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Zumtobel AG
Austria

Zumtobel AG is an Austria-based company active in the lightening industry. It is the holding company of the Zumtobel Group. It operates on two segments: the Lighting Segment and Components Segment. The Lighting Segment covers luminaries, lighting management and lighting solutions business for indoor and outdoor applications, and comprises the Zumtobel, Thorn, and Reiss. The Components Segment develops and markets lighting components and management systems, LED (light-emitting-diodes) modules and systems and connection technology under the TridonicAtco brand. As of April 30, 2009, the Company operates 22 plants on four continents and cooperates with sales companies and partners in approximately 70 countries. It also acquired two new companies: Space Cannon VH SRL, Italy, and Zumtobel Residential Lighting srl, Italy. It also operates through 88 wholly owned, eight majority owned, and five affiliates subsidiaries in Austria, Australia, China, Great Britain and Malaysia, among others. 

http://www.zumtobelgroup.com



Zumtobel AG 1st Quarter Report (May – July 2011)
06.09.2011

Dynamic lighting business underpins growth strategy

Group revenues up 9.3% in Q1 at EUR 326.3 million 
Revenues from LED-based products almost doubled (+91%) 
Adjusted EBIT of EUR 18.2 million at prior-year level ( Q1 2010/11: EUR 18.3 million) 
Adjusted EBIT margin slightly down on prior year at 5.6% (Q1 2010/11: 6.1%) 
Headcount up by 73 in Q1 to 7,887 full-time-equivalent employees 
Full-year outlook for FY 2011/12: Guidance remains but uncertainty is increasing 
Dornbirn, Austria – The Zumtobel Group closed its books on the first quarter of the 2011/12 financial year (1 May to 31 July, 2011) with revenues of EUR 326.3 million. That represents an increase of 9.3% over a relatively weak first quarter of the previous year. Growth was again supported by the trend towards energy efficient lighting systems and the increased uptake of innovative LED technology. Adjusted for special effects, operating earnings before interest and taxes (adj. EBIT) were again at their prior-year level, totalling EUR 18.2 million for the quarter (adj. EBIT Q1 2010/11: EUR 18.3 million). The adjusted EBIT margin fell from 6.1% in the prior-year period to 5.6%. Net profit for Q1 attained a solid EUR 13.7 million (Q1 2010/11: EUR 13.6 million).
Developments by segment: Lighting Segment is the new growth driver
A breakdown by segment reveals that developments are continuing to proceed at different speeds in the new financial year, although in inverse proportions. While in the prior year it was the Components Segment (Tridonic and Ledon) that was the main growth driver for the Zumtobel Group, growth in the first quarter of 2011/12 was driven above all by a dynamic lighting segment (Zumtobel and Thorn), while the pace of growth in the Components Segment slowed substantially. Thus the Lighting Segment posted revenues of EUR 236.1 million in the reporting period (PY: EUR 211.6 million), which corresponds to growth of 11.6%. This means that the Lighting Segment was able to clearly outpace the commercial construction sector which remains very low-key. Revenues in the Components Segment rose by just 3.8% to EUR 110.3 million (PY: EUR 106.2 million). This dip in the growth rate is due above all to de-stocking on the customer side as well as to a drop in demand for magnetic ballasts. The LED business showed a further highly gratifying development in the first quarter. Total revenues from the sale of LED-based products rose 91.0% to EUR 36.6 million (PY: EUR 19.1 million). 
 

Zumtobel AG full-year results for 2010/11: Double-digit rise in revenues confirms return to growth
27.06.2011
Group revenues up 10.2% at EUR 1,228.2 million 
Adjusted EBIT rises over 50% to EUR 78.4 million; adj. EBIT margin at 6.4% 
Net profit for the year firmly back in the black at EUR 51.3 million (PY: -69.8 million) 
LED-based revenues surpass EUR 100 million mark 
Headcount increases 6.6% to 7,814 full-time-equivalent employees 
Proposed dividend of EUR 0.50 per share (PY: EUR 0.15) 
Outlook for 2011/12: Revenues up by approx.10%, upfront investments mean only slight improvement in adjusted EBIT margin 
In the 2010/11 financial year (01 May 2010 to 30 April 2011) the Zumtobel Group benefited strongly from the improved economic conditions and posted a 10.2% increase in Group revenues, which totalled EUR 1,228.2 million (prior year: EUR 1,114.6 million). Along with the positive business environment, two other factors that drove the internationally active lighting group’s growth were the trend towards energy-efficient lighting systems and the technology shift from conventional light sources to LEDs. As a result, the Zumtobel Group was able to buck the general trend in the commercial construction sector, which showed a marked downturn in calendar year 2010. 
The positive impact of revenue growth was also reflected in the Group’s earnings position. Adjusted for special effects, operating profit (adjusted EBIT) rose by EUR 27.0 million or 52.4% to EUR 78.4 million (PY: EUR 51.4 million). This equates to an improvement in adjusted EBIT margin to 6.4% (PY: 4.6%). Net profit for the year reached a sound EUR 51.3 million, following a substantial loss of EUR 69.8 million in the previous year, mainly as a result of an impairment charge to goodwill. For Zumtobel AG shareholders, this means that earnings per share reached EUR 1.19 in 2010/11 (PY: EUR -1.64). 
 

Adhoc Release: Zumtobel AG 1st Quarter Report (May - July 2010)
06.09.2010
Dornbirn, Austria – The Zumtobel Group, based in Dornbirn, Austria, has started the new financial year with a rise in revenues. The international lighting group posted a 7.5% increase in first-quarter revenues (May-July) which totalled EUR 299.4 million (prior year: EUR 278.6 million). Adjusted for positive currency translation effects, which amounted to EUR 15.0 million, revenues were up by 2.1%. Adjusted operating earnings (EBIT) reached EUR 17.1 million in the first quarter, a drop of 25.2% over the prior-year period (EUR 22.8 million). However, it should be noted that earnings for the first quarter of 2009/10 included a sizeable, non-recurring license payment. The adjusted EBIT margin stood at 5.7% (PY: 8.2%). Net profit for Q1 rose 33.9% to EUR 13.6 million (PY: EUR 10.2 million) on the back of an improvement in financial results. 
A breakdown by segment reveals that developments are continuing to proceed at different speeds: the Components Segment (Tridonic brand) is benefitting from an overall rise in demand, the switchover from magnetic to more sophisticated electronic ballasts and increases in market share. Revenues from the sale of lighting components were up by more than 20% in the first quarter at EUR 106.2 million (PY: EUR 87.8 million). Adjusted for foreign exchange effects, the increase in revenues amounted to 15.6%.The late-cyclical business of the Lighting Segment (Thorn and Zumtobel brands), by contrast, continued to feel the impact of the ongoing recession in the commercial construction sector. Revenues from the sale of luminaires rose 2.3% in Q1 to EUR 212.3 million (PY: EUR 207.5 million). Adjusted for foreign exchange effects, this equates to a 2.7% drop in revenues. 

Zumtobel AG third quarter report: Lighting group's business environment continues to stabilise in third quarter 
16.03.2010
Decline of "only" 1.5% in Q3 revenues far more moderate than in previous quarters 
Year-to-date revenues of EUR 827.3 million (minus 8.1%; FX-adjusted minus 7.0%) 
Adjusted EBIT for first three quarters: EUR 48.3 million (minus 22.9%; EBIT margin: 5.8%) 
Cost savings on target at EUR 59 million (target: EUR 100 million by end of FY 2010/11) 
Outlook: Moderate optimism for fourth quarter 
Dornbirn, Austria – For the Zumtobel Group based in Dornbirn, Austria, the signs of a gradual recovery in the operating environment continued to increase as the third quarter of the current financial year (May - January) drew to a close. In the first nine months of the financial year the international lighting group reported revenues of EUR 827.3 million, which equates to a drop of 8.1% over the comparable prior year period (EUR 900.5 million). After adjustment for negative currency translation effects, above all due to the weak British Pound, revenues were 7.0% lower. In Q3 (November - January), the seasonally weakest quarter of the year, the downturn in revenues was far more moderate than in the previous quarters. Third quarter revenues totalled EUR 255.3 million (PY: EUR 259.3 million) which represents a drop of "only" 1.5% (compared to minus 12.0% in Q1 and minus 9.6% in Q2), although this more moderate decline also resulted from the low comparative base of a weak third quarter in the prior year. 

The development of earnings reflected both the positive effects of the "Excellerate" efficiency programme initiated in the autumn of 2008 and the negative impact of growing pressure on prices –above all in the luminaire business – lower volumes and negative currency translation effects. In total, operating profit (adjusted EBIT) amounted to EUR 48.3 million for the first three quarters (PY: EUR 62.6 million; minus 22.9%). The adjusted EBIT margin equalled 5.8% (PY: 6.9%). One core contribution to the solid earnings picture was made by the cost savings of around EUR 59 million that have been realised by the "Excellerate" programme since it was launched. This means that the company has already achieved more than half its target for gross savings of up to EUR 100 million by the end of the 2010/11 financial year. 

"While it is still too early to say that the worst is over, there are signs of growing stability in our operating environment. In view of the difficult economic backdrop, we consider the development of earnings satisfactory. With our efficiency programme we have prepared the ground for putting the Zumtobel Group on a sound financial footing in this far-reaching economic crisis, while at the same time boosting productivity and improving our cost base," said Zumtobel Group CEO Andreas Ludwig, commenting on the earnings situation at the end of the third quarter. 
 

Tangible rise in demand in the Components Segment 
Broken down by segment, the figures above all reveal a tangible increase in demand in the Components Segment (TridonicAtco). Revenues at TridonicAtco rose by 6.0% in the third quarter on the back of a market recovery as well as higher market shares and an increase in stocks by customers. Cumulative revenues after the first three quarters in the Components Segment totalled EUR 267.3 million (PY: EUR 284.3 million; minus 6.0%). The development of the late cyclical project business in the Lighting Segment (Thorn / Zumtobel) was considerably more reserved. This segment was particularly hard hit by negative currency translation effects in the first three quarters, as well as by declining prices. Cumulative nine-month revenues for the Lighting Segment stood at EUR 611.3 million (PY: EUR 664.8 million; minus 8.0%). Business with the technology of the future, LEDs, continued its positive development in the first nine months, with revenues from the sale of LED-based products rising 48.1% to EUR 49.1 million (PY: EUR 33.1 million). 

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