18.05.2007, 08:41
Amtel-Vredestein Beats 2006 Estimates: Sales Up 23% to $823 million
OREANDA-NEWS. May 16, 2007. EBITDA grows to $110 million; Q4 2006 and Q1 2007 Net Sales up 30% over previous years, reported the press-centre of Amtel-Vredestein.
Preliminary 2006 Twelve Months and Q4 Consolidated Highlights (un-audited)
Net Sales increased 23% to $823 million
Net Revenue from Passenger Car Tyres grew 47,5% to $509 million
Gross Profit Margin increased from 21% in 2005 to 22,8% in 2006
Profit from Operations more than doubled to $36 million
Net Profit (Loss) improved significantly to a net loss of $7 million in 2006 vs. a net loss of $81 million in 2005
EBITDA grew to $110 million (Adjusted EBITDA $95 million vs. $91 million in 2005)
Sales of branded Passenger Car Tyres increased by 23% to 13,0 million units vs. 10.6 million units in 2005
Q4 Net Sales up 30% to $275 million from $212 million in 2005
Preliminary Q1 2007 Consolidated Highlights (un-audited)
Net Sales up 30% to $212 million from $163 million in Q1 2006
Net Revenue from Passenger Car Tyres grew 35,2% to $128,7 million vs. the same period in 2006
Gross Profit Margin increased to 25,2% from 22,1% in Q1 2006
Profit from Operations increased to $10 million from $1,3 million in Q1 2006
Sales of Passenger Car Tyres grew 18,5% to 3,2 million units (versus 2,7 million units in Q1 2006)
Amtel-Vredestein N.V. (LSE: AMV), a leading European tyre producer and top Russian passenger car tyre manufacturer, announced its un-audited earnings results for the twelve months ending 31 December 2006. Full audited annual results will be available by 31 May 2007. The company also reported preliminary un-audited results for the first three months ending 31 March 2007.
Amtel-Vredestein exceeded the revenue projections made by the Company in November 2006, by delivering sales of $823 million ($800 million estimated) and EBITDA of $110 million ($100 million estimated). It also reported strong gross margins, significant contributions and positive progress at its AV-TO retail and distribution subsidiary. The Company also reported robust Q4 and Q1 preliminary results — despite a mild winter across Europe and Russia.
"Several years ago we began to articulate to the market our modernization and acquisition program — including our goal to transform the Company into a leading premium European passenger car tyre producer. Our year-end 2006 results and the positive momentum demonstrated by our financial performance during the last two quarters is evidence that we were on the right track. By investing in sustainable growth the company may now prosper for many years to come," said Alexei Gurin, CEO.
The Company cautions that certain non-cash adjustments to its 2006 results are still possible as it completes a protracted audit as a result of significant and complex transactions last year — including the acquisition of the Moscow Tyre Plant, the sale of its Amtel-Kuzbass chemical fibre plant in Kemerovo, Russia, and acquisitions of Retail tyre centers throughout Russia.
Amtel-Vredestein has a positive outlook for 2007 and expects to achieve sales growth — primarily in its key passenger car tyre business. Sales are expected to fall between $1 — 1.1 Billion in 2007 based on current sales trends and scheduled production output.
Management also anticipates improvements in Gross Profit Margin consistent with previous years. EBITDA may exceed $120 million and rise to as high as $130 million. The Company expects to be profitable in 2007.
The Company expects to sell over 16 million tyres in 2007, including 14.5 million passenger car tyres (PCT). Sales to original equipment ("OE") manufacturers, including the largest Russian and most active international automobile manufacturers are expected to grow approximately 9% in 2007 and OE as a percentage of total sales may grow as high as to 25% in 2007/2008.
AV-TO, the company's retail and distribution subsidiary is expected approach its breakeven point in 2007.
Financial Statements (un-audited) for twelve months 2006 and Q1 2007, as well as further discussion of the company's 2006 financial results can be found at the Company's website: www.amtel-vredestein.com.
Preliminary 2006 Twelve Months and Q4 Consolidated Highlights (un-audited)
Net Sales increased 23% to $823 million
Net Revenue from Passenger Car Tyres grew 47,5% to $509 million
Gross Profit Margin increased from 21% in 2005 to 22,8% in 2006
Profit from Operations more than doubled to $36 million
Net Profit (Loss) improved significantly to a net loss of $7 million in 2006 vs. a net loss of $81 million in 2005
EBITDA grew to $110 million (Adjusted EBITDA $95 million vs. $91 million in 2005)
Sales of branded Passenger Car Tyres increased by 23% to 13,0 million units vs. 10.6 million units in 2005
Q4 Net Sales up 30% to $275 million from $212 million in 2005
Preliminary Q1 2007 Consolidated Highlights (un-audited)
Net Sales up 30% to $212 million from $163 million in Q1 2006
Net Revenue from Passenger Car Tyres grew 35,2% to $128,7 million vs. the same period in 2006
Gross Profit Margin increased to 25,2% from 22,1% in Q1 2006
Profit from Operations increased to $10 million from $1,3 million in Q1 2006
Sales of Passenger Car Tyres grew 18,5% to 3,2 million units (versus 2,7 million units in Q1 2006)
Amtel-Vredestein N.V. (LSE: AMV), a leading European tyre producer and top Russian passenger car tyre manufacturer, announced its un-audited earnings results for the twelve months ending 31 December 2006. Full audited annual results will be available by 31 May 2007. The company also reported preliminary un-audited results for the first three months ending 31 March 2007.
Amtel-Vredestein exceeded the revenue projections made by the Company in November 2006, by delivering sales of $823 million ($800 million estimated) and EBITDA of $110 million ($100 million estimated). It also reported strong gross margins, significant contributions and positive progress at its AV-TO retail and distribution subsidiary. The Company also reported robust Q4 and Q1 preliminary results — despite a mild winter across Europe and Russia.
"Several years ago we began to articulate to the market our modernization and acquisition program — including our goal to transform the Company into a leading premium European passenger car tyre producer. Our year-end 2006 results and the positive momentum demonstrated by our financial performance during the last two quarters is evidence that we were on the right track. By investing in sustainable growth the company may now prosper for many years to come," said Alexei Gurin, CEO.
The Company cautions that certain non-cash adjustments to its 2006 results are still possible as it completes a protracted audit as a result of significant and complex transactions last year — including the acquisition of the Moscow Tyre Plant, the sale of its Amtel-Kuzbass chemical fibre plant in Kemerovo, Russia, and acquisitions of Retail tyre centers throughout Russia.
Amtel-Vredestein has a positive outlook for 2007 and expects to achieve sales growth — primarily in its key passenger car tyre business. Sales are expected to fall between $1 — 1.1 Billion in 2007 based on current sales trends and scheduled production output.
Management also anticipates improvements in Gross Profit Margin consistent with previous years. EBITDA may exceed $120 million and rise to as high as $130 million. The Company expects to be profitable in 2007.
The Company expects to sell over 16 million tyres in 2007, including 14.5 million passenger car tyres (PCT). Sales to original equipment ("OE") manufacturers, including the largest Russian and most active international automobile manufacturers are expected to grow approximately 9% in 2007 and OE as a percentage of total sales may grow as high as to 25% in 2007/2008.
AV-TO, the company's retail and distribution subsidiary is expected approach its breakeven point in 2007.
Financial Statements (un-audited) for twelve months 2006 and Q1 2007, as well as further discussion of the company's 2006 financial results can be found at the Company's website: www.amtel-vredestein.com.
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