DGAP-News: SLM Solutions Group AG / Key word(s): Quarter
Results/Interim Report
SLM Solutions: Q1 new order intake provides tailwind for FY 2014
27.05.2014 / 07:29
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NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA, JAPAN AND AUSTRALIA.
SLM Solutions: Q1 new order intake provides tailwind for FY 2014
- Q1 2014 revenue as expected slightly down to TEUR 3,689 (Q1 previous
year: 3,869); revenue in core segment of "Selective Laser Melting"
almost unchanged
- Adjusted EBITDA at TEUR -233 (Q1 previous year: TEUR -80); adjusted
EBITDA margin -6.3 %
- Higher new order intake of 15 machines (previous year: 6 machines) as
of 23 May 2014 feeds through to expectation of continued strong growth
in FY 2014
Luebeck, May 27, 2014 - SLM Solutions Group AG (together with its
subsidiaries "SLM Solutions" or "SLM Group"), a leading provider of
metal-based additive manufacturing technology (also commonly referred to as
"3D printing"), looks back on a satisfactory first quarter of 2014.
On IFRS basis, revenue stood at TEUR 3,689, down slightly on the previous
year (Q1 previous year: TEUR 3,869). This primarily reflected a scheduled
decline in sales in the RP (RP = Rapid Prototyping) operating segment. In
the company's core segment, the SLM segment (SLM = Selective Laser
Melting), revenue was almost unchanged at TEUR 2,655, by contrast (Q1
previous year: TEUR 2,627).
CFO Uwe Bögershausen puts the results into context as follows: "We are very
satisfied with the first quarter, despite our revenue being somewhat lower
than in the previous year. As our machine deliveries are often shifted to
after the quarterly reporting date, what we achieve in new order intake
provides a better indicator of our business. SLM Solutions' business is
also subject to seasonal fluctuations that are typical of our sector: a
significant proportion of our new order intake is normally generated in the
fourth quarter, while the first quarter is mostly the weakest quarter of
the year."
SLM Solutions' order book position registered a significantly positive
trend in the period under review: New order intake amounted to 7 machines
as of 31 March 2014 - compared with 3 machines in the prior-year period. As
of May 23 2014, the order intake amounted to 15 machines - compared with 6
machines in the same period of the previous year. In these 15 machines, two
orders for the SLM 500HL are included. Total output - the sum of revenue,
inventory changes and other work performed by the company and capitalized -
was up by around one third to TEUR 5,527 (Q1 previous year: TEUR 4,066).
This primarily reflected a TEUR 1,418 increase in inventories, which
largely comprise work in progress.
Thanks to further efficiency gains and initial production optimization
measures, the cost of materials ratio (expressed as a percentage of total
output) was improved to 54.4 % in the first quarter (Q1 previous year: 56.6
%). Despite a higher number of staff of 84 employees as of March 31, 2014
(March 31, 2013: 59 staff), the personnel cost ratio (expressed as a
percentage of total output) was down to 24.8 % (Q1 previous year: 26.0 %).
Other operating expenses of TEUR 2,354 (Q1 previous year: TEUR 855)
include, firstly, various one-off effects (mainly advisory costs) of TEUR
158 (Q1 previous year: TEUR 17). These are not related to the operating
activities. Secondly, the successful IPO of SLM Solutions on May 9, 2014,
during the first quarter of 2014 was connected with one-off IPO costs
(preparatory, advisory and auditing costs) of TEUR 840. This amount is
based on a preliminary estimate of the expenses connected with the IPO that
have been incurred by the March 31, 2014 balance sheet date. After
adjusting for all one-off expenses, the company generated adjusted EBITDA
of TEUR -233 (Q1 previous year: TEUR -80), representing an adjusted EBITDA
margin (expressed as a percentage of revenue) of -6.3 % (Q1 previous year:
-2.1 %).
The net result for the period reflected a loss of TEUR -1,401 (Q1 previous
year: TEUR -513) - corresponding to earnings per share of EUR -0.10 on the
basis of the share capital consisting of 13,814,200 shares prior to the
IPO. The equity ratio registered a marked increase from 41.7 % to 58.0 % as
of the balance sheet date.
CEO Dr. Markus Rechlin comments on the interim results: "We are on track.
Given a decidedly positive new order intake, the first quarter already
generates some tailwind for our business. This trend continued during April
and May, where we saw a further increase in new order intake. We will use
the IPO issue proceeds to push further ahead with our growth strategy. In
this context, we will concentrate on three strategic initiatives of
expanding our international sales and service network, growing our business
with consumables for our SLM machines, and a further focus on research and
development."
SLM Solutions Group AG operates in a pronounced growth market: sector
experts at Wohlers Associates expect the overall global 3-D market to grow
from USD 2 billion in 2012 to almost USD 11 billion by 2021. Although it is
still small at the moment, the company sees the market segment for
metal-based 3D printing offering particularly attractive growth
opportunities. SLM Solutions believes that the market for metal-based 3D
printing is at an inflection point, as a rising number of internationally
operating industrial companies are making the transition to producing
components using additive manufacturing technology.
CFO Uwe Bögershausen comments on prospects for the 2014 fiscal year: "The
2014 fiscal year results will be burdened by one-off costs arising from the
IPO, the IPO bonus and the long-term employee loyalty scheme. Due to our
good order book position, we are nevertheless assuming significant
year-on-year growth in revenue and adjusted EBITDA."
The report by SLM Solutions Group AG on the first quarter 2014 is available
from today on the company's website at www.slm-solutions.com within the
Investor Relations area.
Disclaimer:
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indirectly, in or into the United States of America. This announcement is
not an offer of securities for sale into the United States. The securities
referred to herein have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the
United States, except pursuant to an applicable exemption from
registration. No public offering of securities is being made in the United
States.
This document is only being distributed to and is only directed at (i)
persons who are qualified investors within the meaning of the Financial
Services and Markets Act 2000 (as amended) and any relevant implementing
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About the company:
SLM Solutions Group AG, headquartered in Luebeck, Germany, is a leading
provider of metal based additive manufacturing technology (also commonly
referred to as "3D printing"). SLM Solutions focuses on the development,
assembly and sales of machines and integrated system solutions in the field
of selective laser melting, vacuum and metal casting. SLM Solutions
currently employs over 80 people in Germany and the USA. The products are
used worldwide by customers in particular from the aerospace, energy,
healthcare and automotive industries. SLM Solutions stands for
technologically advanced, innovative and highly efficient integrated system
solutions.
Contact:
Mark Appoh, cometis AG
Unter den Eichen 7, 65195 Wiesbaden
Telephone: +49 (611) 205855-21
Email: appoh@cometis.de
End of Corporate News
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Language: English
Company: SLM Solutions Group AG
Roggenhorster Strasse 9c
23556 Lübeck
Germany
Internet: www.slm-solutions.com
ISIN: DE000A111338
WKN: A11133
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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270575 27.05.2014
DGAP-News: SLM Solutions: Q1 new order intake provides tailwind for FY 2014
| Source: EQS Group AG