DGAP-News: UNIWHEELS Holding Germany GmbH : UNIWHEELS expands market share in difficult economic climate
(firmenpresse) - DGAP-News: UNIWHEELS Holding Germany GmbH / Key word(s): Final Results
UNIWHEELS Holding Germany GmbH : UNIWHEELS expands market share in
difficult economic climate
05.04.2013 / 15:12
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UNIWHEELS expands market share in difficult economic climate
- At EUR 320 million, group turnover is slightly down on previous year
but ahead of European market trend
- 2012 earnings below target due to weak overall market
- Automotive Division further extends market position
- Strong volume growth budgeted for 2013
Bad Dürkheim, 05 April 2013: The UNIWHEELS Group reports a respectable
performance for the past financial year despite the overall weakness of the
European market. The Group managed to increase its market share but fell
short of reaching its planned growth targets. This was mainly due to the
postponement of planned series production launches at customers in the
Automotive Division, several months of delay in the launch of operations at
the new painting facility at the Polish plant, and weaker demand in the
Accessory Division given high volumes of stocks held by customers.
At 6.4 million wheels, total sales volumes fell slightly short of the
previous year's figure (2011: 6.9 million wheels). 78.5 % (2011: approx.
76 %) of this was attributable to the Automotive Division while the other
21.5% was attributable to the Accessory Division. Notwithstanding this, the
UNIWHEELS Group outperformed the market in both divisions. In its
Automotive Division in particular, where turnover dipped by a mere 4%,
UNIWHEELS significantly outperformed the overall European market, where the
number of new car registrations fell by around 8% in 2012. As a result, the
company increased its market share in this segment to nearly 10%.
Consistent with the development in sales volumes, group turnover decreased
7.3% to EUR 319.8 million in the 2012 financial year (2011: EUR 345.0
million).
Group operating EBITDA (adjusted to eliminate special items) fell
year-on-year by 36.2% to EUR 19.7 million (2011: EUR 30.9 million). Besides
the downturn in sales volumes, this reduction was mainly due to a reduction
in stock levels at the Accessory Division. This measure was necessary due
to subdued development in sales volumes in this division, particularly in
the spring business season. Consequent actions to cut costs and boost
productivity, especially in the company's operating and administrative
processes, impacted positively on earnings in the second half of 2012.
Furthermore, earnings were adversely affected by the delay in the launch of
operations at the additional painting facility at the Polish plant. This
was due to the approval process taking longer than planned. In the
meantime, this new painting facility, with its state-of-the-art coating
technology, is already operating on a three-shift basis. Thus, the Group
has been able to substantially enhance efficiency levels by exploiting
optimised capacity utilisation rates within its international production
network.
Special items more or less neutralised each other in the 2012 financial
year (2011: EUR 7.6 million). Alongside the reversal of provisions for
contingent losses from currency hedging transactions (EUR -4.0 million) and
other operating income from the sale of property (EUR -0.7 million),
special items also included one-off expenses in connection with the bond
increase (EUR 0.5 million), legal and advisory expenses for seasonal
financing (EUR 3.4 million) as well as expenses for the process of
splitting the business into the Automotive and Accessory divisions and the
deconsolidation of subsidiaries (EUR 1.0 million).
Given the slightly higher depreciation and amortisation due to the
investment campaign implemented in recent years (2012: EUR 15.7 million;
2011: EUR 15.0 million), group operating EBIT (net of the aforementioned
special items) fell by 75% to EUR 4.0 million in 2012 (2011: EUR 15.9
million).
Including all special items, the consolidated net deficit at the UNIWHEELS
Group totalled EUR -7.5 million (2011: EUR -4.2 million).
The main investment focus in 2012 was the production location in Poland,
particularly in the areas of surface coating and mechanical
processing/automation. The launch of operations with the third coating
facility at the Polish Automotive plant has laid firm foundations for
expanding capacity and enhancing quality. A further key focus of investment
related to the launch of operations at the new logistics centre in Bad
Duerkheim. This should form the basis for further growth in the Accessory
Division in future years. At EUR 18.4 million, total investments in the
2012 financial year fell year-on-year by 29% (2011: EUR 25.8 million), but
nevertheless exceeded depreciation and amortisation by around 20%.
Key figures of the UNIWHEELS Group:
(in EUR million unless otherwise stated) 2012 2011 +/-*) adjusted for special items totalling EUR 0.0 million in 2012 and EUR 7.6
Turnover 319.8 345.0 -7%
Sales volumes (million units) 6.4 6.9 -7%
Gross profit 122.3 133.5 -8%
EBITDA*) 19.7 30.9 -36%
EBITDA margin (% of turnover) 6% 9% -32%
EBIT*) 4.0 15.9 -75%
EBIT margin (% of turnover) 1% 5% -73%
EBT**) -3.8 9.2 -
Special item: contingent losses from currency hedging 4.0 -5.7
Special item: bond expenses -0.5 -1.9
Special item: contingent losses from interest hedging 0.0 -3.3
Special item: financing expenses -0.4 -1.6
Special item: legal and advisory expenses -3.4
Special item: deconsolidation of subsidiaries -1.0
Special item: write-ups in property, plant and equipment 0.2
Special item: income from sale of land 0.7
Taxes on income -3.2 -1.2
Result attributable to non-controlling interests -0.1 0.5
Consolidated net surplus (deficit) -7.5 -4.2 -
Cash flow from operating activities 11.5 16.8 -32%
Investments 18.4 26.2 -30%
No. of employees 2,027 2,081 -3%
million in 2011
**) adjusted for special items totalling EUR 0.4 million in 2012 and EUR
12.5 million in 2011
Liabilities to banks decreased by EUR 9.6 million to EUR 37.1 million at
the balance sheet date. The seasonal credit line of EUR 7.5 million
provided on a temporary basis to finance working capital was only used to a
marginal extent within a three-month period and then repaid on schedule as
of 30 November 2012. Bond liabilities rose to EUR 44.5 million due to the
increase of the bond (Bondm) by EUR 10.0 million in May 2012. Gearing
(debt/total assets) fell slightly to 79.0% (2011: 79.3%). The equity ratio
remained stable at 21.0% (2011: 20.7%).
Based on the current annual financial statements Euler Hermes Rating GmbH
has conducted a thorough analysis of the company's chances and risks
profile. As a result the company's rating of B- was confirmed. Based on the
expected improved business development in the current year the outlook was
upgraded from stable to positive.
In the past financial year, the UNIWHEELS Group managed to expand its
customer base to 25 car brands in total. As a result, UNIWHEELS can now
point to one of the strongest and broadest customer portfolios in its
sector - the company supplies virtually all well-known carmakers worldwide
with its premium products.
Ralf Schmid, CEO of UNIWHEELS Holding (Germany) GmbH: 'The year 2012 is a
prime example of why our diversification strategy has always been important
to us and why we pressed ahead even more consistently with this strategy by
separating our 'Automotive' and 'Accessory' divisions at the end of last
year. In 2012, we succeeded in further expanding our market position
despite the difficult market conditions. Our performance was driven above
all by our superbly positioned Automotive Division. This also cushioned the
weaker performance of the Accessory Division. Conversely, the Accessory
business, with its focus on retail customers, is generally more profitable.
This is therefore an area where we also intend to expand further in the
medium term.'
Looking to the current year, with a very good stock of orders on hand for
new development projects, higher numbers of series production launches in
the Automotive Division and a largely stable business performance in the
Accessory Division give UNIWHEELS grounds to expect satisfactory growth in
its annual sales volumes. In its Automotive Division, UNIWHEELS stands to
benefit from the process already implemented in recent years of focusing on
so-called premium manufacturers. Given high export shares in the respective
vehicle categories, this business field offers corresponding potential for
further volume growth even in the current climate. In view of the turnover
growth planned, the cost-cutting measures initiated, significantly improved
plant capacity utilisation rates and the accompanying measures implemented
to enhance administrative and production efficiency, the company expects to
generate significant operating earnings (EBITDA) growth.
CONTACT:
Ralf Jensen
Head of Group Marketing
UNIWHEELS Holding (Germany) GmbH
Tel: +49 (0) 6322 / 9899-6260
Mail: r.jensen(at)de.uniwheels.com
About us:
The UNIWHEELS Group is a leading European manufacturer of alloy wheels in
the accessories market (Accessory Division) as well as one of the largest
wheel suppliers to the automotive industry (Automotive Division). In
addition, the UNIWHEELS Group also equips professional motorsport series
with high-tech wheels.
For more than 40 years, the company has been producing high-quality
aluminium wheels mainly using the low-pressure casting technique. Further
manufacturing techniques used are flow forming, advanced pressure rolling
(APR) and forging for ultra-light high-tech wheels.
With the global brands of ATS, RIAL, ALUTEC and ANZIO, UNIWHEELS possesses
comprehensive knowledge in the accessories market and technical expertise
as an original equipment manufacturer in the automotive industry.
Furthermore, with its wide range of brands, the UNIWHEELS Group offers
wheels for all target groups, from premium to economy.
Highly efficient production locations in Poland and Germany, as well as the
pooled technological expertise of the group, form a secure base for further
development of the brands and growth of the UNIWHEELS Group associated with
this.
End of Corporate News
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206128 05.04.2013
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Datum: 05.04.2013 - 15:12 Uhr
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