21-03-2013 | Financial news | Press releases
Targets for 2012 achieved
paragon AG achieved a targeted expansion of its market position in fiscal year 2012. The exchange-listed direct supplier to the automotive industry increased its revenue by 5.1% to €70.4 million (prior year: €67.1 million). The company again achieved EBIT and EBITDA margins (ratio of EBIT and EBITDA to revenue) clearly in the double digits. "We can be more than satisfied with fiscal year 2012. Single-digit revenue growth and outstanding earnings figures ranking us in the top bracket of the industry are certainly impressive in today’s sometimes difficult economic environment,"were the comments of CEO Klaus Dieter Frers at the financial statements press conference held at the company’s headquarters in Delbrück.
The results for 2012 confirmed the forecasts made by paragon's Managing Board. In an extremely disparate automotive market, the increase in revenue is due primarily to the stable relations with the leading premium manufacturers Audi, VW, Daimler, BMW and Porsche. EBIT adjusted for extraordinary expenses was €9.2 million (prior year: €8.8 million) and resulted in an EBIT margin (adjusted) of 13.0%. At €13.2 million, adjusted EBITDA (prior year: €13.0 million) increased slightly year-on-year; the EBITDA margin (adjusted) reached 18.8%. Net income for the year came to €4.6 million (prior year: €5.3 million) and resulted in earnings per share of €1.13 (prior year: €1.30).
The increase in equity, which paragon increased by another one-third in fiscal 2012, is particularly noteworthy. Within only two years, equity rose from €4.5 million as of December 31, 2010 to €9.8 million as of December 31, 2011 and to €13.0 million as of December 31, 2012. The equity-to-assets ratio thus rose in this period from 10.3% to 29.6%, putting paragon in a very good position in the rankings of German industrial enterprises.
New orders for various microphones contributed in particular to the good outcome in 2012. Sales of these products increased by 21.6% year-on-year to €10.8 million (prior year: €8.8 million). Sales of air quality sensors (AQS), air quality improvers (AQI) and start-stop sensors grew at a rate of 11.8% year-on-year to €25.7 million (prior year: €23.0 million) and thus made an above-average contribution. Extremely positive was the development of the fields of activity of electromobility and body works kinematics, which will contribute significant revenues for the first time in 2013. "These achievements are a source of great pride for us because they confirm our strategy with the goal of 'more euros per car'," said Mr. Frers.' paragon invested a total of €7.6 million in research & development and accordingly in the future of the enterprise. Compared to 2011, this figure rose by a significant 40.7% (prior year €5.4 million). The ratio of F&E expenditures to revenue thus rose to 10.8% (prior year: 8.0%).
For fiscal year 2013, in which paragon will celebrate its 25th anniversary as a company, the Managing Board expects revenue growth to equal that of the prior year of around 5 percent. The ratio of EBIT to revenue will remain stable according to the Company's budget planning.
paragon has published its full, audited annual report on its website at www.paragon.ag. The Annual General Meeting for fiscal 2012 will take place on Wednesday, May 15, 2013 at 10:00 a.m. at the Delbrück city hall.