DGAP-News: Wacker Neuson SE / Key word(s): Quarter Results/Interim
Report
Wacker Neuson SE: Wacker Neuson reports highest 9M revenue since the
merger
12.11.2013 / 07:44
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Wacker Neuson reports highest 9M revenue since the merger
Clear rise in revenue and profit in the third quarter of 2013
(Munich, November 12, 2013) Despite the difficult economic climate,
Munich-based light and compact equipment manufacturer Wacker Neuson
reported an upturn in business in the third quarter of 2013. The Group
remains committed to its forecast for 2013.
Strong Q3 2013
Wacker Neuson Group revenue for the third quarter rose 8.6 percent relative
to the previous year to reach EUR 276.3 million (Q3 2012: EUR 254.5
million). Adjusted to discount currency fluctuations, this corresponds to
an increase of 13 percent. 'When viewed against negative trends in certain
markets, we can be satisfied with this growth,' explains Cem Peksaglam, CEO
of Wacker Neuson SE. 'We reported a 13-percent rise in revenue in Europe
alone in the third quarter and were able to expand our market share, in
many cases in markets that were actually contracting,' he continues.
The Group's corporate strategy continues to pay dividends. 'We are taking
targeted measures to expand our presence in Europe and the Americas and are
also broadening our industry focus. In addition to our core business, we
are expanding our reach in other markets. This is the right path forward
for the Group, as demonstrated by the 21-percent rise in compact equipment
revenue relative to the previous year,' adds Peksaglam. The services
segment reported a 7-percent increase on the previous year. Revenue from
the light equipment segment fell by 2 percent in Q3. The light equipment
business was particularly hard hit by currency fluctuations. When adjusted
to discount currency fluctuations, revenue generated by this segment
increased by 5 percent.
The Group reported a favorable rise in earnings in the third quarter. At
EUR 41.2 million, profit before interest, tax, depreciation and
amortization (EBITDA) increased by 21 percent relative to the previous year
(Q3 2012: EUR 34.1 million). This corresponds to an EBITDA margin of 14.9
percent (Q3 2012: 13.4 percent). Profit before interest and tax (EBIT)
amounted to EUR 26.5 million (Q3 2012: EUR 20.1 million). The EBIT margin
thus rose to 9.6 percent (Q3 2012: 7.9 percent).
Marked rise in revenue in the first nine months of 2013
In the first quarter of 2013, construction activity got off to a slow start
due to harsh weather conditions in the northern hemisphere and
uncertainties across European markets. This squeezed Group revenue by 6
percent relative to the previous year. The Group rapidly made up for this
downturn, reporting a 5-percent rise in revenue relative to the previous
year at the close of the first six months of 2013. Revenue for the first
nine months of 2013 amounted to EUR 862.4 million. This corresponds to a
rise of 6 percent relative to the previous year (9M 2012: EUR 812.6
million) and is also a new 9M record for the Group.
The results of the first quarter impacted profit for the first nine months
of the year. EBITDA rose slightly to EUR 110.9 million (9M 2012: EUR 110.3
million), resulting in an EBITDA margin of 12.9 percent (9M 2012: 13.6
percent). EBIT came to EUR 66.9 million (9M 2012: EUR 69.3 million) and the
EBIT margin to 7.8 percent (9M 2012: 8.5 percent).
The company's financial situation remains strong. Net financial debt
amounted to EUR 214 million, which is lower than the figure posted for the
first half of 2013 (Q2 2013: EUR 255 million). At 23 percent, gearing
remains below the industry average. Due to a drop in investments over 2013,
positive free cash flow of EUR 22 million was generated in the first nine
months of 2013.
Outlook and forecast for 2013
'We expect current positive business trends to continue into the coming
weeks. Since currency trends dampened our revenue in the third quarter,
however, we remain uncertain as to how further fluctuations in Q4 will
impact the Group. That said, we still expect to achieve our forecast for
the current year,' explains Peksaglam. The Group still expects revenue for
2013 to rise to around EUR 1.2 billion (2012: EUR 1,091 million) and the
EBITDA margin to exceed 13.0 percent (2012: 13.0 percent).
Key emerging markets such as China, India, Mexico, Turkey and Russia are
opening up new market opportunities. Wacker Neuson aims to capitalize on
this growth potential and is increasing its efforts to distribute products
and service tailored to local market needs. The core markets of Central
Europe and North America also offer further opportunities for growth.
The company will issue its outlook for fiscal 2014 in the first quarter of
2014.
Table: Revenue and earnings
Key figures in EUR million_Q3/13_Q3/12_Difference_9M/13_9M/12_Difference
Revenue_276.3_254.5_+8.6%_862.4_812.6_+6.1%
Gross profit margin as a %_31.4_32.3_-0.9 PP_30.3_30.9_-0.6 PP
EBITDA_41.2_34.2_+20.8%_110.9_110.3_+0.5%
EBITDA margin as a %_14.9_13.4_+1.5 PP_12.9_13.6_-0.7 PP
EBIT_26.5_20.1_+31.8%_66.9_69.3_-3.5%
EBIT margin as a %_9.6_7.9_+1.7 PP_7.8_8.5_-0.7 PP
EBT_24.6_18.2_+35.2%_61.4_63.9_-3.9%
Profit for the period_16.9_13.5_+25.2%_41.8_44.5_-6.1%
Earnings per share in EUR_0.24_0.19__0.60_0.63
Your contact partner:
Wacker Neuson SE
Katrin Yvonne Neuffer
Head of Corporate Communication /
Investor Relations
Preussenstrasse 41
80809 Munich, Germany
Phone: +49-(0)89-35402-173
katrin.neuffer@wackerneuson.com
www.wackerneuson.com
About Wacker Neuson: The Wacker Neuson Group is a leading manufacturer of
light and compact equipment with over 40 affiliates, 140 sales and service
stations and more than 12,000 sales and service partners across the globe.
The Group can trace its roots back to 1848. Wacker Neuson is the partner of
choice among professional users in construction, gardening, landscaping and
agriculture, as well as among municipal bodies and companies in industries
such as recycling and energy. It also offers a global spare parts service.
The Wacker Neuson Group includes the product brands Wacker Neuson, Kramer
Allrad, Kramer and Weidemann. In 2012, the Group achieved revenue of EUR
1.1 billion and employed over 4,000 people worldwide.
End of Corporate News
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Language: English
Company: Wacker Neuson SE
PreuÃenstr. 41
80809 München
Germany
Phone: +49 - (0)89 - 354 02 - 0
Fax: +49 - (0)89 - 354 02 - 390
E-mail: info@wackerneuson.com
Internet: www.wackerneuson.com
ISIN: DE000WACK012
WKN: WACK01
Indices: SDAX
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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239231 12.11.2013
DGAP-News: Wacker Neuson SE: Wacker Neuson reports highest 9M revenue since the merger
| Source: EQS Group AG