DGAP-News: technotrans AG: technotrans expands beyond the printing industry (news with additional features)
(firmenpresse) - DGAP-News: technotrans AG / Key word(s): Half Year Results
technotrans AG: technotrans expands beyond the printing industry (news
with additional features)
13.08.2013 / 07:17
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technotrans expands beyond the printing industry
revenue grows 25.0 percent to EUR 52.5 million in HY 2013 / EBIT improves
by 26.4 percent EUR to 2.3 million / growth by acquisition, core business
flat despite of economic environment / full project pipeline ,New Markets'
Sassenberg, August 13, 2013
The technotrans Group generated revenue of EUR 52.5 million over the first
six months of 2013. This represents growth of 25.0 percent compared with
the prior-year period (EUR 42.0 million). This rise was driven first and
foremost by the acquisition of KLH Kältetechnik GmbH and its Asian sister
companies at the start of 2013. Revenue for the second quarter of 2013
amounted to EUR 26.2 million, matching the first-quarter figure and
representing a rise of 21.2 percent on the prior-year quarter (EUR 21.6
million). Earnings for the first half thus came to EUR 2.3 million (prior
year EUR 1.8 million), this represents an EBIT margin of 4.3 percent.
Second-quarter EBIT showed a 30.1 percent improvement to EUR 1.2 million
compared with the same period of 2012 (EUR 0.9 million). Net income for the
six-month period came to EUR 1.4 million (prior year EUR 1.0 million).
Earnings per share, for shares outstanding, are therefore EUR 0.21 (prior
year EUR 0.16) after six months.
'Business during the first half of 2013 reflects the subdued economic
environment as seen with many other companies', says Henry Brickenkamp,
Speaker of the Board of Management of technotrans AG. 'Still we have
identified a whole range of opportunities for the second half so that we
stick to our goals for the full year.' The targets for 2013 are revenues of
EUR 110 million - give or take 5 percent, and an EBIT margin of between 6
and 7 percent.
The number of employees in the group climbed from 662 at the end of 2012 to
769 on June 30, 2013. This increase for the first half is likewise
attributable to the acquisitions.
The segments
Of the total revenue of EUR 52.5 million for the first half of 2013, the
amount of EUR 33.4 million (prior year EUR 24.3 million, +37.3 percent) was
attributable to the Technology segment. Because the two halves of the
previous financial year yielded very different results due to the drupa,
there is only limited value in drawing a direct comparison with the first
half of 2012; it makes more sense to use an average half-year for 2012 as
the benchmark (EUR 26.8 million, +24.6 percent). Second-quarter revenue
reached EUR 16.5 million, compared with EUR 12.8 million in the previous
year (+29.0 percent). The increase in the current financial year is largely
attributable to business expansion following the takeover of KLH
Kältetechnik GmbH. On the other hand the other business areas remained more
or less on the level of the previous year in the absence of the expected
economic recovery mid-way through 2013.
Earnings for the Technology segment were again slightly negative at EUR
-0.4 million (EUR -0.5 million) in the second quarter of 2013. Overall, the
loss for the first half thus amounted to EUR -0.9 million (previous year
EUR -1.1 million). The EBIT margin reached -2.4 percent in the second
quarter and -2.7 percent in the first half. The result for the segment
continues to be diminished by the margins in laser business, which could
not yet be improved across the board over the year to date, and by the need
for investment (first and foremost manpower) to achieve the goals for
growth in operations beyond the printing industry.
The Services segment maintained its growth in the second quarter and
brought in EUR 9.7 million (previous year EUR 8.8 million, +9.9 percent).
Revenue for the first half of 2013 thus came to EUR 19.1 million (previous
year EUR 17.6 million), a rise of 8.1 percent. In all, the segment now
brings in 36.3 percent of total revenue. There was also a positive impact
from the acquisition of a majority interest in Sprachenwelt GmbH, through
which gds AG has been adding translations to its portfolio of services
since the second half of 2012.
The financial performance in the Services segment again proved to be
stable. The good results of recent quarters were matched, at EUR 1.6
million (previous year EUR 1.4 million). After six months the result for
the segment thus came to EUR 3.2 million (previous year EUR 2.9 million)
and the EBIT margin was virtually unchanged at 16.6 percent.
Financial position
The equity ratio at June 30, 2013 was once again 55.8 percent. The group's
net debt was EUR 64 thousand; gearing is consequently likewise zero.
Based on net income of EUR 1.4 million for the first six months, the cash
flow from operating activities before changes in working capital totaled
EUR 4.0 million (EUR 3.6 million). Changes on the liabilities side relate
primarily to the balance sheet date, first and foremost because KLH reduced
their financial liabilities during the first six months of 2013. Over the
same period of the previous year, cash of EUR 0.8 million was released
through changes in working capital.
After deduction of interest and income tax payments, the net cash from
operating activities for the period under review was again close to zero
(previous year EUR 3.6 million).
The cash sum of EUR 5.1 million used for investing activities comprises the
customary maintenance investments as well as the cash outflow for the
acquisition of the interest in KLH Kältetechnik GmbH and its Asian sister
companies (EUR 3.3 million net), plus a conditional purchase price
component for the acquisition of Termotek AG (EUR 0.8 million).
At the six-month mark the free cash flow therefore remained negative at EUR
-5.0 million (EUR 3.2 million).
Credit facilities agreed were used to finance the acquisition of the
interest at the start of the financial year, while scheduled repayments
amounting to EUR 2.0 million were made in the course of the first half. A
payment of EUR 0.8 million by way of a dividend for the 2012 financial year
was made to the shareholders. The net cash employed for financing
activities therefore came to EUR 2.7 million (EUR -1.3 million) after six
months. Since the balance sheet date of December 31, 2012 cash and cash
equivalents have fallen by 12.7 percent to EUR 16.3 million. In conjunction
with available credit facilities approved and promised, the current
financial position still offers ample leeway for financing current business
and also for potential acquisitions.
Outlook
The business performance over the first six months initially fell a little
short of expectations for the current financial year due to the economic
environment. The technotrans Group's first-half growth of +25 percent to
EUR 52.5 million was by and large only achieved thanks to the acquisition
of KLH. The other divisions, which are more or less involved in the
mechanical engineering sector, merely operated at the average level for the
previous year.
Nevertheless the Management has identified a whole range of opportunities
for the second half. 'We are confident that we can increase our market
share in the print area yet further', says Brickenkamp. 'In addition the
Japanese printing press manufacturer Komori reported good sales figures at
the China Print show in May. We believe there are good prospects of tapping
into this stream of orders.' Besides meanwhile technotrans is receiving
orders from the Chinese printing press manufacturer Hans Gronhi on a fairly
regular basis and is now in contact with a large number of manufacturers of
digital printing systems worldwide, for everything from development
projects and prototypes to initial deliveries of production models.
'In the new markets area for example we are enjoying considerable success
with our spray lubrication system for stamping and forming technology. The
latest installations have confirmed our (and our customers') expectations
that our systems offer scope for realising significant savings',
Brickenkamp adds, 'and the same applies in principle to the battery cooling
area, where we are already handling projects in partnership with Siemens,
Saft, Actia and Vantage. Even if the unit totals here are still small, we
are convinced that this will develop into a highly interesting new market
for us in the long term because e-mobility is an area that is bound to
become much more important over the next few years.'
The takeover of Termotek AG (2011) and KLH Kältetechnik GmbH (2013) has
given the technotrans Group a particular focus on the laser industry. While
on the one hand the product lines are being consolidated in order to
maximise efficiency and realise economies of scale, at the same time
technotrans is increasing the market presence in specific areas and is
taking on extra sales personnel at the international subsidiaries.
'We adhere to our view that an EBIT margin of 6 to 7 percent is realistic
based on the targeted revenue level, assuming that the pattern of business
mirrors our experience of the second half of 2012,' Dirk Engel, CFO of
technotrans AG, confirms. 'But if the economy's recovery is delayed any
further, our results could potentially come in only at the bottom end of
the target range.' The management therefore does not yet see any reason to
revise to its full-year forecast
Note: Statements made in this report relating to future developments are
based on our cautious estimate of future events. The actual performance of
the company may differ substantially from that planned, as it depends on a
large number of market-related and economic factors, some of which are
beyond the company's control.
Download: The full Interim Report can be downloaded from the internet on
www.technotrans.com, under Investor Relations - Reports.
Dates: The Interim Report 1-9/2013 is scheduled for publication on November
5, 2013.
Securities: technotrans AG - ISIN DE000A0XYGA7 - German Securities
Identification No. WKN A0XYGA
Contact: technotrans AG
Corporate Communications/
Investor Relations
Thessa Roderig
Tel. +49 (0)2583 301-1887
e-mail thessa.roderig(at)technotrans.de
technotrans Group
Key figures acc. to IFRS
Cha- 1.1.- 1.1.- FY FY1 EBITDA = EBIT + amortisation of goodwill + depreciation of property,
nge 30.6.13 30.6.12 2012 2011
Earnings
EUR
Revenue '000 25.0% 52,450 41,955 90,662
97,265
EUR
Technology '000 37.3% 33,398 24,325 53,733
61,673
EUR
Services '000 8.1% 19,052 17,630 36,929
35,592
EUR
Gross profit '000 9.0% 15,934 14,624 31,652
30,779
EUR
EBITDA 1 '000 19.6% 3,943 3,298 8,319 7,980
Earnings before interest and EUR
taxes (EBIT) '000 26.4% 2,258 1,786 5,357 4,787
EUR
Net profit for the period '000 32.9% 1,365 1,027 3,094 3,019
as % of revenue % 2.6% 2.4% 3.4% 3.1%
Net result per share (IFRS) EUR 32.3% 0.21 0.16 0.48 0.47
Balance sheet
EUR
Issued capital '000 0.0% 6,908 6,908 6,908 6,908
EUR
Equity'000 10.4% 42,671 38,645 40,865
37,291
Equity ratio % 55.8% 56.2% 63.2% 55.5%
Return on equity % 6.4% 5.3% 7.9% 8.5%
EUR
Balance sheet total '000 11.2% 76,521 68,792 64,705
67,215
EUR
Net debt 2 '000 64 1,422 -8,462 4,890
EUR
Working capital 3 '000 2.3% 27,706 21,104 27,087
18,527
ROCE 4 % 4.0% 3.3% 10.1% 8.9%
Employees
Employees (average) 22.7% 772 629 646 659
EUR
Personnel expenses '000 17.4% 18,513 15,772 32,651
33,224
as % of revenue % 35.3% 37.6% 36.0% 34.2%
EUR
Revenue per employee '000 1.9% 67.9 66.7 140 148
Cash flow
EUR
Cash flow 5 '000 89 3,612 10,979 5,868
EUR
Free Cash flow 6 '000 -5,021 3,153 13,172 3,606
Shares
Number of shares at end of 6,466,5 6,432,7 6,455 6,432
period 0.5% 10 75 ,404 ,775
Share price (max) EUR 80.9% 10.35 5.72 7.2 7.51
Share price (min) EUR 68.3% 6.90 4.10 4.10 4.01
plant and equipment and intangible assets
2 Net debt = interest-bearing liabilities - cash and cash equivalents
3 Working capital = current assets - current liabilities
4 ROCE = EBIT / Capital employed
5 Cash flow = Net cash from operating activities acc. to Cash flow
Statement
6 Free Cash flow = Net cash from operating activities + net cash used for
investments acc. to Cash flow Statement
End of Corporate News
+++++
Additional features:
Document: http://n.equitystory.com/c/fncls.ssp?u=WOVJQXCPSW
Document title: Half year report 2013
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13.08.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: technotrans AG
Robert-Linnemann-Str. 17
48336 Sassenberg
Germany
Phone: +49 (0)2583 - 301 - 1000
Fax: +49 (0)2583 - 301 - 1030
E-mail: info(at)technotrans.de
Internet: http://www.technotrans.de
ISIN: DE000A0XYGA7
WKN: A0XYGA
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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