DGAP-News: SMT Scharf AG reports revenue and earnings decline in Q1 2013 - Dosco subsidiary sold
(firmenpresse) - DGAP-News: SMT Scharf AG / Key word(s): Quarter Results
SMT Scharf AG reports revenue and earnings decline in Q1 2013 - Dosco
subsidiary sold
15.05.2013 / 07:36
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- Revenue down 36 % to EUR 16.3 million
- EBIT decline of 16 % to EUR 2.5 million
- Dosco Holdings Ltd. sold, including to Dosco management
- Order book position down 33 % to EUR 28.6 million
Hamm, May 15, 2013 - SMT Scharf AG (German Securities Code [WKN] 575198,
ISIN DE0005751986), technology and world market leader for monorail
transport systems for underground mines, reports revenue down by 36 % to
EUR 16.3 million in the first quarter of 2013 (Q1/2012: EUR 25.3 million).
The decline in total operating output was not as pronounced, at -25 % to
EUR 19.1 million, compared with EUR 25.3 million in the previous-year
period. Revenue generated abroad continued to dominate, although its share
fell slightly from 91.2 % to 87.3 %.
One reason for the significant revenue decline is, as expected, weaker new
equipment business - service business reported slight growth, by contrast.
Secondly, demand in the roadheader technology segment, which includes the
Dosco subsidiary, fell sharply. Poland, Russia and China accounted for the
largest share of revenue.
The cost of materials compared to operating output stood at 52 %, slightly
below the 55 % recorded in the same period of the previous year. The
personnel expense ratio rose to 23 % due to hiring on foreign markets, in
line with SMT Scharf AG's localisation strategy, compared with just 16 % in
the prior-year period. This feeds through to earnings before interest and
tax (EBIT) of EUR 2.5 million (Q1/2012: EUR 2.0 million), representing a
13.2 % EBIT margin, compared with 11.9 %. Group net income stood at EUR 2.1
million (Q1/2012: EUR 2.4 million).
While the order book position fell year-on-year from EUR 42.9 million to
EUR 28.6 million, SMT Scharf AG boosted its new order intake from EUR 17.3
million in the prior-year quarter to currently EUR 22.5 million. SMT Scharf
AG's CEO, Christian Dreyer, regards 2013 as a year of transition, however:
'In all likelihood, we will be unable to match the previous year's revenue
this year. We nevertheless continue to expect that we will raise revenue
and earnings on average over the coming years. Our concentration on our
core rail systems business will help us in this context. A few days ago, we
sold our wholly-owned subsidiary Dosco Holdings Ltd. to an acquisition
vehicle involving Dosco's management.'
The full report for the first three months of 2013 will be available during
the course of today at www.smtscharf.com in the Investor Relations section.
Company profile
The SMT Scharf Group develops, manufactures and services transport
equipment for underground mining and tunnelling. The main products are
captivated railways that are used all over the world, primarily in black
coal mines, but also in mines for gold, platinum and other metals. They are
needed to transport material and personnel with payloads of up to 45 tons
and on gradients of up to 35 degrees. The SMT Scharf Group has subsidiaries
in six countries as well as agents worldwide. SMT Scharf generates more
than 90 % of its revenue in growing foreign markets such as China, Russia
and South Africa. Business with replacement parts and repairs contributes
around 45 % of revenue. Theentire market for underground transport
equipment is estimated to be EUR 5 to 7 billion per year. SMT Scharf AG has
been listed in the Prime Standard (Regulated Market) of the Frankfurt Stock
Exchange since April 11, 2007, and has been included in the selective SDAX
index since September 2012.
Contact
Investor Relations
cometis AG
Henryk Deter / Patrick Ortner
Tel: +49(0)611 - 205855-16
Fax: +49(0)611 - 205855-66
e-mail: ortner(at)cometis.de
End of Corporate News
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Language: English
Company: SMT Scharf AG
Römerstrasse 104
59075 Hamm
Germany
Phone: +49 2381 960-01
Fax: +49 2381 960-230
E-mail: info(at)smtscharf.com
Internet: www.smtscharf.com
ISIN: DE0005751986
WKN: 575198
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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211019 15.05.2013
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