EANS-News: SHW AG reports successful start into the financial year 201208.05.2012 | 06:59 Uhr
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- 3-month report Aalen (euro adhoc) - Group sales grow by 13.6 percent to EUR 100.5 million in Q1 2012 - Group earnings before interest and taxes (EBIT) climb 25.8 percent to EUR 7.9 million - Net income for the period up by 70.5 percent to EUR 5.2 million Aalen, 8 May 2012. SHW AG, one of the leading suppliers of CO2-relevant pumps and engine components as well as brake discs, could seamlessly tie in with the positive development of the 2011 financial year in the first three months of 2012. Group sales and Group net income for the period both reached new record levels. Group sales improved by 13.6 percent to EUR 100.5 million (previous year: EUR 88.5 million). This growth is attributable to a large number of production start-ups and the stable demand of the SHW customers. Group earnings before interest and taxes (EBIT) in the January to March 2012 period were up by EUR 1.6 million on the previous year* to EUR 7.9 million. At 7.8 percent, the EBIT margin clearly exceeded the prior year level of 7.1 percent. Net income for the period rose by 70.5 percent to EUR 5.2 million (previous year: EUR 3.1 million). Earnings per share amounted to EUR 0.89 (previous year: EUR 0.55). "We are pleased with the successful start into the new financial year," said CEO Dr. Wolfgang Krause, who is in charge of the Pumps and Engine Components business segment. "Demand for SHW products that help to reduce CO2 emissions shows a particularly positive trend." Investments in growth stay at high level Due to upcoming production start-ups, investments climbed from EUR 3.3 million to EUR 4.9 million in the first quarter of 2012. At the same time, spendings on research and development increased by EUR 0.3 million to EUR 1.8 million. "In spite of these high investments, we were able to generate a return on capital employed (ROCE) of 28.3 percent, which clearly exceeds the industry average and our cost of capital," emphasised CFO Oliver Albrecht. "The equity ratio improved from 24.0 percent in the previous year to 33.7 percent." Pumps and Engine Components business segment remains main growth driver Sales in the Pumps and Engine Components business segment increased by 22.2 percent from the previous year's EUR 63.3 million to EUR 77.4 million. Reporting a 27.1 percent increase in revenues to EUR 61.6 million, the Passenger Car division benefited from the high demand for variable oil pumps and start-stop pumps as well as numerous production start-ups. Between January and March 2012, earnings before interest and taxes (EBIT) in the Pumps and Engine Components business segment increased by EUR 1.3 million on the prior year period to EUR 7.2 million. The EBIT margin improved moderately from 9.3 percent to 9.4 percent despite significantly higher depreciation and amortisation. Sales in the Brake Discs business segment dropped by 8.1 percent to EUR 23.1 million (previous year: EUR 25.2 million). In this context, it should be considered that the prior year figure included a very large spare parts order. Earnings before interest and taxes (EBIT) declined by EUR 0.3 million to EUR 0.6 million. "The start-up problems of the new production line have been eliminated in the meantime," said Andreas Rydzewski, member of the Management Board and in charge of the Brake Discs business segment. "Should the capacity utilisation be permanently good, we still expect a noticeable result improvement in 2012." Guidance confirmed The acute risks to the global economy declined in the first quarter compared to last autumn. "The stable demand of our customers and the numerous start-ups make us optimistic that we will reach the target we have set ourselves for this year," said Dr. Wolfgang Krause. "We believe that we will be able to generate Group sales of between EUR 365 and 390 million". The guidance for the full year will be put into more precise terms at the six-month stage. *In the first three months of the previous year, EBIT was adjusted by IPO costs and depreciation arising from the purchase price allocation in the amount of EUR 1.2 million. About SHW The enterprise was established in 1365, making it one of the oldest industrial enterprises in Germany. Today, the SHW Group is a leading supplier for the automotive industry with products that contribute to a reduction of fuel consumption and consequently CO2 emissions. In its Pumps and Engine Components business segment, the SHW Group develops and produces pumps for passenger vehicles and truck and off-highway applications, e.g. trucks, farm and construction vehicles, stationary motors and wind power stations. The Brake Discs business segment develops and produces monobloc ventilated brake discs made of cast iron and lightweight brake discs made from a combination of an iron friction ring and an aluminium pot. Customers of the SHW Group include leading producers of passenger cars and commercial vehicles with manufacturing facilities in Europe and North America. The SHW Group has four manufacturing sites in Germany, located in Bad Schussenried, Aalen-Wasseralfingen, Tuttlingen-Ludwigstal and Neuhausen ob Eck. Via its 50 percent interest in the Canadian company STT Technologies Inc., the company also has production sites in Canada and Mexico. With more than 1,000 employees, the SHW Group generated approx. EUR 360 million in sales in 2011. Further information is available at: www.shw.de Future-oriented statements This press release contains certain future-oriented statements that are based upon current assumptions and forecasts made by the management of SHW AG. Various known and unknown risks, uncertainties and other factors may lead to the actual results, financial position, development or performance of the company deviating considerably from the appraisals specified here. The company assumes no obligation to update future-oriented statements of this nature or adapt them to future events or developments. Note This announcement does not constitute an offer to sell securities in the United States of America, Canada, Australia, Japan or any other jurisdictional territory where offers are subject to statutory restrictions. The securities named in this announcement may only be sold or offered for sale in the United States of America following their prior registration in accordance with the provisions of the version of the US Securities Act of 1933 currently in force (the "Securities Act") or, without prior registration, only on the basis of an exemption. Unless provided for by certain exceptions within the Securities Act, the securities named within this announcement may not be sold or offered for sale in Australia, Canada or Japan, nor may they be sold or offered for sale to or for account of residents of Australia, Canada or Japan. No registration of the offer or sale of the securities named in this announcement will take place, as stipulated by the relevant statutory provisions in Canada, Australia and Japan. There is no public solicitation to buy securities in the United States of America. Further inquiry note: Michael Schickling Head of Investor Relations & Corporate Communications SHW AG Telephone: +49 (0) 7361 502 462 Email: firstname.lastname@example.org end of announcement euro adhoc -------------------------------------------------------------------------------- company: SHW AG Wilhelmstrasse 67 D-73433 Aalen phone: +49 7361 502-1 FAX: +49 7361 502-674 mail: email@example.com WWW: http://www.shw.de sector: Automotive Equipment ISIN: DE000A1JBPV9 indexes: stockmarkets: free trade: Düsseldorf, Stuttgart, regulated dealing/prime standard: Frankfurt language: English
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