1 / 22

- Consolidated results HY1 2007 -

- Consolidated results HY1 2007 -. PICANOL GROUP SEES PROFIT GROWTH IN FIRST HALF OF 2007. Ypres, 29 August 2007. Agenda. I. Activity report HY1 2007 - Review HY1 2007 - Main events HY1 2007 II. Financial results HY1 2007 - Income statement - Exceptional result - Tax result

oberon
Download Presentation

- Consolidated results HY1 2007 -

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. - Consolidated results HY1 2007 - PICANOL GROUP SEES PROFIT GROWTH IN FIRST HALF OF 2007 Ypres, 29 August 2007

  2. Agenda I. Activity report HY1 2007 - Review HY1 2007 - Main events HY1 2007 II. Financial results HY1 2007 - Income statement - Exceptional result - Tax result - REBITDA HY1 2007-HY1 2006 - REBIT HY1 2007-HY1 2006 - Condensed cash flow statement - Consolidated balance sheet - Net financial debt III. Outlook - Outlook - ITMA 2007 - Challenges for the future

  3. ACTIVITY REPORT HY1 2007

  4. Review HY1 2007 (1/2) • Demand for new weaving machines remained high in the first half of 2007, in particular due to China • Compared to HY1 2006 more airjet weaving machines sold • During the second quarter demand fell slightly, probably in anticipation of the ITMA 2007 fair (Munich, Germany) • Price & margin pressure remained high with Japanese manufacturers (airjet) together with a strengthening of the euro relative to the yen • Picanol focuses clearly on turnover and margin • New machines convince the market of Picanol’s competence & innovative power : OptiMax

  5. Review HY1 2007 (2/2) • Various actions to protect turnover volume and market position of sales of services, spare parts and accessories are successful in the first half of 2007 • Measures taken at Manufacturing (Proferro/Bumac) have a positive impact on turnover and profitability • PsiControl Mechatronics was able to strengthen its position in the market, a.o. due to the start-up in Romania

  6. Main events HY1 2007 (1/2) • From 12 to 16 March, the new rapier weaving machine OptiMax was launched in Ypres • In line with the modification of the production machinery, the OptiMax is launched gradually on the world market

  7. Main events HY1 2007 (2/2) • New construction project at the K. Steverlyncklaan (Ypres) was completed successfully • All activities of PsiControl Mechatronics, Verbrugge, R&D- and Sourcing departments were centralized in the new building in the first half of 2007 • Further construction plans and centralization at the K. Steverlyncklaan conditional on sale of YTC (Ter Waarde)

  8. II. FINANCIAL RESULTS HY1 2007

  9. Income statement

  10. Exceptional result • Exceptional gain 0.15 mio euros • Exceptional loss -0.39 mio euros • Settlement shareholder -0.07 mio euros • Write-down VAT-receivable J. Coene -0.16 mio euros • Realized less value -0.06 mio euros • Other small exceptional losses -0.10 mio euros

  11. Tax result • Theoretical tax charge (33.99%) 3.3 mio euros • Tax increase settlement J. Coene + 0.6 mio euros (6.2%) • Disallowed expenses + 0.5 mio euros (5.2%) • Notional interest deduction -0.4 mio euros (-4.1%) • Foreign local tax rate advantage -0.2 mio euros (-2.1%) • Effective tax charge (38.77%) 3.8 mio euros

  12. REBITDA HY1 2007 – HY1 2006 HY1 2007 HY1 2006 REBIT IFRS CONSOLIDATED 10.5 6.7 Depreciation expense + 5.9 + 7.2 Movements in provision bad debt, inventory - 1.3 + 1.1 Movements in other provisions + 0.5 + 0.4 REBITDA IFRS CONSOL 15.6 15.4 Mio euros

  13. REBIT HY1 2007- HY1 2006 Mio euros • REBIT HY1 2006 +6.7 • Machine sales5% volume increase +0.6 margin decrease, mainly due to higher share of airjet machines -3.2 • Efficiency improvement Manufacturing/assembly +1.8 • Sales increase at Proferro & PsiControl Mechatronics +1.6 • Increased sales aftermarket & accessories business +2.3 • Reduction in overhead costs +0.7 • REBIT HY1 2007 +10.5

  14. Condensed cash flow statement

  15. Consolidated balance sheet (1/2)

  16. Consolidated balance sheet (2/2)

  17. Net financial debt 30/06/2007 31/12/2006 1. Cash & investments 16,519 16,485 2. Financial debt payable > 1 year -27,079 -33,430 3. Financial debt payable current portion -21,529 -23,163 4. Short term financial debt -2,400 -765 -34,489 -40,873 Excl. Export financing 1. Cash & investments 16,519 16,485 2. Financial debt payable > 1 year -13,366 -14,768 3. Financial debt payable current portion -5,036 -5,041 4. Short term financial debt -2,400 -765 -4,283 -4,089 Net financial debt

  18. III. OUTLOOK

  19. Outlook • The Picanol Group remains cautious given the fierce competition worldwide and the volatile exchange rate movements of the yen • It is expected that the demand for weaving machines may be somewhat lower in the second half of 2007 • In China the introduction of higher taxes on imported weaving machines and on exported textile products may lead to decisions to invest in new weaving machines being delayed • Continuous focus on better production and process efficiency • Confirmation turnover forecast in line with 2006

  20. ITMA 2007 • From 13-20 September Picanol will participate in ITMA, the world’s leading trade fair for textile machine producers, in Munich • Picanol will be present with 15 weaving machines. GTP Accessories also has a booth at the fair.

  21. Challenges for the future • Internationalization is more than ever a challenge • Customer-oriented innovation was and is crucial for the Picanol Group. Since the end of 2006 own Innovation Council to stimulate the development of innovation • Further enhancement of own competencies for third parties remains an important strategic pillar • Extra focus on improving customer intimacy • Cost management • Search for new talent is difficult: • Currently in Ypres various job offerings for engineers and technical talent

  22. Questions?

More Related