Rettig Group Press Release

March 2016

Press release - 3 March 2016 at 09:00am (EET)

Expansion, diversification and improved profitability despite lower turnover

Financial highlights of January to December 2015 (year-on-year in brackets)
  • Turnover declined by 4% to EUR 898 million (933)
  • EBITDA improved by 3% to EUR 135 million (131)
  • EBIT grew by 39% to EUR 60 million (43)
  • Net result unchanged at EUR 28 million (28)
  • Net debt grew by 30% to EUR 321 million (247)
  • Free cash flow declined by 67% to EUR 37 million (103)
Tomas von Rettig, President and CEO of Rettig Group as of 1 January 2016:
“Rettig Group’s total turnover was under pressure during 2015 due to a generally weak economy in several of its key markets. However, ongoing productivity measures during 2015 as well as restructuring of Bore’s operations and other cost cutting measures taken during 2014 contributed to a satisfactory result performance in 2015. The EBITDA-margin grew from 14% to 15%. During the year we developed the existing business of Rettig ICC through the acquisition of Emmeti S.p.A. and through completion of Bore’s restructuring program with focus on the RoRo business. We diversified the business by increasing our holding in Alandia to about 25% and through the establishment and EUR 40 million capitalisation of Anchor, Rettig Group’s inhouse investment operations. These investments had an adverse effect on net debt and free cash flow of 2015. Excluding the investments, free cash flow remained on a good level.”

Outlook for 2016
We expect business activity to remain at a similar level in 2016 as in 2015 despite weak signs of recovery in the European market. During 2016 we will continue to focus on profitability improvement.

For further information please contact:
Josefina Tallqvist, Director, Corporate Communication and Investor Relations
Mobile: +358 40 7455276
Email: [email protected]

Rettig Group is a Finnish family business that creates value for generations. We aim for sustainable and long-term value growth through risk diversification and a strong balance sheet. Businesses of Rettig Group are Rettig ICC – indoor climate comfort; Nordkalk – limestone-based products; Bore – RoRo shipping services; insurance company Alandia – an associated company of Rettig Group; and Anchor – Rettig Group’s in-house investment operations. In 2015, Rettig Group had a turnover of EUR 898 million and about 4,200 employees in 28 countries.

The full press release can be downloaded here:

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Rettig ICC Ltd, P.O. Box 115, FI-00121 Helsinki, Finland