DGAP-News: Homag Group AG / Key word(s): Quarter Results
HOMAG Group with successful Q1 2014
13.05.2014 / 07:01
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HOMAG Group with successful Q1 2014
- Order intake and sales revenue continued to rise
- Earnings rise again
- Forecasts for 2014 confirmed
<pre>
in EUR million Q1 2014 Q1 2013
Order intake* 229.3 216.3
Order backlog* 261.6 240.9
Sales revenue 204.8 176.7
Operative EBITDA** 15.1 13.4
Net profit for the period (after non-controlling interests) 2.5 1.8
</pre>
*New calculation method: Order intake and order backlog contain own
machines,
merchandise, and the after-sales segment
**Earnings before interest, taxes, depreciation and amortization as well as
before employee participation expenses and before extraordinary expenses
Schopfloch, May 13, 2014. The HOMAG Group, the world's leading manufacturer
of plant and machinery for the woodworking industry and for cabinet makers
continued its trajectory of profitable growth with a successful first
quarter of 2014. Order intake increased by 6 percent to EUR 229.3 million
(prior year: EUR 216.3 million) and order backlog rose by just under 9
percent to EUR 261.6 million (prior year: EUR 240.9 million). In terms of
sales revenue, the Group saw a rise of just under 16 percent to EUR 204.8
million (prior year: EUR 176.7 million).
CEO Dr. Markus Flik points out that around EUR 11 million of sales revenue
stems from the takeover of all the voting shares in Stiles Machinery, Inc.,
effective as of February 3, 2014. "We have acquired the leading sales and
service organization for machines and production lines for the US
woodworking industry. It is on a growth path, just like the overall US
market. This direct market access allows us to play an active role in the
re-industrialization process in the US and benefit from the growth there
even more profoundly." Even without the Stiles acquisition, the HOMAG
Group's sales revenue would have seen a significant rise of around 10
percent. The Stiles acquisition does not have any impact on order intake.
Dr. Flik adds, "the strong order intake in the first quarter reflects our
strong presence in Asia and North America."
The Group also succeeded in further improving its results of operations in
the first three months of 2014 "although, after balancing up all effects
seen in the first quarter, the acquisition of Stiles burdens the profit for
the period with a total of EUR 1.5 million," a fact emphasized by CFO
Hans-Dieter Schumacher. Operative EBITDA before employee participation
expenses and before extraordinary expenses improved nevertheless by just
over 13 percent to EUR 15.1 million (prior year: EUR 13.4 million). A fall
in the tax expense ratio to 36 percent (prior year: 47 percent) increased
net profit for the period after non-controlling interests to EUR 2.5
million (prior year: EUR 1.8 million). This results in earnings per share
of EUR 0.16 (prior year: EUR 0.12).
As of March 31, 2014, HOMAG Group's headcount rose to 5,410 employees
(prior year: 5,031 employees), which is primarily attributable to the
additional 324 employees from Stiles.
Outlook
For 2014, the HOMAG Group has confirmed its existing forecasts. Under these
forecasts, the Group aims to further increase order intake to between EUR
760 million and EUR 780 million (prior year restated: EUR 734 million).
Group sales revenue is budgeted to increase to between EUR 860 million and
EUR 880 million (prior year: EUR 789 million). Sales revenue growth of a
mid-single-digit percentage will result from the Stiles takeover.
In 2014, we expect our operative EBITDA before employee profit
participation expenses and before extraordinary expenses to range between
EUR 82 million and EUR 84 million (prior year: EUR 76 million) and the
Group to return a net profit for the year ranging between EUR 20 million
and EUR 22 million (prior year: EUR 18 million). There will, however, be no
material impact on these two key performance indicators in 2014 from the
full consolidation of Stiles as the additional contribution to profit and
the consolidation and purchase price allocation effects together with the
acquisition-related costs at Stiles are expected to roughly balance each
other out or the effects will place a slight burden on earnings. We
anticipate a positive contribution to earnings from the acquisition as of
2015.
- - - - - - - - - - -
Background information
With its 15 specialized production companies, 22 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 5,400 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
Kai Knitter
Head of Investor Relations & Corporate Communications
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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267833 13.05.2014
DGAP-News: HOMAG Group with successful Q1 2014
| Source: EQS Group AG