DGAP-News: NORMA Group expects further growth following record highs in 2011
(firmenpresse) - DGAP-News: NORMA Group AG / Key word(s): Final Results/Forecast
NORMA Group expects further growth following record highs in 2011
28.03.2012 / 07:07
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NORMA Group expects further growth following
record highs in 2011
- Sales growth of between 3% and 6% anticipated in 2012
- Sales increase by 18.5% in 2011 to EUR 581.4 million (2010: EUR 490.4
million)
- Adjusted EBITA up 20.2% to EUR 102.7 million (2010: EUR 85.4 million)
- Order backlog reaches EUR 218.6 million
- Significant improvement in equity ratio after IPO to 39.5%
- Dividend of EUR 0.60 per share proposed
Maintal, Germany, 28 March 2012 - NORMA Group AG ('NORMA Group'), a global
market and technology leader in engineered joining technology, achieved
record sales and earnings figures in the 2011 financial year. Sales
improved by 18.5% to EUR 581.4 million (2010: EUR 490.4 million) in the
reporting period. Excluding acquisitions, NORMA Group's organic growth came
to EUR 65.6 million in 2011, representing a 13.4% increase year-on-year.
The US companies R.G.Ray (NORMA Illinois) and Craig Assembly (NORMA St.
Clair) were fully integrated at the end of the first quarter of 2011 and
generated EUR 32.0 million in the 2011 financial year. NORMA Group's
adjusted operating earnings (adjusted EBITA) totalled EUR 102.7 million
(2010: EUR 85.4 million), an increase of 20.2%. All three regional
reporting segments, EMEA (Europe, Middle East, Africa), the Americas and
Asia-Pacific, contributed to this improvement. NORMA Group's adjusted EBITA
margin of 17.7% was a new record high (2010: 17.4%). Werner Deggim, CEO of
NORMA Group, said: '2011 was an outstanding year for NORMA Group. We set
new sales and earnings records. Our order backlog also grew, showing that
demand for our innovative products remains strong. We are also optimistic
about the current 2012 financial year.' NORMA Group expects Group sales to
grow by between 3% and 6% compared to the previous year.
NORMA Group's order backlog also grew considerably in 2011. Its volume of
EUR 218.6 million exceeds the previous year's level (EUR 188 million) by
more than 16%. All regional segments of NORMA Group posted an increased
order backlog. In the fourth quarter of 2011, NORMA Group's sales came to
EUR 139.6 million, an increase of 8.3% over the same quarter in the
previous year due to a continuously high customer demand.
Sales and earnings up in all regions
The EMEA region as a whole performed well in 2011, as did the eurozone and
Eastern European markets. Sales in this region grew by 10.7% from EUR 336.7
million to EUR 372.7 million. 2011 saw NORMA Group expand its presence in
the dynamic Eastern European markets and open a new production facility in
Serbia. The facility focuses on producing fluid systems and allows NORMA
Group to satisfy the considerable demand coming from Western and Eastern
Europe.
The Americas segment also posted a positive operating result in 2011. Sales
increased by 39.8% to EUR 173.0 million (2010: EUR 123.8 million). This
considerable improvement was due to an increase in volumes and the
consolidation effects resulting from the acquisitions of R.G.Ray (NORMA
Illinois) and Craig Assembly (NORMA St. Clair). Acquiring the two companies
in 2010 allowed NORMA Group to add to its joining technology product range
and greatly expand its presence in North America.NORMA Group plans to use
its new distribution centre in Brazil to strengthen its relationship with
local customers and acquire new customers in order to secure a share of the
South American market, which is growing at an above-average rate.
Our performance in the Asia-Pacific region remains positive and highly
dynamic. The improved standard of living in the emerging markets in the
region has also led to increased demand for high-quality products. NORMA
Group consistently expanded its activities in the attractive markets in the
region and established an Asia-Pacific regional management team to make use
of the increasing opportunities in the area. NORMA Group has created a
basis for further growth by opening a production facility in Thailand,
taking over the joint venture shares of its partner in India and planning
to expand its capacities in China. Sales in this region increased by 19.1%
in 2011 to EUR 35.7 million (2010: EUR 29.9 million).
Significantly improved equity ratio - considerable reduction in net debt
At year-end 2011, the consolidated statement of financial position showed
equity of EUR 256.0 million (31 December 2010: EUR 78.4 million). This rise
was largely due to the capital increase related to the company's IPO. The
equity ratio improved to 39.5% at the end of the period under review, from
13.5% in the previous year. 'We have laid a firm foundation for future
growth with our IPO last year', said Dr. Othmar Belker, NORMA Group's Chief
Financial Officer. 'Our strategy is based on strengthening our organic
growth and targeted value-adding acquisitions. Our line of credit of EUR
125 million gives us the financial flexibility we need.' At year-end 2011,
NORMA Group's net debt was down from EUR 344.1 million in 2010 to EUR 198.5
million. Gearing (ratio of net debt to equity) improved considerably from
4.4 at the end of 2010 to 0.8.
Dividend of EUR 0.60 per share proposed
Due to the company's good earnings position, the Management Board and the
Supervisory Board of NORMA Group have proposed a dividend of EUR 0.60 per
share for the 2011 financial year. This corresponds to a dividend payout of
EUR 19.1 million. The payout rate is 33.2% of the adjusted profit for the
2011 period (EUR 57.6 million). NORMA Group will pursue a sustainable
dividend policy in the future, based around a payout rate of approximately
30% to 35% maximum, provided the economic situation allows it.
NORMA Group had 4,252 employees including temporary employees as at 31
December 2011. The workforce grew by 422 or 11.0% in comparison to the
previous year (3,830 employees). The company had around 908 employees in
Germany at year-end 2011.
Sales expected to increase in 2012
The NORMA Group Management Board expects the global economy to continue
growing in 2012, albeit at a slower pace than in the previous year. The
main growth drivers are expected to be the BRIC group of countries and
other emerging markets. NORMA Group expects sales growth for the
Asia-Pacific region in the high single-digit percentage range, thanks to
solid growth in China, the expansion of its activities in some Asian
markets and an improved market share. Following the solid growth in the
previous year, NORMA Group believes the North American market will provide
further opportunities for growth, particularly in the commercial vehicle
and premium vehicle sector. Business in NORMA Group's Americas region is
expected to experience growth in the low single-digit percentage range.
NORMA Group's business will vary across the EMEA region in 2012. NORMA
Group expects mild growth in Germany and most Northern European markets.
Southern European markets, on the other hand, will be influenced by
macroeconomic developments in individual countries.
NORMA Group expects Group sales in 2012 to grow by between 3% and 6%
overall compared to the previous year. Sales growth is expected to
accelerate further in 2013 compared to 2012. From an operating perspective,
NORMA Group intends to achieve an EBITA margin in 2012 that is at least
equivalent with the adjusted margins of the previous twoyears (2010:
17.4%, 2011: 17.7%).
NORMA Group - key figures
Overview of key financial Financial Financial
indicators (in EUR year2011
(01.01.- year2010
(01.01.- Change
millions) 31.12.2011) 31.12.2010) in %
Sales 581.4 490.4 +18.5%
Adjusted EBITA 102.7 85.4 +20.2%
+0.3
Adjusted EBITA margin 17.7% 17.4% pp
Total assets 648.6 578.8 +12.1%
+226.
Total equity 256.0 78.4 5%
Net debt 198.5 344.1 -42.3%
Overview of key financial Fourth quarter Fourth quarter ChangeThe 2011 annual report is available at www.normagroup.com/publications.
indicators (in EUR millions) of 2011 of 2010 in %
Sales 139.6 128.9 +8.3%
Adjusted EBITA 22.6 20.6 +9.5%
Adjusted EBITA margin 16.2% 16.0% +0.2 pp
More information is available from the Investor Relations section at
www.normagroup.com.
Press photos of the press conference will be made available for download
around 3 PM at www.normagroup.com/press pictures.
Contact
Daphne Recker
Media Relations
E-mail: daphne.recker(at)normagroup.com
Phone: +49 6181 6102 743
Andreas Trösch
Investor Relations
E-mail: andreas.troesch(at)normagroup.com
Phone: +49 6181 6102 741
About NORMA Group
NORMA Group is an international market and technology leader in engineered
joining technology. The company manufactures a wide range of innovative
engineered joining technology solutions in three product categories (clamp,
connect and fluid) and offers more than 35,000 high-quality products and
solutions to approximately 10,000 customers in 90 countries. NORMA Group
joining products can be found in vehicles, ships, trains, aircraft,
domestic appliances, engines and plumbing systems. NORMA Group generated
sales of around EUR 580 million in 2011. With around 4,400 employees, NORMA
Group operates a global network of 17 production facilities as well as
numerous sales and distribution sites across Europe, the Americas and
Asia-Pacific. NORMA Group has its headquarters in Maintal, near Frankfurt
am Main, Germany. NORMA Group was formed in 2006 as a result of the merger
between the German Rasmussen Group and the Swedish ABA Group. Since April
2011, the company is listed on the German stock exchange and included in
the SDAX index since June 2011.
Disclaimer
This press release contains certain future-oriented statements.
Future-oriented statements include all statements which do not relate to
historical facts and events and contain future-oriented expressions such as
'believe', 'estimate', 'assume', 'expect', 'forecast', 'intend', 'could' or
'should' or expressions of a similar kind. Such future-oriented statements
are subject to risks and uncertainties since they relate to future events
and are based on the company's current assumptions, which may not in the
future take place or be fulfilled as expected. The company points out that
such future-oriented statements provide no guarantee for the future and
that the actual events including the financial position and profitability
of the NORMA Group AG and developments in the economic and regulatory
fundamentals may vary substantially (particularly on the down side) from
those explicitly or implicitly assumed in these statements. Even if the
actual assets for the NORMA Group AG, including its financial position and
profitability and the economic and regulatory fundamentals, are in
accordance with such future-oriented statements in this press release, no
guarantee can be given that this will continue to be the case in the
future.
End of Corporate News
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28.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
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Language: English
Company: NORMA Group AG
Edisonstr. 4
63477 Maintal
Germany
Phone: +49 (0)6181-6102-741
Fax: +49 (0)6181-6102-7641
E-mail: ir(at)normagroup.com
Internet: www.normagroup.com
ISIN: DE000A1H8BV3
WKN: A1H8BV
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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162591 28.03.2012
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