Automotive supplier Metair expects headline earnings per share to more than double in the six months to June compared with the first half of 2016.
This is mainly due to a better performance by its automotive components business.
But profit from the group’s energy storage division, which makes batteries for vehicles and other sectors, is expected to be marginally lower due to the effect of currency weakness on foreign-denominated earnings.
Metair said headline earnings per share were expected to be 105.6% to 114.8% higher than the 54c in the first half of 2016.
In the first half of 2016, the automotive components business experienced a costly vehicle model launch, which was fraught with technical issues.
But Metair said all its automotive components businesses were now operating efficiently, having eliminated variable manufacturing and volume ramp-up costs associated with the launch of a new light commercial vehicle by its major customer.
“The jump in earnings reflects the profit recovery in Metair’s automotive components division,” said Kagiso Asset Management associate portfolio manager Simon Anderssen.
“In the first half of last year, Metair’s largest customer began producing a new model. This caused production disruptions and additional costs for Metair, which significantly impacted profitability during that period.
“The performance for the last six months is just a correction of these challenges and is a better reflection of ongoing earnings from this division.”
The automotive components business was expected to have achieved low double-digit turnover growth in the period as production volumes normalised following the ramp-up.
Profit before interest and tax margins was expected to come in at 9%-9.5% — higher than guidance of between 6% and 8%, mainly on a stronger rand. But it would revert to guidance parameters later in the year.
The stronger currency had provided short-term gains on imported components and materials, which were not anticipated to continue in the second half of the financial year.
Metair’s energy storage segment, which has operations in Turkey and Romania as well as SA, was expected to have increased the profit before interest and tax margin by 15%-20% on a local currency basis.
Metair said the Turkish business had shown resilience despite a weaker lira, which had increased input costs.
However, consolidated group results for energy storage were hit by foreign currency translation effects, especially with the Turkish lira devaluing an average 31% against the rand from the same period in 2016.
Metair MD Theo Loock was out of the country and was not able to respond to questions on Wednesday.
The company said that, overall, margins in the energy storage division were expected to show a slight improvement due to a better performance by the South African battery business, higher-margin export business from Turkey and Romania and a satisfactory domestic operating performance in Turkey.
“It appears that the automotive business, as well as currency gains on imported materials, were the main drivers of the positive results,” Momentum SP Reid Securities analyst Dexter Mahachi said on Wednesday.
By Mark Allix
It is not only farmers, farm workers and their families who will feel the costs of the damaging drought
SA’s economy is under fire from all sides, not least from political populists. As GDP growth groans under the weight of pricier debt and parlous employment and manufacturing statistics, a new negative economic indicator has surfaced in the form of the drought in the Western Cape.
A primary effect of the water shortages has been on the province’s agricultural economy, one of the biggest contributors to GDP.
While it is difficult to quantify the damage the drought has done, the harm to farming is catastrophic.
But it is not only farmers, farm workers and their families who will feel the costs. Calgro M3, a listed property developer, says it has significantly scaled down the construction of two big developments in Cape Town due to the city’s water restrictions. CEO Wikus Lategan says the company will try to ensure no jobs are lost due to the decision.
Calgro M3 employs 1,600 people on its Belhar and Scottsdene mass-housing developments. But the drought has reached critical proportions, to the extent that authorities have declared a disaster, Lategan says.
The construction work that has been affected in the Western Cape amounts to 25% of the total housing units under construction across the group. However, the projects have not ground to a complete halt as certain “dry works” are still being carried out.
Calgro M3’s actions will delay projects by an estimated three to four months. If good rains do fall in that time, Lategan says special measures will be taken to minimise time already lost.
Rainwater harvesting systems are included as standard in the final build in Calgro M3’s Western Cape developments. The company says as SA is a water-scarce nation every house in the country will gain from this.
But as the ANC’s policy conference heats up, it has become apparent the government is less concerned about GDP growth than it is about which faction next takes up the reins of state power.
Smart companies on the JSE have long ago diversified out of the domestic economy. Amid a drought in state infrastructure spending spanning a Biblical seven years, many big listed construction group have left the country for greener, more diversified engineering pastures across the world. This hedges their reliance on one of the world’s most volatile currencies. The really smart ones among them will have substantial offshore war chests in a mix of instruments.
Metair, a battery storage and automotive components manufacturer has long ago taken controlling shares in a Turkish lead-acid battery manufacturer and distributor in Turkey and the Middle East and the largest lead-acid battery manufacturer in Romania. The R2.6bn spent on these acquisitions also gave it complementary technology platforms and access to Europe’s vehicle markets.
Now, Metair has announced a much smaller “strategic” acquisition, buying up a 25% stake in German-based battery manufacturer and supplier Akkumulatorenfabrik Moll worth €7.4m.
Moll supplies European car manufacturers such as Audi, Daimler, Porsche, Skoda, Lamborghini as well as Volkswagen. The company has distribution networks across Europe and Asia.
Metair MD Theo Loock says this boosts his company’s globalisation strategy. Moll has links with Chaowei Power Holdings, a Chinese company listed on the Hong Kong Stock Exchange. Chaowei bought a stake in Moll in 2013 and has since developed start-stop batteries for supply in China. It is the biggest producer of lead-acid electric bicycle batteries in China. This opens up markets for electric two-wheeler, three-wheeler and four-wheeler vehicles there.
Moll’s 5% stake in Chaowei’s new automotive production facilities in that country provides Metair with “a small but very critical access point into the Chinese market, laying the platform for future technology transfer and co-operation”, Loock says.
By Mark Allix
- Acquires 25.1% in successful German OE focussed battery manufacturer
- Expands presence in Europe and Asia
- Gains entry into increasingly important Chinese battery market
- Creates scope for product expansion across the mobility range and across technologies
- Enhances technology and skills capability
- Establishes potential alternative globalisation path
04 July 2017 – Metair, a leading international manufacturer, distributor and retailer of energy storage solutions and automotive components, has through its wholly owned subsidiaries, acquired a 25.1% shareholding in German-based battery manufacturer and supplier, Akkumulatorenfabrik Moll GmbH & Co. KG (“Moll”), for a total cash consideration of €7.425 million.
This investment in Moll is in line with Metair’s overarching globalisation strategy. It provides Metair with a presence next to its European customers in Germany and expands Metair’s global reach through access to Europe and Asia. Additionally it creates scope for product expansion across the mobility range and across technologies (e-bikes, two wheeler, three wheeler, four wheeler, truck and electric vehicles).
Theo Loock, Metair’s Managing Director commented: “This acquisition is an important next step in delivery of our strategic objectives for the Energy Storage vertical and builds an incubator for partnership with Moll and Chaowei.
“It also provides Metair with a small but very critical access point into the Chinese market, laying the platform for future technology transfer and cooperation.”
Founded in 1945, Moll is a renowned battery supplier for the automotive industry and for commercial vehicles. It manufactures a range of batteries exclusively at its site in Bad Staffelstein/Germany, and supplies European car manufacturers such as Audi, Daimler, Porsche, Skoda, SEAT, Lamborghini, Liebherr and Volkswagen. Moll has a distribution network across Europe and Asia through three wholesalers and employs around 280 staff.
Chaowei Power Holdings Limited (“Chaowei”) is a Chinese company listed on the Hong Kong Stock Exchange and is the largest producer of lead-acid e-bike batteries in China with an annual production capacity in excess of 140 million batteries. Chaowei is also in Lithium-ion technology to the extent that it produces about 300 000 Lithium-ion pouch type cells for use in e-bikes. Chaowei acquired a stake in Moll in 2013 and since then the two companies have partnered on the development of EFB start-stop batteries for supply in China.
Importantly, Metair gains access to the Chinese market through Moll’s 5% shareholding in Chaowei’s Greenfields automotive production facilities in China which are in the process of being finalised. This 60 000m2 manufacturing facility is expected to reach four million automotive aftermarket batteries by the end of 2018.
A technical aid agreement on the advancement of Moll EFB and EFBPlus technology forms part of the transaction which will facilitate technology transfer to Metair while access to the world intelligence pool on battery technology is enhanced through the combination of skills from over 30 doctorates throughout the three partnering companies.
ENDS
Enquiries:
Instinctif Partners +27 11 447 3030
Louise Fortuin +27 71 605 4294
Gift Dlamini +27 82 608 6587
Notes to Editors:
About Metair:
Metair Investments Ltd (Metair) is a publicly owned company listed on the Johannesburg Stock Exchange. The group is headquartered in Johannesburg and manages an international portfolio of companies that manufacture, distribute and retail products for its energy storage and automotive component verticals, exporting to approximately 46 countries.
The group’s operations manufacture, assemble, distribute and retail energy storage products and automotive components in Africa, Europe, Turkey, the Middle East and Russia.
Energy storage
The energy storage segment manufactures batteries for automotive, telecoms, utility, mining, retail and materials/products handling sectors. Automotive batteries are mainly supplied to the aftermarket through Metair’s unique aftermarket distribution channels and franchised retail networks, and are supplied to automotive original equipment manufacturers (OEMs).
Aftermarket products are also exported to approximately 46 destinations across Africa, Europe, the Middle East, Russia and Turkey. Non-automotive products are mainly sold into sub-Saharan Africa and Turkey.
Metair supplies batteries to all major OEMs in South Africa, Europe, Romania, Turkey and Russia through subsidiaries in Romania (Rombat), Turkey (Mutlu Akü) and South Africa (FNB). Key territories include Romania, Russia, South Africa, Turkey and Slovakia.
Automotive components
Automotive components include original equipment (OE) components used in the assembly of new vehicles by OEMs as well as spare parts and other products used in the automotive aftermarket. These include brake pads, shock absorbers, lights, radiators and air conditioners. The group also produces generic aftermarket products for use in the increasing number of imported vehicles.
For more information on Metair and the group’s subsidiaries please visit the website at: www.metair.co.za
Additional information about Moll
Following the Acquisition, the equity shareholding of Moll comprises the following:
- Moll-Mohrstedt Family: 39.66%
- Leadnew Limited, a subsidiary of Chaowei Power Holdings Limited (“Chaowei”), Hong Kong: 34.46%
- Metair Investments Limited (held through its wholly owned subsidiaries): 25.1%
- Moll Beteiligungs GmbH: 0.78%
Moll manufactures the following types of batteries:
- Moll start-stop (EFB);
- Moll start-stop plus (AGM);
- Moll M3plus K2Doppeldeckel;
- Moll Kamina start;
- Moll Kamina truck;
- Moll mobike Classic;
- Moll mobike AGM;
- Moll mobike Gel; as well as
- Batteries for forklifts, leisure and solar applications.
Moll currently has capacity to produce 1.4 million batteries per year.
Moll International Business Development (IBD) offers technical support in respect of lead-acid batteries and in developing new customised solutions related to the design and manufacture of lead-acid batteries. This includes advice and technical support with regard to product development, manufacturing and marketing/sales as well as knowledge transfer, the creation of documentation and the expansion/reconstruction of battery factories. The worldwide granting of licenses enables a global exchange of experts.
The company has received several awards from independent product testers in Germany as well as from Audi, Volkswagen and Porsche. Moreover, ISO accreditations for environmental management, energy and quality management were awarded by TÜV Süd.
Die nywerheidsgroep Metair het sy internasionale voetspoor vergroot deur ’n belang van 25,1% in ’n Duitse batteryvervaardiger te bekom.
In ’n verklaring op die JSE se nuusdiens, Sens, sê dié vervaardiger van motoronderdele en batterye hy het die belang in die Duitse firma Moll vir €7,425 miljoen verkry. Metair, wat reeds fabrieke in Suid-Afrika, Roemenië en Turkye het, het verlede jaar ook ’n meerjarige kontrak van Daimler in Duitsland losgeslaan.
Theo Loock, besturende direkteur van Metair, sê dié nuutste verkryging is deel van ’n strategie om die maatskappy internasionaal te laat uitbrei. “Dit stel ons in staat om ’n teenwoordigheid naby ons Europese klante te hê en brei ons reikwydte uit deur groter toegang tot Europa en Asië te bewerkstellig.”
Hy voeg by dat die maatskappy sy produkreeks ook nou kan uitbrei. Die verkryging stel Metair in staat om batterye vir onder meer elektriese fietse, twee- en driewielvoertuie asook elektriese voertuie te verskaf. “Dit gee aan Metair ook ’n klein maar deurslaggewende voet in die deur na die Chinese mark waar ons hoop om in die toekoms tegnologiese samewerking te bewerkstellig.”
Moll, wat in 1945 gestig is, is ’n bekende batteryverskaffer vir die motorbedryf en vir handelsvoertuie. Die maatskappy vervaardig ’n reeks batterye by sy aanleg in Bad Staffelstein in Duitsland en verskaf batterye aan Europese motorreuse soos Audi, Daimler, Porsche, Skoda, SEAT, Lamborghini, Leibner en Volkswagen. Moll het ’n verspreidingsnetwerk oor Europa en Asië heen deur drie groothandelaars en sowat 280 werknemers. ’n Chinese maatskappy, Chaowei het in 2013 ’n belang in Moll verkry en sedertdien het die twee maatskappye saam batterye vir die Chinese mark ontwikkel. Albei is betrokke by die ontwikkeling van die mark vir nuwe motorbatterytegnologie (stop-ry-tegnologie) – soos ook Metair.
Dié tegnologie skakel die onnodige luier van motorenjins uit en Loock voorspel dat dié tegnologie teen 2020 meer as 50% van die mark sal behels. ’n Tegniese samewerkingsooreenkoms vorm deel van die Moll-transaksie en dit sal die oordrag van tegnologiese ontwikkeling tussen Moll en Metair vergemaklik.
http://www.netwerk24.com/Sake/Maatskappye/metair-bele-in-duitse-batterye-20170704
The JSE-listed Metair group has acquired a 25.1% shareholding in Germany-based battery manufacturer and supplier, Akkumulatorenfabrik Moll (Moll), at a cash price of €7.425-million (R111.4-million).
Metair is a global manufacturer, distributor and retailer of energy storage solutions and automotive components.
This investment in Moll is in line with Metair’s globalisation strategy, said the company in a statement released on Tuesday.
The acquisition provides Metair with a presence next to its European customers in Germany and expands Metair’s global reach through access to European and Asian markets.
Additionally, it creates scope for product expansion across the mobility range and across technologies such as electric bikes, three-wheelers, trucks and electric vehicles, noted the company.
Founded in 1945, Moll is a battery supplier to the car and truck industry.
It manufactures a range of batteries at its site in Bad Staffelstein, in Germany, and supplies European car manufacturers such as Audi, Daimler, Porsche, Skoda, Seat, Lamborghini, Liebherr and Volkswagen.
Moll has a distribution network across Europe and Asia through three wholesalers. The company employs around 280 people.
Moll has the capacity to produce 1.4-million batteries a year.
Chaowei Power Holdings acquired a stake in Moll in 2013 and, since then, the companies have partnered on the development of enhanced flooded start-stop batteries (EFB) for supply in China.
Chaowei is a Chinese company listed on the Hong Kong Stock Exchange and is the largest producer of lead-acid electric bike batteries in China, with an annual production capacity of more than 140-million batteries.
It also produces around 300 000 lithium-ion pouch type cells for use in electric bikes.
“This acquisition is an important next step in the delivery of our strategic objectives for the energy storage vertical and builds an incubator for a partnership with Moll and Chaowei,” said Metair MD Theo Loock on Tuesday.
“It also provides Metair with a small, but very critical access point into the Chinese market, laying the platform for future technology transfer and cooperation.”
Metair gains access to the Chinese market through Moll’s 5% shareholding in Chaowei’s greenfield automotive production facilities, in China, which are in the process of being finalised.
This 60 000 m2 manufacturing facility is expected to produce four-million automotive aftermarket batteries by the end of 2018.
A technical aid agreement on the advancement of Moll EFB and EFBPlus technology forms part of the transaction, which will facilitate technology transfer to Metair.
Metair manufactures, assembles, distributes and retails energy storage products and automotive components in Africa, Europe, Turkey, the Middle East and Russia.
The energy storage segment/vertical manufactures batteries for automotive, telecoms, utility, mining, retail and materials/products handling sectors.
Following the Metair acquisition, the equity shareholding of Moll comprises the Moll-Mohrstedt family at 39.66%; Leadnew Limited, a subsidiary of Chaowei, at 34.46%; Metair at 25.1% and Moll Beteiligungs at 0.78%.
By Irma Venter
http://www.engineeringnews.co.za/article/metair-acquires-251-of-german-battery-manufacturer-in-r111m-deal-2017-07-04Metair, a JSE-listed battery storage and automotive components manufacturer, has bought a 25.1% stake in Germany-based battery manufacturer Akkumulatorenfabrik Moll for cash of €7.4m.
This investment boosts Metair’s globalisation strategy, providing it with access to its European customers in Germany, and further access to Europe and Asia.
It also creates scope for product expansion across e-bikes, two-wheeler, three-wheeler, four-wheeler, trucks and electric vehicles.
“This acquisition is an important next step in delivery of our strategic objectives … and builds an incubator for partnership with Moll and Chaowei [Power Holdings],” Metair MD Theo Loock said.
Chaowei, a Chinese company listed in Hong Kong, is the largest producer of lead-acid e-bike batteries in China, with an annual production capacity of more than 140-million batteries.
Chaowei also uses lithium-ion technology, producing about 300,000 lithium-ion cells a year for e-bikes.
It bought a stake in Moll in 2013 and has since developed start-stop batteries for supply in China.
“It also provides Metair with a small but very critical access point into the Chinese market, laying the platform for future technology transfer and cooperation,” Loock said.
Founded in 1945, Moll supplies European car manufacturers, including Audi, Daimler, Porsche, Skoda, Lamborghini and Volkswagen.
The company has a distribution network across Europe and Asia.
By Mark Allix
Metair announced today that through its wholly owned subsidiaries, it has concluded an acquisition of a 25 per cent stake in Akkumulatorenfabrik Moll GmbH & Co. in Bad Staffelstein, Germany.
The Acquisition is worth 7.4 million Euros.
- Revenue up 16% to R8.95 billion (2015: R7.73 billion)
- HEPS of 229 cents (2015: 248 cps), decline limited to 8% despite challenges experienced
- Dividend of 70 cps declared for the period ending 31 December 2016
- Turkish and Romanian battery businesses experience record production output
- Automotive Components Vertical performance impacted by new model launch support costs during business renewal phase
- Multi-year contract for enhanced flooded start/stop batteries finalised with German Original Equipment Manufacturer (OEM)
- First lithium-ion Automotive and Industrial products produced
The group had planned for a particularly challenging year owing to new automobile model launches and the final settling down of overseas acquisitions as well as several geopolitical and security issues. In addition, a number of unexpected events outside of the company’s control impacted on the results, especially the political events in Turkey and the subsequent devaluation of the Turkish Lira at the end of the reporting period.
Theo Loock, Metair’s Managing Director commented: “In the context of an increasingly complex and fast evolving environment, we have produced a credible set of results. We expected a challenging year and put plans in place to address the challenges that were within our control.
“We also delivered a number of achievements during the year, including the award of a multi-year supply agreement for enhanced flooded start/stop batteries with a German OEM, the production of our first lithium ion automotive and industrial products and the acquisition of a 25% shareholding in Associated Battery Manufacturers Limited Kenya, East Africa’s largest battery and solar power manufacturer.
“In addition, the consolidation of knowledge across the group through the establishment of our central R&D centre in Turkey, has enabled us to effectively meet changing client demands and drive advances in technology.”
Both Mutlu Akü in Turkey and Rombat in Romania delivered a pleasing performance, having achieved record production output following excellent last quarter demand. This countered the impact of lower margins in the South African energy storage operations which saw intensified competition and some inefficiencies caused by a dedicated OEM production facility. The Energy Storage business contribution to group revenue increased 19% and now accounts for 59% of group revenue and 69% of operating profit.
The Automotive Component business achieved double digit full year turnover growth. The vertical’s contribution to revenue increased 14% to R4 143 billion and now accounts for 41% of group revenue and 31% of operating profit. This performance was supported by technology advancement, an overall weaker Rand and product and customer expansion.
Group revenue rose 16% to R8.95 billion, however, group operating profit lowered 7% to R731 million due to the costs and production inefficiencies associated with the new model launch and operation-specific challenges experienced at Hesto and First National Battery. Headline earnings therefore declined 7% to R453 million and HEPS ended 8% lower at 229 cents.
“Our efforts in addressing the challenges head on and ahead of time protected our performance. In particular, the second half saw record production volumes from our two international Energy Storage businesses and we were able to stabilise production volumes and increase manufacturing efficiencies in our Automotive Components business, ensuring an improved second half performance,” added Loock.
Looking forward, there has been a shift in the automotive component business to a lower production ceiling in 2017 and this vertical is expected to pose significantly increased complexity and variability. The company’s focused efforts on strengthening its ability to respond to the variable environments should stabilise the performance from this vertical.
The socio-political climate experienced in Turkey and failed military coup with continued geopolitical instability and related risks on Turkish Lira volatility will be a challenge. While the positive effect of the devaluation of the Turkish Lira is an increase in product offering competitiveness in the local and export market, the negative effect will only crystallise during 2017 if the Turkish Lira settles at lower levels, possibly reducing Mutlu Akü’s contribution to group earnings when converted into Rand.
“The next year will see us focus intently on strengthening our adaptability and flexibility to meet our customers’ requirements without compromising on financial sustainability. We will also focus on marketing efforts to address competition in the local energy storage business and drive higher profitability at FNB.
v “The successful execution of our strategy, efficiency improvements, possible and needed stabilisation of geopolitical conditions and the exchange rates as well as a peaceful labour environment are required for an improved financial performance in 2017, particularly since the disruption of the new vehicle launch phase is behind us,” concluded Loock.
ENDS Enquiries:
Instinctif Partners 011 447 3030
Louise Fortuin 071 605 4294
Frederic Cornet 083 307 8286
Notes to Editors:
About Metair:
Metair Investments Ltd (Metair) is a publicly owned company listed on the Johannesburg Stock Exchange. The group is headquartered in Johannesburg and manages an international portfolio of companies that manufacture, distribute and retail products for its energy storage and automotive component verticals, exporting to approximately 46 countries.
The group’s operations manufacture, assemble, distribute and retail energy storage products and automotive components in Africa, Europe, Turkey, the Middle East and Russia.
Energy storage
The energy storage segment manufactures batteries for automotive, telecoms, utility, mining, retail and materials/products handling sectors. Automotive batteries are mainly supplied to the aftermarket through Metair’s unique aftermarket distribution channels and franchised retail networks, and are supplied to automotive original equipment manufacturers (OEMs).
Aftermarket products are also exported to approximately 46 destinations across Africa, Europe, the Middle East, Russia and Turkey. Non-automotive products are mainly sold into sub-Saharan Africa and Turkey.
Metair supplies batteries to all major OEMs in South Africa, Europe, Romania, Turkey and Russia through subsidiaries in Romania (Rombat), Turkey (Mutlu Akü) and South Africa (FNB). Key territories include Romania, Russia, South Africa, Turkey and Slovakia.
Automotive components
Automotive components include original equipment (OE) components used in the assembly of new vehicles by OEMs as well as spare parts and other products used in the automotive aftermarket. These include brake pads, shock absorbers, lights, radiators and air conditioners. The group also produces generic aftermarket products for use in the increasing number of imported vehicles.
For more information on Metair and the group’s subsidiaries please visit the website at: www.metair.co.za Metair, the battery and vehicle component maker, on Tuesday blamed new car model launches for its expected drop in headline earnings per share for the year to December 2016. The company, which provides batteries and energy storage for a wide range of industries including automotive and nuclear power, said it expected its headline earnings per share to be 9.68%-7.26% lower than the 248c reported in the previous period. Earnings per share are expected to be 222c-228c from 267c in the previous period. The company said it experienced new-car model launch challenges during the first half of 2016. “New-model launches are always associated with lower margins,” it said. The vehicle components business is expected to achieve low double-digit full-year turnover growth. Metair said technological advances, an overall weaker rand, product and customer expansion countered the expected 10% overall volume reduction linked to major product exposure associated with new models. The energy operations had a strong finish to the year as the Turkish and Romanian battery businesses experienced record production output for the year on “excellent last-quarter demand”, Metair said. But the energy storage business performance in SA continued to be under pressure with margins negatively affected by competition, as well as “disruption and inefficiency caused by the establishment of a dedicated original equipment manufacturer production facility”. Due to the mixed performance from the energy storage operations, Metair expects low single-digit improvement in operating profit from the operations THABISO MOCHIKO https://www.businesslive.co.za/bd/companies/industrials/2017-02-10-new-cars-depress-metair-earnings/
Metair expects its headline earnings a share for the year to December to be between 9.68 percent and 7.26 percent lower than the 248 cents in the previous year.
This equates to headline earnings a share for the reporting period of between 224c and 230c.company said on Thursday that trading during the year started with a model change in the automotive components business and it experienced model launch challenges during the first half of the year.
Metair said its energy business had a strong finish to the year as the Turkish and Romanian battery businesses experienced record production output for the year on the back of excellent last-quarter demand.
The company said its automotive components business was expected to achieve low double-digit turnover growth and profit before interest and tax margins of between 5percent and 7percent for the full year.
Metair expects to release its annual financial results on March 23.
By Roy Cokayne
http://www.iol.co.za/business-report/companies/metair-expects-decline-in-earnings-7692636
