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Haldor Topsoee Maintains Solid Performance in First Half of 2013

LYNGBY, Denmark, Aug. 15, 2013 (GLOBE NEWSWIRE) -- In the first half of 2013, Haldor Topsoee A/S maintained a solid performance level achieving profitability and growth rates in line with the company's overall ambitions. The ongoing expansion and modernization of the chemical, refining, power, and automotive industries continue to drive demand for Topsoee's catalysts and related process technologies across the globe.

Topsoee experienced a satisfactory revenue growth rate in the first half of 2013. Progress is based on a strong interest for the solutions that Topsoee offers to address key global challenges related to the environment, energy efficiency and food supply.

Financial highlights from the first half of 2013:

  • Group revenue amounted to DKK 2,842 million, an increase of 14% compared to same period last year.
  • EBIT was DKK 403 million compared to DKK 315 million in the first half of 2012.
  • Net profit was DKK 311 million compared to DKK 228 million in the first half of 2012.
  • Cash flow from operations was DKK 516 million compared to DKK 347 in the first half of 2012.
  • Capital expenditure increased to DKK 298 million compared to DKK 124 million in the first half of 2012 reflecting the investments being made to establish additional production lines in Frederikssund, Denmark and Houston, Texas - Topsoee's two primary production sites.

A change of estimate of warranty provisions related to technology projects had a positive impact on EBIT (DKK 105 million) and net profit (DKK 79 million) in the first half of 2013.

"During the first half of 2013, we observed healthy growth and solid financial performance across our business. Meanwhile, we invested substantially in laying the foundation for future growth and profitability by expanding our key production sites in Denmark and the US and by increasing our significant investments in R&D", says Peter Roennest Andersen, Chief Financial Officer in Haldor Topsoee.

Key financial figures for Haldor Topsoee A/S Group (DKK million)

1st half year 2013 1st half year 2012
Revenue 2,842 2,497
EBIT 403 315
Net profit 311 228

June 30, 2013 December 31, 2012
Non-current assets 2,261 2,111
Current assets 3,747 3,392
Assets total 6,008 5,503
Equity 1,438 1,422
Liabilities 4,570 4,081
Equity and liabilities total 6,008 5,503

1st half year 2013 1st half year 2012
Cash and cash equivalents beginning 1,009 812
Cash flow from operations 516 347
Change in working capital -400 187
Cash flow from operating activities 116 534
Cash flow from investment activities -298 -124
Cash flow from financing activities 257 53
Cash and cash equivalents end 1,084 1,275

1st half year 2013 1st half year 2012
Equity beginning 1,422 1,307
Change in comprehensive income 316 237
Change in transactions with owners -300 -100
Equity end 1,438 1,444

The half year figures have not been reviewed by the company's auditors. The audited Annual Report 2013 will be published by Haldor Topsoee on March 19, 2014. Annual reports and financial statements are available at www.topsoe.com.

Investor relations contact

Peter Roennest Andersen

Chief Financial Officer,

pera@topsoe.dk


Press contact

Mads Cordt Gyldenkaerne

Media Relations Manager,

macg@topsoe.dk

Mobile: +45 2275 4124

Source: Haldor Topsoee A/S