glaston interim report january-june 2016glaston interim report january-june 2016 9 august 2016...
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Glaston Interim ReportJanuary-June
2016
9 August 2016
Glaston Corporation
Q2 in brief
• Markets contunied to be challenging.
• Orders received totalled EUR 28.6 (32.5) million.
• Net sales totalled EUR 22.1 (30.1) million.
• Comparable EBITDA was EUR 0.2 (2.6) million.
• The comparable operating result was a loss of EUR 0.4 (1.7 profit) million, i.e. -1.9 (5.8)% of net sales.
H1 in brief
• Increasing uncertainty in the operating environment.
• Orders received totalled EUR 53.7 (55.0) million.
• The order book on 30 June 2016 was EUR 40.9 (56.0) million.
• Net sales totalled EUR 51.5 (56.5) million.
• Comparable EBITDA was EUR 1.6 (4.7) million, i.e. 3.1 (8.3)% of net sales.
• The comparable operating profit was EUR 0.3 (3.0) million.
Glaston Corporation
Operating environment
• Glaston’s markets remained quiet in the second quarter.
• In the North American market growth continued, although more moderately. The South American market remained quiet.
• The Asian market area grew slightly. Positive development in the Indian, Australian and New Zealand markets.
• In the EMEA area, the market levelled off. The economic uncertainty and tightening operating conditions slowed customers’ investment decisions.
Glaston Corporation
Rolling 12 month orders received
112.4 110.2 112.0 112.4
133.6 132.4139.1 135.2
107.4 109.9 106.0
0
20
40
60
80
100
120
140
160
Glaston Corporation
Rolling 12 month net sales
106.1 103.5 105.4 104.9109.7
115.9 114.9
127.4123.4
126.4
118.4
0
20
40
60
80
100
120
140
Glaston Corporation
Rolling 12 comparable EBIT
3.7 3.53.9
4.9
5.5
7.1 7.1
8.5
6.15.6
3.4
0
1
2
3
4
5
6
7
8
9
Glaston Corporation
Order book
37.8 39.032.7
41.7
56.052.8
56.0
47.8
38.534.5
40.9
0
10
20
30
40
50
60
Glaston Corporation
Net sales
19.4 13.0
36.1 32.0
76.4
11.09.9
20.920.5
48.2
30.122.1
56.551.5
123.4
0
20
40
60
80
100
120
140
Q2/2015 Q2/2016 H1 2015 H1 2016 2015
Machines Services
* Eliminations not shown separately
Glaston Corporation
Positive net sales development in North America and Asia
28.4
19.6
20.7
20.4
7.4
11.5
56.5
51.5
0
10
20
30
40
50
60
1-6/2015 1-6/2016
EMEA America Asia
Glaston Corporation
Comparable operating result
1.7
-0.4
3.0
0.3
6.1
-1
0
1
2
3
4
5
6
7
Q2/2015 Q2/2016 H1 2015 H1 2016 2015
Glaston Corporation
Orders received
19.0 17.9
31.5 33.3
13.510.7
23.5 20.4
32.5
28.6
55.053.7
0
10
20
30
40
50
60
Q2/2015 Q2/2016 1-6/2015 1-6/2016
Machines Services
Glaston Corporation
Net debt
57.7
8.6
-5.0
7.411.4
-10
0
10
20
30
40
50
60
70
2012 2013 2014 2015 Q2/2016
Glaston Corporation
Machines – challenging markets
• The glass processing machines market
continued to be challenging.
• In North America, the market situation
continued to be favourable.
• The South American market remained quiet.
• In the Asian market area, positive
development in the Indian, Australian and
New Zealand markets. In China, cautious
signs of a pick-up were evident at the end of
the period.
• The economic uncertainty prevailing in the
EMEA slowed customers’ investment
decisions.
19.4
13.0
36.132.0
76.4
0
10
20
30
40
50
60
70
80
90
Q2 2015 Q2 2016 1-6/2015 1-6/2016 2015
Net sales
Glaston Corporation
Services – service and spare parts growing
• Services’ strongest market remained North
America.
• The EMEA area overall was quiet, but
demand varied significantly from country to
country.
• In South America and Asia, demand for
services remained subdued.
• In the spare parts and service product
groups, good development continued in the
second quarter. The market for moderni-
sation products remaines quiet in all sales
regions.
11.0 9.9
20.9 20.5
48.2
0
10
20
30
40
50
60
Q2 2015 Q1 2016 1-6/2015 1-6/2016 2015
Net sales
Glaston Corporation
Outlook 2016
Glaston expects 2016 net sales to be approximately EUR 105 – 110 million and the comparable
operating profit to be approximately EUR 2 – 4 million.
(In 2015 net sales were EUR 123.4 million and comparable operating profit was EUR 6.1 million).
Net sales
Comparable operating
profit
123.4 M€
6.1 M€
2014 2015 2016
109.7 M€
5.5 M€
105 – 110 M€
2 – 4 M€
Glaston Corporation
Thin sidelites (2mm or 1,6mm+1,6mm):
passanger + bus
2mm cover/back glasses
Thin cold-bend glass for more flexible shapes
Thinner and lighter fireresitant glasses (FRG)
Lower transportationcosts with thin glass
Vacuum IG
Thin glasslaminatesThin IGs in e.g.
cooler doors
Switchableglazings
New technologyGlaston Insight – excellence comes standard
Increased efficiency
Improved uptime
Lower production costs
New product range
FC & RC flat tempering lines and ProL laminating line
Consistently high glass quality
More efficient production
Flexibility and ease of use
Glaston Corporation
Thank you!
Glaston Corporation