Wacker Neuson SE: Strong Q2 performance for Wacker Neuson

Wacker Neuson SE / Key word(s): Half Year Results/Quarter Results

06.08.2013 / 07:32

Strong Q2 performance for Wacker Neuson

Double-digit growth across all business segments, rise in profit

(Munich, August 6, 2013) Despite the challenging general economic environment, Munich-based light and compact equipment Group Wacker Neuson reported an upturn in business in the second quarter of 2013 and thus compensated for the weak start to the year. Wacker Neuson has confirmed its forecast for fiscal 2013.

Strong second quarter
The Wacker Neuson Group's second quarter revenue increased by 15.8 percent relative to the previous year, reaching EUR 329.0 million (Q2 2012: EUR 284.2 million). The onset of construction activity in April had the welcome effect of clearly relieving market tensions resulting from the late start in some countries. '2013 got off to a slow start due to sluggish economies in many target markets and poor weather conditions in the northern hemisphere. In Q2, however, our revenue rose 28 percent on the prior-year quarter to a new record high for the company. Despite a significantly more intensive competitive landscape, we were able to successfully maintain and in some cases expand our position,' explains Cem Peksaglam, CEO of Wacker Neuson SE. 'Our ability to adapt to dynamically changing markets and our commitment to strategically implementing our international expansion and diversification strategy are crucial to our success,' continues Peksaglam.

The light equipment segment reported a 12-percent Q2 revenue increase relative to the previous year. Revenue from compact equipment such as excavators, wheel loaders, dumpers and skid steer loaders rose by an impressive 19 percent, while the services segment reported a 14-percent rise in revenue.

Profit before interest, tax, depreciation and amortization (EBITDA) rose 20.4 percent in the second quarter of 2013 to EUR 44.9 million (Q2 2012: EUR 37.3 million). This corresponds to an EBITDA margin for the quarter of 13.6 percent (Q2 2012: 13.1 percent). The EBIT margin amounted to 8.9 percent (Q2 2012: 8.0 percent).

Revenue plus in the first half of 2013
During the first six months of 2013, revenue rose 5.0 percent to EUR 586.1 million (H1 2012: EUR 558.1 million). Revenue in the first quarter was 6.2 percent lower than the prior-year figure due to delayed construction activity (Q1 2013: EUR 257.1 million). The Group quickly compensated for the drop, however.

The weak first quarter pushed profit for the first half of the year below the prior-year figure. EBITDA amounted to EUR 69.7 million (H1 2012: EUR 76.1 million). This corresponds to an EBITDA margin of 11.9 percent (H1 2012: 13.6 percent). Profit before interest and tax (EBIT) totaled EUR 40.4 million (H1 2012: EUR 49.2 million), which brought the EBIT margin to 6.9 percent (H1 2012: 8.8 percent).

Outlook and forecast for 2013
Wacker Neuson has identified new market opportunities in South America, Eastern Europe, Africa and Asia. To leverage this growth potential, Wacker Neuson is increasingly distributing products and services tailored to regional requirements. Further growth opportunities for the Group exist in its core markets of Europe and North America.

The company reported a double-digit rise in order intake at the close of the first half year 2013. The overall forecast for the year remains unchanged, with revenue expected to amount to around EUR 1.2 billion (2012: EUR 1,091 million) overall and the EBITDA margin to exceed 13.0 percent (2012: 13.0 percent). 'Despite our strong second quarter, we will have to keep working hard to meet our revenue and profit goals for the year. As such, we will keep a close eye on spending and focus on our strengths in production and distribution. I am confident that we will once again achieve our goals in 2013,' confirms Peksaglam.

Table: Revenue and earnings

Key figures
in EUR million
Gross profit margin as a %30.329.5+0.8 PP29.830.3-0.5 PP
EBITDA margin as a %13.613.1+0.5 PP11.913.6-1.7 PP
EBIT margin as a %8.98.0+0.9 PP6.98.8-1.9 PP
Profit for the period18.513.8+34.1%24.930.9-19.4%
Earnings per share in EUR0.260.20+30.0%0.360.44-18.2%

Your contact partner:
Wacker Neuson SE
Katrin Yvonne Neuffer
Head of Corporate Communication/
Investor Relations
Preussenstrasse 41
80809 Munich, Germany
Tel: +49-(0)89-35402-173

About Wacker Neuson: The Wacker Neuson Group is a leading manufacturer of light and compact equipment with over 40 affiliates, 140 sales and service stations and more than 12,000 sales and service partners across the globe. The Group can trace its roots back to 1848. Wacker Neuson is the partner of choice among professional users in construction, gardening, landscaping and agriculture, as well as among municipal bodies and companies in industries such as recycling and energy. It also offers a global spare parts service. The Wacker Neuson Group includes the product brands Wacker Neuson, Kramer Allrad, Kramer and Weidemann. In 2012, the Group achieved revenue of EUR 1.1 billion and employed over 4,000 people worldwide.

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