DGAP-News: KROMI Logistik AG publishes 2012/2013 annual report
(firmenpresse) - DGAP-News: KROMI Logistik AG / Key word(s): Final Results/Forecast
KROMI Logistik AG publishes 2012/2013 annual report
12.09.2013 / 08:01
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KROMI Logistik AG publishes 2012/2013 annual report
- Revenue up 14.2 % to EUR 59,923 thousand
- Significant operating earnings improvement (EBIT: EUR 865 thousand)
- Company targets further profitable revenue growth for FY 2013/2014
Hamburg, September 12, 2013 - KROMI Logistik AG, the provider of end-to-end
tool logistics solutions for manufacturing companies, has today published
its complete report for its 2012/2013 fiscal year (as of June 30). With EUR
59,923 thousand of reported revenue (previous year: EUR 52,465 thousand),
reflecting 14.2 % growth, the company continued its positive trend as
planned. This growth is particularly due to the continued high production
levels for existing customers, and related strong demand for tools and
consumable parts, especially on the German domestic market. In parallel,
KROMI also reports marked profitability growth: earnings before interest
and tax (EBIT) amounted to EUR 865 thousand (previous year: EUR 168
thousand).
Pure operating earnings, which are adjusted to reflect unrealised valuation
losses on currency translation differences (EUR 556 thousand) and pension
provisions (EUR 107 thousand), amounted to EUR 1,528 thousand, a more than
doubling compared with the previous year's result (EUR 706 thousand). KROMI
reported earnings before tax (EBT) of EUR 568 thousand, following EUR 111
thousand in the prior year. After deducting EUR 541 of income taxes,
consolidated net income stood at EUR 27 thousand, compared with EUR -210 in
the previous year.
The continued robust order book position in the most important customer
sectors supported this positive Group business trend last year. Both the
general mechanical engineering sector and the precision machine tools
sub-segment celebrated record results in 2012. The aerospace and automotive
sectors also performed well last year. In line with revenue growth, the
cost of materials was also up from EUR 39,525 thousand to EUR 45,274
thousand. The cost of materials ratio rose slightly from 75.3 % to 75.6 %.
This increase is primarily due to lower margins achieved with foreign
customers in the fiscal year under review. The staff cost ratio was reduced
from 14.5 % to 13.3 %, by contrast. As a consequence, staff costs rose at a
below-average rate from EUR 7,599 thousand to EUR 7,986 thousand. As a
result of the significant growth in staff numbers over recent fiscal years,
KROMI has meanwhile achieved a dimension that also allows additional new
customers to be served efficiently with almost the same level of personnel
coverage. Other operating expenses rose only moderately to EUR 5,813
thousand (previous year: EUR 5,591 thousand) despite the business volume
growth, and currency exchange-rate differences connected with the Brazilian
subsidiary.
'We further grew our revenue in the past 2012/2013, as planned. For KROMI
Logistik, however, start-up investment costs are always connected with such
growth, and also due to the integration of new customers. This is reflected
in our financial position - which is why our earnings results require a
slight delay until they move into the profit zone,' is how Jörg Schubert,
CEO of KROMI Logistik AG, commented on business trends. For example, on the
established German market, where the company has numerous long-standing
customers, KROMI is reporting a year of extremely gratifying business
results, whereas revenue in its international business has not yet grown to
the extent that it expected. This is primarily reflected by the continued
strained situation in Southern European countries, which not only resulted
in the delayed implementation of KROMI systems at new customers, but also
fed through to deferrals to agreements that it plans to conclude. 'To
counter this, we have developed a continuous plan of measures to improve
our earnings position, especially in European countries outside Germany,'
Schubert went on to add.
The Brazilian subsidiary achieved above-average growth rates, with revenue
up 24.5 % last year. This was offset by extraordinary effects, which fed
through to lower achievable gross profit margins, thereby preventing the
Group from reporting positive overall results. The Managing Board
nevertheless remains convinced of its Brazilian subsidiary's potential due
to the prospects it offers: 'The economy, the relevant market and the sales
experiences that we have made to date continue to form a good basis to
drive the long-term development and growth of KROMI Logistik AG,' notes
Jörg Schubert.
KROMI plans a further expansion of its business in the current 2013/2014
year, especially on the German domestic market and in Brazil. Offsetting
this, revenues with Southern European customers are expected to be somewhat
moderate due to forecast lower production levels. Given the strong revenue
growth that it has achieved over recent years, KROMI Logistik is now
setting its sights on more moderate growth in its target markets. 'Our
focus will be on enhancing profitability in this context. We are
consequently assuming that we will be able to realise single-digit
percentage revenue growth in the 2013/2014 fiscal year,' commented CFO Uwe
Pfeiffer by way of guidance. In this context, the company has already
anticipated that, along with the restrained trend in Southern Europe, it
can also implement targeted adjustments to its portfolio of customers and
markets. 'Accompanying this, we also expect a continuous improvement in our
operating earnings. The economy, and consequently the production levels of
our customers, will prove to be critical factors in our earnings growth. If
these perform positively, we aim for further EBIT growth as part of our
gradual and profitable growth strategy. As a consequence, the EBIT margin
will prospectively remain within the low to mid single-digit percentage
range,' Pfeiffer added by way of conclusion.
Over the course of the day, KROMI Logistik AG will make its full IFRS
consolidated financial statements for the 2012/2013 fiscal year available
for downloading on its website at www.kromi.de within the Investor
Relations area.
Company profile:
KROMI Logistik AG offers manufacturing companies end-to-end outsourcing for
their supply of precision machining tools, both in Germany and abroad. The
company focuses on technically advanced machining tools for metalworking
(consumable and cutting tools, e.g. drills). KROMI combines conventional
tool retailing with a decentralised tool supply system that includes output
machines in the customer's production area and an IT-based tool management
and controlling system. KROMI's aim is to sustainably optimise the supply
of resources (particularly tools) for its customers and to secure the
availability of the appropriate resources at the right time and in the
right place. The company is currently represented at five locations in
Germany and four abroad (Slovakia, Czech Republic, Brazil and Spain), and
is active in four other European countries. To date, KROMI has primarily
focused on customers in the machine engineering, automotive suppliers and
aerospace sectors as well as marine engine construction.
Visit us online at: www.kromi.de
Investor relations contact:
cometis AG
Janis Fischer
Tel.: +49 (0)611-205855-64
Fax: +49 (0)611-205855-66
E-mail: fischer(at)cometis.de
End of Corporate News
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Language: English
Company: KROMI Logistik AG
Tarpenring 11
22419 Hamburg
Germany
Phone: 040/537151-0
Fax: 040/537151-99
E-mail: info(at)kromi.de
Internet: www.kromi.de
ISIN: DE000A0KFUJ5
WKN: A0KFUJ
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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230082 12.09.2013
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Datum: 12.09.2013 - 08:01 Uhr
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