15.05.2013 Funkwerk AG  DE0005753149

DGAP-News: Funkwerk AG continues restructuring in Q1 2013

DGAP-News: Funkwerk AG / Key word(s): Interim Report/Quarter Results
Funkwerk AG continues restructuring in Q1 2013

15.05.2013 / 15:05



Funkwerk AG continues restructuring in Q1 2013

  - Consolidated sales of continued operations reduced to EUR 22.6m (Q1
    2012: EUR 28.4m); EBIT at EUR -2.9m (Q1 2012: EUR -2.5m)

  - Positive order bookings in all segments

  - Forecast for fiscal 2013 confirmed

Kölleda, 15 May 2013 - Over the last two years, Funkwerk AG has undergone a
radical restructuring programme resulting in a significantly reduced size
and increased focus on its core business. In the first quarter of 2013
attention was given primarily to improving the efficiency of its operations
and creating more stable processes in the group. Foreign activities were
intensified as part of the reorientation measures producing a positive
effect on incoming business. New orders in the first three months of 2013
totalled EUR 33.3m (Q1 2012: EUR 29.2m), exceeding the prior-year figure by
around 14 per cent. Order backlog was at EUR 76.9m at the end of March 2013
(31 March 2012: EUR 87.5m).

The quarterly figures were adjusted for companies sold in 2012, which
included Funkwerk Dabendorf GmbH, Funkwerk Avionics GmbH and the TCC sports
display product line, as well as Microsyst Systemelectronic GmbH sold in
early May 2013. On this basis, consolidated sales of the continued business
segments aggregated EUR 22.6m in the first three months of 2013, falling
short as expected of the prior-year figure of EUR 28.4m primarily because
of investment reluctance in the public sector. The EBIT between January and
March 2013 amounted to EUR -2.9m, compared to EUR -2.5m in the prior-year
period. This was due to lower sales that could be compensated only partly
by reduced costs following efficiency improvement measures. No impairment
charges and restructuring costs were incurred in the reporting period (Q1
2012: EUR 0.2m). Net earnings per share stood at EUR -0.41 (Q1 2012: EUR

Cash flow from current operations in the first quarter of 2013 was reported
at EUR -4.3m, compared to EUR -3.8m in the prior-year benchmark period.
Equity in the Funkwerk group, which employed 789 people at the end of
March, decreased to EUR 28.9m (31 December 2012: EUR 32.2m) as a result of
the deficit. With stronger contraction of the consolidated balance sheet,
the equity ratio increased from 28.5 per cent at 31 December 2012 to 29.7
per cent at the end of March 2013.

Over the next few months, Funkwerk expects further increase in incoming
orders for both its segments. The primary factors that are predicted to
have a positive effect on the trend of business are specific efforts to
improve the company's position in key growth markets and its technological
lead in a number of market sectors. Against this backdrop, Funkwerk has
confirmed its forecast for the full year, expecting sales in the group to
remain steady at prior-year level (sales in 2012: EUR 141.3m). Earnings are
projected to improve on the previous year, as the initiated cost saving
measures will take full effect in 2013 (EBIT 2012: EUR -5.1m).

The full interim report is available on the Internet at www.funkwerk.com.

For further information please contact:
Funkwerk AG
Im Funkwerk 5
99625 Kölleda/Thuringia
Kerstin Schreiber
Tel: 03635 458 500
Fax: 03635 458 399
E-mail: [email protected]

End of Corporate News


15.05.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language:    English                                                   
Company:     Funkwerk AG                                               
             Im Funkwerk 5                                             
             99625 Kölleda                                             
Phone:       +49 (0)3635 600 0                                         
Fax:         +49 (0)3635 600 507                                       
E-mail:      [email protected]                                         
Internet:    www.funkwerk.com                                          
ISIN:        DE0005753149                                              
WKN:         575314                                                    
Listed:      Regulierter Markt in München; Freiverkehr in Berlin,      
             Düsseldorf, Hamburg, Stuttgart; Frankfurt in Open Market  
End of News    DGAP News-Service  
211292 15.05.2013                                                      

WKN Kurs in € Einschätzung Börsenwert in Mio. €
575314 13,100 Kaufen 106,13
KGV 2019e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
14,89 11,65 1,241 -14,61
4,29 13,28 1,37 9,607
Dividende '17 in € Dividende '18e in € Div.-Rendite '17
in %
0,25 0,30 1,91 26.06.2018
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
23.08.2018 16.04.2018
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
3,98% 26,01% 49,71% 80,69%

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