GILDEMEISTER also achieves positive results in 2010
Bielefeld. The worldwide machine tool crisis has been overcome. The worldwide market for machine tools is also developing positively again. GILDEMEISTER recorded a clear upwards trend in 2010. Order intake rose by 24% to € 1,418.4 million (previous year: € 1,145.9 million). Of this, the machine tool business accounted for € 854.2 million, the business area “Services” for € 419.2 million and “Energy Solutions” for € 144.8 million. Sales revenues grew by € 195.6 million (+17%) to € 1,376.8 million (previous year: € 1,181.2 million).
GILDEMEISTER achieved positive results in financial year 2010 and thus confirms its goals. Profitability developed as follows: EBITDA amounted to € 73.6 million (previous year: € 60.9 million); EBIT totalled € 44.7 million (previous year: € 31.8 million). EBT was positive at € 6.5 million (previous year: € 7.1 million). The group annual net profit amounted to € 4.2 million (previous year: € 4.7 million). Earnings per share amounted to € 0.09. As already announced, we will propose to the annual general meeting of shareholders on 13 May 2011 that no dividend be distributed for financial year 2010. All figures are provisional and are subject to audit as well as to the approval of the annual accounts by the Supervisory Board.
Sales revenues rose by € 195.6 million or 17% to € 1,376.8 million (previous year: € 1,181.2 million). Sales revenues in the fourth quarter reached € 518.4 million (+55%). In the “Machine Tools" segment, sales revenues for the whole year of € 769.9 million were up on the previous year’s figure (€ 757.7 million). “Services” rose to € 367.2 million (+18%). In “Energy Solutions“ we were able to double sales revenues to € 239.5 million (+113%) (previous year: € 112.3 million).
Group international sales revenues rose to € 877.7 million (+28%), domestic sales revenues amounted to € 499.1 million (+1%). The export ratio amounted to 64% (previous year: 58%).
Regarding the order intake we registered increasing successes in the course of the year. It rose by 24% to € 1,418.4 million (previous year: € 1,145.9 million). In the fourth quarter order intake reached € 404.6 million (previous year: € 327.7 million) – an increase of 23%. In our core business of “Machine Tools“ we were able to increase order intake considerably by 50% to € 854.2 million for the whole year (previous year: € 568.0 million). “Services“ also developed positively, order intake rose by +60% to € 419.2 million (previous year: € 262.8 million). In “Energy Solutions” we recorded order intake of € 144.8 million (-54%). Due to the high order backlog, order intake performed below the previous year’s level as planned. In total, domestic orders rose by 56% to € 537.7 million (previous year: € 343.9 million). International orders grew by 10% to € 880.7 million (previous year: € 802.0 million). International orders accounted for 62% of orders (previous year: 70%).On 31 December 2010, the order backlog within the group amounted to € 628.3 million.
GILDEMEISTER achieved positive results and thus confirms its goals for financial year 2010. Following on from the third quarter, the fourth quarter was also positive as expected. EBITDA reached € 43.4 million (previous year: € 15.4 million), EBT rose to € 35.6 million (previous year: € 8.0 million). EBT amounted to € 24.8 million (previous year: € 0.1 million).Earnings after taxes amounted to € 17.8 million (previous year: € 0.2 million).
As of 31 December 2010, profitability developed as follows: EBITDA over the whole year amounted to € 73.6 million (previous year: € 60.9 million); EBIT totalled € 44.7 million (previous year: € 31.8 million). EBT was positive at € 6.5 million (previous year: € 7.1 million). The group annual net profit amounted to € 4.2 million (previous year: € 4.7 million). We consider the result achieved to be positive, given the background of the worst machine tool crisis in history and the structural changes in the competitive environment.
As of 31 December 2010, GILDEMEISTER had 5,445 employees, of whom 213 were trainees (previous year: 5,450). Compared to the previous year, the number of employees has practically remained the same. In expectation of an improvement in business development, we have purposely retained our highly-qualified specialist personnel. At year-end, 3,306 employees (61%) worked for our domestic companies and 2,139 employees (39%) for our international companies. The personnel ratio was 24.2% (previous year: 30.3%); employee expenses decreased by € 13.2 million to € 332.9 million (previous year: € 346.1 million).
The GILDEMEISTER share made clear gains in value in the first eight months of the year and most especially in the fourth quarter. With an increase of 47% (year-on-year), the GILDEMEISTER share performed better than the MDAX (+35%). The share started the last stock market year 2010 at a price of € 11.62 (4 Jan. 2010) and reached its highest value of the year of € 17.28 on 14 December 2010. The lowest value of the year was € 7.53 (25 May 2010). The share closed the year on 30 December 2010 at € 16.70. The share is currently quoted at € 16.85 (7 Jan. 2011).
Forecast 2011
Current forecasts for machine tools expect further growth in 2011. The VDW (the German Machine Tool Builders Association) expects consumption worldwide to increase by 20% and even by some 30% in Germany.
GILDEMEISTER has made a good start to the business year 2011. Order intake has been developing positively as expected. Our traditional in-house exhibition in Pfronten ended last Saturday with order intake of € 107.7 million (+102%) and 391 machines sold, it was thus the most successful in-house exhibition of all time. In the first quarter of 2011 we are expecting order intake of more than € 350 million (previous year’s quarter: € 302.3 million) and sales revenues of more than € 300 million (previous year’s quarter: € 244.4 million). The result will improve significantly to the comparable quarter of the previous year.
We plan to carry out capital increases, which was already announced at the end of last year, in the first six months of 2011 - given an ongoing friendly capital market environment. GILDEMEISTER is confident of achieving significant cash inflows. We will announce in due time the terms of the capital increases.
GILDEMEISTER takes an optimistic view of financial year 2011. We are expecting further growth in demand for machine tools worldwide and for the service business. The “Energy Solutions“ business division will also continue to develop positively. For the whole year we are now expecting order intake of more than € 1.6 billion and sales revenues of over € 1.5 billion. GILDEMEISTER is strategically well-positioned to grow profitably again. We are expecting considerable growth in EBT and net profit.
In financial year 2012 we are expecting dynamic development in all our business divisions. We are assuming a further increase in order intake, sales revenues and results.
GILDEMEISTER Aktiengesellschaft
The Executive Board
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.