24.07.2014 07:15:00

Plastic Omnium: First-Half 2014 Results According to IFRS Standards 10/11/12

Regulatory News:

Plastic Omnium (Paris:POM):

The new IFRS 10/11/12 standards, effective from January 1, 2014, require jointly controlled entities to be reported using the equity method.

Applying these standards, the Group's principal financial aggregates were as follows at June 30, 2014:

             
In € millions - IFRS   First-Half   First-Half   Change
    2013   2014   in %
Revenue 2,176.5 2,246.3 +3.2%
of which Automotive 1,964.3 2,048.6 +4.3%
of which Environment   212.2   197.7   -6.8%
Operating margin 160.1 192.3 +20.1%
As a % of revenue 7.4% 8.6%
of which Automotive 153.2 179.8 +17.4%
As a % of revenue 7.8% 8.8%
of which Environment 6.9 12.5 +81.2%
As a % of revenue   3.2%   6.3%    
EBITDA 253.9 284.6 +12.1%
As a % of revenue   11.7%   12.7%    
Net Profit 98.2 112.2 +14.3%
As a % of revenue 4.5% 5.0%
Net Profit, Group share 96.4 108.4 +12.4%
As a % of revenue   4.4%   4.8%    
     
    30 June 2013   30 June 2014
Net debt at period-end 420 423
Gearing   51%   44%

The Group's operational methods are unchanged from those used to prepare the 2013 audited consolidated financial statements and the Group therefore consolidated the following companies, based on the influence it exercises over them: BPO, HBPO, YFPO and Signal AG.

The impact of consolidating these companies in the Group's management results is as follows:

   
First-Half
In € millions   2013   2014
Revenue 391.4   419.3
of which Automotive 375.0 401.0
of which Environment   16.4   18.3
Operating margin 30.0 26.4
of which Automotive 30.5 26.4
of which Environment   -0.5   0.0
EBITDA 39.1 35.8
Net Profit 6.1 4.8
Net Profit, Group share   0.0   0.0
     
30 June
    2013   2014
Net debt -45 -53
Gearing   -8%   -7%

The first-half 2014 results (1) are as follows:

             
In € millions   First-Half   First-Half   Change
    2013   2014   in %
Revenue 2,567.9 2,665.5 +3.8%
of which Automotive 2,339.3 2,449.6
of which Environment   228.6   216.0    
Operating margin 190.1 218.7 +15.0%
As a % of revenue 7.4% 8.2%
of which Automotive 183.7 206.2
as % of revenue 7.9% 8.4%
of which Environment 6.4 12.5
As a % of revenue   2.8%   5.8%    
EBITDA 293.0 320.4 +9.4%
As a % of revenue   11.4%   12.0%    
Net Profit 104.3 117.0 +12.2%
As a % of revenue 4.1% 4.4%
Net Profit, Group share 96.4 108.4 +12.4%
As a % of revenue   3.8%   4.1%    
     
    30 June 2013   30 June 2014
Net debt at period-end 375 370
Gearing   43%   37%  

In accordance with IFRS 8, this operational financial information is used for the Group's external financial reporting.

Glossary

(1) The first-half financial statements have been prepared using the same methods as for the 2013 audited consolidated financial statements, with affiliates consolidated based on the degree of influence exercised. This provides an accurate picture of the Group's economic and managerial situation. The complete financial statements, prepared according to both methods, can be found at www.plasticomnium.fr

(2) Operating income is income from continuing operations before taxes, financial income and other operating income and expense.

(3) EBITDA is operating income before depreciation, amortization and provisions.

(4) Net financial debt includes all long-term financial borrowings, short-term borrowings and bank overdrafts, less lending and other long-term financial assets, cash and cash equivalents.

Plastic Omnium is the world leader in automotive components and body modules, automotive fuel systems, and waste container solutions for local authorities and companies. The Group has 22,000 employees across 110 plants, 22 R&D centers and 30 countries worldwide. Plastic Omnium is listed on Euronext Paris, compartment A. It is eligible for the Deferred Settlement Service (SRD) and is part of the SBF 120 and CAC Mid 60 indices (ISIN code: FR0000124570).

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