Harald Sommerer, Zumtobel CEO
Zumtobel Group has released its annual financial report for 2011/12. The group posted sales of EUR 1,280.3 million, which equates to 4.2 per cent growth. However, the pace of growth slowed steadily during the course of the year.
The growth of Zumtobel's LED business surpassed the company's expectations with revenue up by 82.6 per cent to reach EUR 183.2 million. LED products therefore accounted for 14.3 per cent of the group's revenues.
However 9.2 per cent growth in the Lighting Segment, which includes Zumbtobel and Thorn, was marred by a 6.7 per cent downturn in the Components Segment, which includes Tridonic and Ledon.
Zumtobel's adjusted EBIT of EUR 35.6 million is significantly lower than the previous year's EUR 78.4 million. In addition, the group's EUR 16 million profit for the year is 68.9 per cent below the previous financial year.
According to the company, a concrete forecast for 2012/13 is difficult due to the uncertain economic development. However, the management board expects to see a year-on-year improvement in revenues and adjusted EBIT margin for the 2012/13 financial year.
Harald Sommerer, Zumtobel CEO, said: "We launched in the reporting year with high expectations and we are of course not satisfied with the actual developments. On the one hand the dynamic growth of our LED business confirms our underlying assumption that the technology shift and the topic of energy efficiency will give our business a substantial boost.
"On the other hand the technology shift also represents a major challenge for us: in the Components Segment we need to adapt our structures faster than we had anticipated while at the same time investing in both conventional and LED products. In this respect we have made good progress over recent months. In the Lighting Segment we are exceptionally well placed with our innovative product portfolio. However, on account of the prevailing high prices for LED chips, we are not yet earning the required margins."
