KAP AG
KAP Beteiligungs-AG Press release: KAP Beteiligungs-AG reports financial results for fiscal year 2017
PRESS RELEASE
KAP Beteiligungs-AG reports financial results for fiscal year 2017 – EBIT growth for the second consecutive year, up more than 50% – Revenue increase of 409m Euro – Continued positive outlook in 2018 Fulda, 19 February 2017 – Reporting preliminary results for the fiscal year ending 31 December 2017, the Fulda-based company KAP Beteiligungs-AG (KAP) said it continued to see strong financial performance in 2017. The company reported consolidated group revenue of EUR409m (2016: EUR386m), an increase of 6% on the previous year. Normalised EBIT grew for the second consecutive year, reporting an increase of 57% to EUR20.2m (2016: EUR12.9m). This is above the EUR16.5m forecasted at Q3 2017 results in November 2017. Normalised EBIT is adjusted for impairments of EUR6.8m, including a EUR5.6m charge for the closure of the site in Haslach, Germany. Additionally, because of the sale, Kirson accounted for just nine months of 2017, while the new segment, Surface Technology, did not yet materially contribute to financial results, with the transactions having only closed in late 2017. The engineering products segment grew revenue from EUR282.2m in 2016 to EUR286.3m in 2017 despite the sale of Kirson. Normalised EBIT increased from EUR11.4m in 2016 to EUR13.4m in 2017, reflecting the segment’s continued positive performance. The market for transmission belts also returned to growth in 2017 as did the single cord business. Efficiency measures at, amongst others, sites in China and Portugal also contributed to higher margins. The automotive components business also exhibited strong financial performance in 2017. Revenues increased by 16% to EUR122.2m (2016: EUR104.9m) and EBIT grew to EUR7.8m from EUR2.6m in the previous year on a normalised basis due to Haslach site closure costs. The increase was largely driven by higher demand for truck injector bodies and stronger sales of e-bike components. The all others segment continued without any revenues in 2017, reporting a loss of EUR4.8m due to Holding costs. Due to changes, relating to the real estate project Schafflerbachstraße in Augsburg, Germany, the Board of Directors now expect the sale to complete in 2018. For 2017, KAP reported normalised EBITDA of EUR40.6m, a 19.1% increase on the previous year (EUR34.1m). Investment in PP&E accounted for EUR22m compared to a depreciation of EUR20m. As of 31 December 2017, Net Debt was EUR69.8m (2016: EUR65.4m). The number of worldwide group employees was 2,944. The Board of Directors expect the positive business environment to continue, helping maintain momentum in the business in 2018. Margins are expected to improve while EBITDA should continue to grow from the current EUR40.6m level. However, strong increases in raw material prices could have a negative impact on margins. KAP Beteiligungs-AG Contact: On KAP Beteiligungs-AG End of Media Release Issuer: KAP Beteiligungs-AG Key word(s): Finance
19.02.2018 Dissemination of a Press Release, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | KAP Beteiligungs-AG |
Edelzeller Straße 44 | |
36043 Fulda | |
Germany | |
Phone: | 06611030 |
Fax: | 0661103830 |
E-mail: | office@kap.de |
Internet: | www.kap.de |
ISIN: | DE0006208408 |
WKN: | 620840 |
Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart |
End of News | DGAP Media |