EANS-News: Hönle generates operating result excluding special items of
TEUR 1,960
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quarterly report
Gräfeling/München (euro adhoc) - The Hönle Group's sales revenues increased 8.7
% to TEUR 15,773 in the first quarter of financial year 2011/2012. The Hönle
Group's operating result excluding special items came to TEUR 1,960, which
corresponds to the previous year's level. Taking the value adjustment recorded
on the Manroland AG receivables in the amount of TEUR 1,131 into account, the
EBIT stood at TEUR 829 (PY: TEUR 2,117). Earnings before tax amounted to TEUR
828 after TEUR 2,092 in the previous year and the consolidated result was TEUR
383, down from TEUR 1,448 in the previous year. This corresponds to earnings per
share of EUR 0.08 (PY: EUR 0.27).
The Hönle Group's operating cash flow was TEUR 696 in the first quarter of
2011/2012.
The Hönle Group's equity capital ratio stood at 72.4 %.
Outlook:
Hönle acquired the Raesch Group, a specialist in the quartz glass segment, in
February 2012. The Raesch Group consists of Raesch Quarz (Germany) GmbH,
Langewiesen and Raesch Quarz (Malta) Ltd., Malta. With his acquisition, Hönle
continues its strategy of strengthening its market position by means of
acquisitions in addition to organic growth. With the Raesch take-over, the
proportion of short-lived business assets in Hönle Group´s consolidated sales
increased further and the share of consumer goods or short-lived business assets
in Hönle Group´s total sales revenues is now above 50%. Hönle thus achieves
greater independence from the systems business, which is partly subject to
cyclical fluctuations, and, at the same time, taps a business field that offers
good growth potential. In particular the Asian economic area, in which the
Raesch Group generates a large proportion of its foreign sales revenues, offers
good development prospects for Raesch Group products.
The Raesch Group acquisition results in synergies in a number of segments.
Aladin GmbH and UV-Technik Speziallampen GmbH use quartz glass tubing from the
Raesch Group to manufacture UV medium-pressure and low-pressure lamps. Synergies
result from transferring manufacturing stages of the two companies to the Raesch
Group. As a consequence, production processes can be made more efficient and, at
the same time, more cost effective. Moreover, the Malta location provides tax
advantages. We also expect positive effects to arise from use of the Hönle Group
sales network in conjunction with the Raesch Group sales network.
In all, we assume that the Raesch Group will experience sustained positive
development as we see good growth potential for quartz glass tubing in the most
varied segments of industry.
Consolidation of the Raesch Group takes place as of 1 January, 2012.
A new investor was found for Manroland AG's sheetfed offset division at the
Offenbach production site, which will operate under the name of Manroland
Sheetfed GmbH in the future. Langley Holdings plc. acquired Manroland Offenbach
in February 2012. The British engineering group, Langley Holdings plc.,
specializes in mechanical and plant engineering. As a result of the acquisition,
a sound investor that offers the company a long-term perspective was found.
Following sales with Manroland that were still strong in the first quarter,
Hönle expects that Manroland's insolvency will impact on sales and earnings in
the second quarter. Sales revenues from business with Manroland are expected to
increase again starting from the third quarter, while the positive effects
provided by the drupa trade fair will probably be reflected in the fourth
quarter. Despite a lower sales volume due to Manroland's insolvency, the
initiated cost reduction measures are expected to lead to earnings from business
with Manroland in the future that will be on par with the level reached prior to
the insolvency. However, a prerequisite for this is that the future quarterly
sales generated from business with Manroland amount to at least 70 % of the
sales revenues achieved in the previous year. Negative earnings effects from
Manroland's insolvency are therefore likely to impact only on the first six
months of the 2011/2012 financial year.
Owing to consolidation of Mitronic GmbH and of UV-Technik Speziallampen GmbH in
the consolidated financial statements, the Hönle Group's portfolio of incoming
and existing orders in the current financial year exceeds the previous year's
level. After a sluggish order situation in October and November, incoming orders
have picked up noticeably since December. In addition, the Hönle Group has again
noticed an improved mood on the sales markets lately.
Provided that the general economic conditions do not deteriorate, the Management
Board´s expectations for the Hönle Group are of sales revenues ranging from EUR
75 million to EUR 80 million in the 2011/2012 financial year, which includes the
consolidated sales revenues generated by the Raesch Group as from January 2012.
The operating result is expected to be between EUR 1.5 to 2.0 million in the
second quarter and between EUR 2.5 to EUR 3.5 million in the third and fourth
quarter.
About Hönle:
Dr. Hönle AG is a listed technology company with head office in Gräfelfing near
Munich. With a staff level of ca. 500 employees, the Hönle Group is one of the
world´s leading systems suppliers in the UV technology segment. The systems are
used for drying inks and coatings, curing adhesives and plastics, disinfecting
surfaces, and in the simulation of natural sunlight. The Company´s business
activities focus also on the development and sale of industrial adhesives and
casting compounds. The Group is represented worldwide at 50 locations in more
than 20 countries by own companies and sales partners.
Further inquiry note:
Peter Weinert
Tel.: +49 89 85608 173
E-Mail: peter.weinert@hoenle.de
Web: www.hoenle.de
end of announcement euro adhoc
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company: Dr. Hönle AG
Lochhamer Schlag 1
D-82166 Gräfeling/München
phone: +49 89 85608 0
FAX: +49 89 85608 101
mail: ir@hoenle.de
WWW: www.hoenle.de
sector: Instrument Engineering
ISIN: DE0005157101
indexes: CDAX, Prime All Share, Technology All Share
stockmarkets: free trade: Hannover, Berlin, München, Hamburg, Düsseldorf,
Stuttgart, regulated dealing/prime standard: Frankfurt
language: English