Frauenthal Holding AG:                                                      Results for the second quarter of 2017 

Vienna, 29.08.2017

The figures in the analysis below are adjusted for deconsolidation effects recognised in the first six months of 2016. No adjustments were made in the first half of 2017. In 2016, revenue adjustments amounted to EUR 21.1m and earnings were adjusted to deconsolidation expenses of EUR 4.2m (detailed figures on deconsolidation effects are provided below):

  • At EUR 428.9m, the Frauenthal Group’s revenue for the first half of 2017 exceeded that in the comparative period by EUR 68.3m or 18.9%. EUR 294.0m (up 7.2%) was accounted for by the Frauenthal Trade Division and EUR 134.9m (up 56.2%) by the Frauenthal Automotive Division. The latter increase includes EUR 30.7m attributable Frauenthal’s new powertrain business (April-June 2017). After adjusting for the new acquisition, the Group reported revenue growth of 10.4% and revenue at Frauenthal Automotive rose by 20.6%. 
  • Group EBITDA increased by EUR 3.1m year on year, to EUR 14.9m (up 25.4%). EBITDA at Frauenthal Automotive amounted to EUR 10.0m, up by EUR 0.7m on the same period a year earlier. Frauenthal’s powertrain business unit contributed EUR 0.5m of divisional EBITDA. Frauenthal Trade’s contribution to EBITDA of EUR 5.8m (up EUR 2.6m year on year) resulted from increased contribution margins and cost-saving measures. 
  • Equity rose by EUR 3.8m, from EUR 101.8m at year-end 2016 to EUR 105.6m, primarily as a result of the positive comprehensive income reported in the first six months of the year. The equity ratio declined from 28.7% as at 31 December 2016 to 23.5% as at 30 June 2017 owing to the rise in total assets.
EUR mH1 2017ChangeH1 2016
Revenue    428.9+12.4%381.6
Revenue, adjusted1428.9+18.9%360.6
EBITDA 14.9+95.3%7.6
EBITDA, adjusted214.9+25.4%11.8
EBIT 5.8     -0.0
EBIT, adjusted25.8+34.6%4.2
Profit for the year3.3     --2.4
Profit for the year, adjusted23.3+83.0%1.8
Equity105.6+16.6%90.6
Equity ratio23.5%   -0.3%23.8%
 
1) H1 2016: Adjusted for revenue of EUR 18.8m attributable to Frauenthal Automotive Azambuja SA and its sales subsidiaries, and of EUR 2.3m attributable to SHT Slovensko s.r.o.
2Adjusted for deconsolidation expense of EUR 3.9m in relation to Frauenthal Automotive Azambuja SA and its sales subsidiaries, and of EUR 0.3m in relation to SHT Slovensko s.r.o.

 

Figures for deconsolidation effects

Comparative figures for January to June 2016 adjusted for the disposals of Frauenthal Automotive Azambuja including its two Austrian sales subsidiaries (Frauenthal Automotive) and SHT Slovensko s.r.o. (Frauenthal Trade). The automotive businesses (combined revenue of EUR 18.8m for January-April 2016) were deconsolidated as of 30 April 2016. The deconsolidation effect resulted in extraordinary expenses of EUR 3.9m. In the Frauenthal Trade Division, SHT Slovensko s.r.o. was sold on 16 March 2016, completing the withdrawal from a business that was no longer possible to run at a profit. This company reported revenue of EUR 2.3m in 2016 and extraordinary expenses of EUR 0.3m arising from deconsolidation were recognised.

 

Outlook for 2017

The Frauenthal Automotive Division still expects positive developments in both the truck market and passenger vehicle segment. The newly acquired Frauenthal powertrain business unit is seen contributing revenue of around EUR 90m for the period from May to December 2017. This business’s earnings contribution will remain low in 2017 as it will incur costs for numerous optimisation measures. Divisional earnings are expected to exceed the previous year’s level in 2017. In the short and medium term, the Division’s activities will focus on integrating Frauenthal Powertrain.

Continued strong growth is anticipated in the Frauenthal Trade Division, primarily in its contract business. With competition still intense, margins are expected to remain tight. However, strong volume growth will more than make up for the continued pressure on margins. Thanks to further optimisation of cost structures, management is forecasting a significant year-on-year improvement in earnings.

 The Frauenthal Group’s earnings are expected to rise year on year in 2017.

 

Contact

Frauenthal Holding AG
Martin Sailer
m.sailer@frauenthal.at

Erika Hochrieser
e.hochrieser@frauenthal.at

Rooseveltplatz 10
1090 Vienna
Tel. +43 (0)1 5054206

X
0.078434944152832