H1 2018/19

To Nasdaq OMX Copenhagen A/S

Company announcement no. 430

November 13^th, 2018

InTERIM REPORT APRIL 1^st, 2018 – SEPTEMBER 30^th, 2018 (H1 2018/19)

Main conclusions

The H1 2018/19 report of the fiscal year was reviewed and approved at the Board of Directors meeting today. The Board of Directors announces the following consolidated financial statements year to date (YTD) for H1 (the first 6 months) of 2018/19.

The Board of Directors noted that the financial results in H1 of 2018/19 are in line with latest estimate communicated in company announcement no. 427 on August 30^th, 2018:

- Revenue was 106,7 million DKK (2017/18: 130,9 million DKK).

- EBITDA was 5,3 million DKK before non-recurring items and fair value adjustment on investment properties (2017/18: 11,8 million DKK before non-recurring items and fair value adjustment on investment properties).

Non-recurring items YTD 2018/19 are 2,9 million DKK of which 2,7 million DKK is related to the production start-up of the flexo manufacturing in Nyborg (2017/18: 0,3 million DKK). Fair value adjustment on investment properties are 0,0 million DKK (2017/18: 4,1 million DKK)

As informed in announcement no. 427 the revenue in the Offset equipment business is at a lower level than expected and this will impact the revenue and EBITDA for the full year 2018/19 with 8 million DKK and the EBITDA in H1 2018/19 has furthermore been negatively impacted by unforeseen challenges in the start-up and initial consolidation process of the Flexo equipment operation in Nyborg, Denmark.

The guidance for the Group revenue remains for the full year 2018/19 at the 240 million DKK level and the EBITDA before non-recurring items, interest, tax, amortization and depreciation - and adjustment of fair value on properties - is unchanged at the 24 million DKK level. Other additional cost related to Change4Success of approximately 6 million DKK is expected classified as non-recurring items for the full year and in line with announcement no. 427.  

Highlights on the H1

• Group revenue during H1 2018/19 was DKK 106,7 million (2017/18: DKK 130,9 million) equal to an decrease of 18,5%. The prepress segment decreased 19,8% consisting of a 28,2% decrease in Offset revenue and a 3,8% decrease in the Flexo revenue. The revenue in Selandia Park A/S increased as planned.
• Gross profit is at DKK 19,5 million in H1 2018/19 (2017/18: 34,9 mill. DKK).
• EBITDA in H1 2018/19 was at DKK 5,3 million excluding non-recurring items and excluding fair value adjustments (2017/18: 11,8 mill. DKK excluding non-recurring items and excluding fair value adjustments) and DKK 2,4 million including non-recurring items of DKK 2,9 million.
• Non-recurring items at EBITDA level in H1 2018/19 is DKK 2,9 million (2017/18: 0,3 mill. DKK) related to Change4Success.
• Profit after tax for the period H1 2018/19 was DKK -4,0 million (2017/18: DKK 5,9 million), corresponding to a result per share (EPS) at -2,2 DKK. (2017/18: 3,6 DKK)
• Net cash flows from operating activities amounted to DKK -12,8 million (2017/18: DKK 10,0 million), net cash flows from investing activities were DKK -2,9 million (2017/18: DKK -1,7 million) and the free cash flow was DKK -15,7 million (2017/18: DKK 8,3 million). The development in net cash flows from operating activities is due to the lack of profit for the period and the change in trade and other payables. The outlook in Glunz & Jensen Holding A/S for the fiscal year 2018/19 remains unchanged with a revenue expectation at the DKK 240 million level and an EBITDA (excluding non-recurring items and excluding fair value adjustments) at DKK 24 million.

Glunz & Jensen will host a conference call for analysts and investors tomorrow at 10.00 AM CET. Dial-in information (phone +4557688383 and conference ID 54749) and slide deck are available beforehand on http://glunz-jensen.com/investor/presentions.

For further information please contact:

CEO René Normann Christensen: phone +45 2423 4677

Chairman of the board Carsten Knudsen: phone +45 2146 4236

Attachment

• GJ H1_2018_19 reporting