15.08.2007 – 09:21
Thielert AG continues to grow
Hamburg (euro adhoc) -
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Thielert AG continued its path of growth in the second quarter of 2007. After an upbeat quarter in 2007, marked by conversions of production, the company recorded an increase in sales and earnings. As at 30 June, the group achieved sales of EUR 41.2 million; thus exceeding the previous year's figure of EUR 23.7 million by 74 per cent. Considerable growth was especially apparent in the Aircraft Engines segment. With a surge of 108 per cent to EUR 23.0 million (previous year's figure: EUR 11.0 million), this division's share of group sales rose to 56 per cent (previous year's figure: 47). The Technology & Prototyping segment likewise registered growth. Sales rose in this division by 44 per cent to EUR 18.3 million (previous year's figure: EUR 12.7 million). The performance figures, EBITDA, EBIT and EBT increased in the first six months as planned. EBITDA amounted to EUR 11.6 million (previous year's figure: EUR 6.8 million); EBIT increased by 89 per cent on the previous year' s figure of EUR 4.8 million, and stood at EUR 9.1 million. EBT was EUR 7.6 million (previous year's figure: EUR 4.3 million). The group thus recorded a net profit of EUR 4.7 million (previous year's figure: EUR 2.7 million). The company strengthened its sales target of approximately EUR 95 million for the current fiscal year.
The company's financial position also grew in a positive direction. The company's liquidity requirements for investments to be financed from operating activities fell from EUR 24.1 million in the first six months of the previous year to EUR 11.2 million in the first half of 2007. Growth, the development of new aircraft manufacturers as initial suppliers, as well as high start-up financing requirements for the series production of the Centurion 2.0 and Centurion 4.0 continue to influence the internal financing ability of the company. Nevertheless, a lasting positive trend in cash flow can be seen, which will continue to improve in the second half of the year on its scheduled course.
In the second quarter of 2007, Thielert AG notably pushed the sale of its current core product, the Centurion 2.0 kerosene piston aircraft engine. After being granted installation certification on 13 April 2007, the Centurion 4.0 increased its contribution to the company's positive growth.
"The most significant event in the second quarter was arguably the finalisation of our cooperation agreement with Cessna," CEO Frank Thielert said. The Cessna Aircraft Company is the leading aeroplane manufacturer for General Aviation. On 27 June 2007, Cessna announced the finalisation of a contract with Thielert Aircraft Engines GmbH, a 100-per-cent subsidiary of Thielert AG; which contains the cooperation for future use of kerosene piston aircraft engines. "We anticipate an increase in sales of Centurion engines over the next few years resulting from this contract," according to Thielert. Further details on the cooperation with Cessna will be made public by the Cessna Aircraft Company in the course of 2007.
"After a successful first half in 2007, we anticipate sustained and positive growth in all business segments for the second half of the fiscal year, as well. We are still aspiring to reach a growth in sales of over 50 per cent with healthy profits. This course of growth shall continue as planned", said Frank Thielert.
The complete interim financial report is available on the internet at: www.thielert.com.
end of announcement euro adhoc 15.08.2007 09:20:27
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