Press Release Financial Reports
11.02.2009|Demand in 4th quarter shows first signs of recovery trend​​​​​​​

GILDEMEISTER achieves positive result in 2009 ​​​​​​​

Bielefeld. The entire economic situation in 2009 was marked by the economic crisis. The worldwide machine tool market suffered its worst crisis in history: demand fell worldwide by 30%, in Germany by 60%. Even GILDEMEISTER clearly felt the effects of this development: order intake declined by 39% and reached € 1,145.9 million (previous year: € 1,882.0 million). Sales revenues fell by € 722.8 million (-38%) to € 1,181.2 million (previous year: € 1,904.0 million); it was possible to avoid a greater decline through the good order backlog at the start of the year.

GILDEMEISTER achieved a positive result for 2009. As a consequence of lower sales revenues, the results decreased markedly; the fourth quarter was slightly positive as planned. EBITDA amounted to € 61.5 million (previous year: € 188.9 million); EBIT totalled € 32.4 million (previous year: € 158.2 million). EBT was positive at € 7.1 million (previous year: € 126.7 million). Net profit in the group amounted to € 4.7 million (previous year: € 81.1 million). We have reached our target of achieving a positive result (EBT). All figures are provisional and are subject to audit as well as to the approval of the annual accounts by the Supervisory Board.

Due to the economic crisis, the financial year 2009 was one of the most difficult years for machine tools industry and also for GILDEMEISTER in its corporate history. 2010 will be another difficult year, before recovery will start in 2011.

Sales revenues fell by € 722.8 million (-38%) to € 1,181.2 million (previous year: € 1,904.0 million); it was possible to avoid a greater decline through the good order backlog at the start of the year. In the fourth quarter, sales revenues amounted to € 333.5 million and were thus 38% below the previous year’s period (€ 540.8 million). In the “Machine Tools” segment, sales revenues for the whole year decreased to € 757.7 million (-36%). The “Services“ segment achieved € 423.3 million (-41%), of which the “Solar Technology” division contributed € 88.5 (previous year: € 199.5 million). Domestic sales revenues fell to € 496.5 million (-40%); international sales revenues decreased to € 684.7 million (-36%). The export share amounted to 58% (previous year: 56%).

Order intake declined by 39% and reached € 1,145.9 million (previous year: € 1,882.0 million). In the first three quarters, order intake developed analogously to the difficult market environment in that it declined sharply. In the fourth quarter, order intake reached € 327.7 million (previous year: € 289.2 million). Over the whole year, the machine tool business decreased by 51% to € 568.0 million. The service business amounted to € 577.7 million (-21%); the solar business at € 299.8 million (+85%) developed positively. International orders amounted to € 802.0 million (previous year: € 1,038.6 million). Domestic orders decreased by 59% to € 343.9 million (previous year: € 843.4 million). The international quota was 70% (previous year: 55%).

On 31 December 2009 the order backlog within the group amounted to € 586.7 million (-19%), of which € 248.2 million or 42% were attributable to the “Solar Technology“ division.

GILDEMEISTER achieved a positive result for 2009. As a consequence of the lower sales revenues, the results declined markedly; the fourth quarter was slightly positive as planned. EBITDA amounted to € 61.5 million (previous year: € 188.9 million); EBIT totalled € 32.4 million (previous year: € 158.2 million). EBT was positive at € 7.1 million (previous year: € 126.7 million). Net profit in the group amounted to € 4.7 million (previous year: € 81.1 million). We reached our target of achieving a positive result (EBT).

As at 31 December 2009, GILDEMEISTER had 5,450 employees (previous year: 6,451), of whom 253 were trainees. Compared to year-end 2008, the personnel decreased by 1,001 employees (-16%). Moreover, we adjusted capacities primarily by using short-time working. In particular, we reduced personnel in the “Machine Tools” segment. Also in the “Services“ segment we realised adjustments at some companies in Europe, America and Germany. At year-end, 3,443 employees (63%) worked for our domestic companies and 2,007 employees (37%) for our international companies. The personnel quota was 30.3% (previous year: 20.7%). Personnel expenses fell by € 58.6 million to € 346.9 million (previous year: € 405.5 million).

The GILDEMEISTER share gained considerably in value in 2009. With a gain in value of 44% (year-on-year), the share outperformed the MDAX (+34%). The share started the stock market year at a price of € 7.49 (2 Jan. 2009) and closed the year on 30 December 2009 at € 11.33. The good performance of the GILDEMEISTER share was driven by the positive development of the ”Solar Technology“ division and by the cooperation with Mori Seiki. At the present time the share is quoted at € 10.33 (10 Feb. 2010).

Forecast 2010:
Forecasts of the German Engineering Federation (VDMA) are assuming stagnation; the German Machine Tool Builders Association (VDW) is expecting a further global decline in the machine tool business.

GILDEMEISTER has started the new financial year with cautious optimism: As anticipated, order intake is still proceeding at a restrained but rising level. We note increasing investment interest in machine tools. The satisfactory order intake result in January from the NORTEC (Hamburg) and in February at the traditional open house in Pfronten confirms our planning approach. With order intake of € 58.5 million and 292 machines sold GILDEMEISTER received its first positive impetus from the industry highlights at the start of the year. We are expecting growth in order intake in the first quarter in comparison to the previous year’s first quarter (€ 236.8 million). Sales revenues in the first quarter will lie clearly below the level of the previous year. The reason for this is the strong decrease in order backlog in “Machine Tools”. The recovery in order intake will have a delayed effect on sales revenues. For the first quarter we are expecting a negative result (EBT).

The financial year 2010 will put GILDEMEISTER to the test once again; we are facing a difficult year. We have reacted quickly and the adjustment measures carried out create a good starting position for the future. We are still expecting a difficult international market environment in ”Machine Tools”. In “Services”, we are awaiting a recovery of the market. For the solar business, we expect a positive development. For the financial year 2011 a sustainable recovery is anticipated.

GILDEMEISTER Aktiengesellschaft 
The Executive Board

Disclaimer, Forward-looking statement

Disclaimer, Forward-looking statement

Statements relating to the future:

This press release contains forward-looking statements, which are based on current estimates of the management of future developments. Such statements are based on the management's current expectations and specific assumptions. They are subject to risks, uncertainties and other factors, which could lead to the actual future circumstances, including the assets, liabilities, financial position and profit or loss of GILDEMEISTER, differing materially from or being more negative than those expressly or implicitly assumed or described in these statements. The business activities of GILDEMEISTER are subject to a series of risks and uncertainties, which may result in forward-looking statements, estimates or forecasts becoming inaccurate. Should one of these factors of uncertainty or other unforeseeable event occur, or should the assumptions on which these statements are based prove incorrect, the actual results may differ materially from the results stated, expected, anticipated, intended, planned, aimed at, estimated or projected in these statements. Forward-looking statements must not be understood as a guarantee or assurance of the future developments or events contained therein.

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