pgam advanced technologies AG
Net profit 2003 of pgam jumped to EUR 1.7 mill
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Net profit 2003 of pgam jumped to EUR 1.7 mill
– Net profit 2003 of pgam jumped to EUR 1.7 mill after net loss of EUR 3.4 mill
in the previous year
– Earnings per share resulted in EUR 0.19 following last years net loss of EUR
0.38
– Restart of business in US and Asia in the fourth quarter 2003
– Special Vehicles are the ongoing growth and earnings driver
– Focused growth strategy of pgam Group showed returns
Georgsmarienhütte, Mai 3rd, 2004 –
pgam advanced technologies AG (Prime Standard, ISIN DE0005138408) benefits also
in the fourth quarter 2003 of the implemented cost cutting measures and the
clearly focused growth strategy on special vehicles and on the regions North
America and Asia.
“Due to the restart of the US automobile business for the first time after 18
months we benefitted from our longterm strategy”, enjoyed Josef A. Marold, CEO
of pgam advanced technologies AG presenting the Consolidated financial
statements for the year 2003 of pgam before the holiday weekend of May 1st,
2004.
Major highlights of financial 2003
– Order for the series armoring of around 1,200 Lincoln BPS for US governmental
use
– America and Asia enhance order inflow and sales in the fourth quarter 2003
– Order push for Specialty Vehicles in the fourth quarter 2003
– Oversubscribed capital increase of 10% beginning of November 2003
– Free float increase of the share to approx. 40%
Major earnings key figures of financial 2003
– Sales of EUR 70.7 mill (previous year EUR 81.4 mill)
– Gross margin increase (as percentage of sales) to around 77 % (previous year
71 %)
– Ongoing massive reduction and stabilisation in the ratio of goods purchased to
total income to around 23 % (previous year around 31 %)
– EBITDA increase of 20 % to EUR 11.6 mill from EUR 9.7 mill last year
– EBITDA margin stood at 16.4 % after 9 % the year before
– EBIT increase of 63 % to EUR 5.7 mill following EUR 3.5 mill the year before
– EBT more than four times higher at EUR 3.9 Mio after EUR 0,9 Mio in 2003
– Net profit of the Group of EUR 1.7 mill in contrast to the net loss of EUR 3.4
mill in the previous year
– Earnings per share jumped to EUR 0.19 after the significant net loss of EUR
0,38 in financial 2003
Sales development
The fourth quarter 2003 achieved with sales of EUR 18.6 mill the best quarterly
result of the year. North America and Asia, esp. China were the growth driver in
Q4. pgam Group in total reached sales of EUR 70.7 mill in 2003 (previous year
EUR 81.4 mill).
Earnings development
The ongoing trend of increasing earnings in the Group throughout 2003 resulted
in a significant increase over all earnings key figures and was topped in a net
profit of EUR 1.7 mill following previous years` net loss of EUR 3.4 mill.
Earnings per share jumped to EUR 0.19 (previous years` loss EUR 0.38). These
massive earnings improvements, esp. in contrast to lower sales are the result of
the continuously ongoing cost cutting measures in combination with the clearly
focus on the growth and earnings driven business units of pgam. All business
units are profitable and increased their earnings despite some aqcuisitions.
Specialty Vehicles (BU4) the growth engine of the Group increased their segment
earnings (EBT) by 73 % to EUR 3.0 mill (previous year EUR 1.75 mill) and
delivered the largest earnings contribution.
Order development, market environment, capital expenditure and outlook
The order to develop the complete interior of a middle class sedan for the
Chinese market is of special importance in two ways:
1. Development orders are given more often from the OEMs again.
2. Major step forward into the world’s largest growth market fort he automobile
industry.
The already started series production of the armored version of the most
successful luxury sedan in the US, the Lincoln BPS documents the entry into the
low volume production in the US. This worldwide market of special vehicles
servicing the OEMs has a forecasted compounded annual growth rate of around 20 %
per year (CAGR 2001-2007e).
“Growth strategy of pgam based on their three columns:
1. absolute technology leadership as a system integrator and as “technology
provider”
2. market leadership in selected market segment esp. armored vehicles
3. focused expansion together with ist clients should also result in significant
increases in sales and earnings in 2004″, underlined Josef A. Marold again the
already achieved success.
The results of the first quarter of financial 2004 are going to be disclosed end
of May.
For further information and details about the company use the Company’s website:
http://www.pgam.com or contact:
pgam advanced technologies AG
Josef A. Marold, Reiner Jung
Beekebreite 18-20
49124 Georgsmarienhütte
Tel.: +49 -(0)5401 -490 490
Fax: +49 -(0)5401 -42705
eMail: i-relations@pgam.com
end of message, (c)DGAP 03.05.2004
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WKN: 513 840; ISIN: DE0005138408; Index:
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverker in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart
031147 Mai 04
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