Group revenue for the first six months of the year totaled EUR 478.7 million (H1 2010: EUR 355.6 million). The EBITDA margin amounted to 15.0 percent (H1 2010: 8.6 percent). Revenue in the light equipment segment was up 26.0 percent at EUR 183.7 million during the first half-year. The compact equipment segment proved a major growth driver, generating revenue of EUR 202.4 million, an increase of 61.5 percent on the previous year. "These strong growth rates bear testament to our strategies – primarily our decision to leverage the synergies of our existing sales network to distribute compact equipment outside of Europe," continues Richard Mayer. Favorable weather conditions brought an early start to the construction season in the U.S. and Europe. The start of the "traditional" construction season (April to June) further bolstered group performance as demand for equipment and services accelerated. Professional rental companies also continued to rejuvenate their fleets and invest in new equipment.
Forecast adjusted upward – continued demand
On the back of these unusually positive results, the Executive Board upped its forecast for the full 2011 fiscal year at the end of July and now expects revenue to total between EUR 910 and 930 million (previous forecast: EUR 880 to 920 million) and the EBITDA margin to amount to between 13 and 14 percent (previous forecast: 12 to 13 percent). "The first half-year is typically our strongest period. However, all signs remain positive for the second half of the year. Even if economic growth cools in our core markets, we expect demand for our products to remain high, bolstered in part by our sales strategies. We therefore remain committed to our target of generating at least EUR 1 billion in revenue in 2012 and achieving an EBITDA margin in excess of 15 percent," reports Gunther C. Binder, Chief Financial Officer of Wacker Neuson SE.
Wacker Neuson SE becomes a group holding company
On May 26, 2011, the overwhelming majority of shareholders at the AGM approved the proposal to drop down operating activities for the light equipment segment in Germany (sales, production and logistics) to three wholly owned affiliates headquartered in Munich. This transition came into effect on July 28, 2011 upon entry in the Register of Companies. Wacker Neuson SE continues to own over 30 other affiliates (primarily sales affiliates outside of Germany). The company now operates as a management holding with a central management structure that retains central Group and corporate functions. The reorganization has no impact for shareholders.
Changes to management
Dr. Ulrich Wacker has stepped down from his position on the Supervisory Board due to health reasons. His resignation was effective as of July 28, 2011. "On behalf of the Executive Board, I would like to thank Dr. Ulrich Wacker for his outstanding contribution to the company at both Executive Board and Supervisory Board level. He represents the fifth generation of the Wacker family and it was an honor for all of us to work with him. Dr. Wacker was at the head of the company for over 30 years. He was a primary driving force behind the expansion of the Group and its brand, building a platform for our continued success," concludes Richard Mayer. The Group intends to submit an application for the judicial appointment of Dr. Matthias Bruse, attorney-at-law and founding partner of the P P Po¨llath Partners law firm based in Munich, to the Supervisory Board. He will replace Dr. Wacker for the interim period until the next AGM. Dr. Bruse knows the company extremely well and served as a member of the Supervisory Board prior to the merger.
On September 1, 2011, Cem Peksaglam will assume the position of CEO of Wacker Neuson SE. Mr. Peksaglam is a highly experienced manager who has made a name for himself on the international stage. He succeeds Dr. Georg Sick, who left the Executive Board on September 15, 2010.