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east asiatic co ltd-unsp adr (ESAKY) Key Developments

The East Asiatic Company Ltd. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Reaffirms Earnings Guidance for the Year 2014

The East Asiatic Company Ltd. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported revenue of DKK 529 million compared to DKK 568 million reported in the same period last year. EBITDA loss was DKK 2 million against DKK 1 million reported last year. EBIT loss (operating loss) was DKK 13 million against DKK 12 million reported last year. Loss from continuing operations was DKK 17 million or DKK 10.0 per diluted share against DKK 111 million or DKK 26.7 per diluted share reported last year. Loss before income tax expense was DKK 18 million against DKK 127 million reported last year. Net profit attributable to equity holders of the parent was DKK 108 million or DKK 20.6 per diluted share against net loss attributable to equity holders of the parent of DKK 321 million or DKK 44.0 per diluted share reported last year. Cash used in operating activities was DKK 22 million against DKK 32 million reported last year. Investments in intangible assets and property, plant and equipment were DKK 8 million against DKK 11 million reported last year. Return on parent equity was 38.1 against negative return on parent equity of 47.4% reported last year. The quarter result was largely affected by two counteracting factors: (i) Strong growth in relocation services in all regions, but most noticeably in EMEA. (ii) Weaker moving services revenues in EMEA and Asia. Full-year outlook is unchanged. Consolidated revenue for the EAC Group is expected in the range of DKK 2,355 to DKK 2,550 million (in line with the previous outlook). The EBITDA is expected to be in the range of DKK 105 to DKK 125 million (in line with the previous outlook).

A/S Det Østasiatiske Kompagni Reports Consolidated and Parent Company Earnings Results for the Year Ended December 31, 2013

A/S Det Østasiatiske Kompagni reported consolidated and parent company earnings results for the year ended December 31, 2013. For the year, on consolidated basis, reported operating loss of DKK 176 million compared to operating profit of DKK 54 million a year ago. Loss before income tax expense was DKK 300 million compared to profit before income tax expense of DKK 41 million a year ago. Net loss attributable to equity holders of the parent was DKK 1,681 million or DKK 140.0 basic and diluted per share compared net profit attributable to equity holders of the parent of DKK 141 million or DKK 11.7 basic and diluted per share a year ago. Investments in intangible assets and property, plant and equipment were DKK 58 million compared to DKK 505 million a year ago. For the year, on parent company basis, reported operating loss of DKK 44 million compared to operating profit of DKK 72 million a year ago. Loss before income tax expense was DKK 1,316 million compared to profit before income tax expense of DKK 866 million a year ago. Net loss was DKK 1,263 million compared to net profit of DKK 836 million or DKK 11.7 basic and diluted per share a year ago. Net cash outflow from operating activities was DKK 100 million compared to net cash inflow from operating activities of DKK 123 million a year ago.

The East Asiatic Company Ltd. A/S Announces Executive Changes

The East Asiatic Company Ltd. A/S announced that the divestment of the Venezuelan food business Plumrose Latinoamericana C.A. entailed a significant simplification of the company's structure, financial reporting and work-flows. As a natural consequence of these changes, Group CFO Michael Østerlund Madsen will leave the company end-March 2014. Michael Østerlund Madsen's responsibilities within finance and reporting will be transferred to Group Finance Director Jesper Dahlsgaard while CEO Niels Henrik Jensen will assume the responsibility for Investor Relations.

EAC Intends to Distribute Interim Dividend

EAC's Board of Directors intends to distribute DKK 200 million as an interim dividend corresponding to DKK 16 per share, which will be paid when the purchase price has been received in full.

A/S Det Østasiatiske Kompagni Reports Earnings Results for the Year 2013; Provides Earnings Guidance for the Year 2014

A/S Det Østasiatiske Kompagni reported earnings results for the year 2013. For the year, the company reported revenue of DKK 2,355 million compared to DKK 2,542 million a year ago. EBITDA was DKK 103 million compared to DKK 138 million a year ago. Operating loss was DKK 140 million compared to operating profit of DKK 95 million a year ago. Cash flow from operating activities were DKK 25 million compared to DKK 47 million a year ago. The company provided earnings guidance for the year 2014. In 2014, the company is expected to improve its results significantly as the major new contracts will begin to generate more business. Revenue is expected to be in the range of DKK 2.355 million to DKK 2.550 million, primarily driven by increased business from existing customers. EBITDA is expected to be in the range of DKK 135 million to DKK 155 million driven by increased sales of high-margin services in Europe and the Middle East combined with lower cost ratio.

 

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