ROY CERAMICS SE: Q1 RESULTS REFLECT TRANSITION PERIOD FOR PLANNED RELOCATION TO THE USA
As a result of the disposal of its two principal and operating subsidiaries in China to White Horse in September 2015 and the current transition period for the planned relocation to the USA, ROY Ceramics did not generate significant revenues in the first quarter of 2016 (Q1 2015: 30.9 million euros). There were no other significant business events in this period.
The total non-current assets of ROY Ceramics SE amounted to 82.2 million euros as at the end of the first quarter 2016 (31 December 2015: 82.5 million euros). Non-current assets consist mainly of property, plant and equipment. The current assets comprise mainly of the amount receivable from White Horse and amounted to 75.9 million euros (31 December 2015: 75.7 million euros). The Group’s equity totalled to 155.2 million euros (31 December 2015: 154.8 million euros).
The sale of the two Chinese subsidiaries for a purchase price of 80.0 million US dollars, which took place in September 2015, laid the foundation for the relocation of the production of ROY Ceramics from China to the USA. The buyer, White Horse has agreed to pay the purchase price on or before 30 June 2016.
The information contained in the forecast report in the group management report of the annual report 2015 continues to apply for ROY Ceramics SE.
About ROY Ceramics SE
Until the closure of the Beijing production facility due to the sale of the operating subsidiaries in China effective in September 2015, ROY Ceramics produced the full range of sanitary bathroom amenities for use in mid-to-high priced premises. ROY Ceramics provided quality and aesthetically pleasing sanitary ware to the PRC. In the future the Group aims to be a leading bathroom solutions provider in the USA and international markets. The production will be moved to a new state-of-the-art ceramics production facility to be built in Houston, Texas. During the construction phase ROY Ceramics intends to outsource the production to an OEM in an ASEAN country.