The Board of egetæpper a/s has today approved the annual report for the financial year 1 May 2017 – 30 April 2018. The annual report 2017/18 has the following main items:
Accounting report
EBIT amounts to 78.5 mio. DKK and has increased by 7% compared to last year. The change in GBP, SEK and NOK over the year has influenced the financial statement negatively with 10 mio. DKK compared to 2016/17.
Financial highlights of the year:
- The Group turnover amounts to 1,157 mio. DKK against 1,016 mio. DKK last year, representing an increase of 14%. Adjusted for the inclusion of Carpet Concept organic growth makes up 6%.
- The Group result amounts to 44.0 mio. DKK against 43.4 mio. DKK last year.
- Dividend of the year is proposed to be fixed at 17.0 mio. DKK equal to approx. 40% of the Group’s net profit after taxation and dividend to minority shareholders.
- Investments of the year in long-term assets amount to 67.9 mio. DKK
- Interest-bearing negative net balance makes up 159 mio. DKK and has increased by 31 mio. DKK compared to last year. The increase is attributable to the current high investment level as well as increased funds tied up in working capital.
- Cash flows from operation amounts to 60 mio. DKK against 86 mio. DKK last year.
Prospects 2018/19
We work determinedly with the ege Groups’ general strategy ”Sustainable Carpet Design 2022” as well as initiatives and focus areas of the new Group structure and on this basis we have the following expectations to the financial year 2018/19:
- A turnover of 1,225 mio. DKK
- An EBIT margin of 7.5%
- Cash flows from operating activity of 90-100 mio. DKK
- Investments in long term assets of 100 mio. DKK
The average investment frame of our 2022 strategy is given at approx. 50 mio. DKK. The doubling of the investment frame in 2018/19 is mainly due to the construction of the largest part of the new tile factory – both building and machines – during the financial year 2018/19.
The annual general meeting
The annual general meeting is to be held at egetæpper’s corporate office in Herning Friday 31 August 2018 at 11.30 a.m.
- Based on the dividend policy of the parent company, the Board of Directors proposes the dividend fixed at 6.50 DKK per share nominal 10 DKK, representing a total dividend distribution of 17.0 mio. DKK corresponding to approx. 40% of net profit of the year after tax and distribution to minority shareholders.
- The Board of Directors also recommends that the General Assembly authorises that own shares up to nominal 2.0 mio. DKK per year can be acquired. The authorisation is to be provided for a period of 5 years.
| Contacts: | |
| Mr. John Vestergaard, CFO | Mr. Svend Aage Færch Nielsen, CEO |
| Tel. +45 97118811 | Tel. +45 97118811 |
egetæpper a/s
Herning, 29 June 2018
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