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Greiffenberger AG  
Exchanges: Germany

Greiffenberger AG is a Germany-based holding company, focused on manufacture of electrical equipment. The Company divides its business activities into three segments. Drive Technology segment operates through the wholly owned subsidiary ABM Greiffenberger Antriebstechnik GmbH, which develops special drive solutions, including electric motors, gearboxes and electronic drive controls. Metal Band Saw Blades and Precision Strip Steel segment operates through the wholly owned subsidiary J. N. Eberle & Cie. GmbH, which produces band-saw blades, precision strip steel and bimetal strip steel. The segment Pipeline Renovation Technology operates through the subsidiary BKP Berolina Polyester GmbH & Co. KG, which specializes in processing of glass fiber-reinforced plastics for pipes, septic tanks, fuel oil storage tanks and vessels for industrial use. The Company operates worldwide through subsidiaries in Austria, Switzerland, France, the Netherlands, Denmark, Italy, China and the United States.
Friedenfelser Strasse 24
Marktredwitz, 95615
+49-821-5212261 (Phone)
+49-821-5212275 (Fax)

August 24, 2011
Press Release by the Greiffenberger AG (WKN 589 730 / ISIN DE0005897300) 

Greiffenberger AG: Result in the 1st half year remains slightly below the good level of turnover

• Turnover up 17 % to € 75.3 m, incoming orders increase 50 % to € 83.3 m
• EBITDA of € 6.7 m and EBIT of € 3.4 m with potential for further improvements
• Forecast 2011 - turnover of € 150 - 160 m; EBITDA of € 13 - 16 m

Marktredwitz and Augsburg, August 24, 2011 – The Greiffenberger Group increased turnover in the first half of 2011 by 17 % to € 75.3 m. As a result turnover is again at the pre-crisis level achieved in the first half of 2008. At the same time total incoming orders at more than € 83 million came in significantly higher than the turnover of the first six months and higher than the incoming orders of the same period in the previous year. The volume of orders of around € 50 million as of June 30, 2011, has increased by 50% compared to the previous year.

On the earning side there were signs of significant increases in the prices for raw materials and bought-in parts. The gross profit (EBITDA) after six months stood at € 6.7 million, slightly below the previous year's level of € 7.2 million. The operating result (EBIT) amounted to € 3.4 million following € 3.8 million in the same period of the previous year. Earnings per share after six months stood at € 0.15 (2010: € 0.33). One reason in particular for the difference in the amount is the tax rate that has since normalized, because there was a one-time income in the same period of the previous year. 
Stefan Greiffenberger, CEO of Greiffenberger AG, comments: "We are still not satisfied with the earnings performance. The one-off effect that resulted when we completely relocated our subsidiary BKP and the significantly higher procurement prices across the entire Group, which we have not yet been able to completely offset, are both having a negative impact. At the same time, turnover and incoming orders are showing us that there is high demand for our products both in the classic segments such as metal band saw blades as well as in new target markets such as warehousing logistics."

In view of the good level of demand, the continuing health of the sector and our own high order volumes, the Greiffenberger Group is planning sales for 2011 in the range of € 150-160 million, following € 139.9 million in 2010. An EBITDA in the range of € 13-16 million is expected for the full-year, following an EBITDA of € 14.4 million in 2010 and € 6.7 million in the first half-year 2011. This means that the expected result is approximately at the same level of the previous year. Significant improvements in the result are anticipated starting from 2012.

Business performance of the individual units in the first half year 2011:
In the Drive Technology unit turnover increased in the first half-year by 14.3 % from € 37.8 million to € 43.2 million, on incoming orders levels that were significantly higher than turnover. The biggest impetus to turnover at ABM came from the USA and Asia, especially from China. Domestic turnover also increased significantly. Within the individual target markets and segments the performance was very different in places. There was significant growth, in particular in the future markets of windpower and e-mobility. In the first half of the year the business unit, which has a turnover share of 57 %, introduced a program called "Impulse 2011", designed to deliver extensive improvements in the result, the aim being to significantly improve what is still a moderate earnings situation having an EBIT margin of 3.5 %.

The Metal Band Saw Blades & Precision Strip Steel Unit continued its momentum, contributing 33% to Group turnover. With an EBIT margin of 8.4 % the results situation at the subgroup Eberle is good, even though the high prices of materials meant that it was slightly below the usual levels achieved when capacity is fully utilized. Eberle grew turnover in the first six months of 2011 by 26.4 % from € 19.8 million to € 25.0 million. In some segments Eberle is working to the limits of its capacity. Output continued to increase, also because of slightly higher capacities.

Turnover at the Pipeline Renovation Technology unit was affected by two main aspects: The first half-year at BKP is always significantly weaker due to seasonal factors. In addition, the total relocation of the factory from Berlin to Velten (Brandenburg), now finished, had a one-off impact on both turnover and earnings. The result was significantly impacted in particular by the temporary one-off effects such as starting up production, one-time expenditure for closing the old site and duplicate costs for running two locations. As a result of these factors BKP was able to achieve breakeven only. Significantly improved earnings are again expected for the second half of the year. Despite the complete relocation of its administration and production, BKP managed to increase turnover by 6.1% to € 7.0 million. Turnover will continue to head upwards.


Copyright  2011

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