DGAP-News: UNIWHEELS AG / Key word(s): Final Results
UNIWHEELS AG: UNIWHEELS continued to improve its financial results
(news with additional features)
24.03.2015 / 10:00
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* The Group's revenues increased by 7.5 % to EUR 362.6 million
* Double-digit increase in earnings
* Increase in all significant margins
* Highest net profit in the Group's history - EUR 22.8 million
Bad Dürkheim, 24th March 2015: Germany-based alloy wheels manufacturer
UNIWHEELS presented its financial results for the financial year 2014. In
2014 UNIWHEELS Group sold 7.2 million wheels (an increase of 5.8% over the
previous year). The sales of wheels increased substantially both in the
automotive industry segment, with supply of alloy wheels to the premium
European automotive manufacturers, and in the accessory market segment with
sales of wheels under own brands to worldwide dealers.
In 2014, the Group delivered approx. 5.8 million wheels to the OEM
(Original Equipment Manufacturer) customers - renowned car manufacturers
like Audi, BMW/MINI, Mercedes/AMG, Jaguar/Land Rover, PSA, Volvo and others
and approx. 1.4 million of wheels to the aftermarket customers under the
well-known own brands ATS, RIAL, ALUTEC and ANZIO.
UNIWHEELS generated EUR 362.6 million of revenues, an increase of 7.5%
compared to 2013. The Group improved profits and all relevant margins in
2014. EBITDA increased to EUR 46.8 million (+22% compared to 2013), EBIT
reached EUR 32.6 million (an increase of 8%) and net profit grew to EUR
22.8 million (+73% compared to 2013). EBITDA margin in 2014 improved by 1.3
percentage points to 12.6%, and EBIT margin improved by 1.8 percentage
points to 8.8% compared to 2013.
"We are very satisfied with the 2014 sales and financial results. The
Group's performance in the last three years shows a constant increase of
wheels sold - in 2012 it was 6.4 million, in 2013 6.9 million and in 2014
it increased to 7.2 million wheels. Thus, we have continuously improved our
strong position in the automotive market as a long standing technology and
development partner of all major European premium car manufacturers". -
says Ralf Schmid, UNIWHEELS AG CEO. "Positive trends in our sales continued
in first months of 2015 - in January and February we sold 1.22 million
wheels already, a 7.0% increase in sales compared to first two months of
2014 and we also feel comfortable with our current filled order pipeline
for 2015" - he adds.
Key financial figures of UNIWHEELS Group:
(in EUR million unless otherwise stated, audited) 2014 2013 +/-
Revenue 362.6 337.2 +7.5%
Sales volume (million pieces) 7.2 6.9 +5.2%
Gross profit 146.7 128.3 +14%
EBITDA 46.8 38.3 +22%
EBITDA margin (% to sales) 12.6% 11.3% +1.3PP
EBIT 32.6 23.6 +38%
EBIT margin (% to sales) 8.8% 7.0% +1.8PP
Group consolidated profit (-loss) 22.8 13.2 +73%
Cash Flow from operating activities 23.8 19.6 +21%
Capital expenditures and investments 13.7 7.1 +93%
Return on equity 27.3% 15.5%
Net debt/EBITDA 1.9x 2.1x
Personnel (# persons) 2,366 2,141 +10%
The audited consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards as adopted by
the European Union ("IFRS")
"Increase of key margins indicates significant improvement in profitability
of UNIWHEELS Group." - says Dr. Karsten Obenaus, UNIWHEELS AG CFO. "Gross
profit improved due to quality and efficiency increase in the production
process as well as a better product mix. With stringent cost management, we
also achieved significant improvements on the cost side, which are
reflected in EBITDA and net income increase. It is worth mentioning that
EBITDA has doubled over the two years period - from EUR 23 million in 2012
to EUR 46.8 million last year. Also in 2014 we reported the highest level
of net profit in the Group's history amounting to EUR 22.8 million" -
stresses Dr. Obenaus.
"Thanks to sound financial management, the Net Debt-to-EBITDA improved to
the factor of 1.9x in 2014, confirming the solid financial position of the
company. Based on these factors, we plan further growth and are optimistic
about the Group's development in the current financial year- adds Dr.
Obenaus.
In 2014, the company increased investments as initially planned. Capital
expenditures and investments almost doubled in comparison to 2013 and
amounted to EUR 13.7 million. The main part of this expenditure involved
development and productivity improvement measures in the production area in
Polish and German factories. As the investment process continues, UNIWHEELS
AG recently announced its plans of further raising production in Poland by
building a third factory there. This will expectedly from mid- 2016
gradually increase the capacity of the Polish factories by up to 2 million
wheels. The availability of the full capacity is expected in 2018.
"We expect further growth and a positive development in 2015. The high
levels of sales achieved in 2014 and in the first months of this year are
the confirmation of our strong position in the European automotive market.
Based on the forecasts for the light vehicle production for the years
2014-2018 and the estimated growth of the market volume for OEM wheels, we
expect to be able to further increase our output of wheels in 2015 compared
to 2014. This is another reason why the upcoming implementation of the new
capacity expansion in Stalowa Wola is a strong basis for the planned growth
of the UNIWHEELS Group" - says Ralf Schmid.
Legal disclaimer:
This document is not an offer of securities for sale in Australia, Canada,
Japan or the United States. Securities may not be offered or sold in the
United States absent registration under the U.S. Securities Act of 1933, as
amended (the "Securities Act") or an exemption from registration. The
securities referred to herein have not been and will not be registered
under the Securities Act. No public offering of the securities will be made
in the United States. â
About us:
UNIWHEELS Group is the leading manufacturer of alloy wheels in the European
aftermarket (Accessory Division) and one of Europe's largest wheel
suppliers to the automotive industry (Automotive Division). UNIWHEELS Group
also equips professional motorsport racing vehicle series with high-tech
wheels. For more than 40 years, the Group has been producing high-quality
aluminium wheels mainly using the low-pressure casting technique. Further
manufacturing techniques used are flow forming, Lightforming(R) (advanced
pressure rolling) and forging for ultra-light high-tech wheels.
With the global brands of ATS, RIAL, ALUTEC and ANZIO, UNIWHEELS possesses
comprehensive knowledge in the accessories market and technical expertise
as an original equipment manufacturer in the automotive industry.
Furthermore, with its wide range of brands, the UNIWHEELS Group offers
wheels for all target groups, from premium to economy.
Highly efficient production locations in Poland and Germany, as well as the
pooled technological expertise of the group, form a secure base for further
development of the brands and growth of the UNIWHEELS Group associated with
this.
Two UNIWHEELS factories based in Stalowa Wola are responsible for approx.
83% of total Group production. In 2014 over 6 million wheels were sold from
Poland-based factories. UNIWHEELS employs over 1800 employees in Poland.
The Group's German plant in Werdohl has approx. 370 employees and had an
output of approx. 1.2 million high-end wheels sold in 2014.
In 2014, the UNIWHEELS Group had revenues of EUR 362.6 m, EBITDA of EUR
46.8 m and net income of EUR 22.8 m.
More information: www.uniwheels.com
Contact:
Oliver Madsen
Head of Investor Relations
UNIWHEELS AG
Gustav-Kirchhoff-Str. 10
67098 Bad Dürkheim
Germany
Legal disclaimer:
This document is not an offer of securities for sale in Australia, Canada,
Japan or the United States. Securities may not be offered or sold in the
United States absent registration under the U.S. Securities Act of 1933, as
amended (the "Securities Act") or an exemption from registration. The
securities referred to herein have not been and will not be registered
under the Securities Act. No public offering of the securities will be made
in the United States.
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Additional features:
Document: http://n.equitystory.com/c/fncls.ssp?u=UEKGAVJXWW
Document title: UNIWHEELS Press Release FY 2014
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336337 24.03.2015
DGAP-News: UNIWHEELS AG: UNIWHEELS continued to improve its financial results (news with additional features)
| Source: EQS Group AG