Record revenue. Profitability affected by hurricane Michael.
- Operating profit (EBIT) amounts to 26.9 million euro, which is 9.9% lower than last year. EBIT is affected by the impact of hurricane Michael (-2.1 million euro). Despite receiving an advance from the insurance company, JENSEN-GROUP decided to defer the income from the insurance claims until the claims are completely settled. Management believes that the insurance coverage is adequate.
Recurring EBIT is estimated at 29.0 million euro or 2.9% lower than last year.
- Cash flow (EBITDA) amounts to 33.5 million euro, a 2.1% decrease compared to last year. Without impact of hurricane Michael, EBITDA would be 34.0 million euro, in line with last year.
- Total net finance cost amounts to 1.3 million euro. This primarily relates to interest charges (0.4 million euro), currency loss (0.2 million euro) and other bank charges (0.7 million euro).
- The net tax charges amount to 7.6 million euro and are lower than last year because of lower profit before tax.
- Net income attributable to the shareholders amounts to 19.1 million euro compared to 21.1 million euro last year (earnings per share of 2.44 euro).
- Net cash decreased by 17.6 million euro, from 23.0 million euro to 5.4 million euro.
- Based on the good recurring result of the year 2018 and the strong financial position, the Board proposes to the Annual Shareholders’ meeting to approve a dividend of 1.00 euro per share. The order backlog at the beginning of the year as well as the cash position makes management confident that the Company is off to a good start into 2019.
Subject to approval by the Annual Shareholders’ meeting of May 21, 2019, the share will trade ex-coupon as of May 29, 2019 and the dividend will be payable as from May 31, 2019 at the counters of KBC bank upon presentation of coupon n°14.
- On October 10, JENSEN USA was hit by hurricane Michael. The effect of hurricane Michael on Panama City and the surrounding areas has been truly devastating.
The main JENSEN USA facility was still standing, albeit with extensive damage. JENSEN USA had a disaster plan in place and implemented it immediately. Our local team together with disaster recovery companies worked to restart production. Starting Monday October,29 2018, JENSEN USA has been running close to normal capacity.
We would like to take this opportunity to express our gratitude for the commitment and efforts of our American colleagues, who made it possible to secure and restart the operations so quickly.
- On January 2, 2018 JENSEN-GROUP acquired a participation of 30% in Inwatec, ApS, a Danish company that manufactures high-end heavy-duty laundry products. JENSEN-GROUP has the option to increase its shareholding from 2020-2023. This investment in laundry robotics and AI (Artificial Intelligence) confirms the Group’s vision to lead in innovation and to automate all processes in the laundry.
- On April 10, 2018, the JENSEN-GROUP increased its shareholding in TOLON GLOBAL MAKINA Sanyi Ve Tikaret Sirketi A.S., Turkey, by 6.33% to 42.66%. The JENSEN-GROUP has the option to acquire up to 49% of the shares.