Wacker Neuson SE: Ad hoc press release in line with Article 15 of the German Securities Trading Act (WpHG)
Revenue continues to grow in Q2 2012, revised profit forecast, plans to unify light and compact equipment segments under single managementMunich, 02-Aug-2012
Revenue growth in Q2 2012
Wacker Neuson’s revenue for the second quarter of 2012 increased to EUR 284.2 million (Q2 2011: EUR 266.9 million). This corresponds to a 6.5-percent rise on what was already a relatively strong second quarter in 2011. The Americas region performed particularly well, with revenue here rising by 23 percent. In Europe, revenue rose by just 2 percent. In May 2012, the affiliate Wacker Neuson Linz GmbH relocated to its new facility in Hörsching (near Linz, Austria). The move led to delays in compact equipment deliveries in June as well as to increased process and logistics costs. Although workflows are currently returning to normal, the relocation had a dampening effect on Group revenues and earnings for the second quarter of 2012: Profit before interest, tax, depreciation and amortization (EBITDA) came to EUR 37.3 million (Q2 2011: EUR 45.7 million). This corresponds to an EBITDA margin of 13.1 percent for the second quarter of 2012 (Q2 2011: 17.1 percent). In the first six months of this fiscal year, EBITDA rose 6.3 percent to EUR 76.1 million, resulting in an EBITDA margin of 13.6 percent (H1 2011: EUR 71.6 million; 15.0 percent). Revenue for the same period increased by 16.6 percent to EUR 558.1 million (H1 2011: EUR 478.7 million).
Forecast for 2012 as a whole
Uncertainties across markets coupled with the euro crisis are curbing investments among European customers. Despite these factors, Wacker Neuson has reconfirmed its revenue forecast of around EUR 1.1 billion for 2012. However, the company now expects the EBITDA margin to level out between 13 and 15 percent (previous forecast: at least 15 percent). In fiscal 2011, Wacker Neuson reported revenue of EUR 991.6 million and an EBITDA margin of 16.4 percent.
The full half-year report will be published on August 9, 2012.
Light and compact equipment segments under single management
Wacker Neuson SE intends to unite its two product segments (light and compact equipment) under single management in order to maximize synergies, in particular with regard to international expansion. This will enable the Group to further build on its market success.
In light of these plans, Mr. Richard Mayer reached a mutual, amicable agreement with the Supervisory Board providing for his early exit from the company. Mr. Mayer will be stepping down from his position as member of the Executive Board of Wacker Neuson SE responsible for light equipment on September 30, 2012. Mr. Mayer took on the position in 2007 during the merger between the former Wacker Construction Equipment AG and Neuson Kramer Baumaschinen AG. Prior to this, he served as Chief Financial Officer and was also Spokesperson for the Executive Board for an interim period. Mr. Mayer has served the company in a variety of positions since 1995, helping to shape its future. The Supervisory Board and the Executive Board would like to thank Mr. Mayer for his many years at the company and wish him every success for the future.
Mr. Martin Lehner will take on responsibility for light equipment at Executive Board level in addition to his current role as head of compact equipment. Mr. Lehner has been with the company since 1987 and is also Deputy CEO to Cem Peksaglam.
Additional information on Wacker Neuson SE shares:
Admission: Regulated market / Prime Standard; Frankfurt Stock Exchange
Company headquarters: Germany
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Wacker Neuson SE
80809 Munich, Germany
Tel. + 49 - (0)89 - 354 02 - 173