DGAP-News: Homag Group AG / Key word(s): Half Year Results
HOMAG Group AG remains on track
14.08.2012 / 07:00
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HOMAG Group remains on track
- Order intake increased slightly in the second quarter, contrary to the
trend in the industry
- Operative key earnings figures improved in the first half of the year
- Management board confirms 2012 forecasts despite ever more difficult
market environment
|[![CDATA[|[pre|]]]|]
EUR million Q2 2012 Q2 2011 Change
Order intake 156.6 151.3 +3.5%
Sales revenue 188.3 198.7 -5.2%
Operative EBITDA 14.2 14.0 +1.4%
EBT 1.6 1.6
Net profit/loss (after non-controlling -0.2 0.0
interests)
|[![CDATA[|[/pre|]]]|]
Schopfloch, August 14, 2012. HOMAG Group, the world's leading
manufacturer for plant and machinery for the woodworking industry and for
cabinet makers, performed well on the market despite the more challenging
business environment and increased its order intake to EUR 156.6 million
(prior year: EUR 151.3 million) in the second quarter of 2012. 'In this way
we were able to grow somewhat - contrary to the trend in the industry -
particularly thanks to a material contribution made by the project
business,' explains Dr. Markus Flik, CEO.
According to the management board, the decrease in sales revenue between
April and June to EUR 188.3 million (prior year: EUR 198.7 million) is due
to two aspects. On the one hand, this is due to the application of the
percentage-of-completion (PoC) method according to which sales revenue and
earnings from large-scale projects are recognized based on their percentage
of completion. Based on the stronger project business at the start of 2011
there was more plant and machinery in process in the prior-year quarter.
This resulted in a EUR 12.5 million higher overall positive effect on sales
revenue than in the reporting quarter. On the other, in the prior-year
period, nearly EUR 7 million more sales revenue was earned on account of
the large-scale project for our customer Mekran.
In spite of this lower sales revenue, operative EBITDA before employee
participation expenses and before extraordinary expenses increased slightly
to EUR 14.2 million (prior year: EUR 14.0 million). 'In the
quarter-on-quarter comparison it should be noted that there was a negative
effect of EUR 5.1 million on earnings resulting from the application of the
PoC method that had an impact on all key earnings figures,' emphasizes CFO
Hans-Dieter Schumacher. EBT after employee participation expenses and after
extraordinary expenses came to EUR 1.6 million, as in the prior year. The
net loss for the period after non-controlling interests came to EUR 0.2
million (prior year: net profit EUR 0.0 million), and leads to earnings per
share of EUR -0.01 (prior year: EUR 0.00). The net loss for the period
resulted from the very high tax expense rate of 126 percent. 'Above all,
this is due to losses incurred at some subsidiaries for which no deferred
tax assets could be recognized,' says Schumacher.
Compared to 5,141 employees at year-end 2011, the Group's headcount
decreased to 5,038 employees as of June 30, 2012 (prior year: 5,075
employees).
First six months of 2012
In the first six months of the year, the HOMAG Group's sales revenue rose
slightly to EUR 376.0 million (prior year: EUR 374.3 million). Order intake
decreased to EUR 327.2 million (prior year: EUR 339.1 million). The Group
was able to improve all key earnings figures for the period from January to
June 2012 compared to the prior year. For instance, operative EBITDA before
employee participation expenses and before extraordinary expenses climbed
to EUR 30.9 million (prior year: EUR 28.6 million). EBT after employee
profit participation expenses and after extraordinary expenses rose to EUR
8.3 million (prior year: EUR 5.0 million). The net profit for the period
after non-controlling interests improved to EUR 3.0 million (prior year:
EUR 1.5 million), leading to earnings per share of EUR 0.19 (prior year:
EUR 0.10).
Outlook
The management board has confirmed forecasts made to date for fiscal 2012.
'Even though our targets are in the meantime considered ambitious based on
the ever more challenging business environment, we nevertheless aim to
realize them,' explains Dr. Markus Flik. The objective is to reach an order
intake that is roughly at the same level as 2011. As regards sales revenue,
the aim is to reach about EUR 750 million in 2012 and also thereby match
the level of 2011 - adjusted for the special effect of the large-scale
project Mekran. Subject to these conditions, the management board expects
at the level of the Group an operative EBITDA (before employee
participation expenses and before extraordinary expenses) of around EUR 65
million and expects a net profit for the year. These forecasts are still
subject to the condition that the euro crisis does not deteriorate further
and that there are no further disruptions on the financial markets or in
economic conditions.
- - - - - - - - - -
Background information
With its 17 specialized production companies, 21 group sales and service
companies and approximately 60 exclusive sales partners worldwide, HOMAG
Group AG's position as a complete system supplier is unique. Backed by a
workforce of some 5,100 employees worldwide, the Company sees itself as the
leading global manufacturer of plant and machinery for the woodworking and
wood materials processing industry and cabinet makers active in the
production of furniture and construction elements as well as timber frame
houses. The Group also offers its customers a wide range of services,
including software and consulting services. HOMAG Group AG shares have been
listed on the Prime Standard of the Frankfurt stock exchange since July 13,
2007.
Disclaimer
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 announcement,
it cannot be guaranteed that the same will hold true in the future.
Information:
HOMAG Group AG
Investor Relations and Corporate Communications
Kai Knitter
Phone: +49 7443 13-2461
kai.knitter@homag-group.com
www.homag-group.com
End of Corporate News
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Language: English
Company: Homag Group AG
Homagstr. 3-5
72296 Schopfloch
Germany
Phone: +49 (0)7443 / 13 - 0
Fax: +49 (0)7443 / 13 - 2300
E-mail: info@homag-group.com
Internet: www.homag-group.com
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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181447 14.08.2012
DGAP-News: HOMAG Group AG remains on track
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