DGAP-Adhoc: Leoni AG: Targets met in fiscal 2007 - Guidance for 2008 reaffirmed
12.02.2008
Leoni AG / Preliminary Results
12.02.2008
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Nuremberg, 12 February 2008 - Leoni AG again achieved significant growth in
the 2007 financial year. Based on provisional figures, the wire, cable and
wiring systems specialist increased its consolidated sales by about 12
percent to EUR 2,367 million (up from EUR 2,108 million in the previous
year). Net income was raised by about 9 percent, reaching a new record
level of EUR 86.2 million (2006: 79.3 million). At a figure of EUR 129.6
million, earnings before interest and taxes nearly matched the record level
of fiscal 2006 (EUR 130.6 million). Leoni therefore met its most recently
stated target despite extensive pre-production spending on new projects in
the Wiring Systems division. In terms of free cash flow before spending on
acquisitions and the dividend, the Company posted a figure of about EUR 96
million (2006: 59 million) and thus significantly exceeded expectations.
Leoni successfully expanded in its Wire & Cable Solutions division in 2007.
The division increased its external sales by about 20 percent to EUR 1,381
million and thus set a new record (1,154 million in the previous year).
Business increased especially with the prospering petrochemical industry
and Leoni also made further gains with cable systems for complex
infrastructure applications such as tunnels and airports as well as with
fiber optic cables.
The external sales of the Wiring Systems division were up about 3.3 percent
year on year in fiscal 2007, to EUR 986 million (from 954 million in 2006).
Leoni benefited from the ongoing trend towards higher-end equipment on
vehicles and thus towards complex wiring systems. Business grew above all
with customers BMW and VW as well as with the commercial vehicle industry
outside Germany.
From today's perspective, consolidated sales should rise to at least EUR 3
billion in the 2008 financial year. This includes approximately EUR 600
million due to the acquisition of the French wiring systems manufacturer
Valeo Connective Systems. In terms of earnings before interest and taxes
Leoni forecasts an increase to about EUR 140 million, with Valeo Connective
Systems in 2008 not yet making a noteworthy contribution to earnings due to
integration costs that are likely to be incurred and impairment charges
relating to purchase price allocation. From 2009, both divisions may then
be expected to post significant increases in operating earnings.
The complete financial statements will be released on 26 March 2008, the
date of Leoni AG's balance sheet press conference.
Contact:
Public & Media Relations
Susanne Rothe
Telefon +49 (0)911-2023-467
Telefax +49 (0)911-2023-231
E-Mail: presse@leoni.com
Investor Relations
Susanne Kertz
Telefon +49 (0)911-2023-274
Telefax +49 (0)911-2023-209
E-Mail: invest@leoni.com
12.02.2008 Financial News transmitted by DGAP
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Language: English
Issuer: Leoni AG
Marienstraße 7
90402 Nürnberg
Deutschland
Phone: +49 (0)911 20 23-274
Fax: +49 (0)911 20 23-209
E-mail: invest@leoni.com
Internet: www.leoni.com
ISIN: DE0005408884
WKN: 540888
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
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Leoni AG / Preliminary Results
12.02.2008
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
=--------------------------------------------------------------------------
Nuremberg, 12 February 2008 - Leoni AG again achieved significant growth in
the 2007 financial year. Based on provisional figures, the wire, cable and
wiring systems specialist increased its consolidated sales by about 12
percent to EUR 2,367 million (up from EUR 2,108 million in the previous
year). Net income was raised by about 9 percent, reaching a new record
level of EUR 86.2 million (2006: 79.3 million). At a figure of EUR 129.6
million, earnings before interest and taxes nearly matched the record level
of fiscal 2006 (EUR 130.6 million). Leoni therefore met its most recently
stated target despite extensive pre-production spending on new projects in
the Wiring Systems division. In terms of free cash flow before spending on
acquisitions and the dividend, the Company posted a figure of about EUR 96
million (2006: 59 million) and thus significantly exceeded expectations.
Leoni successfully expanded in its Wire & Cable Solutions division in 2007.
The division increased its external sales by about 20 percent to EUR 1,381
million and thus set a new record (1,154 million in the previous year).
Business increased especially with the prospering petrochemical industry
and Leoni also made further gains with cable systems for complex
infrastructure applications such as tunnels and airports as well as with
fiber optic cables.
The external sales of the Wiring Systems division were up about 3.3 percent
year on year in fiscal 2007, to EUR 986 million (from 954 million in 2006).
Leoni benefited from the ongoing trend towards higher-end equipment on
vehicles and thus towards complex wiring systems. Business grew above all
with customers BMW and VW as well as with the commercial vehicle industry
outside Germany.
From today's perspective, consolidated sales should rise to at least EUR 3
billion in the 2008 financial year. This includes approximately EUR 600
million due to the acquisition of the French wiring systems manufacturer
Valeo Connective Systems. In terms of earnings before interest and taxes
Leoni forecasts an increase to about EUR 140 million, with Valeo Connective
Systems in 2008 not yet making a noteworthy contribution to earnings due to
integration costs that are likely to be incurred and impairment charges
relating to purchase price allocation. From 2009, both divisions may then
be expected to post significant increases in operating earnings.
The complete financial statements will be released on 26 March 2008, the
date of Leoni AG's balance sheet press conference.
Contact:
Public & Media Relations
Susanne Rothe
Telefon +49 (0)911-2023-467
Telefax +49 (0)911-2023-231
E-Mail: presse@leoni.com
Investor Relations
Susanne Kertz
Telefon +49 (0)911-2023-274
Telefax +49 (0)911-2023-209
E-Mail: invest@leoni.com
12.02.2008 Financial News transmitted by DGAP
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Language: English
Issuer: Leoni AG
Marienstraße 7
90402 Nürnberg
Deutschland
Phone: +49 (0)911 20 23-274
Fax: +49 (0)911 20 23-209
E-mail: invest@leoni.com
Internet: www.leoni.com
ISIN: DE0005408884
WKN: 540888
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
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