Binder+Co Aktiengesellschaft

EANS-Information of Significance: Binder+Co Aktiengesellschaft
2014 not a brilliant year for Binder+Co, but a good basis for 2015

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Financial Figures/Balance Sheet


-2014 sales revenues at EUR 88.0 million slightly down on those of the previous
-EBIT considerably lower at EUR 4.3 million
-Bublon GmbH makes a positive contribution to results in only its second
business year  
-Order intake up by 22% at EUR 109.2 million

Karl Grabner, from the Binder+Co Management Board: “2014 was certainly not a
brilliant year for Binder+Co and both sales revenues and EBIT were below the
levels of 2013. On the one hand, this was due to the poor order intake in the
first quarter and on the other, to initial losses at our younger subsidiaries.
However, a turnaround commenced in the second quarter with a marked improvement
in demand and a 22% increase in order intake as compared to 2013 provides a good
basis for the current financial year.” 

Problematic and inconsistent market environment 
Particularly in the EU, demand in the industries served by Binder+Co remained
weak in 2014 and almost inevitably this led to a deterioration in result
margins, which was especially evident in the plant and systems area. By
contrast, Binder+Co experienced strong demand from the global potash processing
industry and the North American recycling market.   

Sales revenues and EBIT down on the preceding year                              
On the basis of order backlog of EUR 36.59 million at the beginning of the
financial year, Binder+Co achieved consolidated sales revenues of EUR 87.94
million in 2014, which were thus 5.5% down on the previous year. The main reason
for this decline was the lack of large-volume system and plant orders. EBIT fell
from EUR 5.39 million to EUR 4.30 million owing to both the high level of
competitive pressure in the markets and branches served in Europe, residual
costs derived from the sizeable fluctuations in the use of capacity, and the
negative EBIT contributions from the Comec-Binder S.r.l. und Binder+Co Machinery
(Tianjin) Ltd. subsidiaries. As a consequence, the EBIT margin declined to 4.9%
(2013: 5.8%).   

Processing Technology Segment with new order intake record  
Processing Technology is the strongest segment in terms of sales revenues, but
in 2014 its business was characterized by systems orders obtained under price
pressure, which resulted in a tangible reduction in result quality. Furthermore,
the losses at the Comec-Binder S.r.l. and Binder+Co Machinery (Tianjin) Ltd.
subsidiaries, which are reported in this segment, had a negative effect on the
segment result. By contrast, the Bublon GmbH was already able to make a positive
contribution to results in its second year of business. Segment sales revenues
amounted to EUR 46.58 million and thus constituted 52.97% of total sales
revenues. Owing to strong single machine and spare part business results,
segment EBIT, which was negative in 2013, was clearly positive at EUR 1.01
million. Moreover, order intake stood at a new record level of EUR 57.94

Environmental Technology Segment under pressure 
Demand for Environmental Technology Segment products during 2014 fell short of
expectations and in addition competitive pressure increased sharply.
Nonetheless, as a consequence of the capture of several plant projects from
mid-year onwards, order intake was raised considerably to EUR 20.52 million.
Sales revenues were down on the 2013 figure at EUR 18,87 million and therefore
in 2014 the Environmental Technology Segment provided 21.46% of total sales
revenues. Relatively low result margins on plant and systems projects resulted
in an EBIT contribution of only EUR 0.30 million. 

Packaging Technology with virtually doubled order intake 
In 2014, the independent subsidiary Statec Binder GmbH nearly doubled its order
intake to a total of EUR 30.73 million. Segment sales revenues were down on the
record level of 2013 at EUR 22.49 million, but remained well above the average
of recent years. Moreover, with EBIT of EUR 2.99 million, Packaging Technology
again provided a highly significant percentage of group EBIT.

Export business further enlarged
The international share of total sales revenues rose slightly to 94.2%, thus
again underlining the enormous importance of export business. With a share of
sales revenues of 42.5%, Western Europe (excluding Austria) was once more the
largest sales market, followed by Asia and Australia with 26.1%, while Africa
provided 9.7%, the Americas 8.5%, Central and Eastern Europe (CEE and CIS) 7.4%
of sales revenues.

Demand clearly higher
Binder+Co was able to raise its order intake by 22% to EUR 109.19 million and
therefore as at 31 December 2014, possessed an order backlog of EUR 57.80
million for 2015 and subsequent years. 

Binder+Co share price development
Starting from a level of EUR 21.40 at the beginning of 2014, during the year the
price of the Binder+Co share fell by 11.9% to close at EUR 18.85. It was
therefore 188.5% above the value of the initial quotation on 27 December 2006. 
With an order backlog of EUR 57.80 million at the beginning of the year, in 2015
it should be possible to resume the growth course initiated in 2008 with renewed
intensity and thus secure a solid basis for further expansion. The objective of
the management is to maintain sales growth and result quality at a level above
the branch average. 

The Binder+Co Group
Binder+Co is a specialist in the field of processing, environmental and
packaging technology and the world market leader in the screening and glass
recycling segments. The company was listed on the Vienna Stock Exchange at the
end of 2006 and is now part of the Third Market in the mid market segment. The
Binder+Co Group consists of Binder+Co AG, the three fully owned subsidiaries
Comec-Binder S.r.l., Bublon GmbH and Binder+Co Machinery (Tianjin) Ltd., as well
as the Statec Binder GmbH joint venture (50.7%). 

Further inquiry note:
Karl Grabner, Member of the Board, Tel.: +43/3112/800-363,

end of announcement                               euro adhoc 

issuer:      Binder+Co Aktiengesellschaft
             Grazerstraße  19-25
             A-8200 Gleisdorf
phone:       +43 3112 800-363
FAX:         +43 3112 800-320
sector:      Machine Manufacturing
ISIN:        AT000BINDER3
indexes:     mid market
stockmarkets: Third Market: Wien 
language:   English

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