Annual Report 2010 - Frauenthal Holding AG

evenue by geographical markets
Profits
Organic Impairment
EUR ’000 2009
2010
growth
losses
Operating Review
Austria 288,562 272,316 16,246
Germany 91,177 57,302 33,875
France 23,130 18,671 4,459
Sweden 30,880 15,532 15,348
Belguim 13,921 10,407 3,514
Other EU 37,744 26,389 11,355
Other Europe 9,863 5,075 4,788
Americas 15,966 18,595 -2,629
Asia 27,904 29,670 -1,766
Other 238 530 -292
Frauenthal group 539,385 454,487 84,898
Replacement parts sales were also encouraging, and already make up about half of the division’s power station business.
The revenue contribution from diesel catalyst sales soared by 174 % to EUR 14m. The positive trend in this segment was due
to the particularly rapid rebound in sales of the truck models that the division supplies with diesel catalysts. SCR catalysts
for marine engines – for which a global emission standard is likely to be introduced in a few years – generated EUR 0.7m
in revenue.
earningS
EUR ’000 2010 2009 Change
At EUR 34.3m, Group EBITDA represented an improvement of EUR 40.3m on the comparative fi gure. The largest earnings
contribution came from the Industrial Honeycombs Division. Following radical restructuring during the 2009 crisis, the Automotive
Components Division returned to profi t. Both of our other divisions posted record earnings. Thanks to the revival
of the commercial vehicle market, the Frauenthal Group recorded solid earnings growth across all three divisions, and the
profi t for the year of EUR 17.4m was one of the best results in its history.
Revenue 454,487 84,898 0 539,385
eBitda -5,975 40,297 0 34,322
EBIT -25,220 47,002 -77 21,705
Net fi nance costs -4,354 736 0 -3,618
Profi t before tax -29,574 47,738 -77 18,087
Profi t after tax -29,409 46,858 -77 17,373
Consolidated EBIT improved by EUR 46.9m year on year, turning positive by EUR 21.7m. The Automotive Components Division
contributed EUR 3.9m, the Wholesale Plumbing Supplies Division EUR 8.1m and the Industrial Honeycombs Division
EUR 10.9m of Group EBIT. Industrial Honeycombs returned record earnings as a result of rising diesel catalyst demand due
to the resurgent commercial vehicle market. Cost reductions and higher revenue drove earnings growth in Automotive
Components. The improvement was also partly due to the fact that earnings for the comparative period were depressed by
impairment losses. During the year under review there were EUR 1.5m in gains on the revaluation of non-current assets in
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