2016-02-11 07:15:01 CET
2016-02-11 07:15:01 CET
REGULATED INFORMATION
PKC Group Oyj - Financial Statement Release
PKC Group Q4/2015: Strategic projects advanced, EBITDA continued to improve
PKC Group Plc Financial statement release 11 February 2016 8.15 a.m.
PKC Group Q4/2015:
Strategic projects advanced, EBITDA continued to improve
This release is a summary of PKC Group’s Interim Report January-December 2015.
The complete report is attached to this release as a pdf-file. It is also
available on the company website at www.pkcgroup.com.
October - December 2015 highlights
-- Revenue increased 10.8% on the comparison period (10-12/2014), totalling
EUR 231.8 million (EUR 209.2 million).
-- EBITDA before non-recurring items increased 80.9% on the comparison period
(10-12/2014), totalling EUR 15.6 million (EUR 8.6 million) and 6.7% (4.1%)
of revenue.
-- Wiring Systems business segment’s EBITDA before non-recurring items
increased 65.2% on the comparison period (10-12/2014), totalling EUR 17.7
million (EUR 10.7 million) and 8.1% (5.5%) of revenue.
-- Cash flow after investments was EUR 46.8 million (EUR 30.7 million).
January – December 2015 highlights
-- Revenue increased 9.5% on the comparison period (1-12/2014), totalling EUR
908.0 million (EUR 829.5 million).
-- EBITDA before non-recurring items increased 31.5% on the comparison period
(1-12/2014), totalling EUR 63.9 million (EUR 48.6 million) and 7.0% (5.9%)
of revenue.
-- Wiring Systems business segment’s EBITDA before non-recurring items
increased 29.1% on the comparison period (1-12/2014), totalling EUR 66.4
million (EUR 51.4 million) and 7.8% (6.7%) of revenue.
-- Cash flow after investments was EUR -23.4 million (EUR 20.7 million)
including acquisition cash outflow amounting to EUR 22.5 million.
Dividend proposal
-- Dividend proposal is EUR 0.70 per share (EUR 0.70 per share).
PKC Group’s outlook for 2016
-- PKC Group estimates that with prevailing exchange rates 2016 revenue will
be at or above previous year level and comparable EBITDA will be higher
than previous year level. Revenue and comparable EBITDA improvement is to
take place in the second half of the year. In 2015, PKC’s revenue was EUR
908.0 million and comparable EBITDA before non-recurring items was EUR 63.9
million.
Key figures 10-12/15 10-12/14 Change 1-12/15 1-12/14 Change %
%
EUR 1,000 (unless otherwise noted)
Revenue 231,753 209,247 +10.8 908,041 829,516 +9.5
EBITDA* 15,559 8,600 +80.9 63,866 48,572 +31.5
% of revenue 6.7 4.1 7.0 5.9
Operating profit* 6,952 1,558 +346.1 31,646 21,384 +48.0
% of revenue 3.0 0.7 3.5 2.6
Non-recurring items -1,227 -11,739 -89.6 -8,973 -28,362 -68.4
Operating profit (loss) 5,725 -10,181 22,674 -6,978
% of revenue 2.5 -4.9 2.5 -0.8
Profit (loss) before 4,660 -11,160 18,288 -10,528
taxes
Earnings per share 0.08 -0.63 0.29 -1.21
(EPS), EUR
Cash flow after 46,798 30,737 +52,3 -23,372 20,699
investments
ROCE, % 10.8 7.7
Gearing, % 31.4 -5.6
* before non-recurring items
Matti Hyytiäinen, President & CEO:
PKC’s financial year 2015 was a year of positive development, both financially
and also in terms of the implementation of the growth strategy.
The company’s revenue and operating profit before non-recurring items
increased. Revenue amounted to EUR 908.0 million (+9.5%) and operating profit
before non-recurring items amounted to EUR 31.6 million (+48.0%).
2015 was full of events. It included expansion into rolling stock customer
relationships through the acquisition of Kabel-Technik-Polska Sp. z o.o. and
the establishment of a joint venture in China with Huakai specialising in the
manufacture of electrical distribution systems. Production reorganisation
proceeded in Europe and Brazil. The new wiring systems factories in Lithuania
and Serbia speeded up and production in Brazil was consolidated into one
factory.
PKC’s market position remained strong in all product and geographical areas of
operation throughout the financial year. As a sign of this success, customers
honoured PKC with several quality awards. PKC’s excellent customer service and
reliability are based on the professionally-skilled personnel, who once again
succeeded excellently in their work. For this I would like to express my
warmest thanks to all those working at PKC.
This year we will continue with the implementation of our growth strategy. We
will concentrate on strengthening our position and creating the prerequisites
for growth globally with our rolling stock customers, and with our truck
customers especially in China. Our strong balance sheet is enabling us to
engage in growth projects. The key reorganisations in European production will
gradually end during the year, with the exception of the closure of the Keila
factory situated in Estonia which, as a result of customer projects, will not
be carried out until Q1/17. Competence units will remain at Keila to serve
European and South American business. The closure of the Keila factory will not
result in additional non-recurring items.
In 2016, we expect the market environment to be fluctuating. The production of
trucks in North America and Brazil is forecast to decline. In Europe,
production volumes are expected to remain unchanged. In China, the production
of trucks is expected to increase, and the positive nature of the market is
being increased by the continuation in average price rises brought about by the
increasing complexity of electrical distribution systems. The rolling stock
market is expected to grow, and the order books of PKC’s rolling stock
customers are on a good level. The demand for the products of the Electronics
segment is estimated to remain at the current level at the most.
Market outlook
Wiring Systems Business
In 2016 the production of heavy-duty and medium-duty trucks in Europe is
expected to be at the previous year’s level.
In 2016 the production of heavy-duty and medium-duty trucks in North America is
expected to decrease by about 17%, and production of light vehicles to increase
by about 2% compared to 2015.
In 2016 the production of heavy-duty and medium-duty trucks in Brazil is
expected to continue to decrease.
In 2016 the production of heavy-duty and medium-duty trucks in China is
expected to grow by about 5% compared to previous year’s level.
The demand for the rolling stock is expected to continue to grow steadily.
Electronics Business
The market demand for Electronics segment’s products is expected to remain on
the current level at the most.
PKC Group Plc
Board of Directors
Matti Hyytiäinen
President & CEO
For additional information, contact:
Matti Hyytiäinen, President & CEO, PKC Group Plc, tel. +358 (0)400 710 968
Juha Torniainen, CFO, PKC Group Plc, tel. +358 (0)40 570 8871
Press conference
A press conference on the financial statement will be arranged for analysts and
investors today, 11 February 2016, at 10.00 a.m., at the address Event Arena
Bank, Unioninkatu 20, Helsinki.
Attachment
PKC financial statement release 2015
Distribution
Nasdaq Helsinki
Main media
www.pkcgroup.com
PKC Group is a global partner, designing, manufacturing and integrating
electrical distribution systems, electronics and related architecture
components for the commercial vehicle industry, rolling stock manufacturers and
other selected segments. The Group has production facilities in Brazil, China,
Estonia, Finland, Germany, Lithuania, Mexico, Poland, Russia, Serbia and the
USA. The Group's revenue in 2015 totalled EUR 908.0 million. PKC Group Plc is
listed on Nasdaq Helsinki.
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