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SAF-HOLLAND S.A.: Good growth in sales and earnings for financial year 2014 - Seite 4
2.1 percent). General administrative expenses in 2014 amounted to EUR 44.6
million (previous year: EUR 38.0 million). In comparison with the previous
year, it should be taken into consideration that in 2013 this position was
relieved by capitalized project costs in the amount of EUR 2.1 million. In
contrast, in 2014 one-time costs of EUR 2.3 million occurred related to a
phantom share program created in financial year 2010.
Advantageous company financing
In financial year 2014, SAF-HOLLAND again sustainably optimized its company
financing. This was made possible by the issuance of convertible bonds and
the early refinancing of bank credit lines at more favorable conditions. In
this regard, SAF-HOLLAND benefits from improved interest conditions.
Overall, these efforts result in interest expense savings in the future of
approximately EUR 2.0 million per year. The corporate bond has a term until
April 2018, the new credit line until October 2019 and the convertible
bonds are due in September 2020. Wilfried Trepels, CFO of SAF-HOLLAND: "We
have further improved our financing structure, which secures the company's
long-term growth course."
Increased dividend planned
The Board of Directors therefore proposes to the Annual General Meeting on
April 23, 2015 the distribution of a dividend of EUR 0.32 per share
(previous year: EUR 0.27 per share). This would result in a total
distribution volume of EUR 14.5 million, which corresponds to a 44 percent
share of net earnings.
Sales and earnings goals for 2015 confirmed
SAF-HOLLAND believes that it is well-positioned in the market for further
positive business development. In the current financial year, the company
continues to pursue the growth strategy which focuses on an expansion of
the trailer business in North America, strengthening of the international
Aftermarket activities and a further exploration of markets in BRIC
countries.
Assuming that the political, overall economic and industry-specific
framework conditions do not worsen, SAF-HOLLAND confirms the forecast
issued in December of 2013. Accordingly, we continue to target sales of
between EUR 980 million and EUR 1.035 billion. The earnings target remains
an adjusted EBIT margin of 9 to 10 percent. Details to the company's
strategy and goals until 2020 will be provided on May 13, 2015.
Notes:
EBIT was adjusted for the following items that are not originally
attributable to the operating business: amortization from the purchase
price allocation and impairment reversals on goodwill and intangible assets
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