Frauenthal Holding AG

  •  Results for the first half of 2018 
  •  Outlook for 2018

 Results for the first half of 2018

  •  At EUR 463.8m, the Frauenthal Group’s revenue for the first half of 2018 exceeded that in the comparative period by EUR 34.9m or 8.1%. EUR 286.1m (down 2.7%) was accounted for by the Frauenthal Trade Division and EUR 177.7m (up 31.7%) by the Frauenthal Automotive Division. The Frauenthal Trade division reported a EUR 7.8m year-on-year decline in revenue, which is primarily down to its unusually strong performance in the first half of 2017. The rise in revenue posted by the Automotive division is largely attributable to Frauenthal Powertrain which the Group acquired last year. This business unit contributed EUR 71.0m in the first half of 2018 and EUR 30.7 in the period April to June 2017. 
  • At EUR 19.9m, Group EBITDA for the first half of 2018 represented an improvement of EUR 5.1m or 34.2% on the comparative period of 2017.Frauenthal Trade’s contribution to EBITDA was EUR 6.6m, up EUR 0.8m year on year (H1 2017: EUR 5.8m). This rise was largely fuelled by cost savings and optimised processes. EBITDA at Frauenthal Automotive amounted to EUR 14.0m. Up by EUR 4.1m on the same period a year earlier, this increase was mainly driven by Frauenthal Powertrain, which contributed EUR 2.4m of first-half EBITDA (Apr-Jun 2017: EUR -0.1m). The results also reflect earnings of EUR 2.1m relating to the disposal of the now deconsolidated Frauenthal Automotive Toruń sp.zo.o. subsidiary in Poland. The transaction involved the sale of a 100% stake in Frauenthal Automotive Toruń Sp.zo.o. In financial 2017, the company reported revenue of around EUR 13 million and had a headcount of 200.
  • The Frauenthal Group’s total assets increased by EUR 13.1m from EUR 418.0m at year-end 2017 to stand at EUR 431.1m as at 30 June 2018. Equity rose by EUR 6.3m to EUR 100.7m (31 Dec 2017: EUR 94.4m). This increase is primarily down to first-half profit of EUR 7.5m which saw the equity ratio rise to 23.4% as at 30 June 2018.

 

Euro m    
H1 2018ChangeH1 2017
Revenue463.88.1%428.9
EBITDA19.934.2%14.9
EBITDA adjusted1)17.820.1%14.9
EBIT11.478.1%6.4
EBIT adjusted1)9.345.6%6.4
Profit/loss for the year
7.5103.5%3.7
Profit/loss for the year adjusted1)5.447.0%3.7

 

Euro m                                   
30.06.2018Change31.12.2017
Equity100,76,7%94,4
Equity ratio
23,4%0,8%22,6%
  1H1 2018 adjusted for earnings of EUR 2.1m relating to the deconsolidation Frauenthal Automotive Toruń Sp.zo.o.

 

Outlook for 2018

 The Frauenthal Group’s earnings in 2018 are expected to exceed those of the previous year, which were adjusted for impairment in the Powertrain business unit. This is chiefly as a result of the positive market data in the Frauenthal Automotive division. The market for the Frauenthal Trade division is seen as remaining stable in the second half, in line with last year’s level. There is no significant improvement in prices in sight owing to ongoing cut-throat competition.

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