16.08.2016
paragon AG DE0005558696
paragon AG grows significantly faster than the market in the first six months thanks to electromobility
DGAP-Media / 16.08.2016 / 08:00
paragon AG grows significantly faster than the market in the first six
months thanks to electromobility
- Consolidated revenue up by 9.4% to EUR 48.8 million (prior year: EUR
44.6 million).
- With a contribution of EUR 4.5 million, electromobility subsidiary
Voltabox now accounts for 9.3% of consolidated revenue (prior year: EUR
1.3 million with a 3.0% share of revenue)
- EBITDA increases slightly to EUR 6.8 million (prior year: EUR 6.7
million).
- EBIT margin of 7.2% (prior year: 8.6%)
- Revenue and earnings forecast for the current fiscal year confirmed
Delbrück, Germany, August 16, 2016 - paragon AG [ISIN DE0005558696] has
published its interim report as of June 30, 2016 - six months - today and
confirmed its own forecast for the current fiscal year.
The company generated consolidated revenue of EUR 48.8 million in the first
six months (prior year: EUR 44.6 million). This growth (9.4%) was based not
only on the buoyant condition of the global sales market for automobiles in
the second quarter, but also, and in particular, on the dynamic development
of business at the two Voltabox subsidiaries that represent the
Electromobility division.
"The first fruits of our early and systematic positioning as a specialist
supplier of efficient, intelligent battery systems in the market for
electromobility are slowly becoming visible," says Klaus Dieter Frers,
founder and Chief Executive Officer of paragon AG. "Revenue from this
division was doubled according to plan in the second quarter," added Mr.
Frers.
Business divisions are performing as planned
The growth in revenue resulted partly from increased take-rates of optional
extras that include paragon sensors in current vehicle models. In the
second quarter, further progress was made in talks with various
manufacturers with respect to a series order for the new particle sensor,
which monitors the fine-dust pollution in the passenger compartment. The
orders for the current generation of high-quality hands-free microphones
were likewise developing extremely positively. The innovative belt-mic(R)
belt microphone is increasing in popularity and will soon be available in a
further vehicle model. In the second quarter, a smartphone cradle for
motorcycles was globally launched, featuring a wireless charging function.
At the same time, pre-series production commenced for the new generation of
clocks. With the MirrorPilot(R), paragon is also in a position to provide
an important part of the human-machine interface within the automobile.
"We are using the current mood of change within the automotive industry in
a targeted way in order to make our innovations available for upcoming
vehicle models," says Dr. Stefan Schwehr, Chief Technology Officer, adding
that "the increasing dynamics in the automobile manufacturers' innovation
departments is benefiting us in this respect."
The Electromobility division was again dominated by its own growth
dynamics. Production at the Voltabox subsidiaries in Delbrück, Germany, and
Austin, Texas (USA), was dominated by large-scale battery systems for use
in trolley buses as well as by modules for forklift trucks. At the end of
June, the company announced the exclusive strategic partnership with Joy
Global, a global leader in the field of mining equipment - the biggest
individual order in paragon's corporate history. With special battery
systems for use in automated guided vehicles of automated production,
Voltabox is also already preparing its entry into the next major field of
application: "Industry 4.0".
Profitability at a high level
Consolidated EBITDA (earnings before interest, taxes, depreciation and
amortization) showed a slight upward trend to EUR 6.8 million in the first
six months, despite an increase in personnel expenses resulting from the
expansion of the business (prior year: EUR 6.7 million). Due to increased
depreciation and amortization and to other operating expenses, consolidated
EBIT (earnings before interest and taxes) declined to EUR 3.5 million
(prior year: EUR 3.8 million). This corresponds to an EBIT margin of 7.2%
(prior year: 8.6%).
Taking into account reduced net finance income of EUR -1.6 million (prior
year: EUR -1.0 million) and a higher income tax burden of EUR 1.3 million
(prior year: EUR 0.9 million), the result for the period fell to EUR 0.7
million (prior year: EUR 1.9 million). This corresponds to earnings per
share of EUR 0.16 (prior year: EUR 0.46).
Management Board confirms forecast
Based on the results for the first half-year, the Managing Board confirms
its earlier revenue and earnings forecast for the current fiscal year. This
states that consolidated revenue is expected to grow by approximately 8% in
the current fiscal year and thus to exceed the EUR 100 million mark. This
is expected to be accompanied by above-average earnings growth with an EBIT
margin of approximately 9%. The main growth drivers in the current fiscal
year are likely to be the Electromobility division (Voltabox) as well as
the Sensors and Acoustics divisions in the medium term.
The interim report with the condensed interim consolidated financial
statements as of June 30, 2016, can be downloaded from www.paragon.ag/en/
investors.
Company Profile
Listed in the regulated market (Prime Standard) of Deutsche Börse AG in
Frankfurt am Main, paragon AG (ISIN DE0005558696) develops, produces, and
sells innovative automotive electronics solutions. The portfolio of this
direct supplier to the automotive industry includes products in the
business segments of Sensors, Acoustics, Cockpit, E-mobility and Body
Kinematics. In addition to its headquarters in Delbrück (North Rhine-
Westphalia), paragon AG and its subsidiaries have locations in Suhl
(Thuringia), Nuremberg (Bavaria), St. Georgen (Baden-Württemberg), and
Bexbach (Saarland), as well as in Kunshan (China) and Austin (Texas, USA).
End of Media Release
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Issuer: paragon AG
Key word(s): Enterprise
16.08.2016 Dissemination of a Press Release, transmitted by DGAP - a service
of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: paragon AG
Schwalbenweg 29
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
WKN: 555869, A1TND9
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart, Tradegate Exchange
End of News DGAP Media
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