DGAP-News: Funkwerk AG undergoes complete restructuring in fiscal 2011
(firmenpresse) - DGAP-News: Funkwerk AG / Key word(s): Final Results
Funkwerk AG undergoes complete restructuring in fiscal 2011
29.03.2012 / 09:00
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Funkwerk AG undergoes complete restructuring in fiscal 2011
- Focus on core areas; synergy potential identified
- Consolidated sales of continued segments at EUR 164.6m
- Operating result before restructuring and impairment costs of EUR -3.2m
- Rigorous continuation of initiated strategy change in 2012; balanced
operating result and stable group sales expected
Kölleda, 29 March 2012 - The 2011 financial year proved to be a year of
radical changes for Funkwerk AG. Embarking on a strategic reorientation,
the company set the course for the future, defined appropriate measures,
and successfully implemented the first crucial objectives. Fiscal 2012 will
see measures rigorously continued and implemented in operations to further
improve the group's competitive strength and maintain its earning power.
The forecast for the current financial year presented today at the press
conference on the financial statements predicts stable group sales and a
balanced operating result.
In the context of its restructuring, Funkwerk was able specifically to
finalise its planned focusing measures in large parts selling several of
its subsidiaries. In its three strategic business segments Traffic&Control Communication (TCC), Security Communication (SC) and Automotive
Communication (AC), Funkwerk will now primarily concentrate on growth
fields with a strong margin. As a further objective, the group plans to
intensify its efforts in utilising synergy potential. As a result
operations were divided into redefined business units at fiscal year
change, while cross-divisional functions such as production, purchasing and
administration will gradually be centralised.
The measures already implemented, but also significant advance payments for
new projects placed a burden on earnings in the downsized Funkwerk group,
which closed the 2011 financial year with an operating result (without
impairment and restructuring costs) of EUR -3.2m (2010: EUR -1.7m). The
EBIT of the continued segments totalled EUR -13.1m (2010: EUR -14.9m),
while net earnings improved to EUR -18.9m (2010: EUR -22.7m). The sales
volume in the group reduced marginally by 2.4 per cent to EUR 164.6m (2010:
EUR 168.6m).
The financial position of Funkwerk AG stabilised after the successful sale
of companies injecting liquid funds to the amount of around EUR 18m by
early 2012, but also on grounds of a syndicated financing agreement which
the company concluded in 2011. Free cash flow totalled EUR -6.4m, after EUR
-8.2m in the previous year. The group's equity ratio stood at 30.8 per cent
at year-end; adjusted for the liabilities held for sale, it came to 34.2
per cent.
Funkwerk AG will continue to face significant challenges in fiscal 2012.
Focus will be given to the rigorous implementation of centralisation
measures, the optimisation of its supply chain management, the streamlining
of the product portfolio, and to further internationalisation for
systematically wider marketing. The new business units will also help
Funkwerk direct attention specifically to products promising strong margins
and unique selling points. The company expects the cyclical trend to
continue on a cautious note in its key markets along with a situation
marked by budget cuts in the public sector. On the whole, Funkwerk
anticipates consolidated sales in 2012 to remain at prior-year level. Cost
savings as a result of the restructuring measures should increasingly have
a positive effect on earnings so that the operating result is forecast to
be balanced.
The full annual financial statements are available on the Internet at
www.funkwerk.com an April 05, 2012.
Funkwerk AG
Jörg Reichenbach
Investor Relations
Phone: 08091 / 52-126
Fax: 08091 / 52-221
reichenbach(at)funkwerk.com
End of Corporate News
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29.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Funkwerk AG
Im Funkwerk 5
99625 Kölleda
Germany
Phone: +49 (0)3635 600 0
Fax: +49 (0)3635 600 507
E-mail: info(at)funkwerk.com
Internet: www.funkwerk.com
ISIN: DE0005753149
WKN: 575314
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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162805 29.03.2012
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Datum: 29.03.2012 - 09:00 Uhr
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