DGAP-News: schlott gruppe confirms preliminary results for Q2 2009/10
(firmenpresse) - schlott gruppe Aktiengesellschaft / Half Year Results/Quarter Results
05.05.2010 08:52
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schlott gruppe confirms preliminary results for Q2 2009/10
- Burdening market conditions
- VAS and tonnage performance remains poor
- Implementation of restructuring programme underway, cost streamlining
takes strong effect
- Negotiations on financing successfully concluded
Freudenstadt, 5 May 2010. schlott gruppe today confirmed its preliminary
results for the second quarter (January to March) of the 2009/10 financial
year, as published on 21 April 2010. The full financial report on the
second quarter and the first six months of 2009/10 can be accessed from the
company website at
www.schlottgruppe.de/en/investor-relations/finanzpublikationen.html.
As previously reported, conditions in the printing industry as a whole
remained unsatisfactory during the second quarter. Irrespective of the
seasonal downturn generally associated with the first calendar quarter,
restrained demand and excess capacity within the area of web-fed printing
put paid to any form of recovery. Both demand and price structures failed
to improve during the period under review.
In the reporting quarter, schlott gruppe generated revenue of EUR77.7
million, down from EUR89.0 million in the same period a year ago; after the
first six months of the 2009/10 financial year revenue stood at EUR164.7
million, compared with EUR195.7 million a year ago. Value-added sales (VAS)
declined by EUR3.5 million, or 7.9 per cent, to EUR40.9 million in the
reporting quarter, down from EUR44.4 million for the same quarter last
year. The decline in EBIT before restructuring expense - primarily as a
result of substantial reductions in staff costs and other operating expense
- was restricted to EUR1.9 million. Excluding restructuring expense, it
stood at EUR-4.1 million; after charges of EUR-4.3 million, EBIT was
EUR-8.4 million In the same period a year ago, EBIT had been EUR-2.6
million before restructuring expense of EUR-0.4 million. The loss before
taxes was EUR-11.1 million, compared to EUR-4.1 million a year ago. The
consolidated loss after taxes was EUR-10.9 million, after EUR-3.5 million
for the same quarter a year ago.
In the first six months, VAS contracted by 13.3 per cent to EUR87.7
million, down from EUR101.2 million for the first half of 2008/9. EBIT
stood at EUR-3.1 million before restructuring expense of EUR-6.9 million.
Including this expense item, EBIT was EUR-10.0 million, compared with
EUR0.7 million in the first half of 2008/9 (this figure included
restructuring expense of EUR-0.6 million). EBT for the first six months of
2009/10 was EUR-15.3 million, compared with EUR-1.3 million in the same
period last year. It should be noted, that, on top of higher restructuring
expenses in the current year, finance cost for the same period last year
included foreign currency gains that had a positive impact on the net
result.
The consolidated loss after taxes for the first half of the current
financial year amounted to EUR-13.9 million, compared with EUR-0.9 million
for the same period last year. The loss per share eligible for dividends
was EUR-1.55 in the second quarter, compared with EUR-0.58 a year ago, and
EUR-1.97 in the first half, compared with EUR-0.15 last year.
The print segment generated VAS of EUR40.2 million in the second quarter,
after EUR43.7 million a year ago; segment EBT before restructuring expense
was EUR-5.6 million, compared to EUR-3.2 million a year ago; including this
expense item, segment EBT stood at EUR-6.8 million, after EUR-3.5 million
for the same period last year. For the first six months, VAS amounted to
EUR86.7 million, down from EUR99.4 million a year ago. EBT before
restructuring expense was EUR-6.1 million, down from EUR1.0 million;
including this expense item, EBT stood at EUR-8.1 million, compared with
EUR0.5 million a year ago.
Aggregate tonnage fell by 3.9 per cent to 114.5 thousand tonnes in the
second quarter, down from 119.1 thousand tonnes in the same quarter a year
ago. After a decline of 13.6 per cent in the first quarter, the first six
months of 2009/10 saw tonnage fall by 9.3 per cent to 246.9 thousand
tonnes, compared with 272.3 thousand tonnes in the same period a year ago.
As announced, the second quarter saw the introduction of agreed capacity
reductions of approx. 20 per cent. This allowed the company to increase its
level of capacity utilisation despite the decline in tonnage during the
reporting quarter.
Overall, the corporate services segment performed in line with
expectations. Excluding restructuring expense, EBT for the quarter under
review was EUR-1.2 million, compared to EUR-0.2 million; including this
expense item, it totalled EUR-4.4 million, down from EUR-0.3 million. For
the first six months, EBT before restructuring expense stood at
EUR-2.2 million, compared with EUR-0.8 million for the same period a year
ago. Including this expense item, EBT was EUR-7.1 million, down from
EUR-0.9 million a year ago. A significant proportion of restructuring
expense was recorded in this business segment during the current financial
year, as these charges related to cross-segment functions.
After the first six months of the current financial year, schlott gruppe
remains on target as regards execution of the measures planned by the
company. Of the bottom-line effects identified for the 2009/10 financial
year, around 84 per cent have already been achieved. As regards fiscal
2011/12, which is scheduled to be the final year of restructuring, around
60 per cent of these effects have been unlocked.
The outlook for the current 2009/10 financial year continues to be based on
the underlying assumption that there will be no improvement in market
conditions. Overall, therefore, the Management Board anticipates a further
decline in VAS. The company's earnings performance is expected to improve
fundamentally, as underlined by the results posted in the quarter under
review. However, as the company explained when it initially presented its
measures, the full effect of this programme will not become apparent until
the subsequent years. In view of the charges associated with the execution
of the company's restructuring programme, the Management Board anticipates
another significant loss before taxes for the 2009/10 financial year, both
before and after restructuring expenses.
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 2008/9 financial year,
the paper provision ratio stood at 75.2 per cent. As a financial indicator,
'value-added sales' eliminates fluctuations relating to paper supplied by
customers, thus reflecting the actual sales performance.
schlott gruppe AG
Marco Walz
Investor Relations&PR
Wittlensweilerstr. 3
72250 Freudenstadt
GERMANY
Phone: +49 7441 531-230
Fax : +49 7441 531-204
marco.walz(at)schlottgruppe.de
www.schlottgruppe.de
05.05.2010 08:52 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: schlott gruppe Aktiengesellschaft
Wittlensweilerstraße 3
72250 Freudenstadt
Deutschland
Phone: +49 (0)7441 531-230
Fax: +49 (0)7441 531-204
E-mail: marco.walz(at)schlottgruppe.de
Internet: www.schlottgruppe.de
ISIN: DE0005046304
WKN: 504630
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Hamburg, Stuttgart
End of News DGAP News-Service
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