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25.07.2018 11:49:38

DGAP-Adhoc: Westag & Getalit AG: Sales revenues in H1 2018 slightly above previous year; consolidated earnings clearly below previous year due to one-time effects

DGAP-Ad-hoc: Westag & Getalit AG / Key word(s): Half Year Results
Westag & Getalit AG: Sales revenues in H1 2018 slightly above previous year; consolidated earnings clearly below previous year due to one-time effects

25-Jul-2018 / 11:49 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Rheda-Wiedenbrück, 25 July 2018
Westag & Getalit AG: Sales revenues in H1 2018 slightly above previous year; consolidated earnings clearly below previous year due to one-time effects

Westag & Getalit AG generated consolidated revenues of EUR 118.1 million in the first half of 2018, which was slightly above the previous year's EUR 117.8 million. While domestic revenues declined during the period, exports showed a positive trend, with revenues in the Group's foreign markets growing by 11.3% to EUR 29.5 million (previous year: EUR 26.5 million). Consequently, the export share climbed from 22.5% to 25.0%.

Sales revenues in the Doors/Frames Division totalled EUR 62.6 million in the first six months of 2018 (previous year: EUR 63.6 million). The Surfaces/Elements Division generated revenues of EUR 52.6 million (previous year: EUR 50.2 million). Revenues of the Central Division declined from EUR 4.0 million to EUR 2.9 million in the reporting period.

Consolidated earnings before taxes in the amount of EUR 3.3 million (previous year: EUR 4.5 million) were adversely influenced by several factors. At the operational level, increased material prices and higher forwarding expenses resulting from a shortage of freight capacities resulted in lower profit contributions from our own products in the past months. Moreover, a scheduled major overhaul of the cogeneration unit revealed that an unexpectedly comprehensive repair of the generator is required. This means that the Group's income statement is adversely affected by a shortfall of revenues and by much higher maintenance expenses than originally planned. To a minor extent, the result of the second quarter was adversely affected by consulting expenses that became necessary in conjunction with the public takeover bid for the company's shares announced on June 11, 2018. Consequently, the Group's net profit for the period also declined to EUR 2.3 million (previous year: EUR 3.1 million). Net profit per share amounted to EUR 0.40 for the ordinary shares (previous year: EUR 0.56) and to EUR 0.46 for the preference shares (previous year: EUR 0.62).

Based on a continued positive market environment and the ongoing expansion of the distribution activities in the Surfaces/Elements Division, the Managing Board expects total sales revenues for 2018 to increase moderately. In the long term, the company primarily aims to grow its domestic revenues again. The fact that the product portfolios are precisely tailored to the individual markets makes the Management Board optimistic that the company will be able to further expand its export activities assuming a benign economic environment. In this context, the company will benefit, among other things, from the increased production capacity that will be available in the Doors/Frames Division starting 2019.

According to current knowledge, the major overhaul of the cogeneration unit will last until the end of September, i.e. much longer than originally planned due to the necessary repair of the generator. This will lead to declining revenues and increased repair costs also in the third quarter of 2018. This and the above-described earnings trend in the year to date have prompted the Management Board to adjust its forecast, according to which earnings for the full year 2018 are now expected to be lower than in the previous year.

The above release and further information on Westag & Getalit are available on the Internet at www.westag-getalit.com.

Additional information:
Westag & Getalit AG | Thomas Sudhoff
PR und Finanzkommunikation
Hellweg 15 | D-33378 Rheda-Wiedenbrück
Tel. +49 (0) 52 42 / 17-1712 | Fax +49 (0) 52 42 / 17-71712
sudhoff@westag-getalit.com | www.westag-getalit.com

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25-Jul-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: Westag & Getalit AG
Hellweg 15
33378 Rheda-Wiedenbrück
Germany
Phone: +49 (0)5242 17 - 0
Fax: +49 (0)5242 17 - 5603
E-mail: zentral@westag-getalit.de
Internet: www.westag-getalit.de
ISIN: DE0007775207, DE0007775231
WKN: 777520, 777523
Listed: Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Stuttgart, Tradegate Exchange

 
End of Announcement DGAP News Service

707733  25-Jul-2018 CET/CEST

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