DGAP-News: HOMAG Group: Successful Operations in Fiscal 2011
(firmenpresse) - DGAP-News: Homag Group AG / Key word(s): Final Results/Forecast
HOMAG Group: Successful Operations in Fiscal 2011
30.03.2012 / 10:39
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HOMAG Group: Successful Operations in Fiscal 2011
- Business unit of BÜTFERING sold as planned
- Restructuring expenses lead to net loss for the year
- Changes in the management board
- Positive outlook for 2012/2013
EUR million FY 2011 FY 2010 ChangeStuttgart/Schopfloch, March 30, 2012. HOMAG Group AG, the world's leading
Order intake 574.8 541.0 +6.2%
Sales revenue 798.7 717.7 +11.3%
Operative EBITDA 70.5 65.1 +8.2%
Extraordinary expenses 21.6 4.4 +394.6%
Net profit/loss (after non-controlling -4.7 6.7 -170.6%
interest)
manufacturer of plant and machinery for the woodworking industry and
cabinet makers, published today at the press briefing on the annual results
in Stuttgart the final financial figures for 2011, confirming all
preliminary figures published previously.
CEO Dr. Markus Flik, was satisfied with the development of the fiscal year:
'In the fiscal year 2011, we developed better than we had expected during
the year and generated good operating results. We achieved a lot in 2011.
In 2012, we will continue working on the implementation of the actions
introduced. This includes the restructuring, which is progressing as
planned and with which we want to optimize our group structure and reduce
the number of production sites in Germany from eleven to eight,' says Dr.
Flik. As already reported, management and employee representatives were
able to reach an agreement on a reconciliation of interests and a
redundancy/social plan at the subsidiaries BÜTFERING Schleiftechnik GmbH,
Beckum, and TORWEGGE Holzbearbeitungsmaschinen GmbH, Löhne.
In the course of this restructuring, the HOMAG Group was able to sell the
metal grinding machines business unit of the subsidiary BÜTFERING to
LISSMAC Maschinenbau GmbH, Bad Wurzach. It was agreed to maintain secrecy
as to the purchase price. As a result, it was possible to save 17
positions.
The Group's further expansion of its position in the growth markets is also
progressing well with the expansion of the production site in China and the
build-up of the assembly plant in India. The innovations presented at the
lead trade fair, LIGNA, were extremely well received by the market and the
large-scale project with the Russian customer, Mekran, is progressing as
planned.
Results in the fiscal year 2011
In 2011, order intake rose by just over 6 percent, reaching EUR 574.8
million (prior year: EUR 541.0 million). Sales revenue increased by just
over 11 percent to EUR 798.7 million (prior year: EUR 717.7 million) and
order backlog came to EUR 158.6 million as of December 31, 2011 (prior
year: EUR 149.3 million). Operative EBITDA before employee participation
expenses and before extraordinary expenses improved by just over 8 percent
to EUR 70.5 million (prior year: EUR 65.1 million).
Primarily owing to the restructuring expenses of EUR 18.9 million for the
measures at the subsidiaries BÜTFERING, FRIZ and TORWEGGE, EBT after
employee participation expenses and after extraordinary expenses decreased
to EUR 6.4 million (prior year: EUR 14.4 million). The restructuring as
well as the interest limitation regulations and losses incurred by some
subsidiaries on which it was not possible to recognize deferred tax assets
result in a high tax expense rate of 151.7 percent (prior year: 43.9
percent). This results in a net loss after non-controlling interests of EUR
4.7 million (prior year: net profit of EUR 6.7 million). This results in
earnings per share of EUR -0.30 (prior year: EUR 0.43).
As anticipated, net liabilities to banks rose to EUR 80.9 million as of
December 31, 2011 after the extremely low level in the prior year (December
31, 2010: EUR 55.8 million). At 29.0 percent as of December 31, 2011, our
equity ratio remains at virtually the prior-year level (29.8 percent) on
account of the fall in total assets. Due to the increased EBIT before
employee participation expenses and before extraordinary expenses and the
lower capital employed, ROCE in 2011 improved further to 15.0 percent
before taxes (prior year: 12.3 percent) and after taxes (calculated based
on a tax rate of 30 percent for both years) to 10.5 percent (prior year:
8.6 percent). 'By rigorously raising the productivity of the capital
employed we were able to reduce working capital, despite the increase in
sales revenue, which allowed an increase in ROCE,' CFO Hans-Dieter
Schumacher explains.
As of December 31, 2011, the HOMAG Group had 5,141 employees (prior year:
5,051 employees). To prepare for the future growth, investments were
increased. This item came to EUR 33.8 million in 2011 (without leases)
(prior year: EUR 23.0 million). The focus was on expanding the production
in China, the new assembly plant in India and modernizing plant and
machinery in the German production sites.
On account of the net loss incurred in the fiscal year 2011, both the
management board and supervisory board of HOMAG Group AG will propose to
the annual general meeting on May 24, 2012 not to distribute a dividend for
2011.
Changes in the management board
The management board member in charge of production and materials
management to date, Herbert Högemann, will focus on his role as managing
director for these functions at HOMAG Holzbearbeitungssysteme GmbH and step
down from the Group management board as of September 30, 2012. He will be
succeeded by Harald Becker-Ehmck (43) who was appointed by the supervisory
board at its meeting of March 22, 2012 as management board member in charge
of production, materials management and affiliates effective July 1, 2012.
Becker-Ehmck studied mechanical engineering and has many years of
experience managing manufacturing facilities and international production
networks in the automotive supplies industry including positions at the
Dräxlmaier Group, Vilsbiburg, and Behr GmbH&Co. KG, Stuttgart.
'With Mr. Becker-Ehmck we were able to attract a proven expert for
production processes as a new colleague who will drive forward the further
development of our global value-added network, explained Dr. Markus Flik,
CEO of the HOMAG Group AG. We look forward to working closely with Mr.
Högemann also in his future position.'
The management board member in charge of research and development to date,
Achim Gauß, decided not to extend his contract, which expires at the end of
2012, in order to seek new professional challenges outside the HOMAG Group.
The management board members Dr. Markus Flik and Jürgen Köppel will assume
his tasks.
'We would like to thank Mr. Gaußfor his many years of successful work at
the HOMAG Group. He has driven forward key innovations and built up
valuable customer relationships and we wish Mr. Gaußall the best in his
future career. We are convinced that the future management board team is
very well prepared to take our Group forward on the way to profitable
growth,' says the chairman of the supervisory board of HOMAG Group AG,
Torsten Grede.
Outlook
For the current fiscal year 2012, HOMAG Group AG expects to reach order
intake that is roughlyat the same level as in 2011. As regards sales
revenue, the aim is to reach about EUR 750 million in 2012 and thereby
roughly match the level of 2011 - adjusted for the special effect of the
large-scale project with Mekran. On this basis, the HOMAG Group anticipates
for 2012 an operative EBITDA (before employee participation expenses and
before extraordinary expenses) of about EUR 65 million. Owing to
significantly reduced extraordinary expenses, the management board
anticipates a net profit again in 2012.
'We are improving our operating performance - step by step,' Dr. Flik
emphasized. According to the management board, this includes the rigorous
capture of synergies in the Group, the completion of the restructuring in
2012, further improvement of company processes and the optimization of
liquidity management. The HOMAG Group is laying the foundations for future
growth based on innovations and the expansion of the international presence
in the areas of sales, service and production. The objective is to attain
or extend the market leadership in all segments.
Once the restructuring is completed in the current fiscal year, a sustained
improvement in operative EBITDA (before expenses from employee
participation and before extraordinary expenses) is expected to be
generated ranging between EUR 6 million and EUR 8 million each year from
the fiscal year 2013 onwards compared to the fiscal year 2011. 'In 2013 we
again anticipate a moderate year-on-year growth in order intake and in
sales revenue, and we want to further raise our net profit for the year,'
Dr. Flik emphasized.
In the medium term, the Company aims to return to the level of sales
revenue seen in the years 2007 and 2008 of approximately EUR 850 million.
- - - - - - - - - -
Background information
With its 17 specialized production companies, 21 group sales and service
companies and approximately 60 exclusive sales partners worldwide, HOMAG
Group AG's position as a complete system supplier is unique. Backed by a
workforce of some 5,100 employees worldwide, the company sees itself as the
leading global manufacturer of plant and machinery for the woodworking and
wood materials processing industry and cabinet makers active in the
production of furniture and construction elements as well as timber frame
houses. The group also offers its customers a wide range of services,
including software and consulting services. HOMAG Group AG's shares have
been listed on the Prime Standard of the Frankfurt stock exchange since
July 13, 2007.
Disclaimer
This press release contains certain statements relating to the future.
Future-oriented statements are all those statements that do not pertain to
historical facts and events or expressions pertaining to the future such as
'believes', 'estimates', 'assumes', 'forecasts', 'intend', 'may', 'will',
'should' or similar expressions. Such future-oriented statements are
subject to risks and uncertainty since they relate to future events and are
based on current assumptions of the Company, which may not occur in the
future or may not occur in the anticipated form. The Company points out
that such future-oriented statements do not guarantee the future; actual
results including the financial position and the profitability of the HOMAG
Group as well as the development of economic and regulatory framework
conditions may deviate significantly (and prove unfavorable) from what is
expressly or implicitly assumed or described in these statements. Even if
the actual results of the HOMAG Group including the financial position and
profitability as well as the economic and regulatory framework conditions
should coincide with the future-oriented statements in this announcement,
it cannot be guaranteed that the same will hold true in the future.
For further information, please contact:
HOMAG Group AG
Investor Relations and Corporate Communications
Kai Knitter
Phone: +49 7443 13-2461
kai.knitter(at)homag-group.com
www.homag-group.com
End of Corporate News
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30.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Homag Group AG
Homagstr. 3-5
72296 Schopfloch
Germany
Phone: +49 (0)7443 / 13 - 0
Fax: +49 (0)7443 / 13 - 2300
E-mail: info(at)homag-group.com
Internet: www.homag-group.com
ISIN: DE0005297204
WKN: 529720
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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162991 30.03.2012
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