DGAP-News: Funkwerk AG publishes 2012 consolidated financial statements
(firmenpresse) - DGAP-News: Funkwerk AG / Key word(s): Final Results
Funkwerk AG publishes 2012 consolidated financial statements
28.03.2013 / 13:12
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Funkwerk AG publishes 2012 consolidated financial statements
- Primary measures of restructuring programme put in place
- Consolidated sales of EUR 141.3m (2011: EUR 146.9m) in continued
segments down around 4 per cent on previous year
- Increase in net earnings despite drop in business volume
- At EUR 1.9m (2011: EUR -0.5m), operating earnings before restructuring
and impairment costs distinctly positive; earnings after taxes at EUR
-8.0m (2011: EUR -12.1m)
- Positive earnings trend to continue with steady sales in 2013
Kölleda, 28 March 2013 - Funkwerk AG, Kölleda, reports initial positive
effects of the primary measures in its restructuring programme put in place
in the 2012 financial year. Above all, aspects such as the sale of
companies as part of its focusing strategy alongside leaner corporate
structures, the introduction of sustainable processes and reduced
inventories have already made an impact on the group, improving its
competitive position and increasing its efficiency. On this basis, Funkwerk
AG plans to play to its strengths more effectively in the future and return
the company to sustainable earning power.
Along with the challenges of the restructuring programme, which had a
marked effect on the development of Funkwerk in 2012, business was hampered
by restrained demand in the public sector as well as by considerable
pricing pressure. As a result, consolidated sales of the continued segments
were down around 4 per cent on the prior-year figure, reducing from EUR
146.9m to EUR 141.3m. Both figures were adjusted for sold operations. The
most significant sale in the reporting year concerned Funkwerk Dabendorf
GmbH, which had consolidated the main activities of the group's Automotive
Communication (AC) segment. The group's Enterprise Communication segment
had been sold a year earlier, leaving the group to focus on its two
remaining strategic segments, Traffic&Control Communication (TCC) and
Security Communication (SC).
Despite reduced business volume, consolidated earnings in 2012 increased
due mainly to the measures taken to improve the group's profitability. As a
result, Funkwerk posted positive operating earnings (before impairment and
restructuring costs) of EUR 1.9m, after EUR -0.5m in the previous year. The
EBIT and net earnings of the continued business segments remained notably
negative at EUR -5.1m (2011: EUR -6.3m) and EUR -8.0m (2011: EUR -12.1m),
respectively, but also reflect the upward trend in earnings. Earnings per
share stood at EUR -0.99, up from EUR -1.51 in the previous year.
The financial situation of the Funkwerk group with a total workforce of 859
as at 31 December 2012 (2011: 885) was stabilised. Cash inflows mostly from
the sale of companies helped improve free cash flow from EUR -6.4m to EUR
1.2m. Equity reduced from EUR 48.7m to EUR 32.2m on the prior-year cutoff
date. In proportion to the group's total assets of EUR 113.1m at the end of
2012, this corresponds to an equity ratio of 28.5 per cent (2011: 30.8 per
cent).
Changes introduced as part of the group's reorientation strategy also
affected the Executive Board of Funkwerk AG: Restructuring expert Dr
Christian E. Baur, who had been appointed to oversee the stringent
implementation of the programme, left the company at the end of December
after completing his assignment. Johann Schmid-Davis and Carsten Ahrens as
the two previous members of the board also retired from the company when
their contracts expired at the end of 2012. Since then, Funkwerk AG has
been managed by Dr Manfred Lerch as sole director. Mr Lerch has been on the
Executive Board since 1 November 2012.
The cost savings produced as a result of the restructuring measures will
take full effect in the 2013 financial year. Competition, however, is
predicted to further intensify alongside increased pricing pressure.
Despite these prospects, the company expects to continue its positive
earnings trend in the current year. Consolidated sales from today's vantage
point will remain steady.
Strategically, the Funkwerk group will in future focus primarily on its
technological expertise to position itself increasingly as a development
and technology centre. Investments in its product portfolio will be made
specifically in key components and greater attention will be given to
improving the group's profitability. The planned expansion into
international markets will progressively be driven through partnerships and
cooperation agreements. Funkwerk AG additionally sees opportunities open up
in end-to-end solutions and is planning as a result to consolidate its
position as a full system provider.
The full annual report is available on the Internet at www.funkwerk.com.
For further information please contact:
Funkwerk AG
Im Funkwerk 5
99625 Kölleda/Thuringia
Germany
Kerstin Schreiber
Phone: 03635 458 500
Fax: 03635 458 399
E-mail: ir(at)funkwerk.com
End of Corporate News
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28.03.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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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 München; Freiverkehr in Berlin,
Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
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