Einhell Germany AG: Business development and forecast for financial year 2018
Einhell Germany AG / Key word(s): 9-month figures/Change in Forecast
"Ad hoc announcement according to Article 17 MAR"
Business development and forecast for financial year 2018
Einhell Germany AG (ISIN: DE 0005654933) which is listed under Prime Standard of Deutsche Börse AG announces the following:
According to the key data now available for the interim accounts for the first nine months of the financial year 2018, the Einhell Group will record revenues of around EUR 450 million as at 30 September 2018 (previous year EUR 424.0 million). In comparison with the previous year, this means an increase of around 6%.
Earnings before tax will amount to around EUR 30 million. Impacts of Purchase Price Allocation will amount to EUR 0.8 Mio.
In the third quarter, the positive sales growth has slowed down due to the unusually warm summer. This led to a decline in sales, especially in the level of garden tools. Currency effects affected the sales development with an amount of EUR 17 million compared to the prior period. Especially subsidiaries located in Australia, Argentina and Turkey were affected by this. Excluding the aforementioned currency effects from sales, the increase would amount to 10%.
As negative currency effects might continue in the fourth quarter, the Einhell Group adjusts its forecast and now expects sales of EUR 575 - 585 million and a pre-tax yield of around 6.0% at the end of financial year 2018.
The negative effects on sales and earnings mainly result from temporary effects. The Group's strategic orientation with its focus on Power X-Change products is very successful. The percentage of sales of these products increased from 14% up to more than 20% in the first nine months of the 2018 financial year.
Landau/Isar, 25 October 2018
The Board of Directors
|Company:||Einhell Germany AG|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|End of Announcement||DGAP News Service|