DGAP-News: BAVARIA Industriekapital AG Still on the Winning Track
(firmenpresse) - Bavaria Industriekapital AG / Key word(s): Quarter Results
15.11.2010 08:00
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BAVARIA Industriekapital AG Still on the Winning Track
Munich, 15 November 2010: The publicly listed industrial holding company
BAVARIA Industriekapital AG sees in its business results for Q3 2010 a
reinforcement of the trend toward even better figures. Changes for the
better continued gaining momentum in Q3 and enabled BAVARIA
Industriekapital AG to achieve Group turnover of EUR 434 million for the
nine-month reporting period of 2010. This is an increase of 50% compared to
the same period a year ago (EUR 289 million). Also during this period, the
operating results (EBITDA) of the Group's active subsidiaries posted a
year-on-year improvement of EUR 18.3 million to EUR 12.4 million. Turnover
in Q3 alone amounted to EUR 184 million, while the operating result was EUR
8.9 million.
Reimar Scholz, Managing Board Chairman of BAVARIA, adds: 'At any rate, all
companies acquired since January 2009 have reached business breakeven, and
none of the earlier loss makers was in danger of insolvency during those
economically difficult times. This is all the more remarkable considering
that BAVARIA Industriekapital AG traditionally tends to acquire and
operationally overhaul unprofitable companies, which is something that
generally involves additional losses at least for while'.
Worth highlighting is the fact that of fourteen companies, nine are once
again operating profitably. Extrapolated out to a full year, the quarterly
results of these nine companies of EUR 10.6 million show an annual EBITDA
of EUR 42.4 million, which reflects the Group's current run rate. The
Series Manufacturers division improved its results again and finished Q3
with earnings of EUR 8.5 million. The Plant Engineering and Construction
division also had a positive quarter with EUR 1.7 million. By contrast, the
Business Services division was burdened by a number of factors, including
the operational losses of Xenterio GmbH that totaled EUR -1.4 million in Q3
alone. Harald Ender, COO of BAVARIA Group, comments: 'We expect to at least
achieve balanced operating results following the drastic, two-thirds
reduction in personnel at the main loss maker Xenterio GmbH. This
downsizing became necessary as turnover declined by more than two thirds
following the loss of several important customers due to the sales crisis'.
Cash and cash equivalents within the BAVARIA Group totaled EUR 59.7 million
as at 30 September 2010, following EUR 58.9 million in the previous quarter
and EUR 47.1 million a year ago. The special financial charges that arose
in Q3 involved expenses for the social plan of Xenterio GmbH, and the
payment of a purchase price installment for the TriStone Group that was
acquired in July.
BAVARIA Industriekapital AG is an industrial holding company specializing
in the takeover and re-organization of enterprises with discernible
improvement potential. Currently, BAVARIA Industriekapital owns fourteen
companies across Europe and employs ca. 5,000 employees. The Munich-based
holding company is majority-family-owned and follows a long-term investment
strategy.
For additional information about BAVARIA Industriekapital, please visit our
website at www.baikap.de.
We would be pleased to answer any further questions you may have:
BAVARIA Industriekapital AG
Svea Strohm
Bavariaring 24
80336 München
Tel.: + 49 - (0)89/ 72 98 967-0
Fax: + 49 - (0)89/ 72 98 967-10
E-Mail: svea.strohm(at)baikap.de
15.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
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The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Bavaria Industriekapital AG
Bavariaring 24
80336 München
Deutschland
Phone: 089/7298 96740
Fax: 089/7298 96710
E-mail: info(at)baikap.de
Internet: www.baikap.de
ISIN: DE0002605557
WKN: 260555
Listed: Freiverkehr in München, Berlin, Düsseldorf, Stuttgart; Open
Market (Entry Standard) in Frankfurt
End of Announcement DGAP News-Service
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Datum: 15.11.2010 - 08:00 Uhr
Sprache: Deutsch
News-ID 32605
Anzahl Zeichen: 0
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Kategorie:
Business News
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