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SAF-HOLLAND S.A. increases organic sales in the third quarter of 2016 - Seite 4
prior year's level. The one-time write-downs in China in the amount of EUR
1.0 million already described brought down adjusted EBIT in the third
quarter to EUR 0.0 million (previous year: EUR 0.7 million). Sales in the
APAC/China region for the nine-month period were 13.9% lower year-on-year,
and adjusted EBIT amounted to EUR 1.7 million (previous year: EUR 4.3
million).
2016 forecast confirmed: Solid sales and operating earnings performance
amid difficult market environment
Provided that the mostly mixed industry trend in the markets does not cool
down any further, SAF-HOLLAND continues to expect constant to slightly
higher year-on-year organic sales before currency exchange-rate and
consolidation effects. It should be kept in mind here that the agricultural
product line, AerWay, will no longer contribute to the Group's sales and
earnings in the 2016 financial year. SAF-HOLLAND therefore expects to
achieve organic sales between EUR 1,050 million and EUR 1,070 million,
whereby, from today's perspective, Group sales are expected to come in at
the lower end of the planned corridor. In view of the projected upfront
expenses for business expansion under Strategy 2020, the Group has been
budgeting for an adjusted EBIT margin of between 8% and 9% in 2016 compared
with 8.9% in 2015. On the basis of the cost savings and increases in
productivity achieved to date, as well as an advantageous product mix, the
Company expects to achieve an adjusted EBIT margin for the full year 2016
which will tend to reach the upper half of the originally projected
corridor.
Key figures 9 months / Q3 2016
EUR million 9M/2016 9M/2015 vs. Q3/2016 Q3/2015 vs.
previous previous
year in % year in %
Sales 789.4 817.5 -3.4 255.8 258.8 -1.2
Adjusted 70.6 73.6 -4.1 21.6 24.1 -10.4
EBIT
Adjusted 8.9 9.0 -10 bps 8.4 9.3 -90 bps
EBIT margin
(%)
EBT 51.4 63.2 -18.7 13.7 17.3 -20.8
Result for 36.3 42.1 -13.8 10.6 11.7 -9.4
the period
Undiluted 0.81 0.93 -12.9 0.24 0.26 -7.7
earnings
per share
in in EUR
Diluted 0.70 0.80 -12.5 0.20 0.22 -9.1
earnings
per share
in EUR
Operating 63.1 43.8 44.1 27.3 28.9 -5.5
cash flow
before
income tax
paid
Free cash 38.4 8.7 341.4 19.4 17.5 10.9
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