EANS-News: Derby Cycle grows revenue by 6.6% in first three months of 2011/12
--------------------------------------------------------------------------------
Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
--------------------------------------------------------------------------------
3-month report
Subtitle: - Sales revenues up 6.6% year-on-year to EUR 40.3 million
- Operating profit (EBIT) impacted by special effects arising from M&A
activities
- Electric bike volume sales up 10.3%
- Pre-order book position signals positive trend in 2011/12 financial year
Cloppenburg, February 24, 2012 (euro adhoc) - Derby Cycle AG (ISIN DE000A1H6HN1,
WKN A1H6HN), Germany's largest bicycle manufacturer in terms of sales, has
published its financial report for the first three months of the 2011/12
financial year.
Derby Cycle grew its sales revenues by around 6.6% in the first quarter of
2011/12 (as of December 31, 2011), from EUR 37.8 million in the comparable
period of the previous year to EUR 40.3 million. Operating profit (EBIT) was
impacted by special one-off effects in the reporting period arising from the
previous months' M&A activities, and amounted to EUR 0.6 million (prior-year
period: EUR 1.9 million). This generated a 1.5% EBIT margin in the first nine
months of 2011/12, compared with 4.9% in the prior-year period. There was a
corresponding development in consolidated net income, which stood at EUR 0.1
million as of December 31, 2011, compared with EUR 1.0 million in the previous
year's reporting period (-90.0%). This is equivalent to EUR 0.02 of earnings per
share (previous year: EUR 0.13).
Compared with sales in the electric bikes segment of around 12,600 cycles in the
first three months of the 2009/10 financial year, the company has already sold
around 13,900 units in the same period of the current financial year (+10.3%).
In overall terms, approximately 82,000 bicycles from the Kalkhoff, Raleigh,
Rixe, Focus and Univega brands were sold at Group level. This represents 1.3%
growth compared with the previous year's figure of 81,000 units. Sales revenues
generated abroad were slightly below the previous year's levels, falling by 3.3%
from EUR 12.3 million to EUR 11.9 million. The foreign share of total revenue
amounted to 29.6% as a consequence (previous-year period: 32.6%).
Mathias Seidler, Derby Cycle AG's CEO, expressed his overall satisfaction with
the company's growth in the first quarter of 2011/12 as follows: "With around
82,000 bicycles sold, we boosted sales volumes by 1.3% year-on-year, and
achieved 6.6% revenue growth. In particular, the trend towards electric bikes is
unbroken. We have again proved our ability to perform during the October to
December months, which tend to be weaker for bicycle manufacturers. Prospects
also remain very good for the coming months due to the high pre-order book
position at the end of the last financial year. We reported a 25% year-on-year
increase as of September 30, 2011."
Uwe Bögershausen, the company's CFO, went on to add: "We can be very satisfied
with the results achieved in the first quarter - they represent a really good
start to the new financial year. The fall in EBIT is due to special one-off
effects that are mainly due to our greater requirement for advisory services in
connection with our own M&A activities, Accell's takeover attempts, and the
takeover by Pon. This in no way detracts from the overall positive picture."
The complete financial report for the first three months of the 2011/12
financial year can be downloaded from today from the company's website at
www.derby-cycle.de, within the "Investor Relations" area.
Company profile:
Derby Cycle is Germany's largest bicycle manufacturer in terms of revenues, and
one of the leading manufacturers in Europe. In particular, global demand growth
for high-quality electric and sports bicycles, as well as the company's
advancing internationalisation in all European volume markets, are reflected in
the company's dynamic growth. Derby Cycle's product range comprises electric
bicycles, sports bicycles for leisure and competition purposes, as well as
comfort bikes for everyday and travel use. These bicycles are sold through the
established Kalkhoff, FOCUS, Raleigh, Univega and Rixe brands. All models are
developed and assembled at the company's base in Cloppenburg, Germany. These
high-quality products are distributed through specialist retailers who provide
their customers with professional advice and extensive service.
With around 614 employees, Derby Cycle achieved revenue of EUR 235.5 million in
the fiscal year 2010/2011, 66.9% of which was generated in Germany, and 33.1%
abroad. Earnings before interest and tax (EBIT) amounted to approximately EUR
19.6 million. Derby Cycle sold a total of around 482,000 bicycles, of which
87,000 comprised e-bikes. The company forecasts revenues of EUR 250 million to
270 million, and an EBIT margin of 8 to 9% (2010/11: 8.3%) for the 2011/12
fiscal year that ends on September 30, 2012.
Further information is available at: www.derby-cycle.com
Further inquiry note:
cometis AG
Unter den Eichen 7
65195 Wiesbaden
www.cometis.de
Henryk Deter
Claudius Krause
Telefon: +49 (0)611-20 58 55-28
E-Mail: krause@cometis.de
end of announcement euro adhoc
--------------------------------------------------------------------------------
company: Derby Cycle AG
Siemensstr. 1-3
D-49661 Cloppenburg
phone: +49-4471-966-238
FAX: +49-4471-966-44820
mail: u.boegershausen@derby-cycle.de
WWW: http://www.derby-cycle.de
sector: Consumer Goods
ISIN: DE000A1H6HN1
indexes: SDAX
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English