DGAP-News: Start into 2013 in line with expectations
(firmenpresse) - DGAP-News: paragon AG / Key word(s): Quarter Results
Start into 2013 in line with expectations
15.05.2013 / 16:50
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Delbrück, May 15, 2013 - The operating performance of paragon AG at the
beginning of 2013 was fully consistent with the expectations of the
Managing Board. In the first quarter, the Company generated revenue of EUR
16.5 million (prior year: EUR 18.9 million), reflecting an expected decline
of 12.9% compared to the first quarter of 2012, which benefited from
various one-off items. 'The first quarter of 2012 was not the yardstick for
us. It is pleasing that revenue rose again compared to the fourth quarter
of 2012, in which we realized EUR 15.6 million,' explained CEO Klaus Dieter
Frers. The order situation continues to be very satisfactory, in particular
due to the high volume of orders placed by existing customers for proven
products.
As early as the last quarter of 2012, customers of paragon AG showed
restraint in placing orders for the purpose of reducing inventories. The
extended plant holiday of the automotive manufacturers at the turn of the
year had an impact on paragon's revenue both in December 2012 and in
January 2013. The Managing Board therefore assumed as early as last year
that the first quarter of 2013 would be very restrained, which turned out
to be as budgeted and announced.
While revenue was in line with planning, the EBIT margin even exceeded the
cautious expectations. EBIT declined year-on-year from EUR 2.5 million to
EUR 0.9 million. Compared with the first quarter of 2012 (EUR 0.5 million),
EBIT was increased. The EBIT margin came to 5.4% (prior year: 13.2%); the
EBITDA margin was 12.0% (prior year: 19.4%). As of March 31, 2013, paragon
AG therefore posted net income for the year according to IFRS of EUR 0.5
million (prior year: EUR 1.9 million) and earnings per share of EUR 0.11
(prior year: EUR 0.46). However, it is only possible to make a direct
comparison with the first quarter of 2012 on a limited basis. In the first
three months of the prior year, a number of one-off items existed, due in
particular to a deferral of booked orders from the fourth quarter of 2011
to the first quarter of 2012, which also had a positive impact on revenue
and earnings in the second quarter of 2012.
Compared to the first quarter of 2012, paragon was able to build up equity
further. As of March 31, 2013, equity came to EUR 13.5 million (prior year:
EUR 11.7 million), reflecting a 15.2% increase. The equity-to-assets ratio
thus climbed to a pleasing figure of 31.0% (prior year: 27.5%). As of the
reporting date, free cash flow was EUR 7.2 million (prior year: EUR 11.8
million). Interest-bearing liabilities came to EUR 14.3 million (prior
year: EUR 14.6 million); net debt amounted to EUR 7.1 million (prior year:
EUR 2.8 million).
As of the reporting date March 31, 2013, paragon AG employed 382 of its
own workers and 43 temporary staff members in Germany. Compared to the
prior-year reporting date, the total number of employees thus remained
nearly constant (March 31, 2012: 421 including 52 temporary staff members).
Compared to December 31, 2012 (389 of its own workers and 45 temporary
staff members), paragon recorded a slight decline in headcount. The
locations accounted for the following figures (own workers/temporary staff
members) as of March 31, 2013: Delbrück (86/0), Suhl (246/41), Nuremberg
(36/2), and St. Georgen (57/0).
As one of the best-known suppliers, paragon intends to increase its share
in the value creation chain in automotive manufacturing in 2013 and beyond.
By constructing new production facilities at the company's headquarters in
Delbrück, paragon has created the preconditions to enable the new fields of
activity Body Works Kinematics and Electromobility to provide significant
contributions to revenue before the end of the current year. A first
prototype series of spoiler systems was produced in the first quarter;
series production will begin in the autumn. Moreover, paragon has received
a significant major order for battery packs, which will start at roughly
the same time. Due to the information blackout imposed by the customer,
paragon will not be able to report concerning this breakthrough in the
business segment of Electromobility until the end of May 2013.
In the established fields of activity as well, in particular in the
business segments of Sensors and Acoustics, the Managing Board sees
considerable potential for revenue. The Company is also systematically
pursuing its involvement in China, including with respect to local in-house
production.
paragon has access to sufficient funding to support its corporate
development in the medium term. In order to potentially accelerate
paragon's targeted growth, the Managing Board is also considering a number
of financing alternatives in relation to outside capital, and is currently
examining the associated opportunities and risks for paragon AG and its
future growth.
The Company had already considered the forecasts of manufacturers with
regard to sales figures in its annual planning for the current fiscal year;
thus, the cautious statements from the automotive industry are no reason
for adjusting the budget figures. 'From the present perspective, we can
assume a significant increase in revenue exceeding 15% in the second
quarter compared to the first three months of the current year. With regard
to EBIT, we are above the planned target. New orders and products will
further increase revenue starting in September,' said Frers who again
confirmed the previous forecasts for 2013. Overall, the Company's
management continues to expect that revenue growth will exceed 5 percent as
in the prior year as well as a stable EBIT margin.
Portrait
Listed in the Prime Standard segment of the German Stock Exchange in
Frankfurt, paragon AG develops, produces and markets innovative solutions
in the field of automotive electronics. The portfolio of the direct
supplier to the automotive industry includes products in the business
segments sensors, acoustics, cockpit, electromobility and body works
kinematics. An outstanding product is the air quality sensor AQS which is
by far the world market leader. In addition to its headquarters in Delbrück
(North Rhine-Westfalia), paragon maintains branches in Suhl (Thuringia),
Nuremberg (Bavaria) and St. Georgen (Baden-Württemberg) and a sales office
in Shanghai (China).
Contact
paragon AG
Schwalbenweg 29
33129 Delbrück
Tel.: +49 (0) 52 50 - 97 62-0
Fax: +49 (0) 52 50 - 97 62-60
Internet: www.paragon.ag
E-Mail: info(at)paragon.ag
Contact for local press
Matthias Hack
Tel.: +49 (0) 52 50 - 97 62-141
Mobile: +49 (0) 162 1010724
Fax: +49 (0) 52 50 - 97 62-60
E-Mail: matthias.hack(at)paragon.ag
Contact for financial press / investor relations
Stockheim Media GmbH
Michael Knecht
Tel.: +49 (0) 89 - 200 315 73
Fax: +49 (0) 89 - 813 030 23
E-Mail: mk(at)stockheim-media.com
End of Corporate News
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Language: EnglishCompany: paragon AG
Schwalbenweg 29
33129 Delbrück
Germany
Phone: +49 (0)5250 97 62 - 0
Fax: +49 (0)5250 97 62 - 60
E-mail: investor(at)paragon.ag
Internet: www.paragon.ag
ISIN: DE0005558696
WKN: 555869
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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211334 15.05.2013
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Datum: 15.05.2013 - 16:50 Uhr
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