PKC Group Oyj
PKC Group Q3/2014: Revenue and comparable EBITDA improved from previous quarter
DGAP-News: PKC Group Oyj 30.10.2014 / 07:15 --------------------------------------------------------------------- PKC Group Plc Interim Report 30 October 2014 8.15 a.m. PKC Group Q3/2014: Revenue and comparable EBITDA improved from previous quarter July - September 2014 highlights -- Revenue decreased 0.5% on the comparison period (7-9/2013), totalling EUR 210.7 million (EUR 211.6 million). -- EBITDA before non-recurring items was EUR 15.2 million (EUR 17.0 million) and 7.2% (8.0%) of revenue. -- EBITA** was EUR 10.4 million (EUR 12.3 million) and 4.9% (5.8%) of revenue. During the report period PPA depreciation and amortisation totalled EUR 2.0 million (EUR 2.7 million). -- Operating profit before non-recurring items was EUR 8.4 million (EUR 9.6 million) and 4.0% (4.6%) of revenue. -- Diluted earnings per share were EUR -0.73 including the impact of EUR -12.4 million non-recurring items and EUR 8.3 million additional taxes (EUR 0.14). -- Cash flow after investments was EUR 0.9 million (EUR 5.0 million). January - September 2014 highlights -- Revenue decreased 7.6% on the comparison period (1-9/2013), totalling EUR 620.9 million (EUR 671.9 million). -- EBITDA before non-recurring items was EUR 39.7 million (EUR 56.4 million) and 6.4% (8.4%) of revenue. -- EBITA** was EUR 25.6 million (EUR 42.6 million) and 4.1% (6.3%) of revenue. During the report period PPA depreciation and amortisation totalled EUR 6.1 million (EUR 8.4 million). -- Operating profit before non-recurring items was EUR 19.6 million (EUR 34.2 million) and 3.2% (5.1%) of revenue. -- Diluted earnings per share were EUR -0.58 including the impact of EUR -16.6 million non-recurring items and EUR 8.3 million additional taxes (EUR 0.55). -- Cash flow after investments was EUR -10.0 million (EUR 6.4 million). PKC Group's outlook for 2014 -- PKC Group estimates that 2014 revenue and comparable EBITDA will be lower than in 2013. In 2013, PKC's revenue was EUR 884.0 million and comparable EBITDA before non-recurring items was EUR 70.3 million. -- Revenue estimate is based on current business structure. Revenue will be affected by light vehicle build-outs in North America and by changes in exchange rates. As a result of the above, comparable EBITDA is expected to be lower than in 2013. Comparable EBITDA in 2014 will also be affected by reorganisation and program transfers in Europe and expenditures related to the implementation of PKC's growth strategy. Key figures 7-9/14 7-9/13 Change 1-9/14 1-9/13 Change 1-12/13 % % EUR 1,000 (unless otherwise noted) Revenue 210,651 211,616 -0.5 620,687 671,877 -7.6 883,986 EBITDA* 15,198 17,031 -10.8 39,729 56,395 -29.6 70,341 % of revenue 7.2 8.0 6.4 8.4 8.0 EBITA** 10,367 12,345 -16.0 25,644 42,647 -39.9 52,461 % of revenue 4.9 5.8 4.1 6.3 5.9 Operating profit* 8,361 9,636 -13.2 19,582 34,212 -42.8 40,873 % of revenue 4.0 4.6 3.2 5.1 4.6 Non-recurring items -12,423 -1,694 633.4 -16,622 -8,348 99.1 -10,409 Operating profit -4,061 7,942 -151.1 2,959 25,864 -88.6 30,463 % of revenue -1.9 3.8 0.5 3.8 3.4 Profit before taxes -4,593 5,542 -182.9 633 19,620 -96.8 21,562 Net profit for the -17,560 3,013 -682.7 -14,059 12,164 -215.6 13,947 report period Diluted earnings -0.73 0.14 -629.8 -0.58 0.55 -205.1 0.62 per share (EPS), EUR Cash flow after 927 5,032 -81.6 -10,038 6,428 -256.2 24,941 investments ROI,% 7.3 15.2 14.7 Gearing, % 12.9 9.0 -1.1 Average number of 20,346 18,788 8.3 19,465 19,292 0.9 19,206 personnel * before non-recurring items ** operating profit before PPA depreciation and amortisation and non-recurring items Matti Hyytiäinen, President & CEO: The revenue during the third quarter almost equalled that of the comparison period, amounting to EUR 210.7 million. In Europe, truck production volumes continued to fall, remaining below both the comparison period and the previous quarter. In North America, truck production volumes were approximately 10% above the comparison period but remained below the previous quarter. In Brazil, the production volumes in the third quarter remained below the comparison period but topped the production volumes in the previous quarter. PKC's operating profit before non-recurring items amounted to EUR 8.4 million. The operating profit remained slightly below the comparison period, as productivity development was unsatisfactory due to fluctuating utilisation rates and production transfers. Our operations in Brazil continue to show a loss, but their profitability development during the third quarter was better than the comparison period. The cash flow in the third quarter amounted to EUR 6.5 million before capital expenditure. The implementation of our strategy is proceeding, and we focused on several projects during the report period. PKC's position as the leading Western wiring systems manufacturer for trucks was further strengthened during the report period. In North America, a major truck manufacturer has chosen PKC as the wiring systems manufacturer for the next generation of heavy-duty trucks and has informed that the long term agreement for all current production business shall be concurrently extended through 2021. As a selected development partner, PKC will be providing design and manufacturing services. In China, PKC is designing a wiring systems solution for a specialty vehicle for a leading Chinese truck manufacturer. Production of the specialty truck will start in 2015. One of the world's leading manufacturers of car electronic and electrical components has chosen PKC as the wiring systems manufacturer for hybrid vehicles in China. The production transfers in Europe and Brazil, which are essential for PKC's future competitiveness, are proceeding according to the specified plans. In Serbia, the foundation stone for the new factory was laid on 5 September 2014. I am especially pleased that the ramp-up of our factory in Serbia is proceeding on schedule and that our customers have been happy with our service. A total of EUR -12.1 million in non-recurring items related to production transfers was recorded in the period, of which the cash flow impact is EUR 4.9 million. The non-recurring items connected to the development of operations in Europe and South America amounted to EUR -11.3 million, and the non-recurring items connected to closing the North American factory in Nogales (Mexico) amounted to EUR -0.8 million. The light vehicle programmes behind the closing of the Nogales factory have continued slightly longer than was originally planned, but they will end before the new year. The increased economic uncertainty in Europe and Brazil affects the demand for trucks, and thereby the production volumes for the full year are predicted to remain below the previous year's level on both markets. In North America, the production volumes for the full year are predicted to top the 2013 level, although there are signs of the markets evening out in the latter part of the year. The operations in the last quarter are also affected by the production shut-downs at the turn of the year. The competence of PKC personnel is highly valued, and I wish to thank all of our personnel for their quality work for our customers. Market outlook Wiring Systems Business In 2014 the production of heavy-duty trucks in Europe is expected to decline by 8% and production of medium-duty trucks by 18% compared to the level of 2013. Production of heavy-duty trucks in North America is expected to increase by 20%, production of medium-duty trucks by 2% and production of light vehicles by 7% compared to 2013. Production of heavy-duty trucks in Brazil is expected to decline by 12%, and production of medium-duty trucks by 14% compared to 2013. The governmental incentive program to support the purchase of new trucks continues to be valid until further notice, although the terms have been weakened somewhat. Electronics Business The market demand for Electronics segment's products is expected to remain at the present level. Disclosing procedures of financial reviews PKC Group Plc follows the disclosure procedure enabled by Standard 5.2b published by the Finnish Financial Supervision Authority, and discloses relevant information related to its Interim Report with this release. PKC's interim report for January - September 2014 is attached to this release and is also available on company's website at www.pkcgroup.com. PKC Group Plc Board of Directors Matti Hyytiäinen President & CEO For additional information, contact: Matti Hyytiäinen, President & CEO, PKC Group Plc, tel. +358 (0)400 710 968 Juha Torniainen, CFO, PKC Group Plc, tel. +358 (0)40 570 8871 Press conference A press conference on the interim report will be arranged for analysts and investors today, 30 October 2014, at 10.00 a.m., at the address Event Arena Bank, Unioninkatu 20, Helsinki. Attachment PKC interim report Q3 2014 Distribution Nasdaq OMX Main media www.pkcgroup.com PKC Group is a global partner, designing, manufacturing and integrating electrical distribution systems, electronics and related architecture components for the commercial vehicle industry and other selected segments. The Group has production facilities in Brazil, China, Estonia, Finland, Germany, Lithuania, Mexico, Poland, Russia, Serbia and the USA. The Group's revenue in 2013 totalled EUR 884.0 million. PKC Group Plc is listed on NASDAQ OMX Helsinki Ltd. News Source: NASDAQ OMX --------------------------------------------------------------------- 30.10.2014 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. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: PKC Group Oyj Finland ISIN: FI0009006381 End of News DGAP News-Service --------------------------------------------------------------------- 294040 30.10.2014
Aktuelle News
Aktuelle Berichte
Keine Berichte gefunden
Anstehende Events
Keine Events gefunden
Webcasts
Keine Webcasts gefunden