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22.05.2024 11:03:20 - dpa-AFX: EQS-News: Successful start to the year: Einhell increases revenue and earnings in the first quarter of 2024 (english)
Successful start to the year: Einhell increases revenue and earnings in the
first quarter of 2024
EQS-News: Einhell Germany AG / Key word(s): Quarterly / Interim Statement
Successful start to the year: Einhell increases revenue and earnings in the
first quarter of 2024
22.05.2024 / 11:02 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Successful start to the year: Einhell increases revenue and earnings in the
first quarter of 2024
Landau a. d. Isar, 22 May 2024 - The first quarter of the current financial
year has been very successful for the Einhell Group. The company achieved
revenue of EUR 269.5 million (previous year: EUR 249.9 million) in the
quarter from January to March 2024. Earnings before taxes (EBT) increased by
11.3 percent to EUR 22.6 million (previous year: EUR 20.3 million). The
pre-tax margin amounted to 8.4 percent (previous year: 8.1 percent). Growth
was particularly strong in the D/A/CH region: Revenue in the D/A/CH region
increased by EUR 9.6 million to EUR 109.5 million in the first quarter of
the 2024 financial year.
Power X-Change continues growth trajectory
'We achieved a very positive performance in the first quarter of 2024. Our
strategy of consistently focusing on the expansion of our successful Power
X-Change product range is paying off,' says Andreas Kroiss, CEO of Einhell
Germany AG. Einhell is one of the leading suppliers in the DIY sector,
offering innovative battery-powered tools of the highest quality at
excellent value for money. The share of revenue in the D/A/CH region
generated with the cordless Power X-Change tools increased significantly
from 49 percent in the previous year to 62 percent. On a global basis, the
share rose from 41 percent to around 50 percent. The cordless Power X-Change
product range currently comprises more than 300 battery-powered tools and
garden appliances. By 2027, the Einhell Group expects to have around 450
products on the market that can be powered by a single type of battery.
Significant reduction in liabilities to banks and reduction in inventories
The strong earnings and the reduction in inventories from EUR 414.9 million
to EUR 341.4 million led to a significant decrease in current liabilities to
banks in the first quarter of 2024 compared to the prior-year period. After
having stocked up during the COVID-19 pandemic to ensure their ability to
deliver, customers reduced their inventories as planned as supply chain
management has returned to normal. The Group's liquidity also benefited from
the supply chain finance structures introduced in China last year.
Strategic brand partnerships
In order to further increase awareness of the Einhell brand, the company
will continue to strengthen its marketing measures in the current financial
year. The cooperation with the Mercedes-AMG PETRONAS F1 team is a key
element of this strategy. Einhell and Mercedes are united in this
partnership as two strong international brands that represent the best of
technological finesse. The cooperation with the Mercedes-AMG PETRONAS F1
Team also has a positive impact internationally in terms of awareness and
image of the Einhell brand. In addition, the Einhell Group will further
intensify its cooperation with the FC Bayern Munich football club,
underpinned by wide-ranging international marketing campaigns.
Focus on international expansion
'Our international expansion is one of our most important strategic
drivers,' says Andreas Kroiss. 'With the acquisition of our subsidiaries in
Thailand and Vietnam in 2023, we have been able to enter promising markets
whose economic potential we consider to be very high.' As such, the Einhell
Group is planning to set up a supplier industrial park with strategic
partners in Vietnam over the next few years. In addition, the company in
Thailand will be further integrated into the existing structure of the
Einhell Group. In the USA, the Board of Directors continues to look for
suitable takeover candidates. As the largest DIY market in the world, the
USA offers great potential for Einhell's successful Power X-Change platform.
Outlook for financial year 2024
'The market environment continues to be challenging in financial year 2024.
In spite of the current difficult macroeconomic context, we are optimistic
with regard to our performance in the current year,' says CEO Andreas
Kroiss. 'In numerous countries, we have succeeded in winning new customers,
who have added the Einhell brand to their listings. This provides an
excellent basis for revenue growth in the current financial year, especially
if the macroeconomic situation improves.'
The Board of Directors expects revenue growth of approx. 6 percent in
financial year 2024 compared to the previous year. In terms of earnings
before taxes, the Einhell Group expects a margin of around 7.5 to 8.0
percent.
About Einhell Germany AG
Einhell is a leading manufacturer of state-of-the-art tools and equipment
for the house and garden and will be celebrating its 60th anniversary in
2024. From its headquarters in Landau/Isar (Bavaria), the internationally
successful company has continuously expanded its innovative rechargeable
battery platform Power X-Change and is now the market leader in the area of
cordless tools and garden equipment. For many years Einhell has set new
standards in terms of endurance, performance, and safety. Einhell customers
appreciate the freedom of cordless operation for all their DIY projects, as
well as the excellent value for money that Einhell products represent and
the first-class customer service offered by the company.
---------------------------------------------------------------------------
22.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
End of News EQS News Service
---------------------------------------------------------------------------
1908775 22.05.2024 CET/CEST
first quarter of 2024
EQS-News: Einhell Germany AG / Key word(s): Quarterly / Interim Statement
Successful start to the year: Einhell increases revenue and earnings in the
first quarter of 2024
22.05.2024 / 11:02 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Successful start to the year: Einhell increases revenue and earnings in the
first quarter of 2024
Landau a. d. Isar, 22 May 2024 - The first quarter of the current financial
year has been very successful for the Einhell Group. The company achieved
revenue of EUR 269.5 million (previous year: EUR 249.9 million) in the
quarter from January to March 2024. Earnings before taxes (EBT) increased by
11.3 percent to EUR 22.6 million (previous year: EUR 20.3 million). The
pre-tax margin amounted to 8.4 percent (previous year: 8.1 percent). Growth
was particularly strong in the D/A/CH region: Revenue in the D/A/CH region
increased by EUR 9.6 million to EUR 109.5 million in the first quarter of
the 2024 financial year.
Power X-Change continues growth trajectory
'We achieved a very positive performance in the first quarter of 2024. Our
strategy of consistently focusing on the expansion of our successful Power
X-Change product range is paying off,' says Andreas Kroiss, CEO of Einhell
Germany AG. Einhell is one of the leading suppliers in the DIY sector,
offering innovative battery-powered tools of the highest quality at
excellent value for money. The share of revenue in the D/A/CH region
generated with the cordless Power X-Change tools increased significantly
from 49 percent in the previous year to 62 percent. On a global basis, the
share rose from 41 percent to around 50 percent. The cordless Power X-Change
product range currently comprises more than 300 battery-powered tools and
garden appliances. By 2027, the Einhell Group expects to have around 450
products on the market that can be powered by a single type of battery.
Significant reduction in liabilities to banks and reduction in inventories
The strong earnings and the reduction in inventories from EUR 414.9 million
to EUR 341.4 million led to a significant decrease in current liabilities to
banks in the first quarter of 2024 compared to the prior-year period. After
having stocked up during the COVID-19 pandemic to ensure their ability to
deliver, customers reduced their inventories as planned as supply chain
management has returned to normal. The Group's liquidity also benefited from
the supply chain finance structures introduced in China last year.
Strategic brand partnerships
In order to further increase awareness of the Einhell brand, the company
will continue to strengthen its marketing measures in the current financial
year. The cooperation with the Mercedes-AMG PETRONAS F1 team is a key
element of this strategy. Einhell and Mercedes are united in this
partnership as two strong international brands that represent the best of
technological finesse. The cooperation with the Mercedes-AMG PETRONAS F1
Team also has a positive impact internationally in terms of awareness and
image of the Einhell brand. In addition, the Einhell Group will further
intensify its cooperation with the FC Bayern Munich football club,
underpinned by wide-ranging international marketing campaigns.
Focus on international expansion
'Our international expansion is one of our most important strategic
drivers,' says Andreas Kroiss. 'With the acquisition of our subsidiaries in
Thailand and Vietnam in 2023, we have been able to enter promising markets
whose economic potential we consider to be very high.' As such, the Einhell
Group is planning to set up a supplier industrial park with strategic
partners in Vietnam over the next few years. In addition, the company in
Thailand will be further integrated into the existing structure of the
Einhell Group. In the USA, the Board of Directors continues to look for
suitable takeover candidates. As the largest DIY market in the world, the
USA offers great potential for Einhell's successful Power X-Change platform.
Outlook for financial year 2024
'The market environment continues to be challenging in financial year 2024.
In spite of the current difficult macroeconomic context, we are optimistic
with regard to our performance in the current year,' says CEO Andreas
Kroiss. 'In numerous countries, we have succeeded in winning new customers,
who have added the Einhell brand to their listings. This provides an
excellent basis for revenue growth in the current financial year, especially
if the macroeconomic situation improves.'
The Board of Directors expects revenue growth of approx. 6 percent in
financial year 2024 compared to the previous year. In terms of earnings
before taxes, the Einhell Group expects a margin of around 7.5 to 8.0
percent.
About Einhell Germany AG
Einhell is a leading manufacturer of state-of-the-art tools and equipment
for the house and garden and will be celebrating its 60th anniversary in
2024. From its headquarters in Landau/Isar (Bavaria), the internationally
successful company has continuously expanded its innovative rechargeable
battery platform Power X-Change and is now the market leader in the area of
cordless tools and garden equipment. For many years Einhell has set new
standards in terms of endurance, performance, and safety. Einhell customers
appreciate the freedom of cordless operation for all their DIY projects, as
well as the excellent value for money that Einhell products represent and
the first-class customer service offered by the company.
---------------------------------------------------------------------------
22.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
Language: English
Company: Einhell Germany AG
Wiesenweg 22
94405 Landau/Isar
Germany
Phone: +49 (0)9951-942-166
E-mail: helmut.angermeier@einhell.com
Internet: www.einhell.com
ISIN: DE0005654933, DE0005654909
WKN: 565493, 565490
Listed: Regulated Market in Frankfurt (Prime Standard);
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1908775
End of News EQS News Service
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1908775 22.05.2024 CET/CEST
