BAVARIA Industriekapital Group publishes 2010 results
(firmenpresse) - Bavaria Industriekapital AG / Key word(s): Finance/
BAVARIA Industriekapital Group publishes 2010 results
DGAP-Media / 31.03.2011 / 07:58
BAVARIA Industriekapital Group publishes 2010 results
Thursday, March 31 2011
- Turnover increased by 58% to EUR 638 million
- Group achieved operating result (EBITDA) of EUR 20.1 million
- Currently invested in thirteen companies across Europe with ca. 5,000
employees
Business year 2010 was increasingly a good one for BAVARIA Industriekapital
AG. Group turnover increased by about 58% in relation to the prior year,
from EUR 403.6 million to EUR 638.4 million. The operating result (EBITDA)
of the group's subsidiaries, meanwhile, increased to EUR 20.1 million, a
year-on-year improvement of EUR 25.9 million. The economic recovery began
to gain traction particularly in the second half of 2010: While EBITDA was
still EUR 3.5 million during the first six months of the year, this number
rose to EUR 16.6 million in the second half of the year. The loss of EUR
3.1 million in 2009 was turned to a positive result of EUR 24.6 million in
2010. The strongest increase in earnings could be seen in the
Automotive/Serial Production segment.
The Group's consolidated annual result however decreased by EUR 4.4 million
to EUR -0.8 million in relation to the prior year. This was partially a
result of the non-cash reversal on the Group's books of negative goodwill
in the amount of EUR 18.4 million in 2010, which represented a decrease of
EUR 30.3 million compared to the prior year. This decrease in negative
goodwill dissolution is owed to the fact that less operating losses were
produced in 2010 by the investee companies.
'It should be noted that ten out of our thirteen investee companies are
once again operating profitably. If we project the cumulative Q4 result of
these ten companies (EUR 11.5 million) on an annualised basis, we arrive at
annual EBITDA of EUR 46.0 million, which is equivalent to the Group's
current run rate', comments Harald Ender, COO of BAVARIA Group. At year's
end, the market capitalisation of BAVARIA Industriekapital AG amounted to
roughly EUR 93.4 million (closing price: EUR 14.60 per share), or about
double the annual run rate. This improvement in profitability is also
reflected in the EUR 5.0 million increase in the group's tax expense.
The financial resources decreased by EUR 20.2 million to EUR 56.0 million.
During the sales crisis in 2009, working capital had fallen by EUR 29.7
million, creating a significant financing contribution; in 2010, on the
other hand, the steep rise in working capital had precisely the opposite
effect. To take just one example: the inventories of plant engineering&construction companies surged from EUR 6.8 million to EUR 32.6 million in
the wake of higher order volumes. In 2010, the Group also invested EUR 33.9
million in long-term assets, of which EUR 18.7 million was allocated to
fixed assets and EUR 15.3 million towards new company acquisitions.
BAVARIA's shareholders received a total of EUR 8.2 million in 2010 (prior
year: 20.2 million), of which EUR 7.7 million were paid out as dividends
and EUR 0.5 million to repurchase shares.
BAVARIA Industriekapital AG is a majority family-owned company, and thus
maintains a long-term horizon with regard to its investment activities.
Reimar Scholz, Spokesman of the Executive Board, adds: 'In 2010, our
confidence in the future profitability of BAVARIA was reflected in
extensive purchases of company shares by our management as well as in
continued share repurchases by the company itself. At the upcoming General
Shareholders' Meeting, we will recommend to distribute only a dividend of
EUR 0.04 per share in order to compensate for our increased investment
efforts.'
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 thirteen
companies across Europe and employs ca. 5,000 employees.
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
Brigitte Göb
Bavariaring 24
80336 München
Tel.: + 49 - (0)89/ 72 98 967-0
Fax: + 49 - (0)89/ 72 98 967-10
E-Mail: brigitte.goeb(at)baikap.de
End of Media Release
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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 Berlin, Düsseldorf, München, Stuttgart;
Open Market (Entry Standard) in Frankfurt
End of News DGAP-Media
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117763 31.03.2011
Datum: 31.03.2011 - 07:58 Uhr
Sprache: Deutsch
News-ID 33660
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Kategorie:
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