SMT Scharf AG publishes Q3 figures
Hamm (euro adhoc) -
- 25% revenue growth achieved in Q3 - EBIT margin improved to 16.1% in 9-month comparison - Managing Board confirms full-year forecast
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November 9, 2007 - SMT Scharf AG (German Securities Code (WKN) 575198, ISIN DE0005751986), technology and world market leader for rail-bound railway systems for the mining sector, enjoyed highly positive growth in Q3 2007 in line with forecasts. Revenues during this period were up 25% to EUR 16.7 million compared to EUR 13.4 million last year. Revenues totaled EUR 35.5 million in the first nine months (previous year: EUR 36.2 million). 71% of revenues were recorded abroad in the first three quarters compared to 50% in the previous year, primarily as a result of several large orders from Russia.
Profits from operating activities (EBIT) amounted to EUR 3.2 million in the third quarter, after EUR 2.3 million in the previous year (+37%), taking accumulated EBIT to EUR 5.7 million (previous year: EUR 5.6 million). The EBIT margin increased from 15.3% to 16.1% in a 9-month comparison. Net income after the first nine months was EUR 4.6 million (previous year: EUR 3.5 million). Part of this increase is due to a reduction in deferred taxes.
"The third quarter enjoyed the increased sales we had forecast," explained Dr. Friedrich Trautwein, SMT Scharf AG's CEO. "Many of the projects for which we engaged in advance production during the first half of the year generated revenues and earnings in the third quarter. The fourth quarter will continue this development since our order book is significantly higher than a year ago." The growth strategy communicated as part of the IPO in April of this year and the company's associated further internationalization are thus continuing to make progress. The Managing Board has confirmed its sales and earnings forecast for fiscal year 2007: revenues will be up on the previous year, with earnings up slightly year-on-year.
In addition, the Managing Board believes that SMT Scharf AG will be able to more than compensate for the downturn in its German business as a result of the government's hard coal compromise in the coming years thanks to its continued rapid expansion into high-growth foreign markets.
The full report for the third quarter of 2007 will be published on November 14, 2007 at www.smtscharf.com ("Investor Relations" section), where it can be downloaded.
Company profile
The SMT Scharf Group develops, builds and maintains rail-bound railway systems for mining and use in tunnels. The trains are used all over the world, primarily in hard coal mines, gold mines and in underground mining for platinum, diamonds, copper and nickel. They are used to transport material and personnel with working loads of up to 35t. Rail-bound trains are the only means of transport that can be used underground on branching lines to cope with inclines of more than 13 degrees. The SMT Scharf Group has subsidiaries in Germany, Poland, South Africa and China, external employees in Russia, and agencies around the world. The railways developed by SMT Scharf are characterized, above all, by high-performance engines, high working loads, high speed and low operating and maintenance costs. SMT Scharf records more than 50% of its revenues abroad, in 2006 64% of order intake was from high-growth foreign markets such as Russia, China and South Africa. The replacement parts and repairs business constitutes around 55% of revenues. The advances in exploitation of resources make underground conditions increasingly difficult which in turn requires more high technology transport solutions in mining. The total market for underground transport technology comprises around EUR 5 billion to EUR 7 billion per year according to company estimates. SMT Scharf AG has been listed in the Prime Standard (regulated market) of the Frankfurt Stock Exchange since April 11, 2007.
end of announcement euro adhoc 09.11.2007 08:00:47
Further inquiry note:
Investor relations
cometis AG
Henryk Deter
Tel.: +49(0)611 - 205855-13
Fax: +49(0)611 - 205855-66
e-mail: deter@cometis.de
Branche: Machine Manufacturing
ISIN: DE0005751986
WKN: 575198
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse München / free trade
Original content of: SMT Scharf AG, transmitted by news aktuell