EANS-News: MAG Europe announces record sales and positive outlook for 2013
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annual report/annual result/Financial Figures/Balance Sheet
Göppingen (euro adhoc) - - MAG Europe group announces preliminary business
figures (US GAAP) for 2012
- Turnaround successful: sales rise by 22 % totaling EUR684 million - operating
results exceed targets
- Search for a new investor well on track
Göppingen, February 5, 2013 - According to preliminary US-GAAP* figures, MAG
Europe group has grown significantly in 2012, achieving record sales of EUR684
million (2011: EUR561 million) with MAG IAS GmbH as its core operational unit
contributing 86 %, or EUR591 million. As a result, the company has exceeded its
targets for 2012.
As expected and indicated by the general market trend, bookings dropped to
EUR595 million (2011: EUR766 million). This was also due to the group's
restructuring program, realigning its product range and focusing on higher
margin core business while still achieving the second highest bookings figures
in its history. The machine tool builder expects ongoing strong demand in 2013.
Financial results in 2012 exceeded the group's targets set in the course of the
2011 restructuring program. With a preliminary profit of EUR16.2 million
(normalized EBIT) compared to a loss of EUR30 million in 2011, this year's
target was exceeded by EUR3 million. This turnaround results from effective
measures taken in the course of the restructuring program, including cost cuts,
product range optimization and settling non profitable projects from 2009 and
2010. Dr. Gerald Weber, MAG Europe group's CEO says: "We successfully realigned
our strategy and turned around the business. The group is now well positioned
for further growth and continued technology leadership."
Taking into consideration one-off restructuring and financing costs, the total
results for the year come to a loss of EUR15.2 million. The forecasts for 2013
see noticeably improved margins and significant profit. The preliminary figures
for MAG IAS GmbH according to HGB accounting standards are generally in line
with the group's figures stated above. The annual statement for MAG IAS GmbH is
due in June.
In 2012, MAG Europe had secured its growth by extending financing agreements
with its long term partners. These consisted mainly of project-related bank
guarantees. Apart from its EUR50 million bond, which was issued in 2011, the
group has no financial debt. In addition, the group is still actively pursuing
its search for a new investor to enable further growth. Negotiations are ongoing
and well on track.
About MAG
MAG is a leading machine tool and systems company serving the durable goods
industry worldwide with complete manufacturing solutions for metal cutting and
composites applications. With a strong foundation based upon renowned brands
such as Boehringer, Cincinnati, Cross Hüller, Ex-Cell-O, Fadal, Forest Liné,
Giddings & Lewis, Hessapp, Honsberg, Hüller Hille, Modul and Witzig & Frank, MAG
is recognized as the preeminent provider of tailored production solutions based
on state-of-the-art technology.
Key industrial markets served include aerospace, automotive and truck, heavy
equipment, oil and gas, rail, solar energy, wind turbine production and general
machining.
With manufacturing and support operations strategically located worldwide, MAG
offers comprehensive lines of equipment and technologies including turning,
milling, hobbing, grinding, honing, systems integration, composites processing,
maintenance, automation and software, tooling and fluids, and core components.
* If not otherwise stated, all figures in this publication are based on internal
reporting standards primarily based upon US-GAAP regulations.
Further inquiry note:
Joachim Jäckl
Corporate Communications Manager
Tel.: +49 7161 201 4083
E-Mail: joachim.jaeckl@mag-ias.com
end of announcement euro adhoc
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company: MAG IAS GmbH
Stuttgarter Straße 50
D-73033 Göppingen
phone: +49 7161201-0
mail: ir@mag-ias.com
WWW: http://www.mag-bond.de
sector: Machine Manufacturing
ISIN: DE000A1H3EY2
indexes:
stockmarkets: free trade: Hannover, Berlin, Hamburg, free trade/Bondm: Stuttgart,
Open Market: Frankfurt
language: English