schlott gruppe Aktiengesellschaft / Quarter Results/Preliminary Results
28.01.2009
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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schlott gruppe ends Q1 2008/9 slightly above expectations
- VAS of 56.9 million in first quarter compared with 61.5 million
adjusted) a year ago in line with planning
- EBIT of 3.4 million after 5.0 million a year ago
- EBT (2.9 million compared to 3.2 million) additionally buoyed by
exchange differences
- Forecast for 2008/9 reaffirmed
Freudenstadt, January 28, 2009. As part of its financial results press
conference and analysts' meeting, schlott gruppe will today present its
annual report for the 2007/8 financial year and comment in detail on the
company's performance. The provisional results for the financial year ended
September 30, 2008, were published on November 5, 2008, and, as reported,
were confirmed on January 14, 2009 at the Supervisory Board meeting that
had been convened for the purpose of adopting the financial statements.
Additionally, schlott gruppe will today present its provisional results for
the first quarter (October to December) of the 2008/9 financial year. The
start to the new financial year is considered satisfying on the whole, with
schlott gruppe managing to post results that were slightly above target.
Against the backdrop of a severe economic downturn in Europe since
mid-2008, value-added sales (VAS) contracted as anticipated by 7.5 per cent
from adjusted for the sale of the subsidiary sachsendruck 61.5 million
a year ago to 56.9 million in the reporting period. At -5.8 per cent, the
overall comparable volume processed by the company receded at a similar
rate from 162.7 thousand tonnes to 153.2 thousand tonnes.
Group revenue for the first quarter of the current financial year stood at
106.6 million, compared with 119.9 million a year ago adjusted for
sachsendruck. The more pronounced year-on-year decline in revenue when
compared with VAS was attributable to an exceptional rise in the paper
provision ratio, up from 71.1 per cent a year ago to 76.4 per cent in the
reporting period (cf. 'Notes to financial data' below).
The effects on earnings of the year-on-year decline of VAS could be
slightly better offset than planned by the cost-cutting measures
implemented during the previous financial year. Thus the EBIT in the
reporting period of 3.4 million compared to 5.0 million in the same
period a year ago was above target.
The financial result of the first quarter was influenced by unusual high
positive exchange differences resulting from hedging operating business in
British Pounds. These differences might not be sustainable depending on the
further development of the Pound compared to the Euro. As a result, EBT
contracted at a less pronounced rate year on year, down from 3.2 million
to 2.9 million. EBT of the first quarter was above expectations even
excluding this effect, however.
The print unit generated value-added sales of 55.8 million in the first
quarter of 2008/9, after 60.5 million (adjusted) in the same period a year
ago. EBIT amounted to 2.8 million, compared to 5.1 million, while EBT
reached 4.0 million, down from 4.1 million in the first quarter of
2007/8. The performance of corporate services, a unit that is responsible
solely for providing services within the Group, was in line with
expectations.
The overall business performance of schlott gruppe in the first quarter of
the current financial year is considered satisfactory. The outlook for the
financial year as a whole remains unchanged at 215 million in VAS,
compared to 225 million (adjusted) last year, and EBT comparable to last
year's break-even result.
In view of the severe recession forecast for Europe by economic analysts,
this outlook is subject to risk. schlott gruppe has based its forecasts on
the assumption of a weak economic development in relevant sales markets.
Should the economic development turn out to be even worse than expected,
this will not remain without effects on revenue and earnings of schlott
gruppe.
In particular, it should be taken into account that the most significant
downturn in the economy is expected to take place at the beginning of the
calendar year 2009, which coincides with what is generally considered the
company's weakest period of the season the second quarter from January to
March.
Irrespective of this, the cost-reduction programme initiated in 2007/8 as
well as the range of supplementary measures will produce positive effects
as the 2008/9 financial year progresses. Furthermore, negotiations have now
also commenced with employee representatives at the company's Hamburg site
to adjust the cost structure of this gravure site to the changed earnings
prospects, too. Furthermore, strict cost management in the Group as a whole
remains clearly in the focus. With these measures schlott gruppe intends to
use the opportunities which arise in the current crisis and intends to
expand its competitive position in a difficult environment.
Notes to financial data:
Alongside 'revenue/sales', schlott gruppe uses so-called 'value-added
sales' (VAS) as a financial indicator both in its external communications
and as part of its internal controlling mechanisms. Revenue is subject to
fluctuations that are attributable to the volume of paper supplied by
customers as raw material for certain projects. In contrast to paper
purchased directly by the company, paper supplied by customers is not
included in the accounts of schlott gruppe. In the 2007/8 financial year,
the so-called paper provision ratio stood at 72.0 per cent. As a financial
indicator, 'value-added sales' eliminates fluctuations relating to paper
supplied by customers, thus reflecting the actual sales performance.
DGAP 28.01.2009
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Language: English
Issuer: schlott gruppe Aktiengesellschaft
Wittlensweilerstraße 3
72250 Freudenstadt
Deutschland
Phone: +49 (0)7441 531-230
Fax: +49 (0)7441 531-204
E-mail: marco.walz@schlottgruppe.de
Internet: www.schlottgruppe.de
ISIN: DE0005046304
WKN: 504630
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hamburg, Düsseldorf, Stuttgart, München
End of News DGAP News-Service
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