27.03.2014
PVA TePla AG DE0007461006
DGAP-News: PVA TePla AG: Publication of the 2013 annual report and outlook for 2014
DGAP-News: PVA TePla AG / Key word(s): Final Results/Forecast
PVA TePla AG: Publication of the 2013 annual report and outlook for
2014
27.03.2014 / 08:10
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Review of fiscal 2013
* Consolidated sales revenues EUR 64.1 million (previous year: EUR
103.3 million)
* Incoming orders of EUR 88.6 million (previous year: EUR 59.2 million)
* Equity ratio of 54.5% (previous year: 57.7%)
PVA TePla AG, based in Wettenberg, a producer of systems for manufacturing
industrially used crystals as well as vacuum and high-temperature systems,
generated consolidated sales revenues of just EUR 64.1 million and
operating earnings (EBIT) of EUR -9.5 million in 2013 due to a persistently
weak order situation in 2012 and through to mid-2013. To compensate for the
weak utilization, previously announced extensive cost reduction programs
were implemented in the first half of 2013. Overall, these led to
extraordinary expenses totaling EUR 6.3 million, although they had a
noticeable positive effect on operating earnings in the second half of
2013.
As at December 31, 2013, total assets stood at EUR 92.4 million, down on
the previous year's figure of EUR 103.7 million due to the lower business
volume. As a result of the net loss for the year and the dividend payment,
equity decreased from EUR 59.9 million to EUR 50.3 million. The equity
ratio fell from 57.7% to 54.5%.
The operating cash flow remained positive at EUR 1.8 million in fiscal 2013
(previous year: EUR 4.4 million). In total, the extraordinary effects with
an impact on liquidity, particularly for severance pay in the context of
the personnel measures, were thus fully absorbed by the operating cash
flow. Cash and cash equivalents amounted to EUR 6.6 million (previous year:
EUR 10.0 million).
The annual report is now available to download on the company's website
www.pvatepla.com. A press conference and analysts' meeting to comment on
the past fiscal year and the prospects for further development will be held
in Frankfurt on March 28, 2014.
Outlook for fiscal 2014
In view of an order backlog of EUR 53.9 million as at December 31, 2013
(previous year: EUR 30.7 million) and the fact that orders received in the
first half of 2014 are still to have an impact on sales revenues and
earnings in series-production and project business, we are expecting
consolidated sales revenues of EUR 90 million to EUR 100 million and a
positive operating EBIT margin between 2% and 4% for fiscal 2014.
As a result of the above-mentioned cost reduction measures, the breakeven
sales revenue figure in the existing structures has been reduced to around
EUR 80 million. For instance, at 22.4%, the gross margin in the fourth
quarter of 2013 was well up on the third quarter, and almost back to the
level of the gross margin for 2012 as a whole.
Planned structural changes: PVA TePla AG to become a holding company
Subject to approval from the Annual General Meeting in June 2014, a
complete reorganization is planned with the aim of making the PVA TePla
Group a more streamlined and powerful presence on the market. Operating
units of PVA TePla AG are to become independent companies. The limited
companies (GmbHs) will thus operate in their business areas with greater
autonomy, although they will remain wholly owned by PVA TePla AG and
transfer their earnings to the holding company on the basis of affiliation
agreements. There are also plans to merge several existing subsidiaries
within the Group and combine them into larger entities. In future, PVA
TePla AG is therefore set to operate as a strategic holding company.
Changes in the Management Board
The current CEO Dr. Arno Knebelkamp has asked for early release from his
contract, and will resign from Management Board at his own request and by
mutual agreement on June 13, 2014, the day of the Annual General Meeting.
He will continue to be associated with the company in a consultancy
capacity.
At its meeting on March 26, 2014, the Supervisory Board appointed the
founder of PVA TePla, Peter Abel, to the Management Board with effect from
April 1, 2014. Mr. Abel was previously at the helm of the company until
2011. He will take over as CEO on June 13, the day of the Annual General
Meeting.
The Supervisory Board greatly regrets that Dr. Arno Knebelkamp will be
leaving the company for personal reasons following the successful
restructuring of the company.
By resolution of the Supervisory Board, former Head of Group Accounting
Henning Döring (aged 37) is to become a new member of the Management Board
with responsibility for finance with effect from April 1, 2014. After
taking a degree in business administration, Henning Döring worked for the
auditing firm KPMG as a Certified Public Accountant, and has been at PVA
TePla AG since 2012.
Consequently, the Management Board of PVA TePla will consist of three
members as at June 13, 2014: Peter Abel (CEO - corporate development),
Oliver Höfer (COO - production and technology) and Henning Döring (CFO -
finance).
For further information, please contact:
Dr. Gert Fisahn
Investor Relations
PVA TePla AG
Phone: +49(0)641/68690-400
[email protected]
www.pvatepla.com
End of Corporate News
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Language: English
Company: PVA TePla AG
Im Westpark 10-12
35435 Wettenberg
Germany
Phone: 0641/686900
Fax: 0641/68690800
E-mail: [email protected]
Internet: www.pvatepla.com
ISIN: DE0007461006
WKN: 746100
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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