13.03.2018
paragon AG DE0005558696
DGAP-News: paragon AG achieves the figures forecast for 2017 and announces another jump in sales in 2018
DGAP-News: paragon AG / Key word(s): Final Results
paragon AG achieves the figures forecast for 2017 and announces another jump
in sales in 2018
13.03.2018 / 08:00
The issuer is solely responsible for the content of this announcement.
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paragon AG achieves the figures forecast for 2017 and announces another jump
in sales in 2018
- Group sales up 21.4 percent in 2017 to EUR 124.8 million (prior year: EUR
102.8 million)
- E-mobility grows 73.0 percent to EUR 24.7 million (prior year: EUR 14.3
million),
Body Kinematics up 188.0 percent to EUR 9.3 million (prior year: EUR 3.2
million)
- EBIT margin adjusted for special items at 9.0 percent, unadjusted EBIT
down 14.5 percent to EUR 7.6 million (prior year: EUR 8.9 million)
- Equity ratio now at 56.8 percent (December 31, 2016: 30.0 percent)
- Forecast for 2018: Further growth in revenue of some 40 percent to around
EUR 175 million - with an EBIT margin of around 9.0 percent
Delbrück, Germany, March 13, 2018 - Today, paragon AG [ISIN DE0005558696]
published its results for fiscal year 2017 and its forecast for the current
fiscal year.
In the past fiscal year, the company generated Group sales of EUR 124.8
million (prior year: EUR 102.8 million) and, with revenue up 21.4 percent,
closed 2017 at the upper end of the forecast. The increase in revenue was
largely attributable to the very good performance in the new operating
segments of Electromobility and Mechanics (Body Kinematics unit), which
recorded an increase in revenue with third parties of 73.0 percent and 188.0
percent respectively, thereby increasing their cumulative revenue share to
27.3 percent (prior year: 17.0 percent). The largest growth driver in the
Electromobility operating segment was the serial production of battery
modules for forklifts. The Mechanics operating segment benefited
substantially from the start of serial production of new generations of
freely adjustable rear spoilers for optimizing aerodynamics for several
vehicle models. Electronics remains the operating segment with the highest
revenue levels, with third-party revenue of EUR 90.8 million (prior year:
EUR 85.3 million), an increase of 6.5 percent. This was mainly due to a new
generation of instruments in the Cockpit unit and an increase in the output
volumes of the current version of premium hands-free microphones in the
Acoustics unit.
"Year after year, we meet our forecasts and grow faster than the market, a
fact which our investors really appreciate," said Klaus Dieter Frers,
founder and CEO of paragon AG. "We are the benchmark in a dynamic
environment. We are forging ahead with our latest innovations and becoming
more and more of an integrated system provider. One of our strengths is our
balanced growth across all operating segments. The important Electronics
unit is growing steadily, while the Electromobility and Mechanics operating
segments are proving to be extremely dynamic."
The cost of materials rose by 23.4 percent to EUR 71.2 million in the year
under review (prior year: EUR 57.7 million), which reflects a changed
product mix as a result of the creation of the new units and is due to
various one-time start-up costs. The material input ratio went up in tandem
to 57.1 percent (prior year: 56.2 percent). As a result, gross profit rose
to EUR 70.2 million (prior year: EUR 60.5 million), which represents a gross
profit margin of 56.3 percent (prior year: 58.9 percent).
Capitalized development costs rose by 7.0 percent to EUR 16.4 million (prior
year: EUR 15.3 million) due to several new projects.
"The demands which private customers place on their vehicles are changing
rapidly. As a result, innovation cycles are getting shorter and shorter in
the automotive industry. paragon focuses on recognizing the changing demands
of private customers as early as possible, particularly in our Electronics
operating segment, and incorporating them into the development process",
said Dr. Stefan Schwehr, Chief Technology Officer (Electronics).
The 20.6 percent increase in personnel expenses to EUR 35.3 million (prior
year: EUR 29.2 million) is primarily attributable to the strong growth in
the Electromobility and Mechanics operating segments, as well as the
expansion of structures within central Group functions. Nevertheless, the
personnel expense ratio fell slightly to 28.2 percent (prior year: 28.5
percent). Other operating expenses rose to EUR 17.9 million (prior year: EUR
15.2 million), which was mainly due to the operative growth within paragon
Group. Earnings before interest, taxes, depreciation and amortization
(EBITDA) rose by 5.8 percent to EUR 17.0 million (prior year: EUR 16.1
million), providing an EBITDA margin of 13.6 percent (prior year: 15.7
percent).
Depreciation and amortization increased substantially as planned to EUR 9.4
million (prior year: EUR 7.1 million). The EBIT margin was 9.0 percent when
adjusted for one-time items in the Body Kinematics operating segment
totaling EUR 1.4 million as well as one-time expenses which were not passed
on to customers in the past fiscal year amounting to EUR 2.2 million.
Unadjusted earnings before interest and taxes (EBIT) decreased 14.5 percent
to EUR 7.6 million (prior year: EUR 8.9 million), largely due to the EUR 2.7
million increase in other operating expenses. The unadjusted EBIT margin
therefore declined to 6.1 percent (prior year: 8.7 percent).
Due to the reduced financial result of EUR -4.4 million (prior year: EUR
-3.2 million), earnings before taxes (EBT) also fell to EUR 3.2 million
(prior year: EUR 5.8 million). At the same time, income taxes increased to
EUR 3.9 million (prior year: EUR 2.2 million). Overall, the paragon Group
generated a consolidated net loss of EUR -0.7 million in the year under
review (prior year: EUR 3.6 million). This corresponds to earnings per share
of EUR -0.15 (prior year: EUR 0.84).
The assets of paragon AG increased significantly to EUR 311.8 million as at
the balance sheet date (December 31, 2016: EUR 115.6 million). This is
mainly due to the capitalization of development costs, the 2017/2022 bond
issue with a volume of EUR 50 million at the end of the first half of 2017,
the IPO of the subsidiary Voltabox AG, the acquisition of HS Genion GmbH
(now paragon movasys GmbH) and the increase in receivables in the
Electromobility operating segment in the fourth quarter.
paragon AG's equity increased correspondingly by 410.6 percent to EUR 177.1
million (December 31, 2016: EUR 34.7 million). As a result of Voltabox AG's
IPO, profit carried forward rose to EUR 106.0 million (December 31, 2016:
EUR 12.9 million). Given the sharp rise in total assets, the equity ratio
increased to 56.8 percent as at the reporting date (December 31, 2016: 30.0
percent).
Cash flow from operating activities decreased in the period under review to
EUR -8.4 million (prior year: EUR 16.8 million). In addition to the lower
earnings before taxes (EBT), this development is primarily due to a
significant increase in trade receivables and an increase in inventories.
Adjusted for transaction investments, cash flow from investment activity
decreased in the period under review by 3.2 percent to EUR 21.3 million
(prior year: EUR 22.0 million). This development is the result of the sharp
39.0 percent decrease in payments for investments in property, plant and
equipment, which amounted to EUR 4.7 million (prior year: EUR 7.7 million),
while payments for investments in intangible assets increased 18.7 percent
to EUR 17.1 million (prior year: EUR 14.4 million). The increase in
transaction investments to EUR 15.9 million in the year under review led to
a total cash flow from investing activities of EUR -37.2 million (prior
year: EUR -23.2 million).
Cash and cash equivalents increased to EUR 145.8 million as at the reporting
date (prior year: EUR 14.3 million), which is mainly attributable to the
issue of the 2017/2022 bond and the IPO of Voltabox AG.
Based on the good order situation for 2018, the Management Board once again
expects to grow significantly faster than the automotive sector. It is also
forecasting a further jump in Group sales of more than 40 percent to around
EUR 175 million, with a consolidated EBIT margin of around 9 percent. In
view of Voltabox AG's robust order backlog for 2018, the Management Board is
expecting a significantly higher growth rate in the Electromobility
operating segment. The Electromobility operating segment is expected to more
than double its revenues to around EUR 60 million and make a sustained
contribution to the Group's profitability with an EBIT margin of around 10
percent. The Body Kinematics unit is also expected to make an above-average
contribution to the increase in revenue.
The Management Board intends to increase the investment volume to around EUR
35 million. The purpose of the further significant expansion planned in the
Electromobility operating segment is to make paragon more resilient to
macroeconomic factors in the automotive industry and broaden the customer
structure.
This forecast does not take a number of promising acquisitions of paragon AG
and Voltabox AG into account that are currently at different project phases.
The annual report and consolidated financial statements for the year ended
December 31, 2017 are available for download at
http://www.paragon.ag/en/investors.html.
Company Profile
paragon AG (ISIN DE0005558696), which is listed in the regulated market
(Prime Standard) of the Frankfurt Stock Exchange, develops, produces and
distributes forward-looking solutions in the field of automotive
electronics, e-mobility and body kinematics. As a market-leading direct
supplier to the automotive industry, the company's portfolio includes the
Electronics operating segment's innovative air-quality management,
state-of-the-art display systems and connectivity solutions, and high-end
acoustic systems. With Voltabox AG (ISIN DE000A2E4LE9), a subsidiary that is
also listed on the regulated market (Prime Standard) of Deutsche Börse AG in
Frankfurt, Germany, the Group is also active in the rapidly growing
Electromobility operating segment with its cutting-edge lithium-ion battery
systems. In the Mechanics operating segment, paragon AG develops and
produces active mobile aerodynamic systems.
In addition to the company headquarters in Delbrück (North Rhine-Westphalia,
Germany), paragon AG and its subsidiaries operate sites in Suhl (Thuringia,
Germany), Nuremberg and Landsberg am Lech (Bavaria, Germany), St. Georgen
(Baden-Württemberg, Germany), Bexbach (Saarland, Germany) and Aachen (North
Rhine-Westphalia, Germany) as well as in Kunshan (China) and Austin, Texas
(USA).
Financial Press & Investor Relations Contact
paragon AG
Dr. Kai Holtmann
Artegastrasse 1
33129 Delbrück, Germany
Phone: +49 (0) 52 50 - 97 62-140
Fax: +49 (0) 52 50 - 97 62-63
Email: [email protected]
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13.03.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
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Archive at www.dgap.de
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Language: English
Company: paragon AG
Artegastraße 1
33129 Delbrück
Germany
Phone: +49 (0)5250 97 62 - 0
Fax: +49 (0)5250 97 62 - 60
E-mail: [email protected]
Internet: www.paragon.ag
ISIN: DE0005558696, DE000A1TND93, DE000A2GSB86
WKN: 555869, A1TND9, A2GSB8
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart, Tradegate Exchange
End of News DGAP News Service
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663063 13.03.2018
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