DGAP-News: SAF-HOLLAND S.A. / Key word(s): Quarter Results
SAF-HOLLAND S.A.: Strong Growth Continues
19.05.2011 / 06:59
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- Sales increased by more than 60 percent to EUR 202.4 million in the
first quarter of 2011
- Adjusted EBIT triples to EUR 14.6 million
- Market share increased
- Successful development in all business units and regions
Luxembourg, May 19, 2011 - SAF-HOLLAND S.A., a leading supplier for the
global truck and trailer industry, remains on its successful path. In the
first quarter of the current fiscal year, sales and earnings improved
significantly compared to the same period of the previous year as well as
in comparison to the fourth quarter of 2010. Sales increased by more than
60 percent to EUR 202.4 million (previous year: EUR 125.3 million).
Adjusted EBIT tripled to EUR 14.6 million (previous year: EUR 4.8 million).
All business units and regions contributed to the growth in sales and
earnings.
Rudi Ludwig, CEO of SAF-HOLLAND: 'As the number one or two in our core
markets, we are not only able to participate in market growth, we are also
increasing our market share. Our lean structures and improved utilization
of capacities added to the increased profitability. We are continually
working on improving our efficiency.'
Equity ratio significantly improved
The Group generated 54.8 percent of its sales in Europe and 40.4 percent in
North America. The remaining 4.8 percent stems from the other regions. The
gross margin remains stable despite higher commodity prices at 18.8 percent
(previous year: 18.9 percent). The adjusted result for the period continued
its upward trend at EUR 4.9 million (previous year: EUR -1.6 million).
Adjusted earnings per share were also positive again at EUR 0.22 (previous
year: -0.08). Cash flow from operating activities before income tax
payments climbed to EUR 10.8 million (previous year: EUR 7.2 million). Due
to the successful capital increase as of the reporting date of March 31,
2011, the equity ratio rose to 26.1 percent (December 31, 2010: 5.1
percent). Settling bank debt with liquidity from the capital increase and
the resulting balance sheet contraction will result in an equity ratio of
over 30 percent.
Trailer Systems grows globally
The Trailer Systems Business Unit benefited from growth stimulus in all of
SAF-HOLLAND's core markets. While having suffered the heaviest losses in
comparison to the other two business units in 2008 and 2009, it is now
recording the strongest growth. Sales more than doubled in comparison to
the previous year at EUR 114.5 million (previous year: EUR 56.7 million).
The gross margin increased to 9.6 percent (previous year: 3.4 percent)
thanks to greater capacity utilization. The business unit contributed 56.6
percent (previous year: 45.3 percent) of sales. The Mid America Truck and
Trailer Show in Louisville, USA, served as an opportunity to present the
significantly expanded product portfolio for the trailer industry. With
axle systems and air suspension systems designed to handle loads of more
than 11 tons, SAF-HOLLAND now offers a complete product program for the
American market.
Powered Vehicle Systems benefits from pent up demand
The Powered Vehicle Systems Business Unit made profit in Europe as well as
North America. As a result of transport volumes returning to growth and
pent up investment demand for fleets, the business unit recorded 35.6
percent growth in sales to EUR 37.3 million (previous year: 27.5 million).
The gross margin amounted to 20.1 percent (previous year: 24.4 percent).
Powered Vehicle Systems' share of Group sales was 18.4 percent (previous
year: 21.9 percent).
Aftermarket shows sustained growth
The Aftermarket Business Unit of SAF-HOLLAND has built up a service and
distribution network of about 10,000 locations worldwide. In the course of
the general market revival, sales increased by 23.1 percent to EUR 50.6
million (previous year: EUR 41.1 million) in the first quarter. The gross
margin once again increased significantly to 39.1 percent (previous year:
36.7 percent). This business segment contributes 25.0 percent (previous
year: 32.8 percent) to Group sales.
Sustainable growth expected
Due to exceedingly successful business development in the first quarter,
SAF-HOLLAND has raised its sales forecast for 2011: the Company now
predicts an increase in sales of up to 25 percent compared to the previous
year. A plus of 20 percent was previously expected. This optimistic
estimate is based on the successful restructuring of the Company and stable
growth in the commercial vehicles industry. This increase in sales will be
linked to a significant improvement in earnings. Along with a normalization
of sales volume, however, the product mix will also shift towards
lower-margin standard products. Since all market research institutes
currently expect very stable growth, SAF-HOLLAND also anticipates positive
business development in 2012.
Note:
EBIT was adjusted for the following effects which are not originally
attributable to the operating business: depreciation and amortization
arising from the purchase price allocation as well as restructuring and
integration costs.
The chart of key figures in included in the press release and can be
accessed at:
http://corporate.safholland.com/de/investor/finanznachrichten/pressemittei
lungen.html
Company Profile:
With sales of approximately EUR 630 million in 2010 and over 2,800
employees, SAF-HOLLAND S.A. is one of the world's leading manufacturers and
suppliers of premium product systems and components primarily for trailers
as well as trucks, buses and recreational vehicles. The product range
encompasses axle and suspension systems, fifth wheels, coupling devices,
kingpins, and landing legs. SAF-HOLLAND customers include the majority of
large truck and trailer producers all over the world. The products are sold
to Original Equipment Manufacturers (OEMs) and Original Equipment Suppliers
(OESs) by means of a global service and distribution network and via
aftermarket channels directly to the end users and service garages.
SAF-HOLLAND has therefore established itself as one of the few
manufacturers in its sector that is internationally positioned with an
extensive product range and a broad service network. SAF-HOLLAND S.A. has
been listed in the Prime Standard of the Frankfurt Stock Exchange since
June 2007 and has been in the SDAX since December 2010.
Contact:
SAF-HOLLAND Group GmbH
Barbara Zanzinger
HauptstraÃe 26
63856 Bessenbach
Phone +49 6095 301-617
barbara.zanzinger@safholland.de
End of Corporate News
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Language: English
Company: SAF-HOLLAND S.A.
68-70, boulevard de la Pétrusse
L-2320 Luxembourg
GroÃherzogtum Luxemburg
Phone: +49 6095 301 - 0
Fax: +49 6095 301 - 260
E-mail: info@safholland.de
Internet: www.safholland.com
ISIN: LU0307018795
WKN: A0MU70
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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125349 19.05.2011
DGAP-News: SAF-HOLLAND S.A.: Strong Growth Continues
| Source: EQS Group AG