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Saft Groupe SA Reports 2010 Fourth Quarter Sales and Full Year Sales and Earnings

PARIS February 16, 2011 31 December 2010

     Sales and Results highlights      - Q4 sales of EUR165.7 million, up 11.5% YoY at actual rates and 7.9% at       constant exchange rates;      - Full year 2010 sales of EUR591.1 million, up 5.7% at actual rates and       2.9% YoY at constant exchange rates, ahead of revised guidance;      - EBITDA increased by 8% to EUR108.4m representing 18.3% of sales       compared with 17.9% in 2009;      - EBIT increased by 13.8% to EUR78.3m, at 13.2% of sales compared with       12.3% of sales in 2009;      - Net income increased by 26.6% to EUR36.6 million, compared with       EUR28.9m in 2009;      - Earnings per share of EUR1.46 in 2010 compared with an earnings per       share of EUR1.50 in 2009;      - An increased dividend of EUR0.70 per share will be proposed at the       Annual General Meeting.      - Record level of investment of EUR110m to support future growth.  

John Searle

"I am pleased to say that we ended 2010 on a very positive note. Our sales in the fourth quarter grew strongly, showing an increase of almost 8% at constant exchange rates and our sales performance for the full year was ahead of the revised guidance, with 2.9% growth at constant exchange rates. This achievement reflects the fact that the majority of our markets are now performing well.

At 18.3% of sales, our EBITDA margin is ahead of guidance, showing a YoY increment of 40b.p. This performance reflects gross margin improvement in both IBG and SBG divisions with good control of costs.

EUR36.6 million EUR0.70

Fourth quarter Sales

EUR165.7 million

                                                 Variations in %                    Q4 2010   Q4 2009         At actual       At constant                                        exchange rates       exchange rates      IBG              94.4      85.2          10.8%              8.1%     SBG              71.3      63.4          12.4%              7.7%     Total           165.7     148.6          11.5%              7.9%  

Sales numbers are at actual exchange rates.

EUR1 to $1.36 EUR1 to $1.48

    There was no change in perimeter between Q4 2009 and Q4 2010.     Full year consolidated results                                            Year ended 31 December      (in euro million)                  2010                  2009  %Growth **                                Restated * As reported As reported      Sales                           591.1       591.1       559.3        2.9%     Gross profit                    181.0       179.6       161.6       11.1%     Gross margin (%)                 30.6%       30.4%       28.9%     EBITDA ***                      109.9       108.4       100.4        8.0%     EBITDA (%)                       18.6%       18.3%       17.9%     EBIT ****                        79.8        78.3        68.8       13.8%     EBIT (%)                         13.5%       13.2%       12.3%     Operating profit                 80.2        78.7        68.1       15.6%     Profit before income tax         46.1        44.6        36.3       22.9%     Net income                       38.1        36.6        28.9       26.6%     EPS (EUR per share)              1.53        1.46        1.50      (2.7)%  

EUR1.5 million USA EUR0.7 million

** Changes are measured at current exchange rates except for the change in sales, which is measured at constant exchange rates.

*** EBITDA is defined as operating profit before depreciation, amortization, restructuring costs and other operating income and expenses.

**** EBIT is defined as operating profit before restructuring costs and other operating income and expenses.

February 11, 2011 February 14, 2011

    Full year Results by product line                  Year ended December 31, 2010   Year ended December 31, 2009                                         EBITDA*                      EBITDA*              Sales Variations EBITDA*  margin    Sales   EBITDA*    margin              (EURm)    (%)    (EURm)    (%)    (EURm)    (EURm)        (%)      IBG      331.1   2.1%     54.2    16.4%    317.7       52.3      16.5%     SBG      260.0   4.0%     59.2    22.8%    241.6       53.2      22.0%     Other **     -      -     (3.5)    n.s       0.0       (4.5)      n.s.     Total    591.1   2.9%    109.9    18.6%    559.3      101.0*     18.1%  

Results by product line

All at actual exchange rates, except sales growth which is at constant exchange rates.

EUR1.5 million EUR0.7million

** The "Other" cost centre includes central functions such as IT, research, central management, finance and administration.

Industrial Battery Group (IBG)

EUR94.4m

EUR331.1m

In the stationary back-up power market, strong sales growth was recorded throughout the year in the telecommunication infrastructure activity, whilst the industrial stand-by back-up power business returned to growth in H2 with a strong Q4. Overall, the stationary back-up power market registered broadly flat sales in 2010.

Transportation sales have been similarly flat in 2010 with a contrasting performance between aviation, which recorded a strong growth throughout the year, and the rail market which has been weaker since the beginning of the year.

Finally, the small nickel battery activity (ex. RBS division) continued to grow strongly in Q4 and H2, recording a 16% increase in the year, a recovery from a very weak 2009.

Excluding project costs related to Jacksonville, the profitability of the division’s activities remained almost stable, with an EBITDA margin of 16.4% for 2010 compared with a 16.5% margin in 2009.

This performance results from an improvement in the gross margin, despite some unfavourable raw material price trends.

Speciality Battery Group (SBG)

EUR71.3m

EUR260.0 million

USA Europe

As expected at the beginning of last year, military markets were weaker in 2010. After recording growth of 18% in 2009, these markets contracted by 14% YoY.

Alongside its revenue growth, the SBG division has also improved its profitability. The division’s EBITDA margin was 22.8% in 2010, compared with 22.0% in 2009. The improvement in profitability is largely due to the effectiveness of the division’s cost control efforts, which had a positive impact on the gross margin.

Other financial highlights of the period

EUR18.8m EUR18.5m EUR(15.3)m EUR36.4m EUR28.5m

EUR1.46 EUR1.50

EUR194.6m EUR207.4m EUR110m

EUR135.4m EUR108.5 million

Michigan

Both projects are progressing on track with initial plans.

The Jacksonville factory building will be completed and equipment for the first production line installed during Q1 2011. Equipment commissioning will be completed during Q2. Product qualification and start of production will take place in Q3 and first sales from the line recorded in Q4. Hiring of the production team to commission the equipment began in Q1.

September 2010

Outlook for 2011

Based on the recovery experienced during 2010, the Group anticipates continued growth in its traditional activities and markets as well as the first sales contribution from Jacksonville. Overall, sales in 2011 should grow at a minimum of 5% at constant foreign exchange rates.

$10 million

John Searle

    Financial calendar for 2011      2011 Q1 turnover                                            28 April 2011     Annual General Meeting                                         4 May 2011     2011 Q2 turnover and half year                               27 July 2011     2011 Q3 turnover                                          27 October 2011  

http://www.saftbatteries.com

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS

Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, objectives or results of operation. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and Saft’s plans and objectives to differ materially from those expressed or implied in the forward looking statements.

About Saft

Saft (Euronext: Saft) is a world specialist in the design and manufacture of high-tech batteries for industry. Saft batteries are used in high performance applications, such as industrial infrastructure and processes, transportation, space and defence. Saft is the world’s leading manufacturer of nickel batteries for industrial applications and of primary lithium batteries for a wide range of end markets. The group is also the European leader for specialised advanced technologies for the defence and space industries and world leader in lithium-ion satellite batteries. Saft is also delivering its lithium-ion technology to new applications in clean vehicles and renewable energy storage. With approximately 4,000 employees worldwide, Saft is present in 19 countries. Its 15 manufacturing sites and extensive sales network enable the group to serve its customers worldwide. Saft is listed in the SBF 120 index on the Paris Stock Market.

    For more information, visit Saft at http://www.saftbatteries.com     APPENDICES     Consolidated Income Statement      (in EUR million)                                        2010        2009      Revenues                                               591.1       559.3     Cost of sales                                         (411.5)     (397.7)     Gross profit                                           179.6       161.6     Distribution and sales costs                           (35.7)      (32.3)     Administrative expenses                                (44.2)      (42.4)     Research and development expenses                      (21.4)      (18.1)     Restructuring costs                                     (0.7)       (2.8)     Other operating income and expenses                      1.1         2.1     Operating profit                                        78.7        68.1     Finance costs-net                                      (18.8)      (18.5)     Share of profit / (loss) of associates                 (15.3)      (13.3)     Profit before income tax                                44.6        36.3     Income tax expense                                      (8.0)       (7.4)     Profit for the period                                   36.6        28.9     Attributable to:     Equity holders of the company                           36.4        28.5     Minority interest                                        0.2         0.4     Earnings per share (in EUR per share): basic            1.46        1.50     Earnings per share (in EUR per share): diluted          1.45        1.50       Consolidated statement of comprehensive income      (in EUR million)                                         2010       2009      Profit for the period                                    36.6       28.9     Other comprehensive income     Fair value gains / (losses) on cash flow hedge            0.5        5.6     Fair value gains / (losses), net on investment          (13.0)      (0.3)     hedge     Actuarial gains and losses recognised against            (1.6)       0.3     Statement of Comprehensive Income     Currency translation adjustments                         13.2        4.1     Tax effect on income / (expenses) recognised              4.4       (1.9)     directly in equity     Total other comprehensive income for the period,          3.5        7.8     net of tax     Total comprehensive income for the period                40.1       36.7     Attributable to:     Equity holders of the company                            39.7       36.3     Minority interest                                         0.4        0.4       Consolidated cash flow statement      (in EUR million)                                           2010     2009      Net profit for the period                                  36.6     28.9     Adjustments :     Share of profit/(loss) of associates (net of dividends)    16.2     13.8     Income tax expense                                          8.0      7.4     Property, plant and equipment and intangible assets        30.1     31.6     amortisation and depreciation     Finance costs-net                                          18.8     18.5     Net movements in provisions                                (4.4)    (1.2)     Other                                                       0.1      1.5                                                               105.4    100.5     Change in inventories                                      (9.1)    15.9     Change in trade and other receivables                     (13.3)     6.3     Change in trade and other payables                         10.9    (10.2)     Changes in working capital                                (11.5)    12.0     Cash flows generated from operations before interest       93.9    112.5     and tax     Interest paid                                             (14.1)   (14.5)     Income tax paid                                            (5.0)    (4.6)     Net cash provided by operating activities                  74.8     93.4     Cash flows from investing activities     Acquisition of subsidiaries, net of cash acquired         (35.9)   (25.6)     Purchase of property, plant and equipment                 (69.6)   (16.7)     Purchase of intangible assets                              (6.7)    (4.8)     Proceeds from sale of property, plant and equipment         1.7      0.1     Variation of other non-current financial assets and         0.1      0.2     liabilities     Net cash used in investing activities                    (110.4)   (46.8)     Cash flows from financing activities     Proceeds from issuance of ordinary shares                   0.7    120.9     Purchase / Sale of treasury shares - liquidity contract    (0.4)     0.8     New debt                                                    0.0    315.3     Debt repayments                                             0.0   (349.6)     Grants related to assets                                   24.5      0.0     Increase/(decrease) in other long-term liabilities         (0.8)     4.4     Dividends paid to company shareholders                     (7.4)    (7.0)     Net cash generated by/(used) in financing activities       16.6     84.8     Net increase/(decrease) in cash                           (19.0)   131.4     Cash and cash equivalents at beginning of period          207.4     68.8     Exchange gain / (loss) on cash and cash equivalents         6.2      7.2     Cash and cash equivalents at end of period                194.6    207.4       Consolidated balance sheet     Assets      (in EUR million)                                31/12/2010     31/12/2009     Non-current assets     Intangible assets, net                               222.2          228.2     Goodwill                                             110.3          104.8     Property, plant and equipment, net                   166.8          109.9     Investment properties                                  0.1            0.2     Investments in joint undertakings                     49.6           30,0     Deferred income tax assets                             6.6           10.1     Other non current financial assets                     0.8            0.9                                                          556.4          484.1     Current assets     Inventories                                           76.5           63.1     Trade and other receivables                          153.7          141.1     Derivative financial instruments                       2.1            2.2     Cash and cash equivalents                            194.6          207.4                                                          426.9          413.8     Total assets                                         983.3          897.9       Liabilities and equity      (in EUR million)                                   31/12/2010  31/12/2009     Shareholders' equity     Ordinary shares                                         25.1        24.7     Share premium                                          102.1        92.5     Treasury shares                                         (0.7)       (0.3)     Cumulative translation adjustments                      24.9        11.8     Fair value and other reserves                            3.1        12.8     Group consolidated reserves                            185.3       164.3     Minority interest in equity                              1.4         1.0     Total shareholders' equity                             341.2       306.8     Liabilities     Non-current liabilities     Debt                                                   327.7       312.7     Other non-current financial liabilities                  6.1         8.1     Deferred grants related to assets                       25.5         0.0     Deferred income tax liabilities                         60.0        69.0     Pensions and other long-term employee benefits           9.9         8.5     Provisions for other liabilities and charges            35.0        33.3                                                            464.2       431.6     Current liabilities     Trade and other payables                               156.2       136.4     Taxes payable                                            8.1         5.3     Debt                                                     2.3         3.2     Derivative instruments                                   1.8         2.1     Pensions and other long-term employee benefits           1.0         1.0     Provisions for other liabilities and charges             8.5        11.5                                                            177.9       159.5     Total liabilities and equity                           983.3       897.9       Statement of changes in equity                                     Number of    Attributable to equity                                       shares    holders of the company                                    making up                                          the                                      capital     (in EUR million)                           Share   Share Consolidated                                              Capital Premium reserves and                                                                  retained                                                                  earnings      Balance at December 31, 2007  18,514,086    18.5   (15.1)       122.7     Employee stock option schemes                0.0     0.0          1.7     (value of employee services)     Dividend paid                                0.0   (12.6)         0.0     Buyback of treasury shares                   0.0     0.0         (0.3)     Total comprehensive income                   0.0     0.0         38.3     Balance at December 31, 2008  18,514,086    18.5   (27.7)       162.4     Employee stock option schemes                0.0     0.0          1.6     (value of employee services)     Capital increase with          5,696,328     6.0   114.4         (5.5)     maintenance of preferential     subscription rights of     December 2, 2009     Capital increase by exercise     231,864     0.2     5.8          0.0     of stock options     Dividend paid                    241,815     0.0     0.0         (7.0)     Buyback of treasury shares                   0.0     0.0          0.8     Total comprehensive income                   0.0     0.0         36.3     Balance at December 31, 2009  24,684,093    24.7    92.5        188.6     Employee stock option schemes                0.0     0.0          1.4     (value of employees'     services)     Payment of dividend in shares    410,647     0.4     8.9         (9.3)     Capital increase by exercise      31,100     0.0     0.7          0.0     of stock options     Dividend paid                                0.0     0.0         (7.4)     Purchase/Sale of treasury                    0.0     0.0         (0.4)     shares     Total comprehensive income                   0.0     0.0         39.7     Balance at December 31, 2010  25,125,840    25.1   102.1        212.6      Table Continued Below                                        Minority interest       Shareholders'                                                                      equity     (in EUR million)     Balance at December 31, 2007                    0.8               126.9     Employee stock option schemes                   0.0                 1.7     (value of employee services)     Dividend paid                                   0.0               (12.6)     Buyback of treasury shares                      0.0                (0.3)     Total comprehensive income                     (0.2)               38.1     Balance at December 31, 2008                    0.6               153.8     Employee stock option schemes                   0.0                 1.6     (value of employee services)     Capital increase with                           0.0               114.9     maintenance of preferential     subscription rights of     December 2, 2009     Capital increase by exercise                    0.0                 6.0     of stock options     Dividend paid                                   0.0                (7.0)     Buyback of treasury shares                      0.0                 0.8     Total comprehensive income                      0.4                36.7     Balance at December 31, 2009                    1.0               306.8     Employee stock option schemes                   0.0                 1.4     (value of employees'     services)     Payment of dividend in shares                   0.0                 0.0     Capital increase by exercise                    0.0                 0.7     of stock options     Dividend paid                                   0.0                (7.4)     Purchase/Sale of treasury                       0.0                (0.4)     shares     Total comprehensive income                      0.4                40.1     Balance at December 31, 2010                    1.4               341.2       SAFT      Jill Ledger, Corporate Communications and Investor Relations Director     Tel: +33-1-49-93-17-77, [email protected]      FINANCIAL DYNAMICS      Stephanie BIA, Tel: +33-1-47-03-68-16, [email protected]     Yannick DUVERGE, Tel: +33-1-47-03-68-10, [email protected]     Clement BENETREAU, Tel: +33-1-47-03-68-12, [email protected]  

SOURCE Saft Groupe

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