8 DKK. (2019/20: -0,6 DKK).
Guidance for full year 2020/21
Glunz & Jensen maintain its full year guidance for 2020/21 as communicated on August 20th 2020 with a revenue in the range of DKK 130-140 million and EBITDA before non-recurring items and fair value adjustment on investment properties in the range of DKK 12-14 million.
This outlook assumes that demand and delivery is not significantly affected by the second wave of COVID-19 outbreak, and Management underlines that the guidance for the fiscal year 2020/21 is associated with a substantial uncertainty as economies – and hence industrial demand - are still impacted by COVID-19.
Sale of Selandia Park
As highlighted in the annual report 2019/20 and in the Q1 2020/21 company announcement, the Board of Directors decided to initiate a sales process for the investment properties in Selandia Park. The sales process is progressing and further information will be provided as a sale approaches its finalization. The potential sale of Selandia Park is not included in the guidance.
For further information please contact:
CEO Martin Overgaard Hansen: phone
Chairman of the board Flemming Nyenstad Enevoldsen: phone
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