DGAP-News: paragon reports strong figures for 2013
paragon AG / Key word(s): Final Results
- Revenue rises by 4.9 percent to EUR73.9 million
- EBIT margin stands at 10.7 percent
- Buoyant growth expected for 2014 and 2015
Delbrück, March 12, 2014: paragon AG has today presented its annual financial statements for the 2013 financial year. Revenue and income were above their 2012 levels and within the Company's own forecasts. paragon expects its business to continue to grow dynamically in 2014.
The automotive supplier increased its revenue by 4.9 percent to EUR73.9 million (2012: EUR70.4 million). There was also a rise in EBITDA, which grew by 6.1 percent to EUR12.5 million (2012: EUR11.8 million). EBIT was up by 2.1 percent year on year at EUR7.9 million (2012: EUR7.8 million), resulting in an EBIT margin of 10.7 percent. Net income amounted to EUR3.9 million, which was lower than in the previous year (2012: EUR4.6 million) owing to higher finance costs and income taxes. Earnings per share therefore came to EUR0.96 (2012: EUR1.13).
In 2014, paragon anticipates that revenue will advance by around 8 percent to approximately EUR80 million. The EBIT margin is also expected to remain in double digits in 2014 at roughly 10 percent.
The business segments with the biggest revenue gains were Body Works Kinematics and Electromobility, where revenue rose by EUR3.5 million and EUR3.8 million respectively. As a result, the proportion of revenue accounted for by these two business segments together climbed from 0.5 percent in 2012 to almost 10 percent in 2013. Sensors and Cockpit remained the largest business segments, generating revenue of EUR27.6 million and EUR27.3 million respectively. The revenue reported by the Acoustics business segment reached EUR11.7 million.
"2013 was a good year for us, and we are very satisfied," said Klaus Dieter Frers, founder and Chairman of the Managing Board of paragon AG. "We have again made significant investments and therefore put down strong foundations. Our two new business segments, Electromobility and Body Work Kinematics, have performed brilliantly and are already demonstrating their huge potential for generating revenue in the future."
Given the level of new orders received in the Sensors, Acoustics, and Body Works Kinematics business segments and, in particular, for battery packs, revenue could potentially increase by up to 20 percent in 2015. paragon expects the Electromobility business segment alone to bring in revenue totaling some EUR150 million in the next five years. The successful increase of the corporate bond issued in 2013 has also created greater financial flexibility with which to expand this segment.
Listed in the regulated market (Prime Standard) of Deutsche Börse AG in Frankfurt am Main, paragon AG develops, produces, and sells advanced automotive electronics solutions. The portfolio of this direct supplier to the automotive industry includes products in the following business segments: Sensors, Acoustics, Cockpit, Electromobility, and Body Works Kinematics. Headquartered in Delbrück (North Rhine-Westphalia), paragon AG has branches in Suhl (Thuringia), Nuremberg (Bavaria), and St. Georgen (Baden-Württemberg) as well as a sales office in Shanghai (China).
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