GERMANY: Leoni generates new sales record in 2012
Cable specialist Leoni says it has generated a new sales high in its 2012 financial year.
Consolidated net income matches the record level of the previous year, it says. The company also reaffirmed its medium-term growth targets.
Leoni generated revenues of approximately EUR 3.8bn in 2012 and exceeded the previous high of EUR 3.7bn posted in 2011, by about 3%. That figure also exceeded its forecast.
Leoni managed a spot landing in terms of earnings before interest and taxes (EBIT) with a figure of about EUR 236 million. This almost matched the high set in the previous year (2011: EUR 237 million).
Leoni equalled its record in terms of consolidated net income, with the bottom line for the past financial year reading EUR 156 million and thus showing the same profit as in the previous year (2011: EUR 156 million). According to provisional calculations, the company posted free cash flow of more than EUR 60 million, thus reaching the projected range (EUR 50 to 80 million).
Leoni is cautious on the outlook for the current financial year: the company expects to generate consolidated sales of approximately EUR 3.7 billion in 2013.
For 2016 the company is aiming for EUR 5 billion in sales. "We are reaffirming this medium-term forecast based on new projects gained by the Wiring Systems Division, especially so in the BRIC countries," said Dr Klaus Probst, President and CEO of Leoni AG. "We anticipate considerable sales growth as early as 2014."
A comprehensive report will be provided upon presentation of the final fiscal 2012 figures at the balance sheet press conference on 20 March 2013 as well as the analyst and investor conference on 21 March 2013.
European Commission (EC) authorities have fined four major automotive component producers a total of EUR141.8m (US$182m) for operating wire harness cartels to Toyota, Honda, Nissan and Renault....
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