DGAP-News: Wacker Neuson SE: Rise in orders makes Wacker Neuson SE optimistic for 2010
(firmenpresse) - Wacker Neuson SE / Quarter Results
12.05.2010 07:31
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Harsh winter in Europe dampens business in Q1 - very strong financial and
asset position - company confirms forecast for 2010
(Munich, May 12, 2010) Wacker Neuson SE has seen its Q1 revenue and
earnings rise significantly on the same period last year. However, the
harsh winter in its core region Europe had a negative impact on business.
Order intake has nevertheless improved significantly, reflecting the
current economic upswing. The Group has maintained its exceptional
financial and asset position and confirmed its forecast for fiscal 2010.
Significant rise in orders for compact equipment
Development during the first quarter of 2010 was varied across the Wacker
Neuson Group. 'Equipment sales and our rental business in Central and
Eastern Europe were negatively impacted by the harsh winter in Europe,
which is a key region for us. However, the start of the construction season
in March brought strong momentum to our business,' states Dr.-Ing. Georg
Sick, CEO and President of Wacker Neuson SE. An upturn in light equipment
sales, strong performance in Asia and continued recovery in the US fuelled
a 9.5 percent rise in revenue, which totalled EUR 150.3 million compared to
EUR 137.3 million for the same period last year. 'Orders for compact
equipment for the construction and agricultural sectors were up around 60
percent on the fourth quarter of 2009. However, our prediction that
individual suppliers would run into difficulties in the event of an upturn
in business also proved accurate. This led to an increase in production
costs, which depressed earnings,' explains Sick. Despite this, profit
before interest, tax, depreciation and amortization (EBITDA) rose to EUR
3.7 million (previous year: EUR -12.3 million) and quarterly losses
amounted to EUR 5.7 million (previous year: EUR 16.6 million). Overall, the
construction industry developed positively during the first quarter of
2010. This trend was reflected at bauma, the world's largest construction
trade fair. 'The exhibition was a resounding success for the Wacker Neuson
Group. Customer feedback on our products was outstanding and the number of
contracts we concluded during the fair was up 25 percent on our boom year
2007,' continues Sick.
Excellent financial and asset position and reduction of short-time work
With an equity ratio of 78.9 percent, the Wacker Neuson Group's financial
and asset position remains very healthy. Fuelled by the improved order
situation, working capital amounted to EUR 233.1 million, a rise of 7.0
percent relative to December 31, 2009. As expected, the company's net cash
position, which totaled EUR 24.9 million at December 31, 2009, was turned
into a slight net financial debt of EUR 2.0 million. Manpower capacity was
increased without incurring additional costs. This was primarily achieved
by reducing short-time work at the production facilities in Germany and
Austria from around 15 percent (December 31, 2009) to around seven percent.
'We will be ending short-time work measures in May based on the current
order situation,' explains Sick.
Global launch of compact equipment extended to South America and the Middle
East
The WackerNeuson Group continues to predict that the construction and
agricultural markets will remain on growth paths and that this trend will
gather pace during the second half of the year. 'We are seeing clear signs
of recovery, especially in the US. Which is why we remain committed to
launching compact equipment in the US market and establishing a network of
exclusive Wacker Neuson dealers. We will also be expanding this concept to
South America and the Middle East,' emphasizes Sick. The company's Farm
Mobility concept involves distributing compact equipment for the
agricultural industry under the Weidemann brand. This project should open
up new opportunities for the Group from 2010 onward. The Group has
reaffirmed its forecast of revenue growth of at least 5 percent for 2010.
It also expects profit before interest, tax, depreciation and amortization
(EBITDA) to rise, and is looking to return to the profit zone at operative
level.
Key figures: Wacker Neuson Group*
In EUR million
Q1/2010, Q4/2009, Q1/2009
Revenue 150.3/154.2/137.3
EBITDA 3.7/10.4/-12.3
EBIT -5.9/-99.7**/-22.6
Consolidated earnings -5.7/-99.7**/-16.6
* All figures include effects from purchase price allocation; differences
from rounding may occur.
** Incl. impairment (mainly attributable to Neuson Kramer subgroup) in the
amount of EUR 100.3 million.
Your contact partner at Wacker Neuson:
Wacker Neuson SE
Imre Szerdahelyi
Head of Corporate Communication
Preussenstr. 41
80809 Munich, Germany
Tel. +49 - (0)89 - 354 02 - 251
imre.szerdahelyi(at)wackerneuson.com
www.wackerneuson.com
About Wacker Neuson:
Wacker Neuson SE is a global manufacturer of light and compact equipment.
With over 30 affiliates and more than 180 sales and service stations across
the globe, the new company offers a unique product portfolio. Almost all
products manufactured by the company are branded Wacker Neuson. The only
exceptions to this in Europe are Kramer-branded all-wheel loaders and
Weidemann-branded agricultural machinery, which the company plans to
strengthen and expand. With over 300 product categories and complementary
rental, spare parts and repair services, Wacker Neuson is the partner of
choice among professional users in construction, gardening, landscaping and
agriculture, as well as among municipal bodies and companies in the
industrial and recycling sectors.
12.05.2010 07:31 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Wacker Neuson SE
Preußenstr. 41
80809 München
Deutschland
Phone: +49 - (0)89 - 354 02 - 0
Fax: +49 - (0)89 - 354 02 - 390
E-mail: info(at)wackerneuson.com
Internet: www.wackerneuson.com
ISIN: DE000WACK012
WKN: WACK01
Listed: Regulierter Markt inFrankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hannover, München, Hamburg, Stuttgart
End of News DGAP News-Service
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Datum: 12.05.2010 - 07:31 Uhr
Sprache: Deutsch
News-ID 20719
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