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The information contained in these press releases and statements was accurate, in all material respects, at the time of issuance. However, Continental Aerospace Technologies GmbH assumes no obligation to update the information to reflect subsequent developments.
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Mar 14, 2006
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Thielert Takes Over Superior Air Parts - Profits 2005
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Hamburg, Germany, March 14, 2006 - Thielert AG is taking over the PMA and aircraft engine manufacturer Superior Air Parts, Inc. (SAP) based in Coppell near Dallas in Texas, USA. SAP is the world’s leading producer of engine spare parts for small aircraft used for general aviation purposes. The company also manufactures gasoline engines for this type of aircraft. This acquisition will enable SDAX-listed Thielert AG to rigorously expand its range of products in the area of piston aircraft engines too. Currently, Thielert is already market leader in the field of aviation certified jet fuel/diesel, piston aircraft engines. In similar fashion to Thielert, SAP products stand out from others in the market thanks to their high technical quality.
"With its outstanding products and established brand name, Superior Air Parts is the ideal acquisition to help us enhance our market position. Our acquisition of Superior Air Parts marks our final step along the road into the US-American market for engines and engine components and the expansion of our presence there", CEO Frank Thielert said. Agreement on the acquisition of SAP was reached on the evening of March 13, 2006. The value of the transaction is said to be around the 10 million US dollar mark, less than 15 percent of the IPO income earned by Thielert AG last November.
As a so-called PMA (Parts Manufacturer Approval) manufacturer, SAP has been certified for the manufacture of engine spare parts for aircraft engines built by Lycoming and Continental. Moreover, SAP is a leading supplier of replacement engines in the secondary market. The company has just recently launched a piston aircraft engine under the brand name "Vantage Engine", the first one of its kind to have been certified in the USA for fifty years. All SAP products have been certified by the American civil aviation authority FAA (Federal Aviation Administration). Hitherto, the company, which was founded in 1967, belonged to the investment group RSTW.
SAP is a longstanding customer of Thielert in the area of aircraft engine components. Its range of engine components, conventional gasoline engines and innovative CENTURION jet fuel/diesel engines enable the company to cover all needs in terms of engines for small aircraft. Use will be made of SAP’s existing distribution and service channels in the US markets for all products. Furthermore, Thielert will be organising seminars at SAP’s headquarters in Dallas from this March in the maintenance of its CENTURION aircraft engines so that its US customers can also be guaranteed professional service provided locally.
Strong economic performance in 2005 – course set for further growth in 2006 too
According to the audited year-end financial statements, consolidated sales rose by in excess of 55 percent to a total of 37.6 million euros in the 2005 financial year. In the year of its flotation, Thielert also recorded a significant increase in profits. Its EBITDA improved to 16.1 million euros, around 42 percent up over that of the previous year. Operating profits (EBIT) rose by just under 51 percent in 2005 to total 13.1 million euros. The annual surplus enjoyed even greater growth to end the year up by just under 107 percent at 7.7 million euros.
Thielert’s average workforce also grew significantly in the year under review with a total of 231 employees as compared with 191 in the previous year.
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according to IFRS 2005:
Sales 2005: 37.6 mil. Euro
Sales 2004: 24.2 mil. Euro
Changes: 55.2 percent
EBITDA 2005: 16.1 mil. Euroo
EBITDA 2004: 11.3 mil. Euro
Changes: 42.3 percent
EBIT 2005: 13.1 mil. Euro
EBIT 2004: 8.7 mil. Euro
Changes: 50.9 percent
Net profit 2005: 7.7 mil. Euro
Net profit 2004: 3.7 mil. Euro
Changes: 106.7 percent
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Thielert AG will be publishing its year-end financial statements for 2005 in full on March 27, 2006 as planned.
Outlook
The signs are that the company will register significant growth in the current year too. "Not least due to the acquisition of Superior Air Parts, we have every reason to look forward to 2006 with great optimism," Thielert said. The cost of the integration of SAP into the group’s IT and logistics system stands at around 3 million US dollars. As far as sales are concerned, the aim is for an increase of 50 percent, whereby the positive impact of the SAP acquisition has not yet been taken into account. In profit terms too, Thielert is confident of a similarly dynamic development as in 2005. "Our order books are well filled."
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