DGAP-News: HOMAG Group aims to match record years
(firmenpresse) - DGAP-News: Homag Group AG / Key word(s): Final Results/Forecast
HOMAG Group aims to match record years
31.03.2011 / 10:47
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- Sales revenue increase also expected for 2011
- Earnings growth expected to outpace sales revenue growth in 2011
- Order intake in first quarter of 2011 expected to exceed prior-year level
Stuttgart/Schopfloch, March 31, 2011. Following the successful fiscal year
2010, the HOMAG Group wants to continue growing in 2011, as CEO Rolf Knoll
emphasized at the press briefing on the annual results in Stuttgart. 'We
want to gradually approach the business volume that we had seen in the
record years before the crisis. After the great strides made in 2010, in
which we already surpassed our sales revenue target originally planned for
2011, we want to generate at least a mid-single-digit percentage increase
in sales revenue in 2011.' The management board also expects a slight
increase in order intake and anticipates a healthy development, especially
in the western European markets and again in China, South East Asia and
South America. The global leader for plant and machinery for the wood
processing industry and cabinet shops, which is listed on the SDAX, also
expects positive impetus from Ligna in May, the industry's largest trade
fair in the world, which is held every two years in Hanover.
Rolf Knoll reported that the Company had captured a good order intake in
the first quarter of 2011, which would be up on the prior-year level (EUR
166 million), although sales revenue in the first three months of the year
is expected to match the prior year-level following the high volume of
deliveries toward year-end 2010.
In 2011, the HOMAG Group plans to improve the earnings situation, with
growth slightly outpacing sales revenue, and significantly increase its net
profit in particular. According to the new member on the management board,
Hans-Dieter Schumacher, who will take over the position of CFO as of April
1, this will be possible, 'because we expect substantially lower
extraordinary expenses and an improved interest result - assuming the base
interest rate remains stable - since we will be able to benefit here from
improved contractually fixed borrowing conditions.' In addition, the
Group's tax rate is expected to decrease. With the slight increase again in
headcount as of December 31, 2010 to 5,051 employees (prior year: 4,954
employees), the Group feels that it is well equipped to tackle fiscal 2011
and expects the number of employees to increase slightly at subsidiaries in
foreign markets with high growth potential.
Fiscal 2010
At the presentation of the annual financial statements 2010, the Company's
management board confirmed the financial figures, most of which had already
been published. According to the confirmed figures, sales revenue increased
37 percent to EUR 718 million (prior year: EUR 524 million), which means
that the HOMAG Group once again exceeded the sales revenue target, even
though the management board had already corrected it upwards several times.
Moreover, the Group's increase in sales revenue outpaced the industry
average. Order intake rose by 31 percent, reaching EUR 541 million (prior
year: EUR 413 million). 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.
Earnings also improved substantially, although the net profit was again
burdened by extraordinary restructuring expenses of EUR 4.4 million (prior
year: EUR 12.4 million) partly incurred for measures 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).
On the same basis, EBIT came to EUR 36.4 million (prior year: EUR -10.2
million) and EBT 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).
The very high tax expense ratio of 44 percent results in a net profit for
the period after non-controlling interests of EUR 6.7 million (prior year:
EUR -20.7 million), resulting in earnings per share of EUR 0.43 (prior
year: EUR -1.32).
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 also 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).
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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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31.03.2011 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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117305 31.03.2011
Datum: 31.03.2011 - 10:47 Uhr
Sprache: Deutsch
News-ID 33676
Anzahl Zeichen: 0
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Kategorie:
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