EANS-News: SMT Scharf AG publishes final figures for 2009
Hamm (euro adhoc) -
- Revenue up 7% to EUR 53.3 million - EBIT margin of 14.2% - Proposed dividend of EUR 0.70 per share
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annual report
Subtitle: - Revenue up 7% to EUR 53.3 million - EBIT margin of 14.2% - Proposed dividend of EUR 0.70 per share
March 5, 2010 - SMT Scharf AG (German Securities Code (WKN) 575198, ISIN DE0005751986), technology and world market leader for rail-bound railway systems for the mining sector, today publishes its group financial report for fiscal year 2009. The SMT Scharf Group´s revenue increased by 7% from EUR 49.7 million in 2008 to a current total of EUR 53.3 million. Revenue in markets outside of Germany grew by 19% to EUR 44.5 million, which means that foreign activities now account for 84% of total revenue (previous year: 75%). In contrast, revenue in Germany continued to fall, as expected.
At the same time, the SMT Scharf Group increased its EBIT slightly to EUR 7.6 million (previous year: EUR 7.5 million). This corresponds to a current EBIT margin of 14.2% (previous year: 15.1%). The shares of both cost of materials and other operating expenses only changed slightly while the personnel expenses ratio fell from 24% to 21%. EBIT includes non-cash one-off expenses of EUR 0.8 million in connection with the deconsolidation of SMT Scharf Saar GmbH after this company filed for insolvency in October 2009. As a result of a higher tax rate, consolidated net earnings fell slightly from EUR 5.3 million to EUR 5.1 million.
At the end of 2009 the order book totaled EUR 8.4 million, with 91% of this figure stemming from countries other than Germany. The previous year´s figure of EUR 26.2 million was exceptionally high because some mine operators issued orders in 2008 for which the machines were to be supplied in several stages. In addition, there also were unscheduled delays in orders from Russia at the end of 2008.
"We are pleased that we have been able to more than compensate for lower demand due to the international economic crisis and due to Germany´s decline with growth in other countries in 2009," comments Dr. Friedrich Trautwein, SMT Scharf AG´s CEO, on the figures. "Once again, the share of revenue from abroad increased. That shows that our strategy of expansion is working and that it already has generated additional international growth potential for us. This is the reason why we are confident that we will be able to further increase our revenues and earnings on average over the coming years."
The Managing and Supervisory Boards are proposing to the General Meeting for fiscal year 2009 to distribute a dividend of EUR 0.70 per share. This corresponds to a distribution rate of 54%. Based on the closing price of SMT Scharf´s shares on March 4, 2010, the dividend return is 6.3%.
The full group financial report for 2009 will be available for download during the course of the day at www.smtscharf.com in the Investor Relations section.
Company profile
The SMT Scharf group develops, builds and maintains rail-bound railway systems for mining and use in tunnels. The trains are used all over the world, primarily in hard coal mines, in gold mines and underground mining for platinum, diamonds, copper and nickel. They are used to transport material and personnel with working loads of up to 35 tons. Rail-bound railways are the only means of underground transport that can be used on branching lines to cope with inclines of more than 13 degrees. The SMT Scharf Group has its own companies in Germany, Poland, South Africa, China and Russia and additional dealerships. The railways that SMT Scharf develops are characterized in particular by their high-performance engines, great transport performance and low operating and maintenance costs. SMT Scharf records more than 80% of its revenue in high-growth foreign markets, such as Russia, China and South Africa. Business with replacement parts and repairs accounts for around 40% of revenue. As a result of the continuing depletion of deposits and due to increasingly difficult conditions, high-tech transport solutions are needed for mining operations. The entire market for underground transport technology comprises EUR 5 billion to EUR 7 billion per year according to the company´s estimates. SMT Scharf AG has been listed in the Prime Standard (Regulated Market) of the Frankfurt Stock Exchange) since April 11, 2007.
end of announcement euro adhoc
Further inquiry note:
Investor Relations
cometis AG
Susanne Gremmler
Tel: +49(0)611 - 205855-23
Fax: +49(0)611 - 205855-66
e-mail: gremmler@cometis.de
Branche: Machine Manufacturing
ISIN: DE0005751986
WKN: 575198
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
München / free trade