EANS-News: SHW AG reports record figures for financial year 2011
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Financial Figures/Balance Sheet Aalen (euro adhoc) - * Group revenues grow by 24.2 percent to EUR 360.6 million between January and December 2011 * Consolidated net income for the year climbed 25.8 percent to EUR 17.0 million * Net bank debt reduced to EUR 8.6 million Aalen, 15 February 2012. SHW AG, one of the leading suppliers of CO2-relevant pumps and engine components as well as brake discs, today presented the preliminary, unaudited key financial figures for the year 2011. After a strong Q4 2011, both Group revenues and consolidated net income for the year reached new record levels. Group revenues rose by 24.2 percent to EUR 360.6 million (previous year: EUR 290.3 million). This increase is attributable to a multitude of production start-ups and the high capacity utilisation of the existing production facilities. Consolidated net income for the year climbed to EUR 17.0 million (previous year: EUR 13.5 million). Earnings per share amounted to EUR 2.93 (previous year: EUR 2.46). Between January and December 2011, Group operating result before interest and taxes (adjusted EBIT) increased by EUR 3.4 million to EUR 26.2 million. At 7.3 percent, the EBIT margin was below the previous year´s 7.8 percent. This was mainly due to additional expenses incurred in conjunction with the start-up of a large number of new production lines. "This first fiscal year of SHW AG after the IPO was very successful," said CEO Dr. Wolfgang Krause, who is in charge of the Pumps and Engine Components business segment. Further reduction in net liabilities to banks in spite of increased investments Due to the large number of start-ups in the financial year 2011, investments in property, plant and equipment increased from EUR 7.5 million to EUR 18.8 million. At the same time, research and development costs rose by 38.4 percent to EUR 5.2 million (previous year: EUR 3.8 million). "Despite those significant investments we have been able to generate positive free cash flow. This allowed us to reduce net bank debt from EUR 13.4 million to a low EUR 8.6 million," said Oliver Albrecht, CFO of SHW. "The equity ratio improved from 22.6 percent to 31.7 percent." Strong growth in both business segments Revenues in the Pumps and Engine Components business segment were up by 26.8 percent on the previous year to EUR 268.3 million (previous year: EUR 211.6 million). Reporting a 25.6 percent increase in revenues, the Passenger Car division benefited from the high demand for variable oil pumps and start-stop pumps as well as numerous production start-ups. The Truck & Off-Highway division continued the strong growth of the previous quarters and boosted its revenues by 36.6 percent to EUR 31.7 million. Operating result before interest and taxes (adjusted EBIT) for the Pumps and Engine Components business segment climbed by EUR 3.6 million between January and December 2011 and reached a new record level of EUR 26.7 million. The EBIT margin declined from 10.9 percent to 10.0 percent due to increased start-up costs. Revenues in the Brake Discs business segment rose by 17.2 percent to EUR 92.2 million (previous year: EUR 78.7 million). This increase is primarily attributable to increased demand by one third for processed brake discs. The business segment´s operating result before interest and taxes (adjusted EBIT) climbed EUR 0.2 million to EUR 0.8 million. "Indeed, we were able to improve on the previous year. Due to the higher coke prices and additional expenses for the start-up of a new production line, operating margin was still unsatisfying", said Andreas Rydzewski, member of the Management Board and in charge of the Brake Discs business segment. "With continued good capacity utilization, however, we expect a further increase in earnings in 2012." Good start into the current fiscal year The signs for the current financial year are promising. "The high level of incoming orders in the fourth quarter of 2011 will support the continued growth of SHW in the first quarter of the current fiscal year," said Dr. Wolfgang Krause. "We are well positioned for the future as our products as our products essentially contribute to the necessary reduction of CO2 emissions of motor vehicles." The entire financial statements for the year 2011 and the outlook on the year 2012 will be published together with SHW´s annual report on 27 March 2012. About SHW The enterprise was established in 1365, making it one of the oldest industrial enterprises in Germany. Today, the SHW Group is a leading supplier for the automotive industry with products that contribute to a reduction of fuel consumption and consequently CO2 emissions. In its Pumps and Engine Components business segment, the SHW Group develops and produces pumps for passenger vehicles and truck and off-highway applications, e.g. trucks, farm and construction vehicles, stationary motors and wind power stations. The Brake Discs business segment develops and produces monobloc ventilated brake discs made of cast iron and lightweight brake discs made from a combination of an iron friction ring and an aluminium pot. Customers of the SHW Group include leading producers of passenger cars and commercial vehicles with manufacturing facilities in Europe and North America. The SHW Group has four manufacturing sites in Germany, located in Bad Schussenried, Aalen-Wasseralfingen, Tuttlingen- Ludwigstal and Neuhausen ob Eck. Via its 50 percent interest in the Canadian company STT Technologies Inc., the company also has production sites in Canada and Mexico. With more than 1,000 employees, the SHW Group generated approx. EUR 360 million in revenues in 2011. Further information is available at: www.shw.de Contact person Michael Schickling Head of Investor Relations & Corporate Communications SHW AG Telephone: +49 (0) 7361 502 462 Email: michael.schickling@shw.de Future-oriented statements This press release contains certain future-oriented statements that are based upon current assumptions and forecasts made by the management of SHW AG. Various known and unknown risks, uncertainties and other factors may lead to the actual results, financial position, development or performance of the company deviating considerably from the appraisals specified here. The company assumes no obligation to update future-oriented statements of this nature or adapt them to future events or developments. Note This announcement does not constitute an offer to sell securities in the United States of America, Canada, Australia, Japan or any other jurisdictional territory where offers are subject to statutory restrictions. The securities named in this announcement may only be sold or offered for sale in the United States of America following their prior registration in accordance with the provisions of the version of the US Securities Act of 1933 currently in force (the "Securities Act") or, without prior registration, only on the basis of an exemption. Unless provided for by certain exceptions within the Securities Act, the securities named within this announcement may not be sold or offered for sale in Australia, Canada or Japan, nor may they be sold or offered for sale to or for account of residents of Australia, Canada or Japan. No registration of the offer or sale of the securities named in this announcement will take place, as stipulated by the relevant statutory provisions in Canada, Australia and Japan. There is no public solicitation to buy securities in the United States of America. Further inquiry note: Michael Schickling Head of Investor Relations & Corporate Communications SHW AG Telephone: +49 (0) 7361 502 462 Email: michael.schickling@shw.de end of announcement euro adhoc -------------------------------------------------------------------------------- company: SHW AG Wilhelmstrasse 67 D-73433 Aalen phone: +49 7361 502-1 FAX: +49 7361 502-674 mail: ir@shw.de WWW: http://www.shw.de sector: Automotive Equipment ISIN: DE000A1JBPV9 indexes: stockmarkets: free trade: Düsseldorf, Stuttgart, regulated dealing/prime standard: Frankfurt language: English
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