DGAP-News: SAF-HOLLAND S.A.: Good start in the new financial year
(firmenpresse) - DGAP-News: SAF-HOLLAND S.A. / Key word(s): Quarter Results
SAF-HOLLAND S.A.: Good start in the new financial year
23.05.2012 / 06:46
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SAF-HOLLAND: Good start in the new financial year
- Group sales rose by 7 percent to EUR 216.6 million
- Growth in all regions and Business Units
- Adjusted EBIT margin achieved 6.5 percent
- Continued positive business development anticipated
Luxembourg, May 23, 2012 - SAF-HOLLAND is continuing on a growth path. In
the first quarter of 2012 sales increased by 7 percent to EUR 216.6 million
(previous year: EUR 202.4 million). The company, which is among the leading
suppliers to the global truck and trailer industry, thereby grew at a
higher rate than the market. The earnings situation is also developing
positively: Although the earnings contribution from a project which had,
for the most part, expired as anticipated in the third quarter of 2011,
adjusted EBIT reached EUR 14.0 million (previous year: EUR 14.6 million)
which corresponds to an adjusted EBIT margin of 6.5 percent (previous year:
7.2 percent). If the previous year's contribution from the project is not
taken into consideration, the adjusted EBIT margin in the reporting period
is approximately one percentage point higher than the comparable figure
from the previous year.
'SAF-HOLLAND has started the year well. Our expectations for growth in the
first quarter were exceeded and were also more than fulfilled in regard to
earnings', said Detlef Borghardt, CEO of SAF-HOLLAND. All business segments
and regions contributed to the expansion of business at SAFHOLLAND S.A.
The Group generated approximately 52 percent of its sales in Europe, 42
percent in North American and a good 6 percent in other countries
throughout the world, including the BRIC countries.
Adjusted result for the period with a plus of 20 percent
Mainly due to favorable business development in core markets, gross profit
increased to EUR 39.1 million (previous year: 38.0 million) equivalent to a
margin of 18 percent (previous year: EUR 18.8 percent). This figure, which
is 0.8 percent lower when compared to the previous year resulted from,
among other things, increases in material prices and delivery bottlenecks
from suppliers in the USA. SAF-HOLLAND can pass on part of the price
increases at a later date. In addition, capacity expansion measures at the
suppliers will optimize the supply of materials to the company in the
second quarter. The adjusted result for the period improved significantly,
increasing by 20 percent to EUR 5.9 million (previous year: EUR 4.9
million). Adjusted earnings per share amounted to EUR 0.14 (previous year:
EUR 0.22). At the same time, it should be noted that as a result of the
capital increase at the end of March 2011, the average number of shares
issued, at 41.2 million (previous year: 22.3 million), nearly doubled.
Cash flow from operating activities totaled EUR 6.1 million (previous year:
EUR 10.8 million). The change resulted in particular from the high business
volume and also from the fact that some customers had moved their payments
forward into December 2011. This one-time effect of approximately EUR 6.0
million resulted in an increase in the fourth quarter of 2011 and a
corresponding weakening at the beginning of 2012. As a result of growth in
the business and the ongoing financial optimization the equity of
SAF-HOLLAND rose to EUR 194.9 million (December 31, 2011: EUR 192.2
million). In relation to the increased total assets, this resulted in an
equity ratio of 35.3 percent.
Trailer Systems takes advantage of high demand in the core markets
The Trailer Systems Business Unit increased its sales by EUR 6.4 million to
EUR 120.9 million. Gross profit increased to EUR 12.1 million (previous
year: EUR 11.0 million) and thereby a gross margin of 10.0 percent was
achieved. In Europe the business segment benefited from better framework
conditions than initially expected. Added to this was the strong North
American business, which continues to be driven by pent up investments from
fleet operators and increased interest in axle and suspension systems from
SAF-HOLLAND. In the first quarter, Trailer Systems generated 55.8 percent
of Group sales.
Powered Vehicle Systems shows strong profitability
The Powered Vehicle Systems Business Unit increased its sales by more than
9 percent to EUR 40.8 million (previous year: EUR 37.3 million). As a
result of this growth, the Business Unit's share of Group sales rose
slightly to 18.8 percent (previous year: 18.4 percent). Gross profit
reached EUR 6.1 million (previous year: EUR 7.5 million). A comparison to
the previous year primarily shows effects from a lucrative project which
had as anticipated, for the most part, expired in the third quarter of
2011. Nevertheless, Powered Vehicle Systems once again demonstrated its
earning power with a gross margin of approximately 15 percent.
Aftermarket renewed with growth in sales and earnings
Sales in the Aftermarket Business Unit rose by 8.5 percent to EUR 54.9
million (previous year: EUR 50.6 million). Gross profit increased to EUR
20.9 million (previous year: EUR 19.8 million). Alongside the continued
commitment in the Middle East, above all the new spare parts program is
proving itself. This product range offered in Eastern Europe opens up a
spare parts market for trailers that have already been delivered to the
used vehicle market. In total, the Business Unit expanded its share of
Group sales in the first quarter to 25.4 percent (previous year: 25.0
percent). In the medium-term SAF-HOLLAND seeks to a generate 30 percent of
total sales with the Aftermarket business.
Positive business development anticipated for 2012 and 2013
The favorable business development for the first quarter confirms
SAF-HOLLAND's positive expectations for the full year. For 2012 the company
anticipates good business development which should continue in 2013. This
evaluation is subject to corresponding financial, political and economic
developments in Europe and North America and is based on the assumption
that replacement investments for transport companies and fleet operators
can be financed as a result of the general economic environment.
Note:
EBIT was adjusted for the following effects which are not originally
attributable to the operating business: depreciation and amortization
arising from the purchase price allocation as well as restructuring and
integration costs.
The key figures are included in the press release and can be downloaded at
http://corporate.safholland.com/de/investor/finanznachrichten/pressemittei
lungen.html
Company Profile:
With sales of approximately EUR 831 million in 2011 and over 3,000
employees, SAF-HOLLAND S.A. is one of the world's leading manufacturers and
suppliers of premium product systems and components primarily for trailers
as well as trucks, buses and recreational vehicles. The product range
encompasses axle and suspension systems for trailers, coupling devices,
kingpins and landing legs. SAF-HOLLAND sells products on six continents to
Original Equipment Manufacturers (OEMs) in the initial equipment market and
to their Original Equipment Suppliers (OESs) in the Aftermarket as well as
over a global sales and service network. Through this network SAF-HOLLAND
distributes its products further to end users and service centers.
SAF-HOLLAND has thus established itself as one of the few manufacturers in
its sector that is internationally positioned with an extensive product
range and a broad service network. SAF-HOLLAND S.A. has been listed in the
Prime Standard of the Frankfurt Stock Exchange since June 2007 and the
shares have been in the SDAX since December 2010.
Contact:
SAF-HOLLAND Group GmbH
Barbara Zanzinger
Hauptstraße 26
63856 Bessenbach
Phone +49 6095 301-617
barbara.zanzinger(at)safholland.de
End of Corporate News
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Language: English
Company: SAF-HOLLAND S.A.
68-70, boulevard de la Pétrusse
L-2320 Luxembourg
Grand Duchy of Luxembourg
Phone: +49 6095 301 - 0
Fax: +49 6095 301 - 260
E-mail: info(at)safholland.de
Internet: www.safholland.com
ISIN: LU0307018795
WKN: A0MU70
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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171053 23.05.2012
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Datum: 23.05.2012 - 06:46 Uhr
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