11.03.2014
technotrans AG DE000A0XYGA7
DGAP-News: technotrans AG: technotrans continues to expect moderate growth
DGAP-News: technotrans AG / Key word(s): Final Results
technotrans AG: technotrans continues to expect moderate growth
11.03.2014 / 08:25
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2013 financial year completed in line with adjusted expectations /
revenue up 16.0 percent to EUR 105.2 million / EBIT margin reaches 4.4
percent / dividend 20 cents per share / drive to increase revenue share
from outside printing industry making good progress
Sassenberg, March 11, 2014
The revenue total for the technotrans Group reached EUR 105.2 million in
the past financial year, representing growth of 16.0 percent compared with
the previous year (EUR 90.7 million). This increase was driven first and
foremost by the takeover of KLH Kältetechnik GmbH and its Asian sister
companies.
The printing industry, on the other hand - still technotrans' most
important sales market - again performed more weakly than expected in the
past financial year. In consequence, revenue of EUR 105.2 million
ultimately came in merely at the bottom end of the target range for the
year as a whole (EUR 110 million, +/- 5 percent). Overall, EBIT for the
2013 financial year reached EUR 4.6 million, compared with EUR 5.4 million
in the previous year (-13.6 percent); that equates to an EBIT margin of 4.4
percent. As a result, the earnings target for 2013
(EBIT margin of 6 to 7 percent) defined at the start of the financial year
was not achieved.
"Developments in the 2013 financial year confirmed our resolve to maintain
our assertive pursuit of a course of strategic reorientation. The process
of tapping new sales markets with the goal of actively taking control of
organic growth again made good progress in 2013. It is merely that it is
taking longer than we anticipated to realise the revenue potential of a
number of projects. We therefore view the 2013 financial year as a year of
transition and will continue following our chosen course", explained Henry
Brickenkamp, Board of Management Spokesman of technotrans AG. "In the 2013
financial year we achieved our goal of increasing our revenue share from
outside the printing industry to 30 percent. Following the takeover of
Termotek AG in 2011, we have thus added considerable breadth to our
presence in the growing market of the laser industry with the acquisition
of KLH."
The net profit for the 2013 financial year is EUR 3.0 million, equivalent
to a rate of return of 2.9 percent (previous year 3.4 percent). Earnings
per share outstanding consequently came to EUR 0.47. The Board of
Management and Supervisory Board will propose to the Shareholders' Meeting
in May 2014 that a dividend of EUR 0.20 per share outstanding be
distributed. "This brings us much closer to our future goal of distributing
50 percent of the consolidated net profit, provided no current investment
requirements or major acquisitions stand in the way of using financial
resources in this way," declared Dirk Engel, Finance Director of
technotrans AG.
The number of employees in the technotrans Group increased from 662 to 777
in the course of 2013.
The segments
The Technology segment benefited considerably from the takeover of the KLH
companies und achieved revenue of EUR 66.0 million (previous year EUR 53.7
million, representing 22.8 percent growth. On the other hand print business
receded throughout the year and the anticipated revival in demand for
printing presses in the second half failed to materialise.
The Technology segment was unable to carry the previous year's improvement
in profitability over into the 2013 financial year. While the renewed fall
in revenue from the printing industry adversely affected profit
contributions, so far the investment in accessing new sales markets has not
produced an adequate counterbalancing effect. The amortisation of
intangible assets to the tune of EUR 0.7 million in connection with the
acquisition of KLH also diminished the return for the segment last year.
Overall, earnings before interest and taxes (EBIT) for the Technology
segment thus deteriorated year on year from EUR -0.8 million to EUR -1.8
million.
Revenue for the Services segment again developed well in the 2013 financial
year. The 6.2 percent growth, taking the total to EUR 39.2 million
(previous year EUR 36.9 million) is attributable in part to business
expansion following the takeover of KLH. One of the key factors in this
development was again the subsidiary gds AG, which provides services,
software and translations.
The Services segment profited from the slight revenue growth and improved
its result by 5.7 percent to EUR 6.4 million (EUR 6.1 million). This
represents an EBIT margin of 16.5 percent, virtually unchanged from the
previous year. The overall financial performance in the Services segment
again proved to be very stable.
Financial position
technotrans is able to present a strong balance sheet at the reporting
date: the equity ratio reached 59.9 percent, cash and cash equivalents came
to EUR 16.7 million and the group's net liquidity, in other words
interest-bearing liabilities less cash and cash equivalents, stayed
positive at EUR 0.9 million.
On the basis of net income for the year of EUR 3.0 million (previous year
EUR 3.1 million), the cash flow from operating activities before working
capital changes totalled EUR 7.6 million (previous year EUR 8.8 million).
The changes in working capital had a negative cash flow effect of around
EUR 3.4 million.
The reduction in liabilities had an especially high impact on liquidity
over the course of the year. Net cash from operating activities amounted to
EUR 2.7 million (previous year EUR 11.0 million). The net cash employed for
investing activities came to EUR 6.1 million in 2013. This includes cash
outflows of EUR 3.3 million for the acquisition of the interest in KLH
Kältetechnik GmbH and its sister companies, and EUR 0.8 million for a
conditional purchase price component (earn-out) for Termotek AG. The free
cash flow was therefore negative at EUR -3.4 million (previous year EUR
13.2 million). The net cash employed for financing activities came to EUR
1.6 million (previous year EUR -7.2 million). Cash and cash equivalents at
year-end came to EUR 16.7 million, only EUR 2.0 million down on the
prior-year level (previous year EUR 18.7 million).
New markets
technotrans' activities in new markets will again contribute to its organic
growth in the 2014 financial year. In many areas, laser technology is
redefining the benchmark for industrial production. Through its corporate
alliance, technotrans has now successfully established itself as a
full-line supplier in the market for laser cooling. Thanks to its global
corporate structure, including its international service locations, the
technotrans Group is able to offer a comprehensive range of products and
services.
In 2013 technotrans was again able to demonstrate how successfully it
accomplishes the technological transfer of core skills from the printing
industry to other sectors. New applications include the cooling of battery
systems and the self-developed "spray.xact" spray lubrication system for
stamping and forming technology. This product is based on mechatronic valve
technology that technotrans already uses very effectively for performing
spraying functions in the printing press industry. By refining it for this
specific application, it has succeeded in developing a new, market-ready
generation that achieves precise, economical oil coatings for forming
technology.
Project activities in other interesting areas of application such as
scanner and medical technology are also being stepped up. Medical
technology is fundamentally seen as offering huge potential for growth,
especially in China; technotrans has made a concerted effort to become
involved in new project activities there.
Outlook
At the start of 2014 the indications are that there will be a moderate
economic development. technotrans has good prospects of making the new
financial year a success through its own efforts. The technotrans Group is
likely to achieve a further slight increase in revenue in 2014.
"Our goal is for the technotrans Group to achieve revenue of EUR 110
million in the 2014 financial year (plus/minus 5 percent). Having already
envisaged that level for the past financial year, given the underlying
situation we consider this goal to be realistic", said Henry Brickenkamp.
"An improvement in the business climate would prompt us to review our
targets."
By continuing to implement its growth strategy systematically, technotrans
will be in a position to develop much more independently of the wider
economic environment. In future, too, technotrans intends to continue
seizing appropriate opportunities to accelerate the company's growth
through further acquisitions.
"We are planning to achieve an EBIT margin of between 4 and 6 percent for
the group on the basis of the anticipated revenue volume, assuming business
progresses as expected," commented Dirk Engel. "We expect to see a further
improvement in the group companies' profitability. Synergy potential
identified in the course of KLH's integration will continue to have a
positive impact on the profit performance. Earnings will ultimately be
determined to a great extent by the volume of revenue."
Note: Statements made in this report relating to future developments are
based on our cautious estimate of future events. The actual performance of
the company may differ substantially from that planned, as it depends on a
large number of market-related and economic factors, some of which are
beyond the company's control.
Download: The full Annual Report can be downloaded from the internet on
www.technotrans.com, under Investor Relations - Reports.
Dates: The Interim Report 1-3/2014 is scheduled for publication on May 13,
2014. The Annual Shareholder Meeting will take place on May 15, 2014 in
Münster (Westphalia).
Securities: technotrans AG - ISIN DE000A0XYGA7 - German Securities
Identification No. WKN A0XYGA
Contact: technotrans AG
Henry Brickenkamp / Dirk Engel
Coordination by Mrs. Martina Assenmacher
Tel. +49 (0) 2583 / 301-1895
only via mobile on March 11: +49 160 150 94 65
e-mail [email protected]
technotrans Group
Key figures acc. to IFRS
FY-Change 2013 2012 2011 2013 - 2012 Earnings Revenue EUR'000 16.0% 105,207 90,662 97,265 Technology EUR'000 22.8% 65,988 53,733 61,673 Services EUR'000 6.2% 39,219 36,929 35,592 Gross profit EUR'000 4.7% 33,124 31,652 30,779 EBITDA 1 EUR'000 -6.1% 7,815 8,319 7,980 Earnings before interest and taxes (EBIT) EUR'000 -13.6% 4,626 5,357 4,787 Net profit for the period 2 EUR'000 -2.5% 3,016 3,094 3,019 as % of revenue % 2,9% 3.4% 3.1% Net profit per share (IFRS) EUR -3.0% 0.47 0.48 0.47 Dividend per share EUR 0.20* 0.12 0 Balance sheet Issued capital EUR'000 0.0% 6,908 6,908 6,908 Equity EUR'000 7.0% 43,743 40,865 37,291 Equity ratio % 59.9% 63.2% 55.5% Return on equity % 7.1% 7.9% 8.5% Balance sheet total EUR'000 12.8% 73,019 64,705 67,215 Net debt 3 EUR'000 -887 -8,462 4,890 Working capital 4 EUR'000 4.3% 28,254 27,087 18,527 ROCE 5 % 8.4 10.1 8.9 Employees Number of Employees (average) 18.1% 763 646 659 Personnel expenses EUR'000 13.4% 37,022 32,651 33,224 as % of revenue % 35.2% 36.0% 34.2% Revenue per employee EUR'000 -1.8% 138 140 148 Cashflow Cashflow 6 EUR'000 2,693 10,979 5,868 Free Cashflow 7 EUR'000 -3,433 13,172 3,606 Shares Number of shares at end of period 0.6% 6,493,474 6,455,404 6,432,775 Share price (max) EUR 43.8% 10.35 7.20 7.51 Share price (min) EUR 68.3% 6.90 4.10 4.011 EBITDA = EBIT + depreciation on intangible and tangible assets 2 Net profit for the period = profit attributable to technotrans AG shareholders 3 Net debt = financial liabilities + non-current provisions - cash and cash equivalents 4 Working capital = current assets - current liabilities 5 ROCE = EBIT / Capital employed 6 Cashflow = cash from operating activities acc. to Cashflow Statement 7 Free Cashflow = cash from operating activities + cash used for investments acc. to Cash flow Statement *Proposal to the Shareholders meeting End of Corporate News --------------------------------------------------------------------- 11.03.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: technotrans AG Robert-Linnemann-Str. 17 48336 Sassenberg Germany Phone: +49 (0)2583 - 301 - 1000 Fax: +49 (0)2583 - 301 - 1030 E-mail: [email protected] Internet: http://www.technotrans.de ISIN: DE000A0XYGA7 WKN: A0XYGA Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 256798 11.03.2014
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