euro adhoc: HTI - High Tech Industries AG / Financial Figures/Balance Sheet / HTI DEVELOPS INTO A TECHNOLOGY GROUP, INCREASING SALES BY 33.4%
Geschrieben am 14-08-2008 |
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
6-month report
13.08.2008
HTI DEVELOPS INTO A TECHNOLOGY GROUP, INCREASING SALES BY 33.4%
Sales increased 33.4% to TEUR 99,778 - EBITDA: +4.8% to TEUR 8,826 - EBIT: +2.7% to TEUR 3,335 - successful acquisition of HTP Skinline, Theysohn, Technoplast and Hitzinger - Restructuring of automotive activities in the Plastics Processing segment due to economic downturn - 2008 sales target: about EUR 200 million
St. Marien, August 14, 2008 - The first six months of the current 2008 business year of HTI High Tech Industries AG were characterized by an intensive phase of strategic acquisitions. Furthermore, the founding of the Romanian subsidiary for mold production is a further step which lays the groundwork for dynamic organic growth, driving the expansion of HTI Group to the Eastern European growth markets.
Peter Glatzmeier, Chairman of the Management Board of the HTI Group, commented on the first half of 2008: "We are gratified at the record level of sales and the successful conclusion of our acquisitions. On the basis of these takeovers, we have achieved a future-oriented positioning of the company. As an international technology group with core markets in lightweight construction, engineering and energy technology, we have created a solid basis for our future business development. Moreover, we have reacted in a timely manner to the global economic slowdown in the automobile industry, and already initiated a project to restructure HTP Automotive in the first half of 2008. The measures to be implemented call for transferring the production of automotive components to our Eastern European plants in Slovakia and Romania. At the same time, our production sites in Austria and Germany will be redimensioned. This project is expected to be completed by the end of 2008, in order to ensure a positive effect on earnings in the 2009 business year. Additional earnings potential will be exploited by the consolidation of production in the Metals Processing segment at one site. This bundling of our manufacturing capabilities will create an annual cost savings potential of about EUR 4 million, which will be leveraged starting in the 2009 business year. We expect sales of about EUR 200 million in 2008 and break-even earnings. In 2009, we will reap the benefits of our efforts, with sales expected to reach EUR 270-300 million, with a perceptible improvement in profitability."
In the first six months of the current business year, total sales climbed by 33.4%, from TEUR 74,805 in the first half-year 2007 to TEUR 99,778. Earnings before interest, tax, depreciation and amortization (EBITDA) of the HTI Group improved by 4.8%, from TEUR 8,419 to TEUR 8,826. Earnings before interest and tax (EBIT) rose 2.7%, from TEUR 3,247 to TEUR 3,335. The earnings margin declined due to the ongoing unfavorable currency exchange rate developments, the one-off expenses related to the modernization and relocation of Gruber & Kaja, and the integration of the acquired subsidiaries.
The Metals Processing segment succeeded in further increasing its sales in the first half of the 2008 business year. Although the transfer of the Gruber & Kaja machinery from the former production site to the new facility in St. Marien was carried out and full production capacity had not yet been achieved during the period under review, sales of the Metals Processing segment reached TEUR 33,684 in the first half-year 2008 (H1 2007: TEUR 28,887). This represents a share of 34% of total Group sales. The segment´s results from operating activities rose from TEUR 825 to TEUR 1,904, and the EBIT margin improved from 2.9% to 5.7%.
Sales in the Plastics Processing segment during the first half of the 2008 business year rose to TEUR 40,519 (H1 2007: TEUR 38,343). The above-mentioned economic slowdown in the automotive sector and the accompanying package of measures had a negative impact on earnings in this segment. In addition, the one-off investments and start-up costs in connection with the new plant construction in Slovakia, the founding of the Romanian subsidiary and the integration of HTP Skinline also had a negative effect on this segment´s business results. The segment´s EBITDA and EBIT both declined compared to the first half of the previous year. In the first six months of 2008, EBITDA amounted to TEUR 1,469 (H1 2007: TEUR 4,705), whereas EBIT was TEUR -2,243 (H1 2007: TEUR 1,083). Accordingly, the EBIT margin of the segment in the first half of 2008 was -5.5%, down from the previous year´s level of 2.8%. A positive earnings development is expected in 2009 following the implementation of the restructuring measures and the resulting improvement in the company´s automotive activities.
The Mechanical Engineering segment expanded at the fastest rate: with sales of TEUR 25,706 (H1 2007: TEUR 7,576), this segment generated a disproportionately high share of the results from operating activities of the entire HTI Group. The EBIT of the Mechanical Engineering segment, at TEUR 4,094 represents an EBIT margin of 15.9%. Due to organic and acquisition-related growth, the share of total Group sales climbed form 10% to 26%. A further increase in the share of Group sales generated by the Mechanical Engineering segment will take place in the third quarter of 2008 due to the initial consolidation of Technoplast and Hitzinger.
The Management Board believes prospects are good that the company will achieve the target of about EUR 200 million in annual sales, and earnings at the break-even point. The main cornerstones enabling HTI to achieve these targets are the strengthening of the Mechanical Engineering segment, the current series of measures being implemented in the Plastics Processing segment as well as ongoing research and development activities. For the 2009 business year, sales of EUR 270-300 million are expected. Assuming the effectiveness of all the measures which have been initiated as well as a stable external business environment, the Management Board anticipates a perceptible improvement in profitability. Additional earnings potential will be exploited on the basis of the recent acquisitions, the conclusion of the redimensioning drive in the Plastics Processing segment and the expansion of the company to the high-growth markets of Eastern Europe.
Note: The two companies Gruber & Kaja and BBG Baugeräte were initially consolidated as of February 1, 2007. For this reason, the performance of the HTI Group in the first half of the 2008 business year is not fully comparable to half-year 2007 results. A comparison also only has limited validity, due to the fact that the companies HTP Skinline and Theysohn were initially consolidated in the first half of 2008, as of January 1, 2008 and April 1, 2008 respectively. The initial consolidation of Technoplast and Hitzinger is planned for September 30, 2008. The two firms will be assigned to the Mechanical Engineering segment.
Key figures of the HTI Group (IFRS) H1 2008 H1 2007 Total sales TEUR 99.778 74.805 Plastics Processing segment TEUR 40.519 38.343 Metals Processing segment TEUR 33.684 28.887 Mechanical Engineering segment TEUR 25.706 7.576 EBITDA TEUR 8.826 8.419 EBIT TEUR 3.335 3.247 EBT TEUR 445 1.730 Consolidated net profit for the period TEUR 314 1.647 EBITDA margin % 8,8 11,3 EBIT margin % 3,3 4,3 EBT margin % 0,4 2,3 Consolidated earnings margin % 0,3 2,2 Earnings per share EUR 0,02 0,13
Total assets TEUR 264.717 196.265 Equity TEUR 49.210 45.434 Equity ratio % 19 23 Gearing* % 219 115 Investments TEUR 14.174 8.716 Depreciation and amortization TEUR 5.491 5.172 Gross cash flow TEUR 4.357 6.965 Cash flow from operating activities** TEUR -7.864 7.866
Average number of employees for the period Number 1.423 1.063 Sales/employee TEUR 70 70
* Related to acquisitions and organic growth
** The cash flow from operating activities is primarily attributable to changes in working capital as well as start-up investments for the series production of new products in the Plastics Processing and Metals Processing segments.
end of announcement euro adhoc --------------------------------------------------------------------------------
ots Originaltext: HTP High Tech Plastics AG Im Internet recherchierbar: http://www.presseportal.de
Further inquiry note:
HTI High Tech Industries AG, Mr. Peter Glatzmeier, Chairman of the Management Board, Tel: +43 (0) 3862 304 - 8590, Fax: +43 (0) 3862 304 - 7598, p.glatzmeier@hti-ag.at
HTI High Tech Industries AG, Ms. Nadja Goyer, Investor Relations, Tel: +43 (0) 3862 304 - 8562, Fax: +43 (0) 3862 304 - 7598, n.goyer@hti-ag.at
Branche: Holding companies ISIN: AT0000764626 WKN: A0DQ9W Index: WBI Börsen: Wiener Börse AG / official market
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