Financial Year 2015

Financial Year 2015

Algol faced major challenges but also made significant progress in 2015. Our products and services for the Finnish and Scandinavian industry suffered from the continued weak market situation, as reflected in the results of our biggest business areas Algol Chemicals and Algol Technics. The trend in our other business areas and markets, on the other hand, was mostly positive. Our pharmaceuticals and laboratory operations in particular achieved marked growth and improved their results.

Investments in 2015 were concentrated on Algol Chemicals. At the start of the year our Nordic chemical operations expanded with the acquisition of Amixo AB in Sweden. At the end of the year we made preparations to expand in India, and the acquisition of Dynamic Orbits in Delhi was succesfully carried out right after the New Year. In our other business areas we have sought organic growth, for example through new product launches and continuously imrpved customer solutions. At the same time, the poor economic climate in Finland has made certain adjustments unavoidable.

Algol Group's net sales decreased by 9 percent compared to 2014 and were 8 percent below budget. However, the decrease in net sales was due to the change in ownershipstructure of the Russian operations of Algol Chemicals. Adjusted for the change net sales actually increased by 2 percent.

The net result for 2015 was 0.9 million euro. Although this was a clear improvement compared to the three previous years, it still does not meet the Group's long-term targets. The operating result also improved significantly, from 0.7 million to 2.3 million euro. The Group's EBITDA improved for the third year in a row.  

We expect steady improvement in our healthcare operations in 2016. Algol Chemicals and Algol Technics in turn are well positioned to recover from the challenges of the previous year.Combined with a reduction in general expenses, this is likely to lead to a modest improvement in the result. We do not expect significant changes in the general economic situation.

Key Figures

Key Figures

 

2015

2014

2013

Net sales, million EUR

162.6

178.9

194.6

Operating result

2.3

0,7

-0,0

EBITDA

5.3

4.4

3.0

Investments, million EUR

5.5

4.7

1.8

Non-current assets, million EUR

19.9

18.4

18.3

Current assets

   

 

Finished goods, million EUR

19.0

17.8

21.3

Receivables, million EUR

23.2

24.4

29.9

Cash and bank balancies, million EUR

8.1

7.4

9.7

Shareholders' equity, million EUR

28.0

26.8

28.5

Interest bearing debt, million EUR

18.3

18.5

21.5

Non-interest bearing debt, million EUR

23.9

22.8

28.3

Total assets, million EUR

70.2

68.1

79.2

Quick ratio

1.0

1.0

1.1

Current ratio

1.6

2.0

1.6

Solidity (%)

39.4

40.4.

39.0

Number of employees on average

393

488

508

of which in Finland

301

354

376