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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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Apr. 30, 2007
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Financial Results published
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- Sales in 2006 of EUR 59.9 million (up 59.5 percent)
- EBT in 2006 of EUR 7.8 million
- CEO Frank Thielert: "We expect positive developments in profitability in 2007"
Hamburg, 30 April 2007 – The executive board and the supervisory board of Thielert Aktiengesellschaft published the final results for the business year 2006 today in coordination with the auditor BDO Deutsche Warentreuhand AG. The figures published on 13 April 2007 have been confirmed in general. Thielert AG posted an increase in sales of 59.5 percent to EUR 59.9 million. The operating profit (EBIT) is presently at EUR 9.3 million and thus 29.6 percent above that of the year before. The EBT fell by 14.6 percent to EUR 7.8 million. The net profit was EUR 5.2 million (minus 31.8 percent). BDO has finished the audit at Thielert’s site and has confirmed the final result. Now only the audit report has to be finalized and the presentation for the supervisory board has to be done.
The drop in earnings can be attributed to the complete discounting of old accounts receivable of EUR 3.05 million, which were the object of some public criticism. Moreover, the sales revenues from development services in combined development and series delivery contracts is no longer being attributed to net income.
Divisional reporting
In 2006, the Aircraft Engines Division made a contribution of EUR 31.5 million to overall earnings, an increase of 41.6 percent compared to the previous year. The earnings before interest, tax, depreciation and amortisation (EBITDA) fell slightly in the reporting year by 1.8 percent to EUR 9.4 million. The operating profit (EBIT) in this segment was EUR 7.1 million and thus 8.9 percent below that of the previous value.
In the Technology & Prototyping Division, sales increased by 85.4 percent, to EUR 28.5 million. This is where the acquisition of the new subsidiary Superior Air Parts, Inc. made its presence felt. The EBITDA was EUR 3.9 million, 40.5 percent less than the previous year. The EBIT was EUR 2.2 million (minus 59,6 percent).
Income position of Thielert AG as per IFRS
Sales 2006: 59.9 Mio. Euro
Sales 2005: 37.6 Mio. euro
Change: +59.5 percent
Gross earnings from Sales 2006: 33.9 Mio. Euro
Gross earnings from Sales 2005: 23.4 Mio. Euro
Change: +45.0 percent
EBITDA 2006: 13.3 Mio. Euro
EBITDA 2005: 16.1 Mio. Euro
Change: -17.6 percent
EBIT 2006: 9.3 Mio. Euro
EBIT 2005: 13.1 Mio. Euro
Change: -29.6 percent
EBT 2006: 7.8 Mio. Euro
EBT 2005: 9.1 Mio. Euro
Change: -14.6 percent
Net Profit 2006: 5.2 Mio. Euro
Net Profit 2005: 7.7 Mio. Euro
Change: -31.8 percent
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Segment Aircraft Engines
Sales 2006: 31.5 Mio. Euro
Sales 2005: 22.2 Mio. Euro
Change: +41.6 percent
Gross earnings from Sales 2006: 20.8 Mio. Euro
Gross earnings from Sales 2005: 13.8 Mio. Euro
Change: +50.7 percent
EBITDA 2006: 9.4 Mio. Euro
EBITDA 2005: 9.5 Mio. Euro
Change: -1.8 percent
EBIT 2006: 7.1 Mio. Euro
EBIT 2005: 7.8 Mio. Euro
Change: -8.9 percent
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Segment Technology & Prototyping
Sales 2006: 28.5 Mio. Euro
Sales 2005: 15.4 Mio. Euro
Change: +85.4 percent
Gross earnings from Sales 2006: 12.8 Mio. Euro
Gross earnings from Sales 2005: 9.6 Mio. Euro
Change: +33.3 percent
EBITDA 2006: 3.9 Mio. Euro
EBITDA 2005: 6.6 Mio. Euro
Change: -40.5 percent
EBIT 2006: 2.2 Mio. Euro
EBIT 2005: 5.4 Mio. Euro
Change: -59.6 percent
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In comparison to sales growth of 59.5 percent the growth of workforce size even including the personnel of Superior Air Parts was moderate. In the end of 2006, Thielert employed 320 employees, 30 percent more than in the previous year.
Outlook
The foundation for solid growth in the coming years has been laid in the business year 2006. Production capacity has been significantly extended and rationalized at all company locations. With the CENTURION 2.0 and 4.0, two highly-developed engines are in series production. Over 1800 model and installation licenses mean that 60 percent of the total market (replacement engines and equipment of new aircraft) can now be certified. Right now over 40 percent of currently produced new aircraft are covered with certifications.
"We have every reason to look with confidence into the future, as we now have the customer base for further growth," said Frank Thielert, CEO and founder of Thielert AG. Thielert is projecting sustained growth in sales of over 50 percent annually. Thielert can also discern a positive trend in the profit situation for the ongoing business year.
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