Interim report First 6 months 2006 GILDEMEISTER enhances annual forecast
Bielefeld. The worldwide demand for machine tools continues to develop positively and also the German market again shows growth tendencies. In the second quarter, GILDEMEISTER had a healthy order intake and was able to further increase sales revenues and results. In the first half year, sales revenues rose by 14% to Euro 591.4 million. Order intake increased by 23% to Euro 707.2 million. Profitability also developed according to plan: EBITDA reached Euro 43.5 million (previous year: Euro 34.0 million), EBIT was Euro 28.2 million (previous year: Euro 19.4 million). EBT rose to Euro 12.5 million (previous year: Euro 3.8 million). As at 30 June 2006 the group reports an annual profit of Euro 6.3 million (previous year: Euro 1.7 million).
GILDEMEISTER assumes that the positive business development will also continue during the second half of the year. Taking into account the autumn trade fairs we now want to achieve an order intake of more than Euro 1.3 billion in the entire year. In view of our order backlog we are now planning to increase sales revenues to more than Euro 1.2 billion. For the financial year 2006, we expect an improvement in EBT and the annual profit by more than 40%. We are planning the distribution of a dividend for the current financial year.
In the second quarter sales revenues reached Euro 317.3 million (+16%) as planned the value of the first three months (Euro 274.1 million). In the first six months sales revenues reached Euro 591.4 million and were thus 14% above the previous year (Euro 517.8 million). Domestic sales revenues rose by 21% to Euro 267.5 million. International sales revenues increased by 9% to Euro 323.9 million. The export rate was 55% (previous year: 57%).
In the second quarter order intake rose by 26% to Euro 368.0 million (previous year: Euro 293.2 million). In total, order intake augmented during the first six months to Euro 707.2 million and was thus 23% or Euro 133.0 million over the previous year (Euro 574.2 million). Domestic orders increased by 24% to Euro 312.7 million (corresponding period of the previous year: Euro 251.5 million). International orders remained at a high level, increasing by 22% to Euro 394.5 million (previous year: Euro 322.7 million). As in the previous year, the international rate was 56%. The increase in orders can be attributed to our innovative products and the internationally geared marketing activities as well as to successful participation at the important trade fairs. In particular in Asia, Europe and Germany, order intake developed to our satisfaction during the first six months.
As at 30 June 2006, the order backlog in the group was Euro 448.6 million.
EBITDA and EBIT have improved during the second quarter according to plan compared to the first quarter and also compared to the previous year's figures. EBITDA amounted to Euro 26.0 million (previous year: Euro 21.1 million). EBIT increased to Euro 18.4 million (same quarter of the previous year: Euro 13.6 million). At the end of the first six months EBITDA reached to Euro 43.5 million (previous year: Euro 34.0 million); EBIT was Euro 28.2 million (previous year: Euro 19.4 million). EBT with Euro 12.5 million was Euro 8.7 million over the comparable previous year's figure (Euro 3.8 million). After taxes, the group reports an annual profit of Euro 6.3 million as at 30 June 2006 (previous year: Euro 1.7 million).
The GILDEMEISTER share followed the SDAX development in the second quarter. After having a price of Euro 7.25 on 3 April 2006, the share price increased to the highest level this year so far of Euro 8.45 on 10 May 2006. After this, it followed the market decline, reaching its lowest level of Euro 6.70 on 8 June. At the end of the half year, the share was quoted at Euro 7.22 (30 June 2006). At present, the share is listed at Euro 7.40 (1 August 2006).
As at 30 June 2006, GILDEMEISTER had 5,287 employees, of which 135 were trainees (31 March 2006: 5,270). The number of employees has slightly increased by 17. At the end of the first quarter, 3,134 staff members (59%) worked at the domestic and 2,153 staff members (41%) at the foreign companies. The personnel expenditure was Euro 155.1 million (same quarter of the previous year: Euro 147.5 million). The personnel expenditure quota was reduced to 25.3% (previous year: 27.3%).
GILDEMEISTER assumes that the good business development will also continue in the second half of the year. Our planning is based on innovative product development, lasting optimisation of our global market presence and stable use of tool machines in Asia - especially in China and Japan - and further growth tendencies on the domestic market. Taking into account the autumn trade fairs we now want to achieve an order intake of more than Euro 1.3 billion in the entire year. In view of our order backlog we are now planning to increase sales revenues to more than Euro 1.2 billion. For the financial year 2006, we expect an improvement in EBT and annual profit by more than 40%. We are planning the distribution of a dividend for the current financial year.
GILDEMEISTER Aktiengesellschaft
The Executive Board
Consolidated Financial Statements of GILDEMEISTER Aktiengesellschaft was drawn up in accordance with the International Financial Reporting Standards (IFRS). The Interim Report has not been audited.
Please note: We will be glad to send you the complete interim report of the first six months 2006 on request.
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.