DGAP-News: Homag Group AG / Key word(s): Half Year Results
HOMAG Group continues on successful course with a strong second
quarter of 2014
14.08.2014 / 07:00
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HOMAG Group continues on successful course with a strong second quarter of
2014
- Order intake increases nearly 20 percent
- Operative earnings increase more than 50 percent
- Forecasts for 2014 confirmed
<pre>
in EUR million Q2 2014 Q2 2013
Order intake* 214.5 179.2
Order backlog* 288.0 261.3
Sales revenue 225.8 195.3
Operative EBITDA** 20.9 13.7
Net profit for the period (after non-controlling interests) 4.9 2.2
</pre>
* New calculation method: Order intake and order backlog now contain own
machines, merchandise of production companies and the after-sales segment
** Earnings before interest, taxes, depreciation and amortization as well
as before employee profit participation and before extraordinary expenses
Schopfloch, August 14, 2014. The HOMAG Group, the world's leading
manufacturer of plant and machinery for the woodworking industry and
cabinet makers, has increased its order intake by nearly 20 percent to EUR
214.5 million in the second quarter of 2014 (prior year: EUR 179.2
million). At EUR 288.0 million as of June 30, 2014 (prior year: EUR 261.3
million), order backlog reached the highest level since 2008. Stiles
Machinery, Inc., which was fully acquired in February 2014, was responsible
for almost half of sales revenue growth of around 16 percent to EUR 225.8
million (prior year: EUR 195.3 million).
"The integration of Stiles is progressing as planned. This acquisition
allows us to fully participate in the current positive development of the
US market," CEO Dr. Markus Flik emphasizes. Flik was also satisfied with
the development of the second quarter, in particular "because we were able
to further enhance our productivity, which can be seen in considerable
increases in margins."
For instance, operative EBITDA before employee profit participation
expenses and before extraordinary expenses was up 53 percent between April
and June to EUR 20.9 million (prior year: EUR 13.7 million). The HOMAG
Group more than doubled its net profit for the period after non-controlling
interests to EUR 4.9 million (prior year: EUR 2.2 million). This results in
earnings per share of EUR 0.31 (prior year: EUR 0.14). CFO Hans-Dieter
Schumacher explains: "We achieved this significant improvement in earnings
despite the fact that the Stiles acquisition still had a slight burdening
effect on operative EBITDA in the second quarter."
As of June 30, 2014, the HOMAG Group had 5,450 employees (prior year: 5,019
employees). This increase is primarily attributable to the additional 324
employees from Stiles in the first quarter of 2014. The headcount also
further increased in the US, China and Poland.
First six months of 2014
The HOMAG Group's order intake improved by more than 12 percent to EUR
443.8 million in the first half of the year according to the new
calculation method (prior year: EUR 395.5 million). Sales revenue rose by
almost 16 percent to EUR 430.5 million (prior year: EUR 372.0 million).
Approximately EUR 26 million of this amount stems from the Stiles
acquisition. Operative EBITDA before employee profit participation expenses
and before extraordinary expenses rose by 41 percent to EUR 38.3 million
(prior year: EUR 27.1 million). The net profit for the period after
non-controlling interests improved by around 82 percent to EUR 7.4 million
(prior year: EUR 4.1 million), and leads to earnings per share of EUR 0.47
(prior year: EUR 0.26).
Outlook
Following a successful first half of 2014, the HOMAG Group confirms its
forecasts to date for fiscal 2014. 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 in 2014
(prior year: EUR 789 million). About half of sales revenue growth is
expected to result from the Stiles acquisition.
Operative EBITDA before employee profit participation expenses and before
extraordinary expenses is expected to range between EUR 82 million and EUR
84 million in 2014 (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). The HOMAG Group anticipates that the full
consolidation of Stiles will have a slightly negative impact on these two
earnings indicators in 2014 as the consolidation and purchase price
allocation effects together with the acquisition-related costs at Stiles
are expected to slightly exceed the additional contribution to profit. The
Group anticipates 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 Corporate Communications & Investor Relations
Phone: +49 7443 13-2461
kai.knitter@homag-group.com
www.homag-group.com
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service of EQS Group AG.
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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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282159 14.08.2014
DGAP-News: HOMAG Group continues on successful course with a strong second quarter of 2014
| Source: EQS Group AG