DGAP-News: UNIWHEELS with two-digit revenue growth also in 2011
(firmenpresse) - DGAP-News: UNIWHEELS Holding Germany GmbH / Key word(s): Final Results
UNIWHEELS with two-digit revenue growth also in 2011
29.03.2012 / 08:00
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UNIWHEELS with two-digit revenue growth also in 2011
- Group turnover increased by 18 % to EUR 345.0m
- Future investments of EUR 26m
- To secure market position in the OEM and aftermarket business
Bad Dürkheim, March 29th, 2012: With an increase in group turnover by 18 %
to EUR 345.0m (2010: EUR 293.4m), which has been realized with sales of
6.9m wheels (2010: 6.3m wheels), UNIWHEELS Group has again shown a
two-digit growth in 2011. About 76 % of the volume sold relates to the OEM
business, 24 % of sales were realized in the aftermarket business with the
Company's own brands ATS, RIAL, ALUTEC and ANZIO.
The operational Group EBITDA (adjusted for extraordinary items) increased
to a slightly less extent than revenues, by 14 % from EUR 27.1m in 2010 to
EUR 30.9m in 2011, mainly due to higher energy costs and increased average
aluminium prices. The extraordinary items include EUR 1.9m related to the
corporate bond issue, and EUR 5.7m of non-cash effective provisions made
for contingent losses following the significant depreciation of the Polish
currency against the Euro starting from September 2011. Since beginning of
this year, the value of the Polish Zloty has already increased again in
such a way that the provision could be released at the current point in
time.
Despite this short-term negative effect at year end 2011, the UNIWHEELS
Group will - as usually done in the automotive industry - continue to hedge
currency exchange rates, interest rates and commodity prices, in order to
increase planning reliability and to secure the short- and mid-term
operations in a most possible way.
With depreciations remaining almost stable compared to the year before, the
operational Group EBIT (adjusted for extraordinary items) was increased by
37 % to EUR15.9m in 2011 (2010: EUR 11.6m).
Taking into account all extraordinary items, the net result of the
UNIWHEELS Group came out at EUR -4.2m in 2011 (2010: EUR 5.2m).
The Cash Flow from operations amounted to EUR 16.8m in 2011, which
represents an increase of 11 % compared to 2010 (EUR 15.2m).
In 2011, UNIWHEELS again focused on strengthening and increasing its market
and competitive position both in the OEM business as well as in the
aftermarket. As an example, considerable capacity increasing investments
were made in the Polish production facility in the areas of mechanical
treatment, casting and finishing. Furthermore, new technologies were
entered into, such as the forged wheel machining and flow forming
technology as well as ceramic polishing, which had a temporarily weakening
effect on the EBITDA. In sum, new investments into fixed assets amounted to
EUR 26.2m in 2011 (2010: EUR 18.1m).
Key financial data for the UNIWHEELS Group:
(in EUR m unless otherwise stated) 2011 2010 +/-
Turnover 345.0 293.4 18%
Sales volume (millions of units) 6.9 6.3 10%
Gross profit 133.5 116.0 15%
EBITDA*) 30.9 27.1 14%
EBITDA-margin (% of turnover) 9% 9% -
EBIT*) 15.9 11.6 37%
EBIT-margin (%of turnover) 5% 4% 17%
EBT**) 9,2 6,1 51%
Special item contingent losses from
forex hedging -5,7
Special item bond issue -1,9
Special item contingent losses from
interest rate hedging -3,3
Special item financing expenses -1,6
Special item appreciation/others 1,3
Taxes -1,5 -1,2
Result attributable to non-controlling
interests 0,5 -1,1
Consolidated net result -4,2 5,2 -
Cash Flow from operations 16.8 15.2 11%
Investments 26.2 18.1 45%
Employees (# persons) 2,081 1,867 11%
*) adjusted for special items amounting to a total of EUR 7.6 m for 2011
and EUR -1.3m for 2010
**) adjusted for special items amounting to a total of EUR 12.6 m for 2011
and EUR -1.3m for 2010
As of the balance sheet date, liabilities to banks were reduced by EUR
20.4m to EUR 46.8m. At the same time, liabilities from bonds (Bondm issue)
increased by EUR 34.5m. The equity ratio, taking into account the special
items especially relating to the Zloty exchange rate development, decreased
to 21% (2010: 31%).
On the basis of the current financial statements and the financial planning
for the next three years, Euler Hermes Rating GmbH has updated its rating
for UNIWHEELS Group, setting the rating to BB-.
In April 2011, UNIHWEELS Holding (Germany) GmbH (issuer) issued the above
mentioned corporate bond in the trading segment Bondm at the Stuttgart
Stock Exchange. The bond is guaranteed by Rasch Holding Ltd. (guarantor)
which acts as the holding company of the UNIWHEELS Group. The subscription
period may be continued until the total volume of EUR 60m (including a
step-up of EUR 10m) has been fully placed. The bonds bear an interest rate
of 7.5 % p.a. Through the continued placement, UNIWHEELS Group wants to
improve its financial flexibility for the financing of its operating
business as well as further investments.
For fiscal year 2012, UNIWHEELS targets an investment volume of
approximately EUR 24.0m. Rolf Graf, Chairman of the Managing Board of
UNIWHEELS Group, comments: 'By implementing this investment program we will
be able to optimize our internal and production processes and thus
strengthen and secure the market position of UNIWHEELS Group. The extension
of our Polish production site will enable us to produce more than 80 % of
all ordered wheels at optimized returns in Poland by 2013. This underlines
our strategy of a sustainable and profitable growth while continuously
increasing our productivity and competitiveness.'
By 2014, UNIWHEELS Group wants to have increased its production capacity to
8.6 million wheels per year. Against the backdrop of a challenging but
still mostly positive market environment, the Managing Board expects to
reach sales revenues of just under EUR 400m in fiscal year 2012. The
Company still aims at sustainably stabilizing the operational EBITDA margin
at 10 %.
Disclaimer
This press release does not represent an offer to purchase or subscribe to
shares of the UNIWHEELS Group, neither does it represent a request for
submission of an offer to obtain shares. The purchase of or subscription to
partial debentures of UNIWHEELS Holding (Germany) GmbH is carried out
solely on the basis of the prospectus approved by the German Federal
Financial Supervisory Authority and potential further amendments to the
document. The approved prospectus is available free of charge from the
company website at www.uniwheelsbond.com and from UNIWHEELS Holding
(Germany) GmbH, Bruchstr. 34, 67098 Bad Dürkheim, Germany.?PRESS Contact:
Harald Jacksties
Group Marketing and Motorsport Director
UNIWHEELS Management (Switzerland) AG
Tel: +41 (0) 41 784 53 00
Mail: jacksties(at)ch.uniwheels.com
Dorothea Schneider
Haubrok Investor Relations GmbH&Co. KG
Tel: +49 (0) 89 210 27 - 520
Mail: d.schneider(at)haubrok.de
About us:
The UNIWHEELS Group is a leading European manufacturer of alloy wheels in
the accessories market as well as one of the largest wheel manufacturers in
the automotive industry. In addition, the group also equips professional
motorsport series with high-tech wheels.
For more than 40 years, the company has been producing high-quality
aluminium wheels using the low-pressure casting technique.
With the global brands of ATS, RIAL, ALUTEC and ANZIO, UNIWHEELS possesses
comprehensive knowledge in the accessories market and technical expertise
as an original equipment manufacturer in the automotive industry.
Furthermore, with its wide range of brands, the UNIWHEELS Group offers
wheels for all target groups, from premium to economy.
Highly efficient production locations in Poland and Germany, as well as the
pooled technological expertise of the group, form a secure base for further
development of the brands and growth of the UNIWHEELS Group associated with
this.
End of Corporate News
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Datum: 29.03.2012 - 08:00 Uhr
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