DGAP-News: Gigaset AG: Realignment of Gigaset AG shows first signs of success
(firmenpresse) - DGAP-News: Gigaset AG / Key word(s): Final Results
Gigaset AG: Realignment of Gigaset AG shows first signs of success
04.04.2011 / 07:30
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Fiscal Year 2010
Realignment of Gigaset AG shows first signs of success
- Gigaset Group generates a clearly positive EBITDA from continuing
operations
- Reduction of the consolidated loss despite the last, high non-recurring
charges
- Gigaset AG equity ratio increases to more than 80%
- Massive reduction in financial liabilities
- Positive outlook for 2011
With the realignment of the company to the telecommunications industry and
accessories, approved by the Extraordinary General Meeting of December 20,
2010, Gigaset AG was able to leave the burdening past behind in the fiscal
year 2010 and lay the foundations for a profitable organic and inorganic
growth in 2011 and beyond.
Development of Group revenues and results in 2010
For Gigaset AG revenue development was no yardstick for measuring success
in the past, since revenues were volatile due to consolidation group
changes. After revenues of EUR 3,492 million in 2009, revenues of EUR 1,009
million were generated in 2010. Continuing operations, i.e. the Gigaset
Communications Group generated EUR 504 million which, on an adjusted basis,
represents an increase of around 4% over the previous year.
The final consolidation of sub-groups, especially the Anvis Group, burdened
the EBITDA of the Group in 2010. The positive business development of the
Gigaset Communications Group could more than offset these burdens, so that
an overall EBITDA of EUR 3.5 million was achieved which, measured in
absolute terms, was only slightly below the previous year. EBITDA from
continuing operations was, however, increased by EUR 50.9 million to EUR
37.5 million, which is predominantly due to the exceptionally positive
business development of Gigaset Communications Group.
Despite the previously high non-recurring charges, caused by non-cash
depreciation and amortization related to the sale of subsidiaries that were
no longer a core business of the new Gigaset AG, the EBIT, which was still
negative, could be improved by EUR 56.5 million. In continuing operations
the EBIT of EUR 2.6 million in 2010, is already positive.
A significant improvement in net interest income more than offset the
higher corporate tax burden and also contributes to the reduction of the
consolidated net loss by EUR 52.4 million. Fortunately, this reduction is
almost entirely due to the continuing operations, in which the loss could
thus be reduced to EUR 7.4 million.
Significantly increased Gigaset AG equity ratio
The capital increase and the profit realized in 2010, increase the equity
ratio of 30.9% to 80.2%. Following the exercising of conversion rights
under the mandatory convertible bond issued on June 30, 2011 the equity
ratio continued to improve significantly.
Almost complete repayment of financial liabilities in the Group
In the course of implementing the change in strategy, Gigaset AG has
succeeded in reducing the short and long term debt in the Group from EUR
87.7 million at the end of 2009 to EUR 4.7 million at the end of 2010.
Therefore the Group is, in fact, free of debt at the turn of the year
2010/2011.
Complete repayment of all Gigaset AG financial liabilities
The funds accrued in the context of the capital increase, the convertible
bond and the sale of subsidiaries were used primarily to strengthen the
equity capital base of the Gigaset Communications Group. The company also
repaid all external financing. Hence Gigaset AG is free of debt as at
December 31, 2010.
The Gigaset AG, Munich, is a worldwide operating company focusing on
telecommunication and accessories. Gigaset AG is the parent company of the
Gigaset Group, the leading producer of cordless phones worldwide and the
market leader in Europe for DECT phones.
The shares of Gigaset AG are traded in the Prime Standard of the Frankfurt
Stock Exchange. Symbol: AQU, ISIN: DE0005156004.
You can find out more about Gigaset AG at http://www.gigaset.ag
Contact:
Gigaset AG
Kerstin Diebenbusch
Investor Relations
Tel.: +49 (0)89 444456-937
E-Mail: info(at)gigaset.com
End of Corporate News
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Language: English
Company: Gigaset AG
Hofmannstraße 61
81379 München
Deutschland
Phone: +49 89/255500-0
Fax: +49 89/255500-200
E-mail: klaus.franke(at)gigaset.com
Internet: www.gigaset.com
ISIN: DE0005156004
WKN: 515600
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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118210 04.04.2011
Datum: 04.04.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 33695
Anzahl Zeichen: 0
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Kategorie:
Business News
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