KHD Humboldt Wedag International AG Announces Audited Group Earnings Results for the Year Ended December 31, 2015; Restates Consolidated Financial Results for the Half Year Ended June 30, 2014, Year Ended December 31 2014 and Half Year Ended June 30, 2015; Provides Earnings Guidance for the Year 2016
The company restated consolidated financial results for the half year ended June 30, 2014, year ended December 31, 2014 and half year ended June 30, 2015. For the half year 2014, restated revenue was EUR 111,886,000 against reported revenue of EUR 114,809,000. Restated LBIT was EUR 3,786,000 against reported LBIT of EUR 863,000. Restated loss before tax was EUR 3,092,000 against reported LBT of EUR 169,000. Restated group net loss for the year attributable to parent company shareholders was EUR 3,677,000 or EUR 0.08 per basic (undiluted) and diluted share against reported group net loss for the year attributable to parent company shareholders of EUR 754,000 or EUR 0.02 per basic (undiluted) and diluted share. Restated cash flow used operating activities were EUR 1,341,000 against reported cash flow used in operating activities of EUR 1,341,000.
For the year 2014, restated revenue was EUR 234,328,000 against reported revenue of EUR 240,190,000. Restated LBIT was EUR 4,783,000 against reported EBIT of EUR 1,085,000. Restated loss before tax was EUR 1,897,000 against reported EBT of EUR 3,971,000. Restated group net loss for the year attributable to parent company shareholders was EUR 4,727,000 against reported group net profit for the year attributable to parent company shareholders of EUR 1,141,000. Restated cash flow used operating activities were EUR 8,246,000 against reported cash flow used in operating activities of EUR 8,246,000.
For the half year 2015, restated revenue was EUR 89,404,000 against reported revenue of EUR 95,225,000. Restated LBIT was EUR 28,479,000 against reported LBIT of EUR 20,646,000. Restated loss before tax was EUR 24,183,000 against reported LBT of EUR 16,350,000. Restated group net loss for the year attributable to parent company shareholders was EUR 25,838,000 or EUR 0.52 per basic (undiluted) and diluted share against reported group net loss for the year attributable to parent company shareholders of EUR 18,005,000 or EUR 0.36 per basic (undiluted) and diluted share. Restated cash flow used operating activities were EUR 30,438,000 against reported cash flow used in operating activities of EUR 30,438,000.
The KHD Group utilizes its resources to target business opportunities in its traditionally strong markets. The company is expecting a significantly higher order intake for the 2016 financial year as compared to 2015. New business is expected to improve significantly, especially in the first half of 2016. By the end of 2016 the order backlog should be significantly above previous year's figure and thus again be at a satisfactory level to ensure full capacity utilization for the future. Despite the low order backlog at the start of the financial year, the KHD Group is budgeting revenue for the 2016 financial year that is slightly higher the previous year's level. However, due to insecurities with respect to the significant order intake planned for the first half year 2016, there is a risk that revenue can also come in considerably lower than the 2015 figure. Since revenue in the 2016 financial year will also be generated through projects won, or which are to be won, in a highly competitive environment with strong margin pressure, the company once again expects an unsatisfactory gross profit margin just slightly above the adjusted gross profit in 2015. Due to a distinctly positive financial result, which is expected to be on a similar level as in the 2015 financial year, KHD is also expecting considerable improvements in earnings before tax (EBT) in comparison with the 2015 financial year.