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Strong revenue growth in the first half of the year
• Earnings margins remain high
• Carefully targeted investment in the Company's future
• Sustained reduction in debt levels
Delbrück, August 22, 2012: paragon AG continued its
impressive year-to-date operating performance in the second
quarter of 2012, with revenue advancing by a surprisingly
strong 12.8% to EUR 37.6 million in the first six months of
the year (prior year: EUR 33.4 million). The earnings margins
achieved by the Company - a publicly traded direct supplier
to the automotive industry - were exactly in line with the
figures forecast by the Managing Board at the beginning of
the year.
"We decided to deliberately forego some of the margins that
we could have attained," said Klaus Dieter Frers, the
Chairman of the Managing Board, explaining the expenses to
safeguard the Company's future in the amount of EUR 1.3
million.paragon's capital expenditures included investing in
new patents, the maintenance and conversion of its building
in St. Georgen, various production start-ups, and the
expansion of its in-house development capacity.
As in the first quarter of 2012, both the EBIT margin (13.2%)
and the EBITDA margin (19.2 percent) matched their high
prior-year levels. Earnings before interest and tax (EBIT)
grew to EUR 5.0 million (prior year: EUR 4.9 million), while
earnings before interest, tax, depreciation, and amortization
(EBITDA) rose to EUR 7.2 million (prior year: EUR 7.0
million). Net income reported in accordance with
International
Financial Reporting Standards (IFRS) came to EUR 3.6 million
(prior year: EUR 3.6
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million), and earnings per share edged up to EUR 0.88 (prior
year: EUR 0.87). paragon's earnings power becomes even more
evident when positive one-off items totaling EUR 0.8 million
in the first half of 2011 are taken into account.
The Company raised its equity-to-assets ratio further in line
with forecasts in the first half of 2012. The 31.4% reported
for the first six months of this year (prior year:
18.2%) means that paragon is now well above average for
German companies as a whole. By the end of 2012 it could
attain a figure similar to that achieved by the German
corporations in the DAX stock index (36.4%). Another
encouraging trend was the reduction in the Company's debt
levels. Interest-bearing liabilities amounted to only EUR
13.4 million (prior year: EUR 18.2 million), while net debt
declined to EUR 5.7 million (prior year: EUR 8.3 million),
which resulted in a gearing ratio of
42.2% (prior year: 103.1%).
The cash flow of EUR 4.1 million generated by operating
activities (prior year: EUR
4.3 million) reflected the timing of one-off items at the
reporting date (e.g. the increase in development services
invoiced to customers). Had it not been for these
non-recurring items, paragon would have comfortably achieved
a year-on-year improvement.
paragon AG's workforce at the balance sheet date of June 30,
2012 comprised 378 employees and 60 temporary staff members,
all of whom worked in Germany. The year-on-year increase in
headcount (June 30, 2011: 333 employees and 58 temporary
staff members) was largely attributable to the revenue
growth. Recruitment of highly qualified professionals and
managers also enables the Company to establish new business
lines that offer additional potential for revenue
and earnings. The headcount at paragon's various sites as at
June 30, 2012 was as
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follows (employees/temporary staff): Delbrück (71/1), Suhl
(212/56), Nuremberg
(35/3), and St. Georgen (60/0).
paragon expects its customers in particular and the
automotive industry in general to continue to perform well
going forward. Despite the surprisingly strong increase in
revenue during the first six months of 2012, the Managing
Board is sticking to its conservative forecast for the year
as a whole, predicting single-digit percentage revenue growth
and earnings (EBIT margin) in line with 2011 levels.
Portrait
paragon AG has steadily grown to become one of the best-known suppliers to the automotive industry since its founding in 1988 in the Westphalian town of Delbrück. Listed on the stock exchange since 2000, paragon uses innovative solutions that not only improve communication but also make the driving experience healthier, more comfortable, and more efficient. Every worker at paragon is passionate about automobiles. Every day they strive to be inventive, better and unique in all they do. Their dedication goes far beyond sensors and solutions for automotive interiors, however. Increasingly, paragon has been embracing more sophisticated systems such as electric vehicles and kinematics.
Contact
paragon AG
Schwalbenweg 29
33129 Delbrück
Tel.: +49 (0) 52 50 - 97 62-0
Fax: +49 (0) 52 50 - 97 62-60
Internet: www.paragon.ag
Email: i nfo@paragon.ag
Press officer
Matthias Hack
Tel.: +49 (0) 52 50 - 97 62-141
Mobile: +49 (0) 162 1010724
Fax: +49 (0) 52 50 - 97 62-60
Email: matthias.hack@paragon.ag
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