HWA AG / Final Results/Dividend
02.04.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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HWA AG earnings per share climb 34.1% to EUR 1.10
- Revenues up 5.6% to EUR 60.9 million
- EBITDA increases by 23.0% to EUR 12.0 million
- EBIT improves by 31.7% to EUR 9.1 million
- EBIT margin: 15.0%
- Earnings per share: up 34.1% to EUR 1.10
- Proposed dividend: EUR 0.75 per share
Affalterbach, 2 April 2008 Motor sport specialist HWA AG is reporting an
increase in revenues of 5.6%, to EUR 60.9 million, based on audited HGB
(German Commercial Code) accounts for the year ended 31 December 2007.
EBITDA climbed from EUR 9.7 million to EUR 12.0 million (up 23%), while
operating profit (EBIT) improved by 31.7% to EUR 9.1 million (2006: EUR 6.9
million). Financial results for the year under review were EUR 35,000.
After taxes on income the net profit for the year was EUR 5.6 million
compared with EUR 4.2 million last year, an improvement of 34.4%. Earnings
per share climbed from EUR 0.82 to EUR 1.10 in 2007, a gain of 34.1%.
The final results for the past financial year were considerably higher than
Managements original expectations. This is attributable to the fact that
towards the end of the year revenue from vehicles and components business
was higher than forecast. The results also include one-time development
costs in connection with the Mercedes Benz C class change in the DTM. The
one-time expenses of EUR 0.3 million incurred in the listing of HWA AG
shares on the Frankfurt Stock Exchange are also reflected in the figures.
Taking all these factors into account, the Company is extremely satisfied
with the way earnings have improved.
HWA AGs assets and finances at the end of financial 2007 were once again
satisfactory: total assets grew from EUR 36.1 million at the end of last
year to EUR 43.2 million at 31 December 2007. The equity ratio increased
from 58.4% to 61.8%. At the end of the year the liquid assets at the
Companys disposal amounted to EUR 11.3 million, while liabilities to banks
stood at EUR 7.4 million. Cash flow from operating activities in 2007 came
to EUR 8.5 million. The Companys healthy financial state means that the
growth of its operations can continue to be funded from its own resources.
The Management and Supervisory Boards will propose to the shareholders the
payment of a dividend of EUR 0.75% per share for financial 2007.
HWA AG has made a good start to 2008: the Management Board is optimistic
about both motor racing and the vehicles and components business. The motor
sport specialist is counting on further growth in revenues and earnings in
2008. An additional factor contributing to higher net profits and earnings
per share this year will be the significant reduction in the tax burden, as
a result of the reform of corporate taxation: the effective tax rate will
droop from roughly 38% in 2007 to around 30% in 2008.
2007 2006 Change (%)
Revenues (EUR) 60.9m 57.6m 5.6%
EBITDA 12.0m 9.7m 23.0%
EBITDA margin 19.7% 16.8%
EBIT 9.1m 6.9m 31.7%
EBIT margin 15.0% 11.9%
EAT 5.6m 4.2m 34.4%
EPS EUR 1.10 EUR 0.82 34.1%
Dates to note :
29 April 2008 Presentation at the Entry and General Standard Conference
of the Deutsche Börse
23 May 2008 Annual General Meeting of HWA AG in Affalterbach
6 August 2008 Publication of HWA AGs preliminary half-yearly results
Contact:
Hans-Jürgen Mattheis
HWA AG
Benzstraße 8
71563 Affalterbach
Phone: + 49/ (0) 7144/ 8717- 279
Fax: + 49/ (0) 7144/ 8718- 111
ir@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 teams
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. HWA AG currently has 223
employees in its Affalterbach works. In 2007 HWA AG had revenues of EUR
60.9 million and EBIT of EUR 9.1 million. Its net profit after interest and
taxes was some EUR 5.6 million. The Company has been listed on the
Frankfurt Stock Exchange in the Entry Standard segment since 19 April 2007.
Disclaimer:
This press release is not being issued in the United States of America and
should not be distributed to United States persons or publications with a
general circulation in the United States. This document does not constitute
an offer or invitation to subscribe for a purchase any securities. In
addition, the securities of HWA AG have not been registered under the
United States securities laws and may not be offered, sold or delivered
within the United States or to U.S. persons.
This press release contains forward-looking statements. Should the
assumptions on which these forward-looking statements are based prove to be
incorrect, e.g., because of the risks and uncertainties involved, actual
results may differ materially from the results expressed or implied in
these statements.
DGAP 02.04.2008
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Language: English
Issuer: HWA AG
Benzstraße 8
71563 Affalterbach
Deutschland
Phone: +49 (0)7144 87 17-279
Fax: +49 (0)7144 87 18-111
E-mail: ir@hwaag.com
Internet: http://www.hwaag.com
ISIN: DE000A0LR4P1
WKN: A0LR4P
Listed: Freiverkehr in Berlin, Düsseldorf, München, Stuttgart; Entry
Standard in Frankfurt
End of News DGAP News-Service
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DGAP-News: HWA AG - earnings per share climb 34.1% to EUR 1.10
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