DGAP-News: NORMA Group AG on course for solid growth
(firmenpresse) - DGAP-News: NORMA Group AG / Key word(s): Quarter Results/Forecast
NORMA Group AG on course for solid growth
13.11.2012 / 07:15
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NORMA Group AG on course for solid growth
- Group sales up 5.8% in the first nine months of 2012 to EUR 467.3
million
- Adjusted EBITA improves by 4.3% to EUR 83.5 million in the first nine
months
- Continued positive sales growth in the Americas and Asia-Pacific
- General conditions remain challenging in the EMEA region
- Forecast for the 2012 financial year adjusted
- Further expansion of global presence and market leadership with
majority shareholding in Malaysia
Maintal, Germany, 13 November 2012 - NORMA Group AG ('NORMA Group'), an
international market and technology leader in engineered joining
technology, remains on course for solid growth after a successful third
quarter in 2012. Group sales increased by 5.8% between January and
September 2012 to EUR 467.3 million (previous year: EUR 441.7 million). The
acquisitions of the Swiss company Connectors Verbindungstechnik AG in April
2012 and of the Italian company Nordic Metalblok S.r.l. in July 2012
contributed to this. NORMA Group's adjusted operating earnings (adjusted
EBITA) rose to EUR 83.5 million, an increase of 4.3% over the EUR 80.1
million achieved in the same period last year. The adjusted EBITA margin
remained high at 17.9% (previous year: 18.1%).
'We are satisfied with the growth that we achieved through the end of the
third quarter. Our figures confirm that our business model is robust. We
were able to continue our growth path, particularly in the Americas and the
Asia-Pacific region,' said Werner Deggim, CEO of NORMA Group. The order
backlog totaled EUR 221.4 million at the end of the third quarter of 2012,
a slight decrease compared to the previous quarter (EUR 229.3 million).
'However, we also notice that Europe's economic environment has become more
difficult. This challenging economic situation has made our customers more
cautious. They are expecting more headwinds for the rest of this year.
Hence, we have revised our forecast for 2012.'
Growth in the Americas and Asia-Pacific, challenging environment in the
EMEA region
Performance varied significantly across our three regional reporting
segments EMEA (Europe, Middle East, Africa), the Americas and Asia-Pacific.
In our EMEA region, sales were down slightly in the first nine months of
2012 because of the more challenging conditions in the second half of the
year. Sales in this region decreased by 1.5% to EUR 282.5 million (previous
year: EUR 286.9 million). NORMA Group expanded its distribution network and
added a new distribution center in Moscow in July this year in order to
meet the increasing demand for NORMA Group product solutions in Russia and
Eastern Europe. This will keep the company on course for expansion and
strengthen our relationships with local customers. In September NORMA Group
put a new assembly facility into operation at its German plant in
Gerbershausen. This was related to a major order for exhaust pipe
connections from a leading automotive group. This underlines the continuous
demand for NORMA Group's innovative product solutions.
In the Americas, NORMA Group continued to benefit from a very good demand.
Sales increased by 18.3% in the first nine months of 2012 to EUR 152.4
million (previous year: EUR 128.8 million).
The Asia-Pacific region also performed very well over the first nine months
of 2012. Sales went up by 24.1% to EUR 32.4 million (previous year: EUR
26.1 million). NORMA Group is still looking to benefit from the potential
of the dynamic markets in this region and is continuously expanding its
presence. In October 2012, the company made its first acquisition in the
Asian market - an 85% stake in Malaysia's Chien Jin Plastic Sdn. Bhd. The
company has 150 employees and has for over 20 years produced thermoplastic
joining elements, the majority of which are used in drinking and domestic
water supply systems, irrigation technology and sanitary appliances. In
this way, NORMA Group is building on its expertise in the area of
infrastructure and will contribute to using water efficiently. On 27
October 2012, NORMA Group inaugurated a new plant in Talegaon near Pune,
India in order to increase its production capacities in line with the
growing demand for joining elements in India and Asia.
Equity position further improved
As at 30 September 2012, NORMA Group's financial statements showed equity
of EUR 281.4 million, representing an increase of almost 10% compared to
year end 2011 (31 December 2011: EUR 256.0 million). This resulted in an
equity ratio of 40.7%, compared to 39.5% on 31 December 2011. As at 30
September 2012, net debt remained almost stable compared to year end 2011
even after the payment of a dividend and two acquisitions. Net debt
excluding hedging instruments amounted to EUR 183.0 million at the end of
the third quarter of 2012 (31 December 2011: EUR 176.7 million).
Earnings per share increased by 9%
NORMA Group improved the pro forma adjusted earnings per share on the basis
of the outstanding shares as at 30 September 2012 by around 9% or EUR 0.13
to EUR 1.59 compared to the previous year. The free float of the NORMA
Group share increased from 65.3% in the second quarter to 83.3% at the end
of the third quarter of 2012.
The number of employees in the company went up again due to acquisitions as
well as the expansion of existing and the establishment of new locations.
NORMA Group had 4,502 employees as at 30 September 2012 (including
temporary employees), 201 more than a year before. In Germany NORMA Group
had 889 employees as at the end of the third quarter.
Forecast for 2012 adjusted
The forecast for the 2012 financial year included in the 2011 financial
report was adjusted on the basis of the preliminary sales figures for
October 2012 and taking into account the weakening and increasingly
intransparent economic development in Europe. NORMA Group expects sales to
grow by 1% in 2012 compared to 2011 (previous forecast: between 3% and 6%).
On top, the consolidation of the Group's acquisition of Connectors
Verbindungstechnik will result in additional sales of EUR 10 million. A
further EUR 3 million will be contributed by the consolidation of the
acquisition of Nordic Metalblok. Chien Jin Plastic will only be
consolidated after completion of the transaction. Despite a decrease in
sales growth and the expansion of NORMA Group's activities particularly in
the Asia-Pacific region, the 2012 EBITA margin is expected to be around
17.0% (previous forecast: at least on par with the two previous years of
17.4% (2010) and 17.7% (2011)).
NORMA Group AG - in figures
Key figures at a glance (in 2011 entire
EUR millions) Q1 - Q3 2012 Q1 - Q3 2011 year
01.01. - 01.01. - 01.01. -
Income statement 30.09.2012 30.09.2011 31.12.2011
Sales 467.3 441.7 581.4
Adjusted EBITA 83.5 80.1 102.7
Adjusted EBITA margin 17.9% 18.1% 17.7%
Adjusted earnings per share* 1.59 1.46 1.81
Balance sheet 30.09.2012 30.06.2012 31.12.2011
Total assets 691.9 687.9 648.6
Total equity 281.4 268.5 256.0
Equity ratio 40.7% 39.0% 39.5%
Net debt** 183.0 194.6 176.7
Key figures at a glance (in*Pro forma adjusted earnings per share on the basis of the number of shares
EUR millions) Q3 2012 Q3 2011 Q2 2012
01.07. - 01.07. - 01.04. -
Income statement 30.09.2012 30.09.2011 30.06.2012
Sales 149.6 145.8 158.0
Adjusted EBITA 25.7 26.2 28.6
Adjusted EBITA margin 17.2% 18.0% 18.1%
as at 30 September 2012
**Net debt excluding hedging instruments
Adjustments: In 2011 adjusted by non-recurring / non-period-related costs
(mainly due to the IPO), restructuring costs as well as other group and
normalised items and depreciation from PPA adjustments. In 2012 adjusted by
depreciation from PPA adjustments.
The complete report for the third quarter of 2012 is available at
www.normagroup.com/publications.
More information is available from the Investor Relations section at
www.normagroup.com.
Upcoming events
The publication of the preliminary figures for the 2012 financial year is
scheduled for end of February 2013.
Contact
Daphne Recker
Media Relations
E-mail: daphne.recker(at)normagroup.com
Phone: +49 6181 610 2743
Andreas Trösch
Investor Relations
E-mail: andreas.troesch(at)normagroup.com
Phone: +49 6181 610 2741
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 about 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 as well as in
applications for the pharmaceutical and biotechnology industry. NORMA Group
generated sales of around EUR 580 million in 2011. With around 4,500
employees, NORMA Group operates a global network of 19 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. The company was formed in 2006 as a result
of the merger between the German Rasmussen Group and the Swedish ABA Group.
Since April 2011, NORMA Group 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
accordancewith 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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13.11.2012 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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192874 13.11.2012
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