Wuppertal, 2 June 2015 – GESCO AG most recently forecasted Group sales of between € 455 million and € 460 million and Group net income after minority interest of between € 14.5 million and € 15.0 million for financial year 2014/2015 (1 April 2014 to 31 March 2015). Immediately prior to the finalisation of the financial statements it became apparent that the restructuring measures at subsidiaries MAE Maschinen- und Apparatebau Götzen GmbH and Protomaster GmbH continue to weigh down on Group earnings more than expected. This development will have to be taken into account in both the consolidated financial statements and the individual financial statements of GESCO AG for financial year 2014/2015. In consideration of these factors, Group net income after minority interest for financial year 2014/2015 amounts to approximately € 12.4 million based on preliminary and unaudited figures. Group sales come in at € 451 million.
Based on these preliminary figures, the Executive Board expects a dividend proposal of € 1.75 per share; € 2.20 per share had been distributed in the previous year.
The company expects a rise in sales in financial year 2015/2016 (1 April 2015 to 31 March 2016). As things stand, Group net income after minority interest is likely to rise compared to financial year 2014/2015, but still fall significantly short of previous years’ figures. The reasons for the subdued earnings development include restructuring measures at the two subsidiaries and weak demand from Eastern Europe for agricultural technology, which continues to negatively impact the development of our subsidiary Frank Walz- und Schmiedetechnik GmbH. Low energy prices may be benefitting overall economic development, but they are also leading to a decline in demand from oil industry customers at SVT GmbH.
The financial statements for financial year 2014/2015 as well as a definite outlook for the new financial year 2015/2016 will be released at the annual accounts press conference on 25 June 2015.
The content of this press release was published in identical wording in an ad-hoc announcement on 2 June 2015.
GESCO Group is an association of industrial SMEs, some of them market and technology leaders, with a focus on manufacturing/mechanical engineering and plastics technology. As an SDAX-listed company, GESCO AG offers private and insitutional investors acces to a portfolio of leading German industrial SMEs.
Investor Relations · Oliver Vollbrecht
Phone +49 (0)202 24820-18 · Fax: +49 (0)202 24820-49
E-mail: email@example.com · Website: www.gesco.de