euro adhoc: Eybl International AG
Annual Reports
Eybl International has
successfully carried out the process of transforming itself into an innovative
development partner to the European automotive industry.
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
05.07.2006
Eybl International AG closes the 2005/06 business year with results that are above-average for the sector. First dividend payment since 2000 Total assets at EUR 258.9 million after increasing assets by 25% over last year EBIT of EUR 10.4 million stable at last year's level Further growth for 2006/07 with a stronger marketing organisation strived for
Krems, 5 July 2006. Eybl International AG today published its final annual results. Despite the difficult market environment (the European automotive industry was once again in the 2005/06 business year characterised by stagnating sales figures and massive cost pressure, which was passed on directly to the suppliers) Eybl International was able to consolidate its market position. At tomorrow's shareholders' meeting on 6 July 2006 for the first time since 2000 a dividend payment by Eybl International to shareholders of EUR 0.85 per share is expected to be adopted. This would correspond to a return of more than 5.0 percent when set in relation to the share price on 31 March 2006.
Sales up by 4% and market position consolidated While European car sales statistics in 2005 stagnated at the level of the last five years at around 15.3 million vehicles sold, Eybl International succeeded in ending the past business year with sales up by 4 percent from EUR 332.5 million in 2004/05 to EUR 345.3 million in the 2005/06 business year. This sustained positioning is primarily due to the positive trend in the core markets of Germany and France. The sales trend by technologies does not show any essential changes on the figures for last year.
Consolidation of the stable earnings position Continuous improvements in the company's process oriented organisation as well as cost savings across the entire value chain resulted in a consolidation of the stable earnings position: operating results measured by EBIT were at EUR 10.4 million slightly above last year's EUR 10.3 million. The net annual profit was reduced from EUR 7.3 million in the 2004/05 business year to EUR 6.3 million for the past year. The EBIT margin at 3.0 percent attained the same level as last year (3.1 percent).
The successful level of new orders in 2005/06, at EUR 323 million, reflected changes in the way customers award contracts in relation to lifetime orders. While last year's figure of EUR 541 million was essentially characterised by serial production orders with a 7-year life cycle, in the past year the tendency to development and start-up orders and 3-year serial production orders took hold. In the field of technical textiles, Ford, Seat and Mitsubishi could be recruited as new customers. Altogether the order backlog came to more than EUR 1,050 million as of 31 March 2006.
Asset and capital structure As of the closing date of 31 March 2006 total assets of the Eybl Group came to EUR 258.9 million and were thus one-fourth greater than last year's EUR 206.9 million. The fall in the equity ratio to 20.7% as of 31 March 2006 (31.0% as of 31 March 2005) is the result of the extraordinarily high increase in assets due to the purchase of competency centres in Krems and Körmend and hiving-off of profit sharing capital.
All in all, this development is reflected in the return on capital (ROCE) that was 7.7% on 31 March 2006 after having been 8.8% on the previous year's closing date.
Successful debenture issue and investments At the end of October 2005 Eybl International was able, as the only company in the automotive supplier sector, to float a corporate debenture issue with 7-year maturity. Due to the high level of demand the original issue volume of EUR 50 million could be raised by 20% to EUR 60 million. The coupon interest rate was 4.875%. Thanks to the targeted restructuring of finances, both the real estate property assets of the Krems competency centre with corporate group headquarters and the textile production competency centre as well as the cutter and logistics centre in Körmend, Hungary - which is vital to the value chain with its industrial estate status - could be incorporated as corporate assets. Investments in the 2005/06 business year amounted to about EUR 68 million.
Cash flow In the past business year a cash flow from profits in the magnitude of EUR 5.5 million was earned. The cash flow was significantly affected by inclusion for the first time of the newly acquired affiliates Eybl Immobilien GmbH and Schober & Partner Kft (the cutter and logistics centre as well as the industrial estate in Körmend) so that no direct comparison is possible with last year's negative cash flow of EUR 11.2 million.
Employees In the 2005/06 business year throughout the group there were 4,104 employees (2004/05: 4,251).
Outlook For the European automotive industry further stagnation is forecast for sales figures. The exception to this trend is the German market where a stronger sales year is expected for 2006. Due to the announced increase in the VAT rate from 16% to 19% there is a private rush to buy. This trend is supplemented by a clearly over-aged vehicle population and concomitant replacement potential. Due to the targeted measures adopted to expand that part of the market that can be influenced, management sees good opportunities for gaining further market share.
Corporate Statistics for Eybl International AG * (* in million EUR unless otherwise indicated)
2005/06 2004/05 2003/04 Sales 345.33 332.50 342.19 EBITDA 25.36 20.21 21.31 EBITDA margin % 7.34 6.08 6.23 EBIT 10.36 10.26 12.62 EBIT margin % 3.00 3.09 3.69 EGT 3.36 6.51 8.90 Annual net profit 6.33 7.28 9.05 Total assets 258.84 206.93 192.91 Equity ratio % 20.73 31.00 29.10 ROCE in % 7.70 8.80 12.08 Number of employees 4,104 4,251 3,606 Dividend per share 0.85 - - Earnings per share 1.76 2.02 2.21 About Eybl International Eybl International AG, traded on the Vienna stock exchange, is an internationally recognised manufacturer of interior components for automotive interiors specialised in production of automotive textiles, fabrication of seat covers of cloth or leather and cloth/leather combinations and lining of interior spaces. The company, headquartered in Krems, Austria, employs about 4,000 people at 13 sites in Austria, Hungary, Romania, Germany, Slovakia as well as in Spain and Morocco. Eybl International is today Austria's largest company in the automotive supplier sector as well as being Austria's largest textile manufacturer by sales.
end of announcement euro adhoc 05.07.2006 08:30:00
Further inquiry note:
Eybl International AG
Investor Relations
Robert Gabriel
Tel.: +43 (0) 2732 881-300
Fax: +43 (0) 2732 881-79
mailto:robert.gabriel@eybl-international.com
Branche: Speciality stores
ISIN: AT0000908157
WKN: 914117
Index: WBI, ATX Prime
Börsen: Wiener Börse AG / official market