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LOGSTOR A/S
Danmarksvej 11
DK-9670 Løgstør
Denmark
Tel. +45 9966 1000
Fax +45 9966 1180
CVR-No. 21330248
Press release
[email protected]
www.logstor.com
Løgstør, 14 April 2014
LOGSTOR improves profitability and strengthens foundation for growth
LOGSTOR, the world leader in pre-insulated pipe systems for district heating and cooling and supplier to the
oil and gas sector as well as the chemical and marine industries improved EBITDA in 2013 despite
challenging market conditions. The Group was acquired by Triton Fund III in September, and management
expects further performance improvements in 2014.
President & CEO, Yves Paletta: “2013 was a year of transition for LOGSTOR, and the improvements
recorded since September are testament to the company’s potential. The results for 2013 met expectations
and we are now dedicated to taking LOGSTOR’s performance and competitiveness to the next level with the
new management team in place.”
As a result of an increased focus on margin improvements and despite a decline in revenue to DKK 1,865
million (DKK 2,088 million) the Group’s full-year EBITDA increased to DKK 69 million (DKK 53 million) before
special items due to a reduction in the cost base and operational improvements.
Depreciations amounted to DKK 53 million in 2013 (DKK 58 million), and net financial expenses were DKK
50 million (DKK 43 million). Special items relating to the ownership change in September and the closure of
LOGSTOR’s factory in Fredericia amounted to DKK -79 million. Earnings thus came to a loss of DKK 124
million in 2013 against a loss of DKK 1,027 million in 2012 following a DKK 867 million goodwill write off.
Performance has improved since the ownership change in September with a significant increase in EBITDA
before special items to DKK 20 million in the period (DKK 11 million loss).
Management expects the performance enhancements initiated in 2013 to increase profitability in 2014, with
improved competitiveness, reduced costs and development of the Group’s oil and gas as well as industry
businesses. LOGSTOR’s transformation program revolves around customer value management,
manufacturing footprint optimization, organizational structure and product rationalization, with a strong focus
on quality and safety.
After year-end, the Group announced a strengthening of its management team with the addition of CEO
Yves Paletta (effective January 2014), CFO Henning Bejer Beck (effective August 2014) and further
strengthening of the Board of Directors. LOGSTOR furthermore announced the intended closure of the
Group’s production facilities in Storfors, Sweden. In March, LOGSTOR announced a contract to provide
insulation and installation services for the Northern Courier Project in Canada.
For additional information, please contact
Yves Paletta, CEO, LOGSTOR, or Poul Erik Tofte, CFO, LOGSTOR, +45 4196 5619
Selected key figures and ratios
DKKm
2013
2012
Sep-Dec 2013*
Sep-Dec 2012
Revenue
1,865
2,088
597
623
EBITDA
69
53
20
-11
EBITDA margin, %
3.7
2.5
3.4
-1.8
Special items
-79
-122
-64
-33
0
-867
0
-867
-50
-43
-17
-13
-124
-1,027
-89
-921
Equity
143
-168
143
-168
Net interest-bearing debt
569
845
569
845
1,245
1,157
1,245
1,157
Goodwill write off
Net financials
Profit/loss for the year
Balance sheet total
* Triton Fund III acquired the LOGSTOR Group at 2 September 2013.
About LOGSTOR
LOGSTOR is a leading supplier of pre‐insulated pipe systems for energy‐efficient transportation of liquids
and gases for district heating and cooling, marine and industrial purposes as well as oil and gas pipelines.
The systems consist of pipes, joints, fittings and surveillance. Inventing the pre-insulated pipe technology
more than 50 years ago, LOGSTOR has delivered more than 170,000 km of pre‐insulated pipes.
Headquartered in Løgstør, Denmark, LOGSTOR has subsidiaries in Austria, China, Finland, France,
Germany, Italy, Lithuania, the Netherlands, Poland, Romania, Russia, Sweden and Switzerland as well as a
network of agents and sales offices. The Group’s 10 production facilities are situated in Denmark, Poland,
Sweden, Finland, Romania, Russia and China. The Group employs approx. 1,300 people.
www.logstor.com

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