SHW AG / Key word(s): Preliminary Results/Quarter Results

04.07.2013 / 07:44


SHW AG reports very pleasing development in sales and order intake for the second quarter of 2013

- Group sales [1] up by 7.1% to EUR 91.6 million in Q2

- At EUR 96.8 million, order intake increased by 11.8% compared to the same quarter of the previous year

- Margin improvement [2] expected for Q2 compared to Q1 2013

Aalen, 4 June 2013. Today, SHW AG, one of the leading automotive suppliers of CO2-relevant pumps and engine components, as well as brake discs, published its provisional sales and order intake figures for the second quarter and first half-year of 2013.

The business development during the second quarter of 2013 was once again marked by the ongoing difficult market environment in Europe. Nevertheless, as a result of new product launches and a shift of the product mix towards more complex pumps, SHW AG was able to continue to uncouple from the negative market trend, achieving Group sales of EUR 91.6 million which is equivalent to a 7.1% rise in sales.

In the second quarter of 2013 sales in the Pumps and Engine Components business segment were up by 8.7% compared to the previous year to EUR 68.3 million (2012: EUR 62.9 million) due to new product launches and an increasing demand for gearbox and variable oil pumps.

Sales in the Brake Discs business segment rose by 2.7 per cent in the second quarter of 2013 to EUR 23.3 million (2012: EUR 22.7 million) as a result of a significant increase in sales of composite brake discs compared to the same period in the previous year.

Pleasing development in order intake

Development in order intake remained very positive. At Group level, the company was able to record an increase in order intake of 11.8% to EUR 96.8 million for the second quarter of the year, with order intake for the Pumps and Engine Components business segment rising by 14.1% to EUR 73.2 million and the Brake Discs business segment recording an increase of 5.2% to EUR 23.5 million.

Management team further strengthened

Besides the appointment of Dr Thomas Buchholz as the new CEO, SHW has managed to further strengthen the management team of the Pumps and Engine Components business segment. The company was able to acquire Mr Erwin Gößwein, the new Head of Passenger Cars as of 1 July 2013 from ixetic GmbH, a subsidiary of Magna Powertrain, one of SHW's major competitors on the market. Mr Peter Klomann, another former ixetic manager joined the company as Head of Quality Management for the Pumps and Engine Components business segment as of 1 June 2013.

Margin improvement expected for the second quarter compared to the first quarter of 2013

During the second quarter of this year SHW has managed to get the problems associated with last year's launch of an oil/vacuum pump more or less under control. Consequently, no further exceptional charges worth mentioning occurred.

The two product launches in the Passenger Car division (variable oil pump with balancer shaft unit, gearbox pump) during the first half-year of 2013 proceeded consistently stable and on schedule.

SHW is planning to launch two further oil/vacuum pumps over the next six months which will be used in new 3-cylinder engines of two well-known European automobile manufacturers, meaning that SHW will be able to expand its leading technology position with these complex engine oil pumps further.

Very good progress has been made during the second quarter of the year in stabilising the SAP software which was introduced at the turn of the year. Here, too, no further exceptional charges occurred in the second quarter of 2013.

Overall, the Management Board is expecting an improvement in the EBITDA margin for the second quarter 2013 compared to the 9.4%, the figure recorded for the first quarter of the year.

The final key financial figures for the first six months of 2013 will be published on 6 August.


[1] STT Technologies Inc., which until the end of October 2012 had been included in the consolidation on a pro-rata basis, has now, further to its sale, been classified as a 'discontinued operation' within the meaning of IFRS 5. Sales and orders for the second quarter and first six months of 2012 were adjusted accordingly.

[2] Sales in relation to Group earnings before interest, taxes and depreciation of tangible assets and amortisation of intangible assets (adjusted EBITDA): Q2/2013: EUR 0.7 million one-off costs as a result of changes to the management board.

About SHW

The enterprise was established in 1365, making it one of the oldest industrial enterprises in Germany. Today, SHW AG is a leading automotive supplier with products that contribute substantially to a reduction of fuel consumption and consequently CO2 emissions. In its Pumps and Engine Components business segment, the SHW Group develops and produces pumps for passenger cars and truck and off-highway applications, e.g. trucks, agricultural and construction vehicles, stationary motors and wind power stations. The Brake Discs business segment develops and produces monobloc ventilated brake discs made of cast iron and lightweight brake discs made from a combination of an iron friction ring and an aluminium pot. Customers of the SHW Group include leading European and North American automobile manufacturers, manufacturers of commercial, construction and agricultural vehicles and other automotive suppliers. The SHW Group currently has four manufacturing sites in Germany, located in Bad Schussenried, Aalen-Wasseralfingen, Tuttlingen-Ludwigstal and Neuhausen ob Eck. With slightly more than 1,000 employees, the SHW Group generated sales from continuing operations in 2012 of EUR 325 million. Further information is available at:

Contact person
Michael Schickling
Head of Investor Relations & Corporate Communications
Telephone: +49 (0) 7361 502 462

Future-oriented statements
This press release contains certain future-oriented statements that are based upon current assumptions and forecasts made by the management of SHW AG. Various known and unknown risks, uncertainties and other factors may lead to the actual results, financial position, development or performance of the company deviating considerably from the appraisals specified here. The company assumes no obligation to update future-oriented statements of this nature or adapt them to future events or developments.

This announcement does not constitute an offer to sell securities in the United States of America, Canada, Australia, Japan or any other jurisdictional territory where offers are subject to statutory restrictions. The securities named in this announcement may only be sold or offered for sale in the United States of America following their prior registration in accordance with the provisions of the version of the US Securities Act of 1933 currently in force (the 'Securities Act') or, without prior registration, only on the basis of an exemption. Unless provided for by certain exceptions within the Securities Act, the securities named within this announcement may not be sold or offered for sale in Australia, Canada or Japan, nor may they be sold or offered for sale to or for account of residents of Australia, Canada or Japan. No registration of the offer or sale of the securities named in this announcement will take place, as stipulated by the relevant statutory provisions in Canada, Australia and Japan. There is no public solicitation to buy securities in the United States of America.

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