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21.03.2016 07:40
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Strauss Group reports fourth quarter 2015 results: 4.2% organic sales growth excluding foreign currency effects[1] and operating profit up 11.3%
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PR Newswire
PETACH TIKVA, Israel, March 21, 2016
PETACH TIKVA, Israel, March 21, 2016 /PRNewswire/ -- Gadi Lesin, President and Chief Executive Officer of Strauss Group (TASE: STRS), said today (March 21, 2016): "As a leading player in a number of significant international markets, we are impacted – positively and negatively – by world macroeconomic trends, and continue to evaluate our business on a long term perspective that has delivered substantial value to the Group over the past decade. Strauss continues to implement its global growth strategy and will continue to invest in innovation and efficiencies throughout the value chain, across the Group and its geographic markets."
(1) Also excluding the impact of classification of costs following the introduction of the Food Law, as explained in the MD&A.
(2) Based on non-GAAP data, which include the proportionate consolidation of jointly-held partnerships (without implementation of IFRS 11) and do not include share-based payment, valuation of the balance of commodity hedging transactions as at end-of-period and other income and expenses, unless stated otherwise.
2015 highlights(1)
- Organic sales growth, excluding foreign exchange effects, was 2.5%(2). Shekel sales were NIS 7.6 billion compared to NIS 8.1 billion in the corresponding period last year, and reflected NIS 635 million negative translation differences as a result of the continued strengthening of the NIS versus other functional currencies of the Group.
- Gross profit was NIS 2,829 million (37.0% of sales), down 9.3% compared to the corresponding period last year. Gross margins were down 1.3%.
- Operating profit (EBIT) was NIS 659 million (8.6% of sales), down 11.6% compared to the corresponding period last year. EBIT margins were down 0.6%.
- EPS for shareholders of the Company were NIS 2.73, down 21.4% compared to the corresponding period.
- Cash flows from operating activities totaled NIS 516 million, compared to NIS 561 million last year.
(1) Based on non-GAAP data, which include the proportionate consolidation of jointly-held partnerships (without implementation of IFRS 11) and do not include share-based payment, valuation of the balance of commodity hedging transactions as at end-of-period and other income and expenses, unless stated otherwise.
(2) Also excluding the impact of classification of costs following the introduction of the Food Law, as explained in the Board of Directors Report.
| Non GAAP Adjusted Figures (1) | |||||
| | | | | | |
| | Full Year | ||||
| | 2015 | 2014 | Change | Organic | |
| Total Group Sales (NIS mm) | 7,642 | 8,140 | -6.1% | 2.5% | |
| Gross Profit (NIS mm) | 2,829 | 3,119 | -9.3% | | |
| Gross Margins (%) | 37.0% | 38.3% | -130 bps | | |
| EBITDA (NIS mm) | 891 | 964 | -7.5% | | |
| EBITDA Margins (%) | 11.7% | 11.8% | -10 bps | | |
| EBIT (NIS mm) | 659 | 746 | -11.6% | | |
| EBIT Margins (%) | 8.6% | 9.2% | -60 bps | | |
| Net Income Attributable to the Company's Shareholders (NIS mm) | 293 | 371 | -21.1% | | |
| Net Income Margin Attributable to the Company's Shareholders (%) | 3.8% | 4.6% | -80 bps | | |
| EPS (NIS) | 2.73 | 3.47 | -21.4% | | |
| Operating Cash Flow (NIS mm) | 516 | 561 | -8.0% | | |
| Capex (NIS mm) (2) | (279) | (564) | -50.5% | | |
| Net debt (NIS mm) | 1,655 | 1,688 | -2.0% | | |
| Net debt / annual EBITDA | 1.9x | 1.8x | 0.1x | | |
| | |||||
| (1) Based on non-GAAP data, which include the proportionate consolidation of jointly-held partnerships (without implementation of IFRS 11) and do not include share-based payment, valuation of the balance of commodity hedging transactions as at end-of-period and other income and expenses, unless stated otherwise. | |||||
| (2) Investments include the acquisition of fixed assets and investment in intangibles and deferred expenses. | |||||
| | |||||
| Note: Financial data were rounded to NIS millions. Percentages changes were calculated on the basis of the exact figures in NIS thousands. | |||||
| Non GAAP Adjusted Figures (1) | ||||||||
| | ||||||||
| | Full year 2015 | |||||||
| | Sales (NIS mm) | Sales Growth vs. Last Year | Organic Sales Growth excluding FX and Food Law | EBIT (NIS mm) | NIS Change in EBIT | % Change in EBIT | EBIT margins | Change in EBIT margins vs. 2014 |
| Sales and EBIT by Operating Segments and Activities | | | | | | | | |
| Strauss Israel: | | | | | | | | |
| Health & Wellness | 1,898 | -3.8% | -1.8% | 188 | (15) | -7.6% | 9.9% | -40 bps |
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