Homag Group AG / Final Results/Forecast
31.03.2010 10:55
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* Order intake and sales revenue to see double-digit percentage growth in
2010
* Company aiming for slightly positive result
* Turnaround already achieved in fourth quarter of 2009
Stuttgart/Schopfloch, March 31, 2010. Order volumes at HOMAG Group AG have
improved considerably again after a poor fiscal 2009. At the press briefing
on the annual results in Stuttgart, CEO Rolf Knoll reported on a clear
upward trend. 'Our customers are increasingly willing to invest again,
which makes us very optimistic that the worst is behind us. This is why we
anticipate double-digit percentage growth in order intake and sales revenue
for 2010, and we aim to generate sales revenue of more than EUR 600 million
(2009: EUR 524 million)', says Knoll. For the first quarter of 2010, the
management board anticipates an order volume almost double that of the,
albeit very poor, first three months of 2009, and 10 percent higher than
the already favorable fourth quarter of 2009 (EUR 131 million).
At the same time, however, Knoll concedes that the effects of the economic
crisis are still tangible, and that 'despite positive trends, we are still
well below the level from before the crisis, particularly with regard to
the prices being attained on the market'. Overall capacity utilization has
risen throughout the group, and some group companies are even back to
running at full capacity once again.
The leading global manufacturer of plant and machinery for the woodworking
industry, which is traded on the SDAX, also intends to improve its results
in 2010. CFO Andreas Hermann anticipates a 'slightly positive result',
subject to the condition that demand remains stable in the German-speaking
countries. The result for certain individual quarters, however, may still
be negative. The HOMAG Group intends to follow through with cost-cutting
measures, particularly in the fields of investment and other operating
expenses. Personnel measures already introduced will be concluded in the
course of fiscal 2010. This will result in another slight decline in the
number of employees in the course of 2010. Andreas Hermann believes that
'as things stand, the headcount of HOMAG Group will settle at just over
4,800 employees.' (December 31, 2009: 4,954 employees).
At the press briefing, Mr. Knoll also emphasized that although cuts were
made in many areas at the HOMAG Group in 2009, none were made in
development. The high number of innovative developments and refinements are
without doubt one of the reasons for the recovery of the HOMAG Group. Knoll
gave laserTec, a completely new patented chipboard processing technology,
that has been very well received by customers, as an example of such
innovation.
Fiscal 2009
The management board also presented the financial statements for 2009, for
which the majority of figures have already been reported. According to the
statements, sales revenue fell 39% to EUR 524 million (prior year: EUR 856
million) and order intake fell 33% to EUR 413 million (prior year: EUR 618
million). Demand throughout the industry fell even more steeply, enabling
HOMAG Group to increase its market share despite the crisis. In the course
of 2009, the group was able to improve its sales revenue and order intake
from quarter to quarter, with the result that the order backlog as of
December 31, 2009 (EUR 171 million) was already above the prior-year value
(EUR 164 million).
Despite the massive cuts implemented by the HOMAG Group by means of a
number of measures to adjust capacity and reduce costs, the steep drop in
sales revenue resulted in a significant decline in results. EBITDA fell to
EUR 15.6 million before extraordinary expenses for restructuring measures
(EUR 12.4 million) and before the effect from employee profit participation
(prior year: EUR 95.0 million). EBIT before extraordinary/one-off expenses
and before employee participation came to EUR -10.2 million (prior year:
EUR 72.8 million) and EBT to EUR -19.4 million (prior year: EUR 63.0
million) on the same basis. The net loss for the year after minority
interests comes to EUR -20.7 million (prior year: EUR 31.9 million), and
earnings per share EUR -1.32 (prior year: EUR 2.04). In the fourth quarter
of 2009, however, HOMAG Group reached a turning point and was able to
generate a net profit for the period allocable to the shareholders of
around EUR 4 million before and EUR 1 million after extraordinary expenses.
The headcount of the HOMAG Group was reduced continuously throughout 2009
as a result of the measures to adjust capacity being implemented. As of
year-end, the company had 4,954 employees including BENZ GmbH
Werkzeugsysteme, in which a majority was acquired at the beginning of the
year, or 4,743 excluding BENZ (December 31, 2008: 5,330 employees). The
number of contract workers was also reduced by more than 300.
Background information
With its 16 specialized production companies worldwide, 20 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 plant and machinery for the woodworking
and wood materials industry for the production of furniture and
construction elements as well as prefabricated 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@homag-group.com
www.homag-group.com
31.03.2010 10:55 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/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@homag-group.de
Internet: www.homag-group.de
ISIN: DE0005297204
WKN: 529720
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Hannover, Düsseldorf, Stuttgart, Hamburg
End of News DGAP News-Service
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DGAP-News: HOMAG Group AG to continue growth
| Source: EQS Group AG