STOCKHOLM, Feb. 9, 2017 /PRNewswire/ -- FOURTH QUARTER 2016

• Sales remained high with growth of 20% compared to the same period of last year. Growth was driven by a combination of existing and new contracts, as well as delayed effects from the summer rains in central Europe. The Temporary Climate Solutions (TCS) and Document Restoration business in the US continued to grow at a good pace.
  
• Order intake was consistently strong throughout the fourth quarter, which is expected to materialize during the first two quarters of 2017.
  
• Adjusted EBITA amounted to EUR 10.2 million (7.6), an increase of 35% compared to the last year. Continental Europe and the US have continued to outperform 2015. The Nordics & UK benefit from better process control and reported a solid improvement.
  
• Operating profit before amortization (EBITA) was EUR 9.1 million (4.8). Items affecting comparability were booked in an amount of EUR 1.1 million in the quarter, and consisted mainly of IT asset write-offs.
  
• The roll-out of the new field force system was fully implemented in Austria and the Netherlands during the period. The next wave of implementation is planned for Q2 2017.
  
• A subsequent issue of EUR 60 million 3M EURIBOR +5.00% notes was successfully completed during the period.

JANUARY - DECEMBER 2016

• Sales for the full year were up by 11% thanks to robust performance since the second quarter of the year. Underlying organic growth, adjusted for restructuring in the US and currency effects, was positive at 14%. Polygon's market position was strengthened by several large contract wins in the UK, Germany and Norway during the period.
  
• Adjusted EBITA amounted to EUR 32.1 million (20.1), an increase of 60% compared to the previous year. The bulk of improvements came from Central Europe, mainly driven by a very strong development in Germany following last year's restructuring, the ongoing sales focus and the positive effects from damages caused by summer rains.
  
• Operating profit before amortization (EBITA) was EUR 30.3 million (12.5). Items affecting comparability have decreased by EUR 5.8 million from EUR 7.6 million in 2015, when a total of EUR 4.0 million was recognized for the restructuring in Germany and the US.
  
• Cash flow from operating activities increased by 30% to EUR 33.3 million, driven by an improved EBITDA. The liquidity buffer amounted to EUR 46.4 million (December 2015: 36.5).
  
• In January 2016, the Board of Directors was reinforced by the addition of Ole Skov.
  
• On 29 June, Polygon received permission from bondholders to optimize the internal debt structure.

For further information, visit

www.polygongroup.comor contact:

Mats Norberg, CFO at Polygon
Mail: mats.norberg@polygongroup.com
Phone: +46 (0) 70 331 65 71

This information is information that Polygon AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08.00 CET on 9th of February 2017.

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SOURCE Polygon