Financial year 2011
GILDEMEISTER was able to increase order intake, sales revenues and earnings key performance indicators steadily over the year. Through this we reached our targets and consider business performance in 2011 to be positive overall. Worldwide demand for machine tools continues to be stable.
In the reporting year, GILDEMEISTER achieved the second highest sales revenues in the company's history. They exceeded the previous year's figure by € 310.9 million and reached € 1,687.7 million (previous year: € 1,376.8 million). This represents an increase of 23%. In the fourth quarter sales revenues reached € 493.4 million (previous year: € 518.4 million). The group's international sales revenues rose by 20% to € 1,055.1 million; domestic sales revenues amounted to € 632.6 million (+27%). The export share amounted to 63% (previous year: 64%).
Order intake was the highest in the company's history. It reached € 1,927.3 million and was some € 508.9 million or 36% above the previous year (€ 1,418.4 million). In the fourth quarter order intake reached € 415.0 million (previous year’s quarter: € 404.6 million). In the whole year domestic orders rose overall by 42% to € 764.2 million (previous year: € 537.7 million). International orders grew by 32% to € 1,163.1 million (previous year: € 880.7 million). The proportion of international orders was 60%.
As of 31 December 2011, the group order backlog was € 811.2 million and thus € 182.9 million or 29% above the previous year's figure (31 Dec. 2010: € 628.3 million).
GILDEMEISTER was able to markedly increase its earnings key performance indicators in financial year 2011. As of 31 December 2011, the results of operations developed as follows: EBITDA for the whole year amounted to € 146.1 million (previous year: € 74.5 million); EBIT rose to € 112.5 million (previous year: € 45.0 million). EBT rose to € 66.9 million (previous year: € 6.5 million) and the group annual profit grew to € 45.5 million (previous year: € 4.3 million).
In the fourth quarter EBITDA reached € 56.5 million (previous year: € 44.3 million); EBITamounted to € 46.0 million (previous year: € 35.9 million). EBT rose to € 40.3 million (previous year: € 24.8 million). Earnings after taxes amounted to € 27.4 million (previous year: € 17.9 million).
Equity rose by € 242.3 million to € 655.2 million (previous year: € 412.9 million) essentially due to the two capital increases and to the annual profit. The shares that we purchased within the scope of the share buyback programme reduced equity by € 20.7 million (3.0% of voting rights). The equity ratio thus rose to 47.8% (previous year: 30.4%).
As of 31 December 2011, GILDEMEISTER had 6.032 employees (previous year: 5,445), of whom 222 were trainees. The number of employees rose in comparison with the previous year by 587. The rise in personnel numbers results primarily from combining sales and service activities in Germany with Mori Seiki and the associated integration of 101 employees as of 1 September 2011. Moreover, the companies in the growth markets of China, India and Russia increased their workforce. At year-end, 3,577 employees (59%) worked at our domestic companies and 2,455 employees (41%) at our foreign companies.
The GILDEMEISTER share clearly lost in value in financial year 2011 as a consequence of volatility on the international capital markets. In the 2011 stock market year, the share was quoted at the start of the year at € 16.90 (3 Jan. 2011) and reached its highest value of € 17.50 on 3 May 2011. The lowest value of the year was € 8.69 (4 Oct. 2011). The share closed the year on 30 December 2011 at € 9.75. The share is currently quoted at € 12.21 (14 Mar. 2012). The Executive Board and the Supervisory Board will propose to the Annual General Meeting of Shareholders on 18 May 2012 that a dividend of € 0.25 per share be distributed. The represents a dividend yield of 2.6% relating to the closing quotation as of 31 December 2011.
In their current forecasts for the machine tool market worldwide in 2012, the VDW (German Machine Tool Builders' Association) and the British economic research institute, Oxford Economics, expect production output and market volume to grow in value by 2.5% each.
GILDEMEISTER had a good start to financial year 2012. Order intake developed in line with plans in January and February. Orders rose by 29% to € 374.9 million (previous year: € 291.6 million). This was due in part to our successful annual kick-off events. We enjoyed positive trade fair results from the NORTEC in Hamburg, our traditional in-house exhibition in Pfronten and the METAV in Dusseldorf. In the first quarter of 2012 we are expecting order intake of more than € 500 million (previous year’s quarter: € 445.9 million). We are planning sales revenues of more than € 400 million (previous year’s quarter: € 377.4 million). Earnings should clearly improve in a year-on-year comparison with the previous year's quarter.
In financial year 2012 we expect further growth. For the whole year we are expecting orderintake of more than € 2 billion for the first time. Due to this order intake expectation, and based on the sound order backlog, we are planning to increase sales revenues in 2012 to more than € 1.9 billion. On condition that the market continues to develop in line with our expectations, we are planning to increase EBT to more than € 100 million. For financial year 2012 we intend to pay a higher dividend per share.
The Executive Board
Note: We will gladly forward the complete annual report 2011 to you upon request. Current images are available at http://ag.gildemeister.com .
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