euro adhoc: Eybl International AG / Annual Reports / Eybl International announces results for the 2003/04 financial year (E)

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Eybl International announces results for the 2003/04 financial year

  • Transformation process successfully concluded
  • Sustainable improvement in profits
  • Record order intake and backlog
  • Further increase in earnings expected in 2004/05

Krems, 29 June 2004 - Following a consolidation phase the Eybl Group completed the transformation of its business in financial 2003/04, successfully repositioning itself as an innovative European automotive industry developer/supplier.

As part of this strategic realignment Eybl systematically streamlined its product portfolio and eliminated low-margin contracts during its 2003/04 financial year. Despite rationalisation of its product range and customer base, and the adverse situation in its end-markets, Eybl’s results for financial 2003/04 were within its target corridor, and sales revenue was up from EUR 305.0 million (m) in 2002 (adjusted for discontinued products) to EUR 342.2m. The company’s textile production business accounted for EUR 76.9m or 22.5%, its fabrication segment for EUR 227.4m or 66.4%, and its interiors operation for EUR 37.4m or 10.9% of total revenue.

Despite the harsh trading environment earnings grew significantly in financial 2003/04, due to optimisation of the company’s production and logistics processes, increased productivity in its fabrication and interiors businesses, and reorganisation of its warp knitting operations. Earnings before interest, tax, depreciation and amortisation (EBITDA) advanced by about 6% to EUR 21.0m, while earnings before interest and tax (EBIT) climbed by some 14% to EUR 12.3m. Eybl’s strong profitability was demonstrated by the rise in the EBIT margin from 2.7% to 3.6%.

At the same time profit on ordinary activities progressed from EUR 5.6m in financial 2002/03 to EUR 8.9m in 2003/04, and the company moved into the black, recording a net profit for the year of EUR 9.0m.

Eybl’s stronger position with the motor manufacturers was also reflected in record order intake and backlog. As of 31 March 2004 order backlog was EUR 1,124m. Order intake in 2003/04 was EUR 515m — an 81% year-on-year increase.

The health of Eybl’s balance sheet was underlined by the increase in the equity ratio to 29.1%. The debt situation has been transformed since 2001, and the gearing ratio declined from 420% to 80% as of 31 March 2004. Return on capital employed (ROCE) was 11.8% at balance sheet date, reflecting the positive earnings trend.

At balance sheet date Eybl International had 3,905 employees at its 13 sites.

In the light of current business forecasts, and global political and economic developments, management does not anticipate major changes in the trading environment in financial 2004/05. European motor manufacturers do not expect any marked improvement in this year’s production figures. However, orders for financial 2004/05 are equal to a comfortable 90% of capacity, and management regards the prospects for all Eybl’s businesses of winning shares in its core West European automotive market as good. Management sees sales revenue ranging between EUR 350-370m in financial 2004/05, and the EBIT margin reaching about 4%.

About Eybl International
Vienna listed Eybl International AG is an internationally recognised manufacturer of automotive interior parts. It specialises in producing autotextiles; fabricating cloth, leather and combination cloth/leather seat covers, and covering special interior trim parts. Headquartered in Krems, Austria, the company employs some 3,900 people at 12 sites in Austria, Germany, Hungary, Romania, Slovakia and Spain. Today, Eybl International is the largest Austrian automotive component supplier, and the country’s leading textile manufacturer in terms of revenue.

Claudia Müller-Stralz
Eybl International AG Press Office
ECC PUBLICO, Neulinggasse 37, A-1030 Vienna
Tel: +43 (0)1 71786 direct dial 107; fax: +43 (0)1 7178660

Further inquiry note:
Eybl International AG
Investor Relations
Robert Gabriel
Tel.: +43 (0) 2732 881-300
Fax: +43 (0) 2732 881-79
Tel: 02732/881
FAX: 02732/881-79

Emittent: Eybl International AG Dr. Franz Wilhelm-Straße 2 AT-A-3500 Krems Tel: 02732/881 FAX: 02732/881-79 Email: WWW: ISIN: AT0000908157

end of announcement euro adhoc

Indizes: ATX Prime, WBI
Börsen: official dealing Wiener Börse AG; free trade Berliner Wertpapierbörse, Baden-Württembergische Wertpapierbörse, Frankfurter Wertpapierbörse
Branche: Textiles & Clothing
Sprache: Englisch