DGAP-News: HOMAG Group with significant growth
(firmenpresse) - DGAP-News: Homag Group AG / Key word(s): Preliminary Results
HOMAG Group with significant growth
24.02.2011 / 07:35
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- Sustainable turnaround in fiscal 2010
- Revenue increase of 37 percent exceeds forecasts
- Headcount up again slightly
Schopfloch, February 24, 2011. In fiscal 2010, HOMAG Group AG made an
excellent recovery from the effects of the economic crisis, with order
intake and sales revenue rising substantially. The turnaround is
sustainable, as is confirmed by the clearly positive earnings and the
dramatically reduced liabilities to banks. CEO Rolf Knoll feels that the
HOMAG Group's global presence and the market leader's broad portfolio are
the decisive factors behind this success: 'As a result, our order situation
recovered at a very early stage and we have grown faster than the
mechanical engineering industry as a whole or indeed our industry segment,
allowing us to increase our market share further,' Knoll adds.
Based on preliminary figures, the global leader for plant and machinery for
the woodworking industry, which is listed on the SDAX, saw its sales
revenue for 2010 climb 37 percent to EUR 718 million (prior year: EUR 524
million). The Group has thus exceeded the sales revenue forecast, which had
repeatedly been corrected upwards by the management board as the year
progressed. Order intake improved 31 percent to EUR 541 million (prior
year: EUR 413 million), mainly on the back of the favorable development of
the BRIC countries (particularly China and Brazil), which saw their share
in the HOMAG Group's orders rise from 14 to 23 percent. The management
board links the decrease in order backlog to EUR 149 million as of December
31, 2010 (prior year: EUR 171 million) to the large volume of machine
deliveries toward the end of the year.
CFO Andreas Hermann believes that the good earnings situation is as much a
result of the good development of business in 2010 as it is a reflection of
the lower cost basis, which 'we achieved thanks to the early implementation
of an extensive restructuring program, the sustainability of which is also
evident in the fact that we closed each of the four quarters of 2010 with a
net profit.' Earnings were again burdened by an extraordinary restructuring
expense of EUR 4.4 million (prior year: EUR 12.4 million); some of the
restructuring measures concerned were performed ahead of schedule. Before
this extraordinary expense and before the result from employee profit
participation (EUR -6.9 million; prior year: EUR +2.0 million) EBITDA rose
to EUR 65.1 million (prior year: EUR 15.6 million) and EBT on the same
basis to EUR 25.6 million (prior year: EUR -19.4 million). EBT after
extraordinary expenses and after the result from employee profit
participation amounts to EUR 14.4 million (prior year: EUR -29.8 million).
According to Mr. Hermann, the high ratio of tax expenses to EBT of 44
percent reflects the interest limitation regulations, losses incurred by
some subsidiaries on which it was not possible to recognize deferred tax
assets and an expected tax back payment in connection with a tax audit at a
foreign subsidiary. Consequently, the net result for the period after
non-controlling interests came to EUR 6.7 million (prior year: EUR -20.7
million), resulting in earnings per share of EUR 0.43 (prior year: EUR
-1.32).
The HOMAG Group is very satisfied with the development of its liquidity
position during the past fiscal year. Indeed, cash flow from operating
activities improved to EUR 62.7 million in fiscal 2010 (prior year: EUR
32.5 million), with free cash flow rising to EUR 42.2 million (prior year:
EUR -3.7 million). In addition, net liabilities to banks have decreased
substantially to EUR 55.8 million as of year-end 2010, down almost EUR 40
million on the figure as of December 31, 2009 (EUR 94.6 million). 'Our net
liabilities to banks are thus at the lowest level in more than 20 years'
CFO Andreas Hermann emphasizes.
In response to the positive business development, the HOMAG Group started
hiring employees again in the course of 2010 to fill key strategic
positions, particularly abroad. As a result, the headcount as of December
31, 2010 increased again slightly to 5,051 employees (prior year: 4,954
employees).
Although the HOMAG Group has still not reached the pre-crisis revenue and
earnings level despite the successful development of fiscal 2010, CEO Knoll
is confident that the upward trend will continue. 'By adopting targeted
growth and earnings measures, we want to return the HOMAG Group to the
level of 2007 and 2008 within the medium term, and we therefore want to
continue growing in 2011 - notwithstanding the high growth in 2010 - and
grow our earnings even faster.'
The results of the fiscal year 2010 of HOMAG Group AG and a forecast for
2011 will be published in greater detail at the press briefing on the
annual results scheduled for March 31, 2011 in Stuttgart.
- - - - - - - - - - -
Background information
With its 16 specialized production companies worldwide, 21 group-owned
sales and service companies and approximately 60 exclusive sales partners,
HOMAG Group AG's market position is excellent and its portfolio as a
comprehensive system supplier and technology partner makes it unique.
Backed by a workforce of some 5,000 employees, the company sees itself as
the leading global manufacturer for plants and machinery for the
woodworking and wood materials industry for the production of furniture and
construction elements as well as timber frame houses. The group also offers
its customers a wide range of services in related areas for production
machines and equipment. HOMAG Group AG shares have been trading on the
Prime Standard of the Frankfurt Stock Exchange since July 13, 2007 and were
listed on the SDAX of the German Stock Exchange on October 2007.
Disclaimers
This press release contains certain statements relating to the future.
Future-oriented statements are all those statements that do not pertain to
historical facts and events or expressions pertaining to the future such as
'believes', 'estimates', 'assumes', 'forecasts', 'intend', 'may', 'will',
'should' or similar expressions. Such future-oriented statements are
subject to risks and uncertainty since they relate to future events and are
based on current assumptions of the company, which may not occur in the
future or may not occur in the anticipated form. The company points out
that such future-oriented statements do not guarantee the future; actual
results including the financial position and the profitability of the HOMAG
Group as well as the development of economic and regulatory framework
conditions may deviate significantly (and prove unfavorable) from what is
expressly or implicitly assumed or described in these statements. Even if
the actual results of the HOMAG Group including the financial position and
profitability as well as the economic and regulatory framework conditions
should coincide with the future-oriented statements in this press release,
it cannot be guaranteed that the same will hold true in the future.
Information:
HOMAG Group AG
Investor Relations
Simone Mueller
Phone: +49 7443 13-2034
simone.mueller(at)homag-group.com
www.homag-group.com
End of Corporate News
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24.02.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Homag Group AG
Homagstr. 3-5
72296 Schopfloch
Deutschland
Phone: +49 (0)7443 / 13 - 0
Fax: +49 (0)7443 / 13 - 2300
E-mail: info(at)homag-group.de
Internet: www.homag-group.de
ISIN: DE0005297204
WKN: 529720
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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113259 24.02.2011
Datum: 24.02.2011 - 07:35 Uhr
Sprache: Deutsch
News-ID 33291
Anzahl Zeichen: 0
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Kategorie:
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