14.05.2013
technotrans AG DE000A0XYGA7
DGAP-News: technotrans AG: technotrans grows with applications for the laser market
DGAP-News: technotrans AG / Key word(s): Quarter Results
technotrans AG: technotrans grows with applications for the laser
market
14.05.2013 / 07:09
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technotrans grows with applications for the laser market
revenue rises by 29 percent to EUR 26.3 million in Q1 / EBIT improves by
22.7 percent / acquisition of KLH main driver of growth / milestone: 30
percent of revenue generated outside the printing industry
Sassenberg, May 14, 2013
The revenue of the technotrans Group rose by 29.0 percent to EUR 26.3
million (previous year EUR 20.4 million) in the first three months of the
2013 financial year. As well as the acquisition of KLH the Print business
contributed, thanks to a single-digit rate of growth for that area. The
increased level of business mainly impacted the Technology segment, for
which revenue soared 46.5 percent to EUR 16.9 million (EUR 11.5 million).
The Services segment, too, put in an improved performance, with revenue
reaching EUR 9.4 million (EUR 8.8 million, +6.2 percent).
EBIT increased overall by 22.7 percent to EUR 1.1 million (previous year
EUR 0.9 million). This means the EBIT margin is virtually unchanged from
the prior-year period at 4.1 percent (4.3 percent). The net income for Q1
2013 is reported as EUR 0.7 million, representing a rise of 32.1 percent on
the same period of 2012 (EUR 0.5 million). The rate of return was thus 2.6
percent (previous year 2.5 percent). Earnings per share, for shares
outstanding, therefore came to EUR 0.10 (previous year EUR 0.08).
'Some 30 percent of overall revenue was generated in the non-print area,
this represents an important milestone in the company's strategic
reorientation', says Henry Brickenkamp, Spokesman of the Board of
Management of technotrans AG. 'Now measures designed to accelerate growth
and also improve the profitability of the new subsidiaries should begin to
bite over the coming quarters.'
The number of employees in the group rose from 662 at the end of 2012 to
774 on March 31, 2013. Once again, the increase is attributable to the
acquisitions.
The segments
Of the technotrans Group's total revenue of EUR 26.3 million for the first
three months of the 2013 financial year, the Technology segment accounted
for EUR 16.9 million (previous year EUR 11.5 million). That is 64.3 percent
of the total. The increase of around EUR 5.4 million or 46.5 percent
compared with the prior-year period is substantially the result of business
expansion following the takeover of KLH Kältetechnik. The business
performance was also boosted to a lesser extent by customers from the
printing industry. The volume of business in that area revived somewhat
compared with the pre-drupa period one year ago.
Earnings for the Technology segment were again slightly negative at EUR
-0.5 million (previous year EUR -0.6 million). The EBIT margin was -3.0
percent, compared with -5.1 percent in the prior-year quarter. This
development was attributable to a slightly lower than expected volume of
business, but also to additional burdens from depreciation and amortisation
of capitalised assets of KLH, as well as to increased quality costs, which
are to be regarded as non-recurring effects.
The Services segment increased its revenue by 6.2 percent in the period
under review to EUR 9.4 million (previous year EUR 8.8 million). It was
consequently able to match the healthy performance of recent quarters but
did not achieve the Q4 2012 level, when various projects were clinched. Its
share of overall revenue fell to 35.7 percent, taking it back down to
roughly the level that was customary before the major economic crisis.
Earnings for the Services segment were maintained at the healthy level of
recent quarters, reaching EUR 1.6 million (previous year EUR 1.5 million)
and therefore producing a margin of 16.9 percent (previous year 16.6
percent).
Financial position
The acquisition of the interest in KLH and its first-time inclusion on the
Consolidated Financial Statements has various effects on the balance sheet
at March 31, 2013. As well as the change in both assets and equity and
liabilities as a result of the consolidation , the acquisition also
prompted goodwill and other capitalised assets. At March 31, 2013 the
equity ratio remained above the 50 percent threshold, at 53.7 percent.
Based on net income of EUR 0.7 million for the first three months, the cash
flow from operating activities before changes in working capital totalled
EUR 2.2 million (previous year EUR 1.6 million). The change in working
capital in the first three months was prompted mainly by the increased
scope of consolidation, and thus placed a notional burden on cash flow. In
the same period of the previous year, EUR 2.2 million in cash was released.
After deduction of interest and income tax payments, the net cash from
operating activities for the period under review was close to zero
(previous year EUR 3.4 million).
The cash sum of EUR 4.5 million (previous year EUR 0.1 million) used for
investing activities comprises the customary maintenance investments, but
mainly the cash outflow for the acquisition of the interest in KLH
Kältetechnik GmbH and its Asian sister companies. The free cash flow at the
three-month mark consequently remained negative at EUR -4.5 million
(previous year EUR 3.2 million).
After financing, cash and cash equivalents at March 31 were up 27.8 percent
at EUR 19.2 million (previous year EUR 15.0 million). Together with
available credit facilities agreed and promised, the financial position
thus continues to provide ample leeway both to finance current business and
for further potential acquisitions.
Outlook
Economic development is broadly in line with the original expectations for
the current financial year. The management therefore stands by the forecast
of overall revenue growth of around 25 percent to EUR 110 million (give or
take 5 percent).
Growth in the 2013 financial year will be driven substantially by the
acquisition of KLH. Its integration into the technotrans Group is
progressing according to schedule. 'We view the plans to construct a
platform concept encompassing our expertise in cooling across the entire
group as especially promising. On that basis it will be possible to address
various different markets, while at the same time pooling volumes for
optimum manufacturing conditions', Brickenkamp explains.
Management expects the print area of our business to stabilise at the
current level. In addition technotrans continues to invest much effort in
identifying applications for its core skills in areas beyond the printing
industry. 'As well as our activities in the laser market and the machine
tool industry, we are making good progress in accessing the market for
cooling systems for energy storage devices, for example. On top of our
project with Siemens, we are working on various projects with the French
battery manufacturer Saft', Brickenkamp says.
'We believe our goal of achieving an EBIT margin of between 6 and 7 percent
from revenue at the planned level remains realistic. We plan to improve
earnings over the coming quarters on the one hand through the rising volume
of revenue and on the other hand through better cost ratios at the
manufacturing companies. We also expect the pooling of purchasing volumes
to drive profitability improvements', Dirk Engel, CFO of technotrans AG,
sums up.
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 Interim Report can be downloaded from the internet on
www.technotrans.com, under Investor Relations - Reports.
Dates: The Interim Report 1-6/2013 is scheduled for publication on August
13, 2013. The Annual Shareholder Meeting will take place on May 16, 2013 in
Münster (Westphalia).
Securities: technotrans AG - ISIN DE000A0XYGA7 - German Securities
Identification No. WKN A0XYGA
Contact: technotrans AG
Corporate Communications/
Investor Relations
Thessa Roderig
Tel. +49 (0)2583 301-1887
e-mail [email protected]
technotrans Group
Key figures acc. to IFRS
Cha- 1.1.- 1.1.- FY FY nge 31.3.13 31.3.12 2012 2011 Earnings EUR Revenue '000 29.0% 26,274 20,365 90,662 97,265 EUR Technology '000 46.5% 16,887 11,527 53,733 61,673 EUR Services '000 6.2% 9,387 8,838 36,929 35,592 EUR Gross profit '000 8.8% 7,937 7,294 31,652 30,779 EUR EBITDA 1 '000 21.4% 1,995 1,644 8,319 7,980 Earnings before interest and EUR taxes (EBIT) '000 22.7% 1,081 881 5,357 4,787 EUR Net profit for the period '000 32.1% 675 511 3,094 3,019 as % of revenue % 2.6% 2.5% 3.4% 3.1% Net result per share (IFRS) EUR 31.4% 0.10 0.08 0.48 0.47 Balance sheet EUR Issued capital '000 0.0% 6,908 6,908 6,908 6,908 EUR Equity '000 5.1% 42,932 37,613 40,865 37,291 Equity ratio % 53.7% 55.1% 63.2% 55.5% Return on equity % 1.6% 1.4% 7.9% 8.5% EUR Balance sheet total '000 23.6% 79,982 68,313 64,705 67,215 EUR - Net debt 2 '000 82.8% -1,459 1,645 -8,462 4,890 EUR Working capital 3 '000 9.4% 29,620 18,665 27,087 18,527 ROCE 4 % 1.9 1.6 10.1 8.9 Employees Perso Employees (average) nen 21.8% 772 634 646 659 EUR Personnel expenses '000 23.6% 9,502 7,689 32,651 33,224 as % of revenue % 36.2% 37.8% 36.0% 34.2% EUR Revenue per employee '000 6.0% 34.0 32.1 140 148 Cash flow EUR Cash flow 5 '000 1 3,350 10,979 5,868 EUR Free Cash flow 6 '000 -4,529 3,220 13,172 3,606 Shares Number of shares at end of 6,464,3 6,432,7 6,455 6,432 period 0.5% 09 75 ,404 ,775 Share price (max) EUR 74.2% 9.39 5.39 7.2 7.51 Share price (min) EUR 68.3% 6.90 4.10 4.10 4.011 EBITDA = EBIT + amortisation of goodwill + depreciation of property, plant and equipment and intangible assets 2 Net debt = interest-bearing liabilities - cash and cash equivalents 3 Working capital = current assets - current liabilities 4 ROCE = EBIT / Capital employed 5 Cash flow = Net cash from operating activities acc. to Cash flow Statement 6 Free Cash flow = Net cash from operating activities + net cash used for investments acc. to Cash flow Statement End of Corporate News --------------------------------------------------------------------- 14.05.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory 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 --------------------------------------------------------------------- 210863 14.05.2013
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