DGAP-News: HWA AG back in profit in first half 2010
(firmenpresse) - HWA AG / Half Year Results
27.08.2010 12:11
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HWA AG back in profit in first half 2010
Affalterbach, 27 August 2010 - HWA AG is reporting a profit for the first
half of 2010 despite lower revenues. As was expected, revenues in the
vehicles and vehicles components business fell back once the SL 65 AMG
Black Series project was completed. The successor project SLS AMG GT3 was
presented to the public in March 2010. This new model is being developed
together with Mercedes-AMG and will be delivered to customers starting in
February 2011. Revenues from the Formula 3 engine rentals business in the
first half of 2010 were in line with Management's expectations, and the
second half year is also developing according to plan. As expected, HWA
AG's revenues from the motor racing business declined. The new DTM
regulations mean that further development is frozen and there is at present
no new construction of race cars taking place. After the sixth race in the
German Touring Car Masters Championship (DTM), the AMG-Mercedes Team has
five wins to its credit. HWA driver Bruno Spengler currently leads the
drivers' table.
In the first half of financial 2010 (six months to 30 June) HWA AG showed a
profit before interest and tax (EBIT) of EUR 1.20m; in the corresponding
period last year there was still a loss of EUR 0.15m to report. The savings
measures implemented in 2009 have been successful in improving results.
After interest and taxes, HWA AG had a net profit of EUR 0.67m compared
with a loss of EUR 0.53m in the first half of 2009. Revenues declined - as
expected - to EUR 15.4m.
For the whole of the 2010 financial year, Management intends to achieve its
target of an overall profit.
Changes in the Supervisory Board:
Towards the end of the period under review there were changes in the
Supervisory Board: the Chairman of the Supervisory Board, Jürgen Hubbert,
resigned his office for personal reasons. Hans Werner Aufrecht, until then
Deputy Chairman of the Supervisory Board was elected Chairman, and
Christian Wolff is now the Deputy Chairman. A new member will shortly be
appointed to HWA AG's Supervisory Board.
Contact:
Investor Relations
HWA AG
Benzstraße 8
71563 Affalterbach
Phone: + 49/ (0) 7144/ 8717- 279
Fax: + 49/ (0) 7144/ 8718- 111
ir(at)hwaag.com
www.hwaag.com
Company profile HWA AG:
HWA AG was founded in 1998 as a spin-off from AMG, which was established in
1967 by Hans Werner Aufrecht as the Mercedes-Benz customisation specialist.
Towards the end of 1998 Aufrecht sold a majority interest in AMG Motoren-
und Entwicklungsgesellschaft mbH, as it then was, to Daimler AG. In the
course of the disposal, motor racing, what is today the AMG-Mercedes team
in the German Touring Car Championship (DTM) and parts of the vehicles and
components business was spun off and transferred to HWA AG. In the motor
racing business, HWA AG acts as a full service provider to Daimler AG
Motorsport in the DTM. It is responsible for the whole process of
development and construction of the racing cars, including the motors,
together with all other activities involved in the racing team's
operations. In its vehicles and components business, it develops and builds
cars and vehicle components for the automobile industry. Since 2003 HWA AG
has been producing and servicing racing engines for the Formula 3
Euroseries and the British Formula 3 Series.
27.08.2010 12:11 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: HWA AG
Benzstraße 8
71563 Affalterbach
Deutschland
Phone: +49 (0)7144 87 17-279
Fax: +49 (0)7144 87 18-111
E-mail: ir(at)hwaag.com
Internet: http://www.hwaag.com
ISIN: DE000A0LR4P1
WKN: A0LR4P
Listed: Freiverkehr in München, Berlin, Düsseldorf, Stuttgart; Entry
Standard in Frankfurt
End of News DGAP News-Service
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Datum: 27.08.2010 - 12:11 Uhr
Sprache: Deutsch
News-ID 32093
Anzahl Zeichen: 0
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Kategorie:
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