euro adhoc: HTI - High Tech Industries AG
quarterly or semiannual financial
statement
FIRST - THIRD QUARTER 2007: HTI´S SALES AND EARNINGS STAY ON COURSE
- EBIT MORE THAN TRIPLED
Sales almost doubled - EBITDA: TEUR 12,119 (+79%) -
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
9-month report
14.11.2007
FIRST - THIRD QUARTER 2007: HTI´S SALES AND EARNINGS STAY ON COURSE - EBIT MORE THAN TRIPLED
EBIT: TEUR 4,980 (+271%) - EBT and consolidated result clearly positive - Dynamic and positive development of all three industrial segments - Outlook on entire year remains positive
St. Marien, November 14, 2007. The HTI High Tech Industries AG, listed on the Vienna Prime Market, looks back on very successful first nine months of the current business year. "As already in the first half-year, the HTI Group´s earnings situation further improved during the third quarter", summarises HTI Management Board Member DI Peter Glatzmeier. This is all the more positive since the third quarter, due to the annual closing of numerous customers usually tends to be the year´s weakest quarter.
In the months July to September, the acquisitions of the metal and engineering segments at the beginning of the year lead to a doubling of sales from TEUR 19,311 (third quarter 2006) to TEUR 38,746. The third quarter sales of the plastics segment, which are comparable to the previous year´s values, remained on the prior year´s level despite slow releases from Airbus. For the first nine months, the HTI Group reports a total sales increase of 96.6% to TEUR 113,551 after TEUR 57,743 (first to third quarter 2006).
Due to the integration of the new profitable segments and the use of synergy effects, likewise the operating earnings situation shows the expected clear improvement. In the third quarter, the EBITDA (earnings before interest, tax, depreciation and amortisation) rose by 77.8% from TEUR 2,081 (third quarter 2006) to TEUR 3,700. The third quarter EBIT (earnings before interest and tax) increased threefold from TEUR 563 (third quarter 2006) to TEUR 1,733. Thus in the period July to September, the target margin of 4.5% to 4.7% for the entire business year was reached for the first time despite the seasonally rather weaker business performance.
During the entire reporting period (January 1, 2007 until September 30, 2007) the EBITDA increased by 79.1% to TEUR 12,119 (first to third quarter 2006: TEUR 6,765) and the EBIT rose to TEUR 4,980 after TEUR 1,342 (+271.1%). Hence, in the first three quarters, the EBIT-margin amounts already to 4.4%; the planned target margin of 4.5% to 4.7% for the entire year seems to be in close reach.
The development of the financial result from TEUR -1,715 (Q1-Q3 2006) to TEUR -2,805 (Q1-Q3 2007) is due to the group expansion and in addition to the financing costs for the expansion of the Vrablé site and the expenses for the issue and the financing of the corporate bond. After reporting a loss in the amount of TEUR -773 in last year´s reference period, consolidated result of TEUR 2,243 for the first three quarters 2007 clearly turned positive. However, despite the slight dilution because of the capital increase, earnings per share come to EUR 0.17 after EUR -0.08 in the last year.
All three industrial segments of the HTI AG develop satisfactorily. The new construction of the plastics site in Vrablé in Slovakia is now completed and the factory runs at full speed. In addition to existing projects that were transferred from other sites to Vrablé, the Company could gain new customers from the Slovakian automotive cluster and could acquire new orders on-site.
Also the expansion of the metal plant in St. Marien/Upper Austria, where the Group´s headquarters will be located, progresses quickly: the first translocations of production sites will already start during the current business year. The entire new construction will be finalised as planned by the second quarter of 2008 and thus production will start on time at the new site.
The mechanical engineering segment has numerous new projects in the pipeline to provide a basis for the continuation of the growth course with a sustainable above average positive earnings situation.
The segment Other Interests covers the activities of the HTI Holding and the ProRegio Mittelstandsfinanzierungs AG, which was consolidated for the first time in this quarter.
In the first three quarters, the cash flow statement is mainly influenced by the newly acquired companies Gruber und Kaja, BBG Baugeräte and ProRegio as well as by the issue of a corporate bond. In the first nine months of the current financial year, gross cash flow more than doubled from TEUR 4,576 to TEUR 9,651. In the reference period, the cash flow from operating activities increased from TEUR 135 to TEUR 7,089. As of September 30, 2007, cash and cash equivalents, as a result of the bond issued in June, increased from TEUR 15,104 to TEUR 21,988.
Furthermore, the number of employees increased significantly due to the newly integrated companies. As of September 30, 2007, the HTI Group employs 1,133 persons, which are 453 people more compared to the previous year´s reference period. Thanks to the higher productivity, sales per employee rose from TEUR 87 to TEUR 104. Within the new Group structure, as at the end of September 2007, net debt increased from TEUR 23,487 to TEUR 57,768, which compared to the end of 2006 lead to an increase in gearing from 75% to 134%.
The outlook on the overall year 2007 remains unchanged positive. For both, sales and earnings, the Company confirms the forecasts given on the occasion of the announcement of the restructuring. Sales: between EUR 150 million and EUR 160 million and an EBIT-margin of 4.5% to 4.7%.
Key figures of the HTI Group according to IFRS
Jan 1-Sep 30,2007 Jan 1-Sep 30,2006 Changes in %
in TEUR in TEUR
Total sales 113,551 57,743 +96.65%
Plastics segment 56,295 57,743 -2.50%
Metal segment 44,644 0
Mechanical engineering
segment 12,612 0
EBITDA 12,119 6,765 +79.14%
EBIT 4,980 1,342 +271.08%
EBT 2,174 -373
Consolidated result 2,243 -773
EBITDA-margin in % 10.7% 11.7% -8.55%
EBIT-margin in % 4.4% 2.3% +91.3%
EBT-margin in % 1.9% -0.6%
Consolidated result margin in % 2.0% -1.3%
Earnings per share in EUR 0.17 -0.08Total assets 195,398 90,508 +115.89% Equity 42,957 30,224 +42.13% Equity ratio in % 22% 33% -33.33% Gearing in % 134% 69% +94.20% Capital expenditure in tangible and intangible fixed assets 11,631 6,034 +92.76% Depreciation/amortisation 7,139 5,423 +31.64% Gross cash flow 9,651 4,576 +110.90% Cash flow from operating activities 7,089 135
Headcount at closind date 1,133 680 +66.62% Sales per employee (TEUR) 104 87 +19.54%
Please find further information on our company website www.hti-ag.at.
end of announcement euro adhoc 14.11.2007 07:20:00
Further inquiry note:
HTI High Tech Industries AG
Birgit Hochenegger-Stoirer,
Peter Glatzmeier
Members of the Management Board
Phone: +43 (0) 2622 460 - 0
Fax: + 43 (0) 2622 460 - 1102
b.hochenegger@hti-ag.at
p.glatzmeier@hti-ag.at
Hochegger Financial Relations GmbH
Dieter Riedlinger
Phone: +43 1 504 69 87
Fax: +43 1 504 69 87 60
d.riedlinger@hochegger.com
Branche: Holding companies
ISIN: AT0000764626
WKN: A0DQ9W
Index: WBI
Börsen: Wiener Börse AG / official market