UNIWHEELS AG reported earnings results for the second quarter and first half of 2016. For the quarter, the company has posted revenue of EUR 113.9 million, EBITDA of EUR 22.1 million and EBIT of EUR 18.2 million. Net profit for the period was EUR 18.6 million.

For the first half, revenue was EUR 223.0 million against EUR 217.0 million a year ago. EBITDA was EUR 36.2 million against EUR 27.8 million a year ago. EBIT was EUR 28.4 million against EUR 20.5 million a year ago. Net profit was EUR 29.1 million against EUR 19.3 million a year ago. Capital expenditures and investments were EUR 52.6 million against EUR 13.1 million a year ago.

2016 should be influenced by ongoing strong demand from European car manufacturers. After the commencement of production in the new plant in June, the company targets to increase wheels sales by 8%-12% year over year. Also the company expects the Group's revenues to grow between 4% and 6%, due to lower than expected aluminum prices in first half. Due to good opex development in first half, the company raised EBITDA guidance to a growth of 13% - 18% year over year in 2016. For the following years, The company expects that the automotive sector in Europe will remain healthy. Additional 2 million wheels from new plant in Stalowa Wola should bring significant economies of scale, with projection of no ramp up costs from 2017. As a result the company expects substantial earnings increases in the following years - assuming a constant aluminium price situation - with revenues of at least EUR 520 million and an EBITDA margin of approx. 16%.