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News 2017

UNIWHEELS AG presents financial results for 1H 2017 - growth of volumes, revenues and earnings continues
  • Wheel sales volume grows by +15.7% yoy to 4.9 mln wheels
  • Revenues up by 23.2 % to EUR 274.7 mln
  • EBITDA grows by 11.3% to EUR 40.3 mln
  • Net profit for the period – EUR 30.2 mln, an increase of 5.2%
  • Outlook for 2017: guidance confirmed – sales volume growth of 10-15%, revenue growth of 14-19% and EBITDA growth of 15-20%
  • Superior transaction – integration in progress, delisting process started

Bad Dürkheim, August 9th, 2017: Germany-based alloy wheels manufacturer UNIWHEELS AG, listed on the Warsaw Stock Exchange, presented its financial results for the first half of 2017.

In 1H 2017 UNIWHEELS Group sold 4.940 million wheels in both segments: Automotive and Accessory (in total an increase of 15,7% y/y).

In the Automotive segment UNIWHEELS sold in 1H 2017 4.08 mln wheels (+13.1% yoy) and in the Accessory segment 0.86 mln wheels (an increase of 30.0% yoy).

In 1H 2017 UNIWHEELS generated EUR 274.7 mln in revenues, an increase of 23.2% yoy, mainly influenced by wheels sales increase (+15.7 % yoy) in both segments, higher value added and aluminum price adjustments. In the Automotive segment, revenues grew by 20.6% yoy to EUR 221.8 mln, the Accessory business saw a revenue increase of 28.8% yoy to EUR 46.9 mln.

Since 4Q 2016, LME aluminum price increased and influenced cost of material level in 1H 2017, which rose 37.2% in that period. Personnel expenses grew in line with revenues level and were impacted by additional staff recruitment for new plant in Stalowa Wola as well as by wage increases. Other operating costs were influenced by higher consulting and legal fees. In total EBITDA grew in 1H2017 by 11.3% to EUR 40.3 mln. Net profit increased by 5.2% to EUR 30.6 mln. Earnings performance in the analyzed period has been influenced also by very strong second quarter of 2016.

Regarding the outlook for 2017, UNIWHEELS confirms the guidance that has been published together with the 2016 results. Wheels sales are expected to increase in 2017 between 10% - 15% yoy. Group revenues are forecasted to grow between 14% and 19% yoy, taking the aluminium price development into account. And an EBITDA increase by 15% to 20% yoy is expected.

Superior Industries currently owns 93.2% of UNIWHEELS AG shares after public tender. Now, process of integrating of the two organizations began, which will lead to building a consolidated organization. Also delisting process from Warsaw Stock Exchange has started.

 

Key financial figures of UNIWHEELS Group for 1H 2017:

(in € mln unless otherwise stated) 1H 2017 1H 2016 +/-
Revenue 274.7 223.0 +23.2%
Sales volume (thousand units) 4,940 4,269 +15.7%
EBITDA 40.3 36.2 +11.3 %
EBITDA margin (% of revenue) 14.7 % 16.2 % -1.5 PP
EBIT 29.0 28.4 +2.1 %
EBIT margin (% of revenue) 10.6 % 12.7 % -2.1 PP
Net profit 30.6 29.1 +5.2 %
Capital expenditures and investments 15.4 52.6 -70.7 %
Personnel 3,281 2,794 +17.4 %

 

Financial highlights 1H 2017:

  • Revenues increased by 23.2%, influenced by:
    • wheels sales increase of 15.7%
    • product mix with higher value added
    • aluminum price adjustments
  • Material costs rose by 37.2%, reflecting higher LME aluminum prices and energy costs
  • Personnel costs (+24.9%) in line with revenues, impacted by staff recruitments for new plant and wage increases
  • EBITDA increased by 11.3% to EUR 40.3 mln
  • EBIT up by 2.1% to EUR 29.0 mln
  • Finance: net debt at EUR 52.3 mln
  • Net profit (+5.2%) amounts to EUR 30.6 mln

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UNIWHEELS AG presents financial results for Q1 2017 - double digit increase of volumes, revenues and earnings
  • Wheel sales volume growts by +16.7% yoy to 2.4 mln wheels
  • Revenues up by 20.6 % to EUR 131.6 mln
  • EBITDA grows by 27.0% to EUR 17.9 mln
  • Net profit for the period – EUR 16.4 mln, an increase of 56.2%
  • Outlook for 2017: guidance confirmed

Bad Dürkheim, May 10th, 2017: Germany-based alloy wheels manufacturer UNIWHEELS AG, listed on the Warsaw Stock Exchange, presented its financial results for the first quarter of 2017.

In 1Q 2017 UNIWHEELS Group sold 2.436 million wheels in both segments: Automotive and Accessory (in total an increase of 16,7% in comparison to 1Q 2016).

In the Automotive segment UNIWHEELS sold in 1Q 2017 2.055 mln wheels (+15.3% yoy) and in the Accessory segment 381 thousand wheels (an increase of 24.9% yoy).

In 1Q 2017 UNIWHEELS generated EUR 131.6 mln in revenues, an increase of 20.6% yoy, mainly influenced by wheels sales increase (+16.7 % yoy), product mix with higher value added and quarterly aluminum price adjustments.

In the Automotive segment, revenues grew by 19.1% yoy, the Accessory business saw a revenue increase of 21.3% yoy.

Since 4Q 2016, LME aluminum price increased and influenced cost of material level in 1Q 2017. Personnel expenses grew in line with revenues level and were impacted by additional staff recruitment for new plant in Stalowa Wola as well as by wage increases. Other operating costs grew moderately. In effect EBITDA grew by 27.0% to EUR 17.9 mln. Despite wage increases and material costs growth in 1Q 2017 EBITDA margin also improved to 13.6%.

Net profit increased to EUR 16.4 mln (+56.2% yoy), and was in 1Q 2017 influenced by a positive non-recurring effect from fx derivative valuation, which amounted to EUR 3.7 mln.

Regarding the outlook for 2017, UNIWHEELS confirms the guidance that has been published together with the 2016 results. Wheels sales are expected to increase in 2017 between 10% - 15% yoy. Group revenues are forcasted to grow between 14% and 19% yoy, taking the aluminium price development into account. And an EBITDA increase by 15% to 20% yoy is expected.

 

Key financial figures of UNIWHEELS Group for 1Q 2017:

(in € mln unless otherwise stated) 1Q 2017 1Q 2016 +/-
Revenue 131.6 109.1 +20.6 %
Sales volume (thousand units) 2,436 2,087 +16.7 %
EBITDA 17.9 14.1 +27.0 %
EBITDA margin (% of revenue) 13.6 % 12.9 % +0.7 PP
EBIT 12.4 10.2 +21.6 %
EBIT margin (% of revenue) 9.4 % 9.3 % +0.1 %
Net profit 16.4 10.5 +56.2 %
Capital expenditures and investments 6.2 23.3 -73.4 %
Personnel (headcount) 3,257 2,743 +18.7 %

 

Financial highlights 1Q 2017:

  • Revenues increased by 20.6%, influenced by:
    • wheels sales increase of 16.7%
    • product mix with higher value added
    • aluminum price adjustments
  • Material costs rose by 34.5%, reflecting higher LME aluminum prices
  • Personnel costs in line with revenues (+21.8%) impacted by staff recruitments for new plant and wage increases
  • EBITDA increased by 27.0% to EUR 17.9 mln
  • EBIT up by 21.6% to EUR 12.4 mln
  • EBITDA margin improved by 0.7 p.p. to 13.6%
  • Finance: net debt at EUR 48.5 mln, net debt/EBITDA ratio at 0.6x
  • Net profit (+56.2%) amounts to EUR 16.4 mln, benefited from positive non-recurring effect from fx derivative valuation (EUR 3.7 mln)

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DTM season kicks off on new wheels

As of this season, ATS will be the official wheels supplier for DTM

From the 2017 season, all DTM touring cars, regardless of brand, will take their place on the starting line with the new ATS forged wheel. ATS, a UNIWHEELS AG brand, will thus become the industry partner for the series, as well as the official and exclusive DTM wheels supplier, producing aluminium forged wheels in sizes 12x18 for the front axle and 13x18 for the rear axle that are completely identical for all DTM cars of all three manufacturers. These new aluminium forged wheels are produced using a high-strength special alloy, meeting the extreme demands placed on strength and rigidity with their aesthetically sophisticated design that has also been optimised using computer-aided simulations. Various quality controls are implemented during an extremely complex manufacturing process to ensure that all wheels are produced within a very close weight tolerance just above the limit for the specified minimum weight, guaranteeing that all cars are equally competitive. The minimum weight for the front axle is 9.5 kilograms per wheel and 10 kilograms per wheel for the rear axle. The wheels are varnished in a semi-matt black colour.

Dr. Thomas Buchholz, chairman of UNIWHEELS AG: “We are extremely proud of the fact that we are able to be exclusive suppliers for both DTM and Formula 3 as of the 2017 season. Getting involved in motorsport gives us an excellent opportunity to demonstrate the technical expertise of ATS and the entire UNIWHEELS group, as well as showcase our brand in an optimal environment.”

Gerhard Berger, CEO of ITR, also expresses his delight about the new partnership: “With the UNIWHEELS group and their ATS brand, we’re delight to have a partner who has extensive technical expertise, as well as many years’ worth of experience in motorsport and in developing wheels for international automotive manufacturers. Berger has been aware of ATS for many years, having competed in his first Formula 1 race in an ATS car in 1984 – the start of his Formula 1 career.

The new wheel rims were developed exclusively by ATS for DTM and will be manufactured solely in their forging plant in Fußgönheim. This will therefore ensure the highest levels of quality and the quickest reaction times. Dr. Wolfgang Hiller, COO of UNIWHEELS AG: “Besides wheels for motorsport, we also produce numerous prototypes for the international automotive industry in our wheel forging plant, located in Fußgönheim. We focus on developing new lightweight designs to save carbon dioxide and optimise performance.” They incorporated all their expertise into their wheel design process, which lasted over a year and involved over 20 employees from various divisions within the group. During this process, the wheels were subject to complex short and long-term tests in the UNIWHEELS development centre in Lüdenscheid, before also being tested by the manufacturer. One test involved simulating over a million load changes, as is stipulated by requirements of the three manufacturers competing in DTM, Audi, BMW and Mercedes-Benz.

All manufacturers receive a minimum of 20 wheelsets per car to be used in the coming season. According to regulations, it is mandatory/specified to use ATS wheels. These regulations have been created by DMSB, Germany’s motor racing governing body, in conjunction with ITR (International Touring Car Racing Association).

 

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UNIWHEELS AG shifts annual shareholders' meeting to August 1, 2017

Bad Dürkheim, 4th April, 2017: Following the publication of the tender offer document by Superior Industries International AG, a wholly-owned subsidiary of Superior Industries International Inc., on March 23, 2017 regarding a cash tender offer to all shareholders of UNIWHEELS AG, the Company's Executive Board has resolved, with the approval of the Company's Supervisory Board, to shift the Company's annual shareholders' meeting from the initially communicated date of May 30, 2017 to August 1, 2017.

In connection with Superior Industries International AG's tender offer to acquire 100% of the Company´s shares, the Company has learned that two members of the Company's Supervisory Board (including the current chairman of the Supervisory Board who would normally chair the Company's annual shareholders' meeting) will step down from their office as members of the Company's Supervisory Board once the tender offer has successfully been closed; and that there can therefore be no certainty that the Company will be in a position to replace these two members of the Supervisory Board in a timely manner by court decision for the new members of the Supervisory Board to be able to participate in the Company's annual shareholders' meeting. Furthermore, since the initially envisaged record date for the annual shareholders' meeting to take place on May 30, 2017 would fall on May 9, 2017, this could result in a situation where certain persons or entities voting on the annual shareholders' meeting would not be the Company’s shareholder at the time of the shareholders' meeting.

Against this backdrop, the change of the date of the annual shareholders' meeting is intended to ensure an efficient organization and execution of the annual shareholders' meeting. In addition, the new date of the Company's annual shareholders' meeting would also allow any potential new shareholders to register for the meeting after settlement of the tender offer.

As of today, the Company currently does not expect the tender offer to have any other impact on the agenda of the annual shareholders' meeting. The Company's Executive Board maintains its dividend proposal but advises the Company's shareholders that the decision about a dividend payment will actually be taken by the Company's annual shareholders' meeting on August 1, 2017.

As agreed with Superior, the Company's Executive Board continues to support the tender offer and expects to recommend to its shareholders to accept the tender offer in its reasoned statement in accordance with Article 80 of the Polish Public Offerings Act, which is expected to be published on or around April 10, 2017 (subject to potential changes to the offer document required by the competent authorities which may also postpone the publication of the reasoned statement). “The combination brings together highly complementary product technologies and manufacturing processes, creating global scale and positioning the business for profitable and sustainable growth. The combination of UNIWHEELS’ and Superior’s management teams as well as their workforce and operations will strengthen relationships with OEMs throughout the world,” added Dr. Thomas Buchholz, Chief Executive Officer and Chairman of UNIWHEELS’ Executive Board.

The tender offer document and other reports and notifications relating to the tender offer are available on UNIWHEELS website under this link.

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UNIWHEELS AG presents financial results for 2016 – Fourth record year in a row in terms of volume and earnings
  • Significant volume growth: +12% to 8.8 mln wheels
  • Revenues up by 6.3 % to EUR 464.1 mln
  • EBITDA grows by 19.6% to EUR 70.2 mln
  • Net profit for the period – EUR 64.1 mln, an increase of 57.5%
  • Proposed dividend of EUR 2.00 per share
  • Outlook for 2017: wheel sales growth of 10%-15% yoy, revenue growth of 14%-19%, EBITDA growth of 15% - 20%

Bad Dürkheim, March 23, 2017: Germany-based alloy wheels manufacturer UNIWHEELS AG, listed on the Warsaw Stock Exchange, presented its financial results for financial year 2016.

2016 summary
In 2016 UNIWHEELS Group sold 8.761 million wheels in both segments: Automotive and Accessory (in total an increase of 12% in comparison to 2015).

“The UNIWHEELS Group has once again set new records in terms of unit sales, revenue and EBITDA. Double-digit growth was seen in the business of both the Accessory and the Automotive divisions. Group revenues increased by 6.3% in comparison to 2015. EBITDA even grew by 19.6%, well above the forecast, on account of stringent cost control and despite the ramp-up costs at the new plant in Poland” – says Dr. Thomas Buchholz, UNIWHEELS AG CEO.

“In the Automotive division, UNIWHEELS was able to build on its extremely successful customer relationships, with a focus on the premium segment, and continue diversifying its customer base. The product mix generated more value added: a greater number of larger wheels, due to the trend towards SUVs, coupled with more wheels with sophisticated surface and greater use of lightweight technology for leading premium models. ” – says Dr. Thomas Buchholz, UNIWHEELS AG CEO.

“In the Accessory division unit volume rose by 11.7%. New products and applications were successfully placed on the market and enjoyed a great reception from our customers” – says Dr. Wolfgang Hiller, UNIWHEELS AG COO.

In 2016 construction works of new plant in Stalowa Wola (4th Group’s plant) accelerated, and construction has been completed ahead of schedule. “After just 12 months of construction, we were able to fit out our fourth plant in line with the schedule that we committed to when we went public. Thanks to strong customer demand for our wheels, we completed the second stage (ramp-up of production) one year earlier than planned, resulting in the full annual production capacity of 2 million wheels coming online in spring 2017 already“ – says Dr. Hiller.

2016 financial results and dividend
In 2016 UNIWHEELS generated EUR 464.1 mln in revenues, an increase of 6.3% yoy, mainly influenced by wheels sales increase (+12 % yoy), product mix with higher value added and quarterly aluminum price adjustments.

“2016 were affected by ramp-up cost of our new plant in Stalowa Wola. But operational costs grew moderately - material costs dropped by 2.4%, reflecting lower LME aluminum price. Increase of sales, better product mix and price adjustments, along with stringent cost control allowed for EBITDA to grow to EUR 70.2 million, an increase of 19.6%, comparing to 2015. Also EBITDA margin improved by 1.7 pp to 15.1%” – says Dr. Karsten Obenaus, UNIWHEELS AG CFO.

“Net profit increased to EUR 64.8 mln (+57.5% yoy), but was influenced by a positive non-recurring and non-cash effect from fx derivative valuation and from an income from capitalized deferred taxes” – adds Dr. Obenaus.

“We would like to warmly thank our shareholders for the trust they have shown in our company. To allow them to appropriately share in the fruits of our success, we propose a dividend of EUR 2.00 per share to the annual general meeting.” – says Dr. Thomas Buchholz.

Payout of EUR 2.00 per share corresponds to dividend yield of over 4%.

Outlook
“2017 is expected to face an ongoing demand from European car manufacturers. With the availability of the full capacity of new Stalowa Wola plant, economies of scale should be achieved. We expect wheels sales to increase in 2017 between 10% - 15% yoy. UNIWHEELS Group revenues are forecasted to grow between 14% and 19%. Taking into consideration expected economies of scale at new plant in Stalowa Wola, we expect an EBITDA growth of 15% to 20% yoy.” – says Dr. Karsten Obenaus.

 

Key financial figures of UNIWHEELS Group for 2016:

(in € mln unless otherwise stated) 2016 2015 +/-
Revenue 464.1 436.5 +6.3%
Sales volume (thousand units) 8,761 7,822 +12,0%
EBITDA 70.2 58.7 +19.6%
EBITDA margin (% of revenue) 15.1% 13.4% +1.7PP
EBIT 52.1 43.9 +18.7%
EBIT margin (% of revenue) 11.2% 10.1% +1.1PP
Net profit 64.1 40.7 +57.5%
Capital expenditures and investments 84.1 48.3 +74.2%
Personnel (headcount) 2,918 2,539 +14.9%
  as of 31.12.2016 as of 31.12.2015 +/-
Equity ratio* 62.3% 61.6% +0.7PP
Net debt 42.5 10.6 x4
Net debt/EBITDA 0.6 0.2 +0.4PP

Financial highlights 2016:

  • Revenues increased by 6.3%, influenced by:
    • wheels sales increase of 12%
    • product mix with higher value added
    • aluminum price adjustments
  • Material costs drop by 2.4%, reflecting lower LME aluminum prices in total in 2016
  • Personnel costs (+15.2%) impacted by staff recruitments for new plant, ramp-up costs and wage increases
  • EBITDA increased by 19.6% to EUR 70.2 mln
  • EBIT up by 18.7% to EUR 52.1 mln
  • Both EBITDA and EBIT margins improved (to 15.1% and 11.2% respectively)
  • Finance: reduced interest expense (-30% yoy), net debt at EUR 42.5 mln, net debt/EBITDA ratio at 0.6x
  • Net profit (+57.5%) amounts to EUR 64.1 mln, benefited from a non-cash income from capitalized deferred taxes (EUR 15 mln)
  • Dividend proposal increased to EUR 2.00 per share from EUR 1.65 for 2015

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UNIWHEELS continues growth path and concludes 2016 again with record volumes

Total yearly capacity exceeds 10 million wheels now

Bad Dürkheim, 24th January, 2017: UNIWHEELS AG, German-based aluminium wheels manufacturer remains on a growth path and achieved again a record year in terms of sales volumes. According to preliminary figures, the group sales performance in 2016 rose by 12.2% compared to the previous year, to over 8.77 million wheels. Record levels have been achieved in 4Q 2016, with October the best overall month in the firm´s history (924.3 thousand wheels sold) and November the best month ever in company’s Automotive segment (709.1 thousand wheels sold). Overall, the group achieved two-digit sales increases in 2016 in both business segments: Automotive: +12.2%, Accessory: + 11.75%

“We are optimistic about 2017. Demand from car producers remains healthy and growing. The new plant in Stalowa Wola, which is fully on schedule, should achieve significant economies of scale, the management forecasts no further ramp up costs for 2017. Therefore, substantial earnings increases are expected, assuming constant aluminium prices” - says Dr. Thomas Buchholz, UNIWHEELS AG CEO.

“One of the reasons for our optimism is the fact that the second and final expansion phase of our new plant in Stalowa Wola, Poland has gone online now. We have advanced this step by one year – from early 2018 to early 2017. This allows us to reach the full additional capacity of 2 million wheels annually this year which leads to a total yearly group capacity of over 10.3 million wheels from year 2017 on.” - adds Dr. Wolfgang Hiller, UNIWHEELS AG COO.

“Consequently, we confirm our FY 2016 and 2017 guidances. 2017 will also be characterized by the decision-making process with regards to an international location for a 5th plant and the planning for a further expansion of the Stalowa Wola site to create an extra capacity of 1 million wheels from first half of 2019 on.” - concludes Dr. Karsten Obenaus, UNIWHEELS AG CFO.

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