Stable revenue with lower profit

Highlights 2019
 

• Revenue for the year amounts to 332.2 million euro compared to 343.8 million euro last year. Many smaller orders with fast deliveries could not fully compensate the decrease of large projects.  
   
• Operating profit (EBIT) amounts to 23.0 million euro, which is 14.6% lower than last year. EBIT is affected by lower revenues, fluctuating but lower capacity utilization in some factories and costs associated with restructuring measures. EBIT is positively affected by a partial insurance payment for the impact of hurricane Michael (+3.8 million euro income, - 1.1 million euro costs related to hurricane Michael). As this part of the insurance claim is certain, the Group recognized this income. Management believes that the insurance coverage is adequate. 
  
  Recurring EBIT is estimated at 21.9 MEUR or 24.5% below the previous year.  
   
• Cash flow (EBITDA) amounts to 31.2 million euro, a 6.8% decrease compared to last year. 
   
• A provision of 1.6 MEUR was taken as restructuring costs to adapt the structure and the production capacity. 
   
• Total net finance cost amounts to 2.5 million euro. This primarily relates to  net interest charges (1.2 million euro), net currency loss (0.5 million euro) and net other bank charges (0.8 million euro). The interest charges include 0.4 million euro related to IFRS 16 (leases), the interest Highlights 2019 component. 
   
• The net tax charges amount to 5.1 million euro and are lower than last year because of lower profit before tax as well as lower disallowed expenses. 
   
• Net income attributable to the shareholders amounts to 15.7 million euro compared to 19.1 million euro last year (earnings per share of 2.01 euro).  
   
• Net debt increased by 9.7 million euro, from 5.4 million euro net cash to 4.4 million euro net debt. The new IFRS 16 accounting rule on operating leases increases the net debt position with 13.7 million euro.  
   
• The Board proposes to the Annual Shareholders’ meeting to approve a dividend of 1.00 euro per share.  
  
  Subject to approval by the Annual Shareholders’ meeting of May 19, 2020, the share will trade ex-coupon as of May 27, 2020 and the dividend will be payable as from May 29, 2020 at the counters of KBC bank upon presentation of coupon n°15.
   
• 0n March 27, 2019, the JENSEN-GROUP increased its shareholding in TOLON GLOBAL MAKINA Sanyi Ve Tikaret Sirketi A.S., Turkey, by 6.34% to reach the level defined in the original contract of 49%.