Sanitec Corporation has published its report for the second quarter of 2004,
highlights of which are as follows:
Net sales of €229.9 million, up by 0.4% over Q2 2003 when eliminating
the €16.1 million share of Evac which was divested early in the second
quarter.
EBITDA was €32.8 million or 14.3% of net sales. This was 0.3% lower
than Q2 2003 when eliminating €2.3 million from Evac. Before restructuring
and integration consulting related charges of €6.8 million, EBITDA margin
increased - on a comparable basis - to 17.2% of net sales from last year's
16.5%.
Operating profit decreased to €11.7 million or 5.1% of net sales compared
to €13.6 million or 5.5% last year. €1.5 million of the decrease
was attributable to the disposal of Evac. This quarter's results were strongly
burdened by integration consulting and restructuring items of €6.8 million
as well as a one-time write-off of capitalised financial expenses of €1.5
million.
Total capital expenditure was €6.1 million or 2.7% of net sales for
the quarter. This represents a decrease of €1.1 million or 15.3% compared
to last year.
The operations of Sanitec's Vacuum Sewage Systems segment (Evac) were sold
to the French Zodiac Group in a transaction closed on 14 April 2004. The enterprise
value of the sale was €60 million. Out of the €59.5 million net
proceeds of the sale, loans under senior credit facility amounting to €48.3
million were prepaid on 21 April 2004.
