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09.11.2016 07:30:06
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DGAP-News: UNIWHEELS AG
DGAP-News: UNIWHEELS AG: Strong volume and earnings growth continues - UNIWHEELS AG presents financial results for nine months of 2016 (news with additional features)
- Strong customer demand and first wheel output from new plant in Stalowa Wola
- Significant volume growth: +11.9% to 6.4 mln wheels
- Revenues up by 4.6 %
- EBITDA grows by 23.8% to EUR 51.5 mln
- EBITDA margin improves to 15.4% from 13.0%, EBIT margin improves to 11.7 % from 9.6 %
- New plant in Stalowa Wola started production, planned capacity for 2016: 0.5 mln wheels, for 2017: 2 mln wheels
- Planned plant upgrade generating an additional capacity of 1 mln wheels at Stalowa Wola site from 2019
- In-depth analysis for a 5th plant started.
- Outlook FY 2016 confirmed - lower ends of growth ranges raised: wheel sales growth of 10-12% yoy, revenue growth of 5-6%, EBITDA growth of 16-18%
Bad Dürkheim, 9th November, 2016: Germany-based alloy wheels manufacturer UNIWHEELS AG, listed on the Warsaw Stock Exchange, presented its financial results for nine months of 2016.
In the period of nine months of 2016 UNIWHEELS Group sold 6.4 mln wheels in both segments: Automotive and Accessory (in total an increase of 11.9% yoy).
"In 3Q, demand from car producers remained healthy and growing. In 3Q our market shares increased with premium producers, additionally better than anticipated market launch of new car models. Also value-added sales is still increasing by bigger diameters and more complex wheels" - says Dr. Thomas Buchholz, UNIWHEELS AG CEO. "Revenues grew by 4.6% and were partially offset by falling aluminum prices" -- he adds.
"Additional capacity in the new plant in Stalowa Wola (UPP plant 3), as well as performance increases, especially in our plant in Werdohl in Germany allowed for almost 12% volume growth to 6.4 million wheels" - says Dr. Wolfgang Hiller, UNIWHEELS AG COO.
"Our very effective production facilities in Poland and a strong demand in the Accessory segment allowed us to gain additional market share. Also export sales in this segment was a strong contributor to the sales volume - two major customers in Austria and Sweden significantly increased order sizes in 3Q" - adds Dr. Wolfgang Hiller.
In the nine months of 2016, UNIWHEELS generated EUR 334.9 mln in revenues, an increase of 4.6%, mainly influenced by wheels sales increase (+11.6 % yoy), product mix with higher value added and quarterly aluminum price adjustments. EBITDA increased to EUR 51.5 mln (+23.8% yoy) and the EBITDA margin improved yoy by 2.4 pp to 15.4%. Net profit improved to EUR 42.8 mln (+53.4% yoy), influenced by a positive non-recurring and non-cash effect from fx derivative valuation, amounting EUR 2,9 ml in Q3 2016. Net profit also benefits from an income from capitalised deferred taxes (EUR 4.5 mln) in Q2 2016.
"Nine months of 2016 were affected by ramp-up cost of our new plant in Stalowa Wola. But operational costs grew moderately - material costs in the nine months period dropped by almost 6%, influenced by lower LME aluminium prices, which allowed for EBITDA to grow to EUR 51.5 million, an increase of 24%, comparing to nine months of 2015" - says Dr. Karsten Obenaus, UNWHEELS AG CFO.
Outlook for 2016/2017
"2016 should be influenced by ongoing strong demand from European car manufacturers. After the commencement of production in the new plant in June, we confirm our guidance and raised lower ends of growth digits. Now we target to increase wheels sales by 10-12% yoy, we expect the Group's revenues to grow between 5% and 6%, due to lower than expected aluminum prices. Also thanks to stringent cost management we expect EBITDA to grow by 16%-18% yoy in 2016"- says Dr. Karsten Obenaus.
UNIWHEELS expects that the new Stalowa Wola plant capacity will reach approx. 500,000 of wheels in 2016. The second phase which allows to reach the full capacity of 2 mln wheels annually is advanced by one year - to early 2017. Now that the new plant has gone into operation, UNIWHEELS deepens analysis and evaluation of potential locations for the construction of fifth plant to produce up to another 2 mln wheels annually.
"For the following years, we expect that the automotive sector in Europe will remain healthy. Additional 2 million wheels from new plant in Stalowa Wola should bring significant economies of scale, with projection of no ramp up costs from 2017. Also currently we are conducting an in-depth analysis of locations for a 5th plant. Due to an ongoing high customer demand in Europe and to the fact that the new plant will already be fully loaded with orders for the upcoming periods we are planning the installation of additional machinery and another new painting line into the Stalowa Wola site to create a possible extra capacity of 1 mln wheels from first half of 2019 on. As a result we expect substantial earnings increases in the following years" - summarizes Dr. Thomas Buchholz.
Key financial figures of UNIWHEELS Group for 1-3Q 2016:
(in EUR mln unless 1-3Q 2016 1-3Q 2015 +/- otherwise stated) Revenue 334.9 320.2 +4.6% Sales volume (thousand 6,384 5,703 +11,9% units) EBITDA 51.5 41.6 +23.8% EBITDA margin (% of 15.4% 13.0% +2.4PP revenue) EBIT 39.3 30.6 +28.4% EBIT margin (% of 11.7% 9.6% +2.1PP revenue) Net profit 42.8 27.9 +53.4% Capital expenditures and 68.1 29.9 +127.8% investments Personnel (headcount) 2,855 2,529 +12,9%
Financial highlights 1-3Q 2016: - Revenues increased by 4.6%, influenced by:
- wheels sales increase of 11.9%
- product mix with higher value added
- aluminum price adjustments
- Material costs drop by 5.8%, reflecting lower LME aluminum prices
- Personnel costs impacted by recruitments for new plant (ramp-up costs) and wage increases: +13.1%
- EBITDA increased by 23.8% to EUR 51.5 mln
- EBIT up by 28.4% to EUR 39.9 mln
- Both EBITDA and EBIT margins improved
- Finance: reduced interest rate and positive hedge valuation effects in 3Q 2016
- Net profit (+53.4%) amounts to EUR 42.8 mln
About UNIWHEELS:
The UNIWHEELS Group is one of the leading manufacturers of aluminum wheels for cars in Europe and is one of the few technology leaders worldwide in the aluminum wheel industry.
UNIWHEELS is the third largest European supplier of OEM wheels for the automotive industry as well as the market-leading manufacturer of alloy wheels for the accessories market (AM) in Europe. Well-known Group brands include ATS, RIAL, ALUTEC and ANZIO. The Group currently has four production plants, three of which are in Poland (Stalowa Wola) and one in Germany (Werdohl).
UNIWHEELS sees itself as one of the leading partners of the automotive industry for the optimum reduction of CO2 emissions by reducing the weight of alloy wheels. As well as weight-optimized construction methods, the following procedures are primarily used: Flow Forming, Lightforming, undercutting and forging.
Since 2015, UNIWHEELS AG is publicly listed on Main Market of Warsaw Stock Exchange. The UNIWHEELS stock is floated under security identification number A13STW, ISIN DE000A13STW4 and ticker symbol UNW.
For more information please contact:
Oliver Madsen Head of Investor Relations Email: o.madsen@de.uniwheels.com UNIWHEELS AG Gustav-Kirchhoff-Str. 10 67098 Bad Dürkheim Germany
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Additional features:
Document: http://n.eqs.com/c/fncls.ssp?u=CUEUAUXFFB Document title: UNIWHEELS PR 9M 2016
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09.11.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
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Language: English Company: UNIWHEELS AG Gustav-Kirchhoff-Straße 10 67098 Bad Dürkheim Germany Phone: +49 (0)6322 9899 - 6400 Fax: +49 (0)6322 9899 - 6401 Internet: www.uniwheels.com ISIN: DE000A13STW4 WKN: A13STW Listed: Regulated Unofficial Market in Berlin; Open Market in Frankfurt End of News DGAP News Service ---------------------------------------------------------------------------
518585 09.11.2016
DGAP-News: UNIWHEELS AG / Key word(s): 9-month figures/Expansion
UNIWHEELS AG: Strong volume and earnings growth continues - UNIWHEELS AG
presents financial results for nine months of 2016 (news with additional
features)
09.11.2016 / 07:30
The issuer is solely responsible for the content of this announcement.
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Strong volume and earnings growth continues - UNIWHEELS AG presents
financial results for nine months of 2016
- Strong customer demand and first wheel output from new plant in Stalowa Wola
- Significant volume growth: +11.9% to 6.4 mln wheels
- Revenues up by 4.6 %
- EBITDA grows by 23.8% to EUR 51.5 mln
- EBITDA margin improves to 15.4% from 13.0%, EBIT margin improves to 11.7 % from 9.6 %
- New plant in Stalowa Wola started production, planned capacity for 2016: 0.5 mln wheels, for 2017: 2 mln wheels
- Planned plant upgrade generating an additional capacity of 1 mln wheels at Stalowa Wola site from 2019
- In-depth analysis for a 5th plant started.
- Outlook FY 2016 confirmed - lower ends of growth ranges raised: wheel sales growth of 10-12% yoy, revenue growth of 5-6%, EBITDA growth of 16-18%
Bad Dürkheim, 9th November, 2016: Germany-based alloy wheels manufacturer UNIWHEELS AG, listed on the Warsaw Stock Exchange, presented its financial results for nine months of 2016.
In the period of nine months of 2016 UNIWHEELS Group sold 6.4 mln wheels in both segments: Automotive and Accessory (in total an increase of 11.9% yoy).
"In 3Q, demand from car producers remained healthy and growing. In 3Q our market shares increased with premium producers, additionally better than anticipated market launch of new car models. Also value-added sales is still increasing by bigger diameters and more complex wheels" - says Dr. Thomas Buchholz, UNIWHEELS AG CEO. "Revenues grew by 4.6% and were partially offset by falling aluminum prices" -- he adds.
"Additional capacity in the new plant in Stalowa Wola (UPP plant 3), as well as performance increases, especially in our plant in Werdohl in Germany allowed for almost 12% volume growth to 6.4 million wheels" - says Dr. Wolfgang Hiller, UNIWHEELS AG COO.
"Our very effective production facilities in Poland and a strong demand in the Accessory segment allowed us to gain additional market share. Also export sales in this segment was a strong contributor to the sales volume - two major customers in Austria and Sweden significantly increased order sizes in 3Q" - adds Dr. Wolfgang Hiller.
In the nine months of 2016, UNIWHEELS generated EUR 334.9 mln in revenues, an increase of 4.6%, mainly influenced by wheels sales increase (+11.6 % yoy), product mix with higher value added and quarterly aluminum price adjustments. EBITDA increased to EUR 51.5 mln (+23.8% yoy) and the EBITDA margin improved yoy by 2.4 pp to 15.4%. Net profit improved to EUR 42.8 mln (+53.4% yoy), influenced by a positive non-recurring and non-cash effect from fx derivative valuation, amounting EUR 2,9 ml in Q3 2016. Net profit also benefits from an income from capitalised deferred taxes (EUR 4.5 mln) in Q2 2016.
"Nine months of 2016 were affected by ramp-up cost of our new plant in Stalowa Wola. But operational costs grew moderately - material costs in the nine months period dropped by almost 6%, influenced by lower LME aluminium prices, which allowed for EBITDA to grow to EUR 51.5 million, an increase of 24%, comparing to nine months of 2015" - says Dr. Karsten Obenaus, UNWHEELS AG CFO.
Outlook for 2016/2017
"2016 should be influenced by ongoing strong demand from European car manufacturers. After the commencement of production in the new plant in June, we confirm our guidance and raised lower ends of growth digits. Now we target to increase wheels sales by 10-12% yoy, we expect the Group's revenues to grow between 5% and 6%, due to lower than expected aluminum prices. Also thanks to stringent cost management we expect EBITDA to grow by 16%-18% yoy in 2016"- says Dr. Karsten Obenaus.
UNIWHEELS expects that the new Stalowa Wola plant capacity will reach approx. 500,000 of wheels in 2016. The second phase which allows to reach the full capacity of 2 mln wheels annually is advanced by one year - to early 2017. Now that the new plant has gone into operation, UNIWHEELS deepens analysis and evaluation of potential locations for the construction of fifth plant to produce up to another 2 mln wheels annually.
"For the following years, we expect that the automotive sector in Europe will remain healthy. Additional 2 million wheels from new plant in Stalowa Wola should bring significant economies of scale, with projection of no ramp up costs from 2017. Also currently we are conducting an in-depth analysis of locations for a 5th plant. Due to an ongoing high customer demand in Europe and to the fact that the new plant will already be fully loaded with orders for the upcoming periods we are planning the installation of additional machinery and another new painting line into the Stalowa Wola site to create a possible extra capacity of 1 mln wheels from first half of 2019 on. As a result we expect substantial earnings increases in the following years" - summarizes Dr. Thomas Buchholz.
Key financial figures of UNIWHEELS Group for 1-3Q 2016:
(in EUR mln unless 1-3Q 2016 1-3Q 2015 +/- otherwise stated) Revenue 334.9 320.2 +4.6% Sales volume (thousand 6,384 5,703 +11,9% units) EBITDA 51.5 41.6 +23.8% EBITDA margin (% of 15.4% 13.0% +2.4PP revenue) EBIT 39.3 30.6 +28.4% EBIT margin (% of 11.7% 9.6% +2.1PP revenue) Net profit 42.8 27.9 +53.4% Capital expenditures and 68.1 29.9 +127.8% investments Personnel (headcount) 2,855 2,529 +12,9%
Financial highlights 1-3Q 2016: - Revenues increased by 4.6%, influenced by:
- wheels sales increase of 11.9%
- product mix with higher value added
- aluminum price adjustments
- Material costs drop by 5.8%, reflecting lower LME aluminum prices
- Personnel costs impacted by recruitments for new plant (ramp-up costs) and wage increases: +13.1%
- EBITDA increased by 23.8% to EUR 51.5 mln
- EBIT up by 28.4% to EUR 39.9 mln
- Both EBITDA and EBIT margins improved
- Finance: reduced interest rate and positive hedge valuation effects in 3Q 2016
- Net profit (+53.4%) amounts to EUR 42.8 mln
About UNIWHEELS:
The UNIWHEELS Group is one of the leading manufacturers of aluminum wheels for cars in Europe and is one of the few technology leaders worldwide in the aluminum wheel industry.
UNIWHEELS is the third largest European supplier of OEM wheels for the automotive industry as well as the market-leading manufacturer of alloy wheels for the accessories market (AM) in Europe. Well-known Group brands include ATS, RIAL, ALUTEC and ANZIO. The Group currently has four production plants, three of which are in Poland (Stalowa Wola) and one in Germany (Werdohl).
UNIWHEELS sees itself as one of the leading partners of the automotive industry for the optimum reduction of CO2 emissions by reducing the weight of alloy wheels. As well as weight-optimized construction methods, the following procedures are primarily used: Flow Forming, Lightforming, undercutting and forging.
Since 2015, UNIWHEELS AG is publicly listed on Main Market of Warsaw Stock Exchange. The UNIWHEELS stock is floated under security identification number A13STW, ISIN DE000A13STW4 and ticker symbol UNW.
For more information please contact:
Oliver Madsen Head of Investor Relations Email: o.madsen@de.uniwheels.com UNIWHEELS AG Gustav-Kirchhoff-Str. 10 67098 Bad Dürkheim Germany
---------------------------------------------------------------------------
Additional features:
Document: http://n.eqs.com/c/fncls.ssp?u=CUEUAUXFFB Document title: UNIWHEELS PR 9M 2016
---------------------------------------------------------------------------
09.11.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
---------------------------------------------------------------------------
Language: English Company: UNIWHEELS AG Gustav-Kirchhoff-Straße 10 67098 Bad Dürkheim Germany Phone: +49 (0)6322 9899 - 6400 Fax: +49 (0)6322 9899 - 6401 Internet: www.uniwheels.com ISIN: DE000A13STW4 WKN: A13STW Listed: Regulated Unofficial Market in Berlin; Open Market in Frankfurt End of News DGAP News Service ---------------------------------------------------------------------------
518585 09.11.2016
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