GILDEMEISTER increases sales revenues and earnings
- Sales revenues rose by 6% to € 975.0 million (previous year: € 916.8 million)
- Earnings after taxes: € 30.5 million (previous year: € 26.2 million)
- Cooperation with Mori Seiki successful internationally
Bielefeld. GILDEMEISTER has closed the first half year 2013 according to plan and has increased both sales and income in a challenging market environment. Sales revenues rose by 6% to € 975.0 million (previous year: € 916.8 million). EBITDA amounted to € 71.7 million (previous year: € 64.7 million), EBIT was € 49.1 million (previous year: € 45.4 million) and EBT rose to € 44.2 million (previous year: € 38.2 million). As at 30 June 2013, the group reported earnings after taxes of € 30.5 million (previous year: € 26.2 million). Order intake amounted to € 1,069.9 million (previous year: € 1,188.4 million).
Despite a continued reluctance to invest in Europe and a decline in order intake in Germany, GILDEMEISTER has strengthened its market position and has won market shares, most notably in Russia, the USA and Japan. The group’s international sales revenues rose by 20% to € 657.0 million (previous year: € 548.7 million). This is primarily a success of the partnership with Mori Seiki. An important factor is the joint opening of new markets. In the current financial year, GILDEMEISTER and Mori Seiki are combining their sales and service activities in China and Russia and subsequently intend to extend the cooperation to Canada and Brazil. This means that the cooperation partners will be jointly present on all the important markets worldwide by year-end 2013. GILDEMEISTER plans to intensify the cooperation with Mori Seiki through the capital measures scheduled for the second half year.
Compared to the previous year’s period, GILDEMEISTER improved sales revenues and earnings in the first half year according to plan: This was supported in particular by the positive development in the second quarter. In the first six months sales revenues rose by 6% to € 975.0 million (previous year: € 916.8 million). EBITDA reached € 71.7 million (previous year: € 64.7 million), EBIT was € 49.1 million (previous year: € 45.4 million) and EBT rose to € 44.2 million (previous year: € 38.2 million). As at 30 June 2013, the group reports earnings after taxes of € 30.5 million – an increase of 16% compared to the previous year (€ 26.2 million).
Despite the decline in market development, the GILDEMEISTER order intake in the first half year was € 1,069.9 million (previous year: € 1,188.4 million). International orders amounted to € 737.7 million (previous year: € 791.9 million). The proportion of international orders rose to 69% (previous year: 67%). The successful international specialist trade fairs, such as the CIMT in Beijing and the METALLOOBRABOTKA in Moscow, also contributed to this. Domestic orders at € 332.2 million (previous year: € 396.5 million) performed better than the industry’s orders in Germany (source: German Machine Tool Builders Association – VDW).
Forecast
The lack of momentum on the European market and a reluctance to invest in Germany are in contrast to the continued good developments on the Asian and American markets, as well as in Russia.
In the second half of 2013, GILDEMEISTER expects business to pick up. A particular boost to order intake is expected to come from the EMO in Hanover (16-21 September 2013), the most important trade fair worldwide for machines tools, where the company will be the largest exhibitor together with Mori Seiki and will present 93 machines.
For the year 2013, GILDEMEISTER is planning order intake of around € 2 billion. Due to these expectations, and based on our order backlog, sales revenues should amount to about € 2 billion. Primarily, the company is expecting significant contributions to sales revenues and earnings in the fourth quarter. Based on the premise that the market will continue to develop in line with our expectations, GILDEMEISTER is planning to achieve EBT of about € 120 million and, as a result, an annual net profit of about € 82 million. Subject to these developments, GILDEMEISTER is planning to make a dividend payout for financial year 2013.
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.