Interim / Quarterly Report • Nov 14, 2018
Interim / Quarterly Report
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| 01.04. bis 30.09. | 1. Half year 2018/2019 |
1. Half year 2017/2018 |
Change | |
|---|---|---|---|---|
| Incoming orders | (€'000) | 313,045 | 276,294 | 13.3 % |
| Sales revenues | (€'000) | 279,883 | 264,736 | 5.7 % |
| EBITDA | (€'000) | 35,212 | 32,560 | 8.1 % |
| EBIT | (€'000) | 23,869 | 20,371 | 17.2 % |
| Earnings before tax | (€'000) | 22,741 | 19,138 | 18.8 % |
| Group net income after minority interest | (€'000) | 12,804 | 10,558 | 21.3 % |
| Earnings per share acc. to IFRS | (€) | 1.18 | 0.97 | 21.3 % |
| Employees | (No.) | 2,497 | 2,572 | -2.9 % |
Brisk business activity continued in the second quarter, hot on the heels of a dynamic first quarter. All told, the first half of the year – the subject of this report – saw a significant increase in incoming orders, rising sales and disproportionate growth in earnings figures compared to the same period in the previous year.
Incoming orders and sales were also up year on year in the subsequent third quarter, which encompasses the operating months July to September. Business has therefore continued at a high level, in accordance with our expectations.
Alongside the internal growth reflected in this quarterly report, we laid the foundation for external growth in August and strengthened GESCO Group by adding a true hidden champion: Sommer & Strassburger GmbH & Co. KG, a developer and manufacturer of processing equipment for the pharmaceutical, food, water technology and chemical industries that generates sales of roughly € 20 million and employs approximately 130 members of staff. Sommer & Strassburger belongs to the Production Process Technology segment. The purchase agreements were signed in August, with the Federal Cartel Office (Bundeskartellamt) approving the acquisition in September. As a result, the transaction has since been completed.
On the basis of the information available at the current time, we are able to further refine the outlook for the current financial year (2018/2019) as stated at the accounts press conference. With regard to Group sales, we expect to slightly exceed the upper end of the communicated range of € 550 million to € 560 million on an organic basis. The inclusion of Sommer & Strassburger in the consolidated income statement on a pro rata basis for a period of four months will also result in additional inorganic sales growth of around € 6.5 million.
With regard to Group net income after minority interest, the information currently available leads us to expect a value on or slightly below the lower end of the forecast range of € 26 million to € 27 million – without taking the acquisition into account. The main reason for this estimate is a temporary underutilisation of capacities within the Resource Technology segment. In the year of its completion, the acquisition of Sommer & Strassburger will lead to both positive and negative effects on earnings. On the one hand, the company's pro rata earnings contribution will have a positive impact. On the other hand, incidental acquisition costs and the scheduled write-downs of consolidationrelated surplus value resulting from the purchase price allocation will have a negative impact on Group net income. Overall, the acquisition will weigh Group net income after minority interest down by around € 0.5 million in the current financial year, with Sommer & Strassburger contributing a full financial year's worth of sales and earnings for the first time in the coming financial year.
While we are not blind to the many political and economic risks, we do not currently see any specific signs of a significant decline in our operating business on a wider scale. Although some subsidiaries may be feeling the impact of isolated reluctance by customers to make investments, overall demand remains robust. Business in some areas of the Mobility Technology segment remains difficult, yet GESCO Group is generally in good shape. By acquiring Sommer & Strassburger, we have also lastingly strengthened the Group by adding a leading company that serves attractive markets which are not highly susceptible to macroeconomic volatility.
Wuppertal, November 2018
Ralph Rumberg Robert Spartmann Speaker of the Executive Board Member of the Executive Board
4
The financial year of GESCO AG and GESCO Group runs from 1 April to 31 March of the following year, while the financial years of the subsidiaries coincide with the calendar year. This report for the first half of financial year 2018/2019 therefore encompasses the operating months January to June 2018 of the Group's subsidiaries.
In August 2018, GESCO AG acquired 100 % of the shares in Sommer & Strassburger GmbH & Co. KG, Bretten, Germany. The company, along with its asset and liability items, is already included in the balance sheet as at 30 September 2018. One month of the company's business activities will be included in the consolidated income statement on a pro rata basis in the third quarter, with three months being included in the fourth quarter.
Protomaster GmbH, Wilkau-Haßlau, Germany, which was sold in December 2017, was still included in the previous year's figures. The company was deconsolidated on 30 November 2017.
Since the start of the financial year, Frank Lemeks TOW, Ternopil, Ukraine, a wholly owned subsidiary of Frank Walz- und Schmiedetechnik GmbH, has been included in the financial statements as a fully consolidated company due to its growing economic importance.
GESCO recorded distinctly brisk customer demand in the second quarter of financial year 2018/2019, which encompasses the operating months April to June of the subsidiaries. At € 162.6 million, incoming orders exceeded the very high level already seen in the first quarter and set a record that was 27.4 % higher than the previous year's figure of € 127.6 million. As in the first quarter, the figure included some orders that will not be fulfilled until the next financial year. Sales stood at € 139.1 million, which corresponds to a 5.9 % increase from the previous year's value of € 131.3 million. In organic terms – in other words, excluding the previous year's figures relating to Protomaster – incoming orders would have increased by 30.4 %, and sales would have risen by 8.2 %.
6
In light of a higher cost-of-materials ratio and a lower personnel expenditure ratio due to better capacity utilisation, earnings figures rose more steeply than sales. Earnings before interest, taxes, depreciation and amortisation (EBITDA) grew by 9.4 % from € 15.1 million to € 16.5 million. EBIT rose from € 9.5 million to € 10.8 million, which represents growth of 13.8 %. The EBIT margin increased from 7.2 % in the previous year's period to 7.8 %. Accompanied by an improved financial result, a slightly higher tax rate and increased minority interest in incorporated companies, Group net income after minority interest grew by 9.3 % to reach € 5.4 million (previous year's period: € 4.9 million).
A look at the entire first half of the year paints a similar picture. Here too, incoming orders posted strong growth of 13.3 % to reach € 313.0 million (€ 276.3 million). Sales rose by 5.7 % from € 264.7 million to € 279.9 million. The organic growth rates stood at 15.8 % for incoming orders and 7.7 % for sales.
Better capacity utilisation led to a disproportionately steep rise in earnings figures. EBITDA increased by 8.1 % from € 32.6 million to € 35.2 million. Depreciation and amortisation were down year on year, as the same period in the previous year still contained high scheduled depreciation and amortisation resulting from the Pickhardt & Gerlach Group's consolidation-related surplus value. At 17.2 %, EBIT growth
€ 276.3 million 2017/2018
Sales revenues
€ 264.7 million 2017/2018
thereby outpaced EBITDA growth to reach € 23.9 million (€ 20.4 million). The EBIT margin stood at 8.5 % following 7.7 % in the previous year's period. Group net income after minority interest ultimately climbed from € 10.6 million to € 12.8 million, which represents growth of 21.3 %.
At the end of the first half of the year, order backlog stood at € 234.5 million, compared to € 207.7 million as at the previous year's reporting date. The previous year's figure still contained Protomaster GmbH's order backlog in the amount of € 7.6 million, whereas Sommer & Strassburger's order backlog of € 6.2 million was included for the first time in the reporting period.
The Production Process Technology segment houses Group subsidiaries that largely provide products and services for series manufacturers' production processes. The segment benefited from the automation trend and experienced an exceptionally strong second quarter with regard to incoming orders. All told, incoming orders rose by 25.6 % in the first half of the year to reach € 48.0 million (€ 38.3 million). As is standard practice in this segment, various machinery and plants will not be delivered and have an impact on sales and earnings until the second half of the year. In the first half of the year, sales rose by 5.3 % to € 32.1 million (€ 30.5 million). The segment's EBIT is of only limited relevance in the first half of the year due to the seasonal nature of the deliveries. At € 1.2 million, it was up significantly on the previous year's figure of € 0.1 million. For the segment, we expect sales and earnings growth on an organic basis for the year as a whole. The addition of Sommer & Strassburger will also create inorganic sales and earnings growth at a segment level.
The companies in the Resource Technology segment supply material-intensive companies in the industrial sector. In the first half of the year, incoming orders grew by 15.7 % from € 138.7 million to € 160.5 million. At € 145.5 million, sales were up 5.7 % on the previous year's period (€ 137.7 million). EBIT increased by 2.9 % to € 20.4 million from the unusually high figure of € 19.8 million seen in the same period of the previous year. All told, business therefore remained at a high level.
EBIT
However, a certain area of the segment saw a temporary underutilisation of capacities, as the company began the financial year with a low order backlog and some of the new orders will not be posted as sales until the next financial year. For the year as a whole, we expect to see year-on-year sales growth for the segment. We have slightly reduced our earnings expectations on account of the temporary underutilisation of capacities and now expect the earnings for the segment to be approximately on par with the level seen in the previous year.
8
The Healthcare and Infrastructure Technology segment includes companies that supply providers in mass consumer markets such as the medical, hygiene, food or sanitary sectors. The segment was able to translate widespread robust economic activity into dynamic business development and achieved a 21.2 % increase in incoming orders to € 77.1 million (€ 63.6 million). Sales rose by 11.5 % to € 70.9 million (€ 63.6 million). At the same time, EBIT increased by 11.6 % to € 7.2 million (€ 6.5 million). We expect sales and earnings to grow with a view to the year as a whole.
The Mobility Technology segment includes companies that supply the automotive, commercial vehicle and rail industries. Last year, Protomaster GmbH was sold in this segment, and Paul Beier GmbH Werkzeug- und Maschinenbau & Co. KG sold one of its segments. All in all, this resulted in the disposal of low-margin sales, which led to a drop in incoming orders to € 27.4 million (€ 35.7 million) and in sales to € 31.7 million (€ 33.2 million). By contrast, EBIT increased from € 0.6 million to € 1.9 million. The previous year's strategic measures therefore proved correct. We expect a drop in sales and a rise in earnings for the year as a whole as well. At the same time, we are seeing a challenging market environment in the Mobility Technology segment, with more demanding customer requirements and further margin pressure due to factors such as international competition, as explained in the statement for the first quarter. However, the situation within this segment is currently varied. Customer demand for components for the mass production of vehicles remains high. On the other hand, the situation in large tool manufacturing is turning out to be more difficult than expected, with structural challenges and customer delays alike having a negative impact on business.
Compared to the reporting date of 31 March 2018, total assets increased by 13.9 % from € 456.3 million to € 519.7 million due to the expansion of the operating business and the initial consolidation of Sommer & Strassburger.
On the assets side, the 12.4 % rise in non-current assets was mainly attributable to the acquisition. About one-quarter of the 15.0 % increase in current assets was due to the acquisition, whereas three-quarters was due to the expansion of the operating business. Liquid assets have fallen from € 38.3 million to € 34.1 million since the start of the financial year. In the reporting period, a dividend of € 6.5 million was distributed to shareholders. The purchase price for Sommer & Strassburger was also paid in the reporting period.
On the liabilities side, equity increased to € 228.6 million (€ 224.3 million). Because total assets rose more sharply, the equity ratio decreased from 49.2 % to 44.0 %. Prepayments received saw a marked increase of 55.2 % and reached € 29.4 million (€ 18.9 million).
With the aim of achieving target equity ratios, subsidiaries borrowed capital to finance dividend distributions. This primarily had an impact on non-current liabilities to financial institutions, with a less significant impact on current liabilities to financial institutions.
In the first half of the year, GESCO Group companies invested a total of € 11.9 million (€ 9.9 million) in property, plant and equipment and intangible assets. This total volume was spread across a series of small and medium-sized replacement and expansion investments.
At the end of the first half of the year, GESCO Group employed 2,497 people. The previous year's figure of 2,572 still included the 113 employees of Protomaster GmbH. The staff of 23 at Frank Lemeks was added in the reporting year. In organic terms, the Group's workforce remained almost unchanged as at the reporting date. Sommer & Strassburger's workforce is not yet included in the figures presented here.
Our general explanations on the subject of opportunities and risks as well as the presentation of specific individual risks in the Group financial statements as at 31 March 2018 remain essentially unchanged and valid. For more details, please refer to the Annual Report 2017/2018, which is available online at www.gesco.de. As usual in the mechanical engineering and plant construction industry, risks posed to the achievement of the targets for the current financial year include delays in the delivery of larger machinery, plants or components to the next financial year.
This half-year interim report comprises the subsidiaries' operating business from January to June 2018. At approximately € 143 million, incoming orders in the subsequent third quarter, which accounts for the operating months July to September 2018 in the case of the subsidiaries, were significantly higher than the previous year's figure of € 131.6 million, as based on preliminary figures. Group sales totalled around € 143 million compared to € 139.6 million in the same quarter of the previous year. Demand therefore continued at a high level in the third quarter.
Employees
2,497 2018/2019
At the annual accounts press conference on 28 June 2018, we forecast Group sales for the full financial year 2018/2019 of between € 550 million and € 560 million and Group net income after minority interest of € 26 million to € 27 million. We are able to substantiate this outlook on the basis of the information available at the current time.
11
With regard to Group sales, we expect to slightly exceed the upper end of the communicated range of € 550 million to € 560 million on an organic basis. The inclusion of Sommer & Strassburger in the consolidated income statement on a pro rata basis for a period of four months will result in additional inorganic growth of around € 6.5 million.
With regard to Group net income after minority interest, we expect a value on or slightly below the lower end of the forecast range of € 26 million to € 27 million – without taking the acquisition into account. This slight restraint is primarily attributable to the reduced earnings expectations in the Resource Technology segment. As explained earlier in this report, the acquisition of Sommer & Strassburger will lead to opposing effects on earnings. On the one hand, the company's pro rata earnings contribution will have a positive impact. On the other hand, incidental acquisition costs and the scheduled write-downs of consolidation-related surplus value resulting from the purchase price allocation will have a negative impact on Group net income. Overall, the acquisition will weigh the Group result down by around € 0.5 million in the current financial year.
The dynamic business development is positive. At the same time, it confronts the companies with challenges related to the processing of order backlog, especially in procurement, design and production. However, we currently do not see any specific signs that the Group could potentially miss its sales and earnings targets due to the postponement of deliveries until the next financial year.
No further significant events occurred after the end of the reporting period.
GESCO AG The Executive Board
Wuppertal, November 2018
| €'000 | 30.09.2018 | 31.03.2018 |
|---|---|---|
| Assets | ||
| A. Non-current assets |
||
| I. Intangible assets | ||
| 1. Industrial property rights and similar rights and assets as well as licences to such rights and assets |
25,787 | 21,715 |
| 2. Goodwill |
30,152 | 19,153 |
| 3. Prepayments made |
0 | 16 |
| 55,939 | 40,884 | |
| II. Property, plant and equipment |
||
| 1. Land and buildings |
72,788 | 66,175 |
| 2. Technical plant and machinery | 51,876 | 52,045 |
| 3. Other plants, fixtures and fittings |
22,105 | 21,568 |
| 4. Prepayments made and assets under construction |
9,083 | 6,908 |
| 155,852 | 146,696 | |
| III. Financial assets |
||
| 1. Shares in affiliated companies |
38 | 40 |
| 2. Shares in companies valued at equity |
1,294 | 1,215 |
| 3. Investments |
236 | 156 |
| 4. Other loans |
181 | 190 |
| 1,749 | 1,601 | |
| IV. Other assets |
1,246 | 1,360 |
| V. Deferred tax assets |
2,978 | 3,166 |
| 217,764 | 193,707 | |
| B. Current assets |
||
| I. Inventories |
||
| 1. Raw materials and supplies |
28,987 | 23,616 |
| 2. Unfinished products and services |
49,654 | 40,938 |
| 3. Finished products and goods |
78,841 | 70,514 |
| 4. Prepayments made |
826 | 845 |
| 158,308 | 135,913 | |
| II. Receivables and other assets |
||
| 1. Trade receivables |
86,685 | 73,190 |
| 2. Amounts owed by affiliated companies |
2 | 1,782 |
| 3. Amounts owed by companies valued at equity |
92 | 19 |
| 4. Other assets |
21,278 | 12,247 |
| 108,057 | 87,238 | |
| III. Cash and credit balances with financial institutions |
34,068 | 38,295 |
| IV. Accounts receivable and payable |
1,466 | 1,103 |
| 301,899 | 262,549 | |
| 519,663 | 456,256 |
| €'000 | 30.09.2018 | 31.03.2018 | |
|---|---|---|---|
| Equity and liabilities | |||
| A. | Equity capital | ||
| I. | Subscribed capital | 10,839 | 10,839 |
| II. | Capital reserves | 72,364 | 72,364 |
| III. | Revenue reserves | 137,075 | 130,773 |
| IV. | Own shares | -454 | -119 |
| V. | Other comprehensive income | -4,131 | -4,398 |
| VI. | Minority interest (incorporated companies) | 12,938 | 14,806 |
| 228,631 | 224,265 | ||
| B. | Non-current liabilities | ||
| I. | Minority interest (partnerships) | 1,665 | 1,868 |
| II. | Provisions for pensions | 15,875 | 16,020 |
| III. | Other non-current provisions | 613 | 589 |
| IV. | Liabilities to financial institutions | 100,244 | 76,232 |
| V. | Other liabilities | 9,961 | 3,822 |
| VI. | Deferred tax liabilities | 3,078 | 3,139 |
| 131,436 | 101,670 | ||
| C. | Current liabilities | ||
| I. | Other provisions | 20,681 | 21,077 |
| II. | Liabilities | ||
| 1. | Liabilities to financial institutions | 44,876 | 42,523 |
| 2. | Trade creditors | 23,911 | 15,036 |
| 3. | Payments received on account of orders | 29,379 | 18,928 |
| 4. | Liabilities to affiliated companies | 355 | 316 |
| 5. | Liabilities to companies valued at equity | 2 | 0 |
| 6. | Other liabilities | 40,072 | 32,350 |
| III. | Accounts receivable and payable | 320 | 91 |
| 159,596 | 130,321 | ||
13
| €'000 | 2. Quarter 2018/2019 |
2. Quarter 2017/2018 |
|---|---|---|
| Sales revenues | 139,058 | 131,320 |
| Change in stocks of finished and unfinished products Other company-produced additions to assets |
3,224 176 |
3,874 238 |
| Other operating income | 1,661 | 1,595 |
| Total income | 144,119 | 137,027 |
| Material expenditure Personnel expenditure |
-73,420 -36,468 |
-67,453 -37,529 |
| Other operating expenditure | -17,739 | -16,972 |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) |
16,492 | 15,073 |
| Depreciation on property, plant and equipment and amortisation of intangible assets |
-5,712 | -5,599 |
| Earnings before interest and tax (EBIT) | 10,780 | 9,474 |
| Earnings from investments | 0 | 19 |
| Earnings from companies valued at equity | 142 | 97 |
| Other interest and similar income | 17 | 21 |
| Interest and similar expenditure | -611 | -661 |
| Minority interest in partnerships Financial result |
-57 -509 |
-78 -602 |
| Earnings before tax (EBT) | 10,271 | 8,872 |
| Taxes on income and earnings | -3,897 | -3,247 |
| Group net income for the year after tax | 6,374 | 5,625 |
| Minority interest in incorporated companies | -974 | -685 |
| Group net income for the year after minority interest | 5,400 | 4,940 |
| Earnings per share acc. to IFRS (€) | 0.50 | 0.45 |
| Weighted average number of shares | 10,834,469 | 10,838,412 |
| €'000 | 1. Half year 2018/2019 |
1. Half year 2017/2018 |
|---|---|---|
| Sales revenues | 279,883 | 264,736 |
| Change in stocks of finished and unfinished products | 5,640 | 7,034 |
| Other company-produced additions to assets Other operating income |
273 4,201 |
433 3,435 |
| Total income | 289,997 | 275,638 |
| Material expenditure | -146,512 | -134,707 |
| Personnel expenditure | -73,667 | -75,567 |
| Other operating expenditure Earnings before interest, tax, |
-34,606 | -32,804 |
| depreciation and amortisation (EBITDA) | 35,212 | 32,560 |
| Depreciation on property, plant and equipment and amortisation of intangible assets |
-11,343 | -12,189 |
| Earnings before interest and tax (EBIT) | 23,869 | 20,371 |
| Earnings from investments | 0 | 58 |
| Earnings from companies valued at equity | 213 | 186 |
| Other interest and similar income | 24 | 41 |
| Interest and similar expenditure | -1,193 | -1,376 |
| Minority interest in partnerships | -172 | -142 |
| Financial result | -1,128 | -1,233 |
| Earnings before tax (EBT) | 22,741 | 19,138 |
| Taxes on income and earnings | -8,183 | -6,990 |
| Group net income for the year after tax | 14,558 | 12,148 |
| Minority interest in incorporated companies | -1,754 | -1,590 |
| Group net income for the year after minority interest | 12,804 | 10,558 |
| Earnings per share acc. to IFRS (€) | 1.18 | 0.97 |
| Weighted average number of shares | 10,835,198 | 10,838,956 |
| €'000 | 1. Half year 2018/2019 |
1. Half year 2017/2018 |
|---|---|---|
| 1. Group net income | 14,558 | 12,148 |
| 2. Revaluation of benefit obligations not impacting on income | 0 | 369 |
| 3. Items that cannot be transferred into the income statement | 0 | 369 |
| 4. Difference from currency translation | ||
| a) Reclassification into the income statement | 0 | 0 |
| b) Changes in value with no effect on income | 518 | -1,394 |
| 5. Difference from currency translation | ||
| from companies valued at equity | ||
| a) Reclassification into the income statement | 0 | 0 |
| b) Changes in value with no effect on income | -134 | -92 |
| 6. Market valuation of hedging instruments | ||
| a) Reclassification into the income statement | 0 | 0 |
| b) Changes in value with no effect on income | -89 | 108 |
| 7. Items that can be transferred into the income statement | 295 | -1,378 |
| 8. Other comprehensive income | 295 | -1,009 |
| 9. Total result for the period | 14,853 | 11,139 |
| of which shares held by minority interest | 1,782 | 1,515 |
| of which shares held by GESCO shareholders | 13,071 | 9,624 |
| €'000 | 1. Half year 2018/2019 |
1. Half year 2017/2018 |
|---|---|---|
| Group net income for the period (including share attributable to minority interest in incorporated companies) |
14,558 | 12,148 |
| Depreciation on property, plant and equipment and intangible assets | 11,343 | 12,189 |
| Earnings from companies valued at equity | -213 | -186 |
| Share attributable to minority interest in partnerships | 172 | 142 |
| Decrease in non-current provisions | -121 | -139 |
| Other non-cash expenditure Cash flow for the period |
360 26,099 |
249 24,403 |
| Losses from the disposal of property, plant and | ||
| equipment/intangible assets | 297 | 23 |
| Gains from the disposal of property, plant and equipment/intangible assets |
-483 | -352 |
| Increase in stocks, trade receivables and other assets | -36,086 | -25,713 |
| Increase in trade creditors and other liabilities | 22,622 | 20,980 |
| Cash flow from ongoing business activity | 12,449 | 19,341 |
| Incoming payments from disposals of property, | ||
| plant and equipment/intangible assets | 708 | 698 |
| Disbursements for investments in property, plant and equipment | -11,580 | -9,639 |
| Disbursements for investments in intangible assets | -339 | -277 |
| Incoming payments from disposals of investments in financial assets | 8 | 33 |
| Disbursements for the acquisition of consolidated companies and other business units |
-20,435 | 0 |
| Cash flow from investment activity | -31,638 | -9,185 |
| Disbursements to shareholders (dividend) | -6,502 | -3,794 |
| Disbursements for the purchase of own shares | -335 | -303 |
| Disbursements to minority interests | -4,025 | -1,584 |
| Incoming payments from raising (financial) loans | 36,689 | 3,711 |
| Outflow for repayment of (financial) loans | -10,850 | -7,945 |
| Cash flow from funding activities | 14,977 | -9,915 |
| Changes in cash and cash-equivalents Exchange-rate related changes in cash and cash-equivalents |
-4,212 -15 |
241 -140 |
| Financial means on 01.04. | 38,295 | 35,146 |
| Financial means on 30.09. | 34,068 | 35,247 |
| less cash held for sale | 0 | -161 |
| Financial means on 30.09. from continuing operations | 34,068 | 35,086 |
| Subscribed capital |
Capital reserves |
Revenue reserves |
Own shares |
|---|---|---|---|
| 0 | |||
| -303 | |||
| 10,839 | 72,364 | 125,232 | -303 |
| -119 | |||
| -335 | |||
| -454 | |||
| 10,839 10,839 10,839 |
72,364 72,364 72,364 |
118,468 -3,794 10,558 130,773 -6,502 12,804 137,075 |
| €'000 | Production Process Technology |
Resource Technology |
|||||
|---|---|---|---|---|---|---|---|
| 1. Half Year 2018/2019 |
1. Half Year 2017/2018 |
1. Half Year 2018/2019 |
1. Half Year 2017/2018 |
||||
| Order backlog Incoming orders |
57,162 48,030 |
49,506 38,250 |
86,342 160,479 |
71,057 138,695 |
|||
| Sales revenues | 32,136 | 30,526 | 145,532 | 137,721 | |||
| of which with other segments | 0 | 5 | 323 | 221 | |||
| Depreciation | 1,441 | 1,448 | 2,214 | 2,018 | |||
| EBIT | 1,178 | 136 | 20,350 | 19,784 | |||
| Investments | 654 | 1,741 | 2,337 | 1,365 | |||
| Employees (No./reporting date) | 475 | 460 | 739 | 752 |
| Minority Equity interest capital incorporated companies |
Total | Hedging instruments |
Revaluation of pensions |
Exchange equalisation items |
|---|---|---|---|---|
| 15,172 214,095 |
198,923 | -3 | -3,858 | 1,113 |
| -1,320 -5,114 |
-3,794 | |||
| -303 | -303 | |||
| 1,515 11,139 |
9,624 | 97 | 343 | -1,374 |
| 15,367 219,817 |
204,450 | 94 | -3,515 | -261 |
| 14,806 224,265 |
209,459 | 12 | -3,349 | -1,061 |
| -3,650 -10,152 |
-6,502 | |||
| -335 | -335 | |||
| 1,782 14,853 |
13,071 | -80 | 347 | |
| 12,938 228,631 |
215,693 | -68 | -3,349 | -714 |
| Resource Technology |
Healthcare and Infrastructure Technology |
Mobility Technology |
Reconsiliation | Group | ||||
|---|---|---|---|---|---|---|---|---|
| 1. Half Year 1. Half Year 2018/2019 2017/2018 |
1. Half Year 2018/2019 |
1. Half Year 2017/2018 |
1. Half Year 2018/2019 |
1. Half Year 2017/2018 |
1. Half Year 2018/2019 |
1. Half Year 2017/2018 |
1. Half Year 2018/2019 |
1. Half Year 2017/2018 |
| 71,057 | 45,049 | 33,765 | 45,903 | 53,354 | 0 | 0 | 234,456 | 207,682 |
| 77,133 | 63,616 | 27,403 | 35,733 | 0 | 0 | 313,045 | 276,294 | |
| 70,906 | 63,601 | 31,666 | 33,129 | -357 | -241 | 279,883 | 264,736 | |
| 137,721 221 |
0 | 0 | 34 | 15 | -357 | -241 | 0 | 0 |
| 3,067 | 3,097 | 2,021 | 2,285 | 2,600 | 3,341 | 11,343 | 12,189 | |
| 2,018 19,784 |
7,201 | 6,453 | 1,865 | 552 | -6,725 | -6,554 | 23,869 | 20,371 |
| 1,365 | 4,069 | 4,465 | 4,754 | 2,237 | 42 | 109 | 11,856 | 9,917 |
| 752 | 801 | 750 | 465 | 592 | 17 | 18 | 2,497 | 2,572 |
The report of GESCO Group for the first half (1 April to 30 September 2018) of financial year 2018/2019 (1 April 2018 to 31 March 2019) was prepared on the basis of the International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB). It was drawn up in compliance with IAS 34.
The accounting and valuation principles applied generally correspond to those in the consolidated financial statements as at 31 March 2018. The financial statements are affected by the accounting and valuation methods as well as assumptions and estimates which affect the level and recognition of assets, liabilities and contingent liabilities on the balance sheet, as well as those of the income and expenditure items. Sales-related figures are accrued throughout the year.
In August 2018, GESCO AG acquired 100 % of the shares in Sommer & Strassburger GmbH & Co. KG, Bretten, Germany. The company, along with its asset and liability items, is already included in the balance sheet as at 30 September 2018. It will be included in the income statement from September 2018. The purchase price allocation carried out in the present balance sheet is temporary according to IFRS 3.45 et seq.
Frank Lemeks TOW, Ternopil, Ukraine, a wholly owned subsidiary of Frank Walz- und Schmiedetechnik GmbH, is included in the financial statements as a fully consolidated company due to its growing economic importance.
Protomaster GmbH, Wilkau-Haßlau, Germany, which was sold in December 2017, was still included in the previous year's figures. The company was deconsolidated on 30 November 2017.
Business relationships between fully consolidated and not fully consolidated companies within the Group are conducted under regular market terms and conditions. Receivables from related companies are mainly due from Connex SVT Inc., USA. Stefan Heimöller, member of the Supervisory Board, maintains business relationships to a minor extent with Dörrenberg Edelstahl GmbH as well as SVT GmbH, both 90 % subsidiaries of GESCO AG, through his company Platestahl Umformtechnik GmbH. These business relationships are conducted under regular market terms and conditions.
21
The condensed half-year interim financial statements as at 30 September 2018 and the interim management report were neither audited in accordance with Section 317 HGB nor reviewed by an auditor.
To the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated interim financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim Group management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group.
GESCO AG The Executive Board
Wuppertal, November 2018
Publication of the half-year interim report
14 February 2019 Publication of the quarterly statement for the first nine months
27 June 2019
Annual accounts press conference and analysts' meeting
14 August 2019 Publication of the quarterly statement for the first quarter
29 August 2019 Annual General Meeting at the Stadthalle Wuppertal, Germany
Publication of the half-year interim report
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GESCO AG Oliver Vollbrecht / Investor Relations Johannisberg 7 42103 Wuppertal, Germany Phone +49 (0) 202 24820-18 Fax +49 (0) 202 24820-49 [email protected] www.gesco.de
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