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Interim Statement Q1 2015

Connect Group NV (Euronext Brussels: CONN) achieved a net turnover of EUR 28.4 million during the first quarter of 2015, which is comparable to the turnover for the fourth quarter of 2014 (EUR 28.5 million).
EBITDA is EUR 254K negative (it was EUR 872K positive in the fourth quarter of 2014). This negative result can be attributed to the fact that the restructuring announced at the end of 2014 could only be completed by the end of the first quarter following the conclusion of the negotiations with the trade unions (as a result of which labour costs remained high during the first quarter), and the continued low sales figures (target: EUR 31 million per quarter).

The orderbook at 31st March 2015 amounted to EUR 80.8 million (EUR 82.8 million at 31st December 2014).  The orderbook contains formal commitments of customers that could however change in terms of quantities and delivery deadlines. For this reason, they cannot be used as financial indicators of future results.

The reorganisation costs incurred during the restructuring are within the provisions budgeted at the close of 2014. Further actions will be taken during the course of 2015 in order to bring the group to break-even level in 2015, and to ensure structural profitability in the medium term. 

Luc Switten terminated his term as CEO of the group by the end of March 2015, and was replaced by Flor Peersman. Flor Peersman has been Operations Director of the group since 2001.

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