Cambridge (UK), 26 July 2016 (18.00 CEST): Global Graphics SE (Euronext: GLOG) announces it has published its half year report and condensed consolidated interim financial statements for the six months ended 30 June 2016. The full document is available for download from the investors section of the Company’s website at: http://www.globalgraphics.com/investors/financial-reports
Financial highlights of the six months ended 30 June 2016
Operational highlights of the six months ended 30 June 2016
UK referendum to leave the European Union
On 23 June 2016, the population of the UK voted on a referendum to leave the EU (“Brexit”). While there will be no immediate change to the Group’s corporate structure and financial reporting requirements, the board will monitor events to determine how the Group will be affected over the long term. Other than the general macro-economic environment over which there is no control, it is the board’s view that it will be business as usual for the coming months. The potential volatility of exchange rates, particularly the weakness of sterling against the euro, may have a positive effect on the Group’s reported profitability, but a negative effect on the Group’s asset value when translated to euros.
The Group does derive revenue from EU member states. During the year ended 31 December 2015, 4.0% of the Group’s revenue was from EU member states, excluding the UK. For the 6 months ending 30 June 2016, EU member state revenue, excluding the UK, was 10.1% of the Group’s total revenue, with 4.4% of that generated by the Company’s subsidiary in Germany.
A longer term risk is that the UK will no longer recognise a Societas Europaea (“SE”) as a legal entity. To mitigate this risk the board will start the process to convert the Company from a UK registered SE to a UK registered public limited company (“PLC”) and for shareholders to vote on that change at the Annual General Meeting in 2017.
The board is committed to the Company’s listing on Euronext Brussels and has no plans to change the listing or the reporting currency.
About Global Graphics
Chief Financial Officer
Tel: +44 (0)1223 926472