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Provider: Wright Reports
Provider: Reuters Investment Profile
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Auriga Industries A/S Announces Divestment of Activity in Switzerland; Maintains FY 2012 Financial Guidance

Tuesday, 29 Jan 2013 08:18am EST 

Auriga Industries A/S announced that it has on January 29, 2013 entered into an agreement with the Management in Stahler Switzerland about a management buyout. The company is marketing and distributing a broad product portfolio from a number of crop protection suppliers. Revenue exceeds DKK 100 million, and the agreement ensures local ownership of the company and continued access to sell the products of the group through the local company to the market in Switzerland in future. The divestment is expected to be closed in the first quarter of 2013 and entails a profit for accounting purposes of just below DKK 40 million in addition to reducing the net interest-bearing debt with over DKK 100 million in 2013. Financial terms of the agreement were not disclosed. The preliminary, not audited, financial statements for 2012 show developments as expected and announced on November 21, 2012. The Company expects fiscal year 2012 revenue of just under DKK 6,300 million with an EBITDA margin of over 10% and an ordinary operating profit (EBIT) of just over DKK 500 million before the non-recurrent expenditure of DKK 95 million including legal costs relating to the arbitration decision in the United States. An EBIT of over DKK 405 million after the non-recurrent expenditure is expected. According to I/B/E/S estimates, analysts on average are expecting the Company to report fiscal year 2012 revenue of DKK 6,299.87 million, and fiscal year 2012 EBIT of DKK 491.21 million. 

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