Homag Group AG / Half Year Results
13.08.2010 07:08
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* Significant rise in sales revenue and order intake
* Positive results once again in the second quarter of 2010
* Further forecasts confirmed
Schopfloch, August 13, 2010. The continuing good level of capacity
utilization at HOMAG Group AG, the leading global manufacturer of machinery
and plant for the woodworking industry resulted in a positive second
quarter of 2010. The fact that sales revenue rose by just under 50 percent
to EUR 181 million (prior year: EUR 122 million) is a clear demonstration
of this upward trend. The company, which is listed on the SDAX share index,
also saw a significant rise in order intake for its own machines and
modifications to EUR 134 million (prior year: EUR 101 million) and a
corresponding increase in its order backlog to EUR 200 million (prior year:
EUR 161 million).
CEO Rolf Knoll attributes the improvement in the order situation to a
return to increasing demand for flexible, high-performance production
systems, innovative products as well as to the HOMAG Group's global
presence, especially in the important growth markets in Asia and South
America. 'The second quarter confirmed that we have recovered quickly and
sustainably from the massive setback caused by the economic crisis and have
returned to the course for success,' Mr. Knoll says.
This is also demonstrated by the pre-tax result, which was once again
positive for the period between April and June, contrary to our forecast,
even reaching a level in excess of the first quarter of 2010 despite higher
interest expenses and the costs relating to trade fairs. EBITDA before the
once again low extraordinary expense of EUR 0.6 million for restructuring
measures/non-recurring effects and before the result from employee
participation, amounts to EUR 15.0 million (prior year: EUR 3.2 million),
while EBT on the same basis comes to EUR 5.2 million (prior year: EUR -5.1
million). The net profit for the period after minority interests improved
to EUR 1.6 million (prior year: EUR -7.7 million), and leads to earnings
per share of EUR 0.10 (prior year: EUR -0.50). According to CFO Andreas
Hermann, the reasons for the sustainable return to positive operating
results can be found in the increased volume of business in connection with
the restructuring measures implemented.
Staffing developments within the group in the second quarter of 2010 also
reflect the HOMAG Group's upward trend. For example, while headcount as of
June 30, 2010 had fallen in comparison to the prior year to 4,963 employees
(prior year: 5,136 employees), it had risen slightly in comparison to the
end of 2009 (4,954 employees). The company had 95 temporary workers again
as of the end of the second quarter.
First six months of 2010
A comparison of the first six months of 2010 to the first half of the prior
year highlights the HOMAG Group's positive development even more clearly -
especially as the first half of 2009 was heavily influenced by the economic
crisis. For example, sales revenue in this period grew by 44 percent to EUR
346 million (prior year: EUR 241 million) and order intake expanded by 71
percent to EUR 300 million (prior year: EUR 176 million). The earnings
figures evidence the sustained return to profitability. For the first half
of 2010, EBITDA before extraordinary expenses and before the result from
employee participation came to EUR 27.7 million (prior year: EUR -0.5
million) and EBT on the same basis came to EUR 8.8 million (prior year: EUR
-17.6 million). The net profit for the period after minority interests
improved to EUR 2.8 million (prior year: EUR -18.8 million), and leads to
earnings per share of EUR 0.18 (prior year: EUR -1.20).
Outlook
After the excellent first half of 2010, which also brought about a
corresponding high order backlog by mid-year, the management board looks
optimistically to the future and has increased its sales revenue forecast
for 2010. After having anticipated sales revenue of EUR 600 million at the
beginning of the year and having thought EUR 620 million conceivable at the
end of the first quarter, the management board now anticipates sales
revenue in excess of EUR 650 million for 2010. The order intake of the
HOMAG Group has returned to the customary seasonality with figures
declining as the year progresses. 'We do, however, anticipate an increase
somewhere around 20 percent over the year seen as a whole,' says Rolf
Knoll.
The HOMAG Group also anticipates positive pre-tax results in each of the
last two quarters and still expects a small profit for the year 2010.
Despite the anticipated sales revenue growth, the management board has not
made any changes to its cautious earnings forecast.
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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 plants 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.
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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
13.08.2010 07:08 Ad hoc announcement, Financial News and Press 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 Hamburg, München, Düsseldorf, Berlin, Stuttgart, Hannover
End of News DGAP News-Service
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DGAP-News: HOMAG Group raises sales revenue forecast for 2010
| Source: EQS Group AG