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EANS-News: SHW AG
SHW AG on the road to further success in H1 2011
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- 6-month report Aalen-Wasseralfingen (euro adhoc) - SHW AG on the road to further success in H1 2011 Revenue rises by 27 percent to EUR178 million Adjusted EBIT improved by 49 percent to EUR13.8 million Outlook: Double-digit growth in FY revenues confirmed Aalen, 11 August 2011. SHW AG, one of the leading automobile suppliers of CO2-relevant components (pumps and engine components) and brake discs, recorded a very successful first half year 2011, due to production start-ups and the rise in global car production. Incoming orders of SHW AG increased by 29.0 percent to EUR182.6 million in the first six months of 2011 compared to the previous year. In the second quarter of 2011, incoming orders even rose by 32.4 percent to EUR91.5 million. Group revenues rose by 26.9 percent to EUR178.2 million in the first half of 2011. In the second quarter, revenues grew by 23.1 percent to EUR89.7 million. This increase resulted primarily from production start-ups and the significantly increased demand of SHW´s customers. The operating result adjusted for special effects (Adjusted EBIT) of SHW AG increased by 49.4 percent to EUR13.8 million in the first six months of 2011. In the second quarter of 2011, adjusted EBIT even rose by 79.9 percent to EUR7.5 million. In the first half of 2011, the resulting adjusted EBIT margin was 7.7 percent (H1 2010: 6.6 percent) and in the second quarter 8.4 percent (Q2 2010: 5.7 percent). The incurred special effects in the first half of 2011 totalling EUR2.2 million are mainly attributable to the IPO of SHW AG. "We look back on a very successful first half of 2011. We were able to achieve the highest half year sales in our company´s history and to further continue our profitable growth," says Dr. Wolfgang Krause, CEO of SHW AG. "Once again, this result demonstrates our success-ful strategic positioning." Due to a further repayment of the syndicated loan, financial expenses decreased from EUR1.2 million in first half of 2010 to EUR1.0 million. Financial income increased in the first half of 2011 compared to the previous year from EUR0.1 million to EUR2.1 million. This includes a EUR2.0 million special income from the fair value measurement of a receivable. Overall net profit in the first half of 2011 was EUR9.5 million and therefore 91.3 percent above the prior year results of EUR5.0 million. In the second quarter of 2011, net income increased by outstanding 198.2 percent to EUR6.5 million. Further improvement of equity ratio The assets and financial position of SHW AG at the end of the first half of fiscal year 2011 can be described as very solid. The equity ratio of the company stood at 29.1 percent as of 30 June 2011, after 16.7 percent last year. "In the first half, we were able to increase all indicators, by which we manage our business. The significant improvement of our equity ratio to 29.1 percent confirms our solid financial position," says Oliver Albrecht, CFO of SHW AG. "At the same time, our healthy balance sheet and low debt is supporting our growth course." As a leading technology partner to its clients, SHW AG develops and produces innovative products that contribute to a reduction of fuel consumption and consequently CO2 emissions. The importance of research and development for SHW AG is also reflected in an increase of research and development expenditure, which rose by 43 percent year-on-year to EUR2.6 million in the first half of 2011. Due to upcoming production start-ups, investments increased from EUR4.5 million in the first half of 2010 to EUR8.5 million in the first half of 2011. In the second quarter of 2011, investments amounted to EUR5.2 million after EUR3.0 million in the prior-year pe-riod. Positive development in both business segments In the first six months of 2011, revenues of the business segment Pumps and Engine Components significantly increased by 26.1 percent to EUR130.3 million. The strong sales growth of the first quarter 2011 could be continued with a growth rate of 25.4 percent to EUR66.9 million in the second quarter. The Passenger Car division benefited from the continued strong demand of car manufacturers and the continued increase of demand for variable oil pumps. The Truck & Off-Highway division and the Powder Metallurgy division developed positively as well. The operating result adjusted for special effects (Adjusted EBIT) for the business segment rose by 38.3 percent to EUR13.3 million in the first half of 2011. In the second quarter of 2011, adjusted EBIT of the business segment increased by 51.3 percent to EUR7.4 million. The business segment Brake Disc benefited from the significant rise in demand for high quality brake discs. In the first half of 2011, the revenue of the business segment increased by 29.4 percent to EUR47.9 million. In the second quarter of 2011, revenue rose by 16.8 percent to EUR22.8 million. The operating result adjusted for special effects (Adjusted EBIT) rose by EUR2.0 million to EUR1.6 million in the first six month. In the second quarter of 2011, adjusted EBIT increased from minus EUR0.3 million last year period to EUR0.6 million. Outlook Under the precondition that the economic conditions does not deteriorate persistently, SHW AG continues to assume double-digit growth in revenues for the full year along with an im-provement in the Group´s operating result. Growth rates in the third and fourth quarter of 2011 are likely to be slightly lower compared to the very strong second half of 2010. Other dates: Publication of the figures for the third quarter of financial year 2011 is scheduled for 10 No-vember 2011. Key Financials SHW Group (in K EUR1) Q2 2011 Q2 2010 Changes H1 2011 H1 2010 Changes Revenues 89,713 72,886 23.1% 178,194 140,381 26.9% EBIT 6,463 3,522 83.5% 11,531 8,036 43.5% as % of revenues 7.2% 4.8% 6.5% 5.7% - Net profit 6,497 2,179 198.2% 9,547 4,990 91.3% Earnings per share (EUR )2 1.11 0.37 198.2% 1.63 0.85 91.3% Adjusted EBIT3 7,529 4,184 79.9% 13,779 9,223 49.4% as % of revenues 8.4% 5.7% - 7.7% 6.6% - Cash flow from operating activities 7,684 13,118 -41.4% 8,289 15,341 -46.0% Cash flow from operating activities / revenues 8.6% 18.0% - 4.7% 10.9% - Equity - - - 46,796 26,112 79.2% Equity ratio - - - 29.1% 16.7% - Net bank debt - - - 13,641 16,327 -16.5% Employees as of 30 June (number)4 - - - 1,078 1,007 7.1% 1 Unless otherwise indicated 2 For the reason of comparability based on share capital of 5,851,100 ordinary bearer shares 3 Adjusted for special effects, cf. interim group management report 4 Excluding trainees and temporary staff About SHW The enterprise was established in 1365, making it one of the oldest industrial enterprises in Germany. Today, the SHW AG is a leading supplier of products that essentially contribute to a reduction of fuel consumption and consequently CO2 emissions. Through its Pumps and Engine Components business segment, SHW Group develops and produces pumps for passenger vehicles and truck & off-highway applications (trucks, agricultural and construction vehicles, as well as stationary engines and wind power stations). In its Brake Disc business segment, SHW Group develops and manufactures monobloc ventilated brake discs made from cast iron as well as composite brake discs made from a combination of an iron friction ring and aluminium pot. Customers of the SHW Group include notable European and North American producers of passenger cars and commercial vehicles. The SHW Group has four manufacturing sites in Germany. These are located in Bad Schussenried, Aalen-Wasseralfingen, Tuttlingen-Ludwigstal and Neuhausen ob Eck. Through a 50 percent interest in the Canadian company STT Technologies Inc., the company also has manufacturing sites in Canada and Mexico. With slightly more than 1,000 employees, the SHW Group generated approx. EUR290 million in revenues in 2010. For further information visit: www.shw.de Forward-Looking Statements This press release may contain forward-looking statements based on current assumptions and forecasts made by SHW AG management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. The company assumes no liability whatsoever to update these forward-looking statements or to confirm them to future events or developments. Disclaimer This press release does not constitute an offer for the sale of securities in the United States of America, Canada, Australia, Japan or other jurisdictions in which offers are subject to legal restrictions. The securities referred to in this press release may not be sold or offered for sale in the United States of America under the regulations of the U.S. Securities Act of 1933, as amended (the "Securities Act"), absent registration or an exemption from registration. Subject to certain exemptions in accordance with the Securities Act, the securities referred to in this announcement may not be sold or offered for sale in Australia, Canada or Japan or to or for the account of Australian, Canadian or Japanese persons. No registration will take place of the offer or sale of the securities referred to in this press release in accordance with the respective legal requirements in Canada, Australia and Japan. No public offer of securities is made 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 E-Mail: firstname.lastname@example.org end of announcement euro adhoc -------------------------------------------------------------------------------- company: SHW AG Wilhelmstrasse 67 D-73433 Aalen-Wasseralfingen 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: regulated dealing/prime standard: Frankfurt, free trade: Stuttgart, Düsseldorf language: English