BAVARIA Industriekapital AG announces second quarters' results
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ - Turnover declines significantly compared to the prior year, manlydue to the financial crises- Operating losses were considerably reduced compared to the firstquarter- An increasing order book gives rise to a positive forecast for thesecond half of 2009Munich, 14 August 2009: The drastic downturn in the economy left anindelible mark on the BAVARIA Group's revenues, earnings andfinancial situation in 2009.Group turnover in the first half-year of 2009 declined 23% to EUR187.3 million compared to the same period a year ago. Not accountingfor changes in the scope of the consolidation, the decline would havebeen 40%. The net earnings (EBITDA) for the operating subsidiariesdeclined from EUR 10.7 million in the year-earlier period to minusEUR 6.8 million. Compared to first quarter 2009, the loss in secondquarter 2009 was able to be significantly reduced from EUR 4.9million to EUR 1.9 million.The BAVARIA Group had cash and cash equivalents totalling EUR 41.8million as at 30 June 2009 (compared to EUR 54.1 million in theprevious quarter). The dividend distribution of EUR 19.7 million hasbeen made in June 2009. The amount of debt to banks increased to EUR19.7 million compared to EUR 16.1 million in the previous quarter.This increase is attributable to payments for investments undertakenespecially in the K+S Group.Reimar Scholz, Spokesman of BAVARIA Industriekapital's Board,comments: "In light of uncertainties in terms of assessing the natureand scope of the economic crisis, our portfolio companies drew theirconclusions and took the necessary steps with varying degrees ofdelay. For this reason we had to make some changes in management. Weexpect that we can again achieve operational profitability in thesecond half of the year through the actions that were initiated. Wecan already see a significant recovery in the June results for thelarger equity holdings K+S Group and Fonderie du Poitou."The industrial holding also emphasizes that it expects to be able tobenefit from this crisis when making new acquisitions andconsequently expects to make further acquisitions in the second halfof the year.BAVARIA Industriekapital AG is an industrial holding company whichacquires low-profit companies throughout Europe. Through activerestructuring and revitalization management it ensures the long-termsuccess of the companies acquired. The majority of the stock ofBAVARIA Industriekapital AG is family-owned and the company has beenlisted on the Entry Standard All Share Index of the German StockExchange since 2006. At present BAVARIA Industriekapital AG hasholdings in twelve companies and around 3,000 employees. In 2008 thegroup turnover amounted to Euro 485 million and the group profit toEuro 23 million.For additional information about BAVARIA Industriekapital, pleasevisit our website at www.baikap.deWe would be pleased to answer any further questions you may have:BAVARIA Industriekapital AGSvea StrohmBavariaring 2480336 MünchenPhone: + 49 - (0)89/ 72 98 967-0Fax: + 49 - (0)89/ 72 98 967-10E-Mail: svea.strohm(at)baikap.de --- End of Message ---BAVARIA Industriekapital AGBavariaring 24 München GermanyWKN: 260555; ISIN: DE0002605557; Listed: Entry Standard in Frankfurter Wertpapierbörse, Freiverkehr in Bayerische Börse München, Freiverkehr in Börse Berlin, Freiverkehr in Börse Düsseldorf, Freiverkehr in Börse Stuttgart, Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr in Niedersächsische Börse zu Hannover;
Datum: 14.08.2009 - 07:00 Uhr
Sprache: Deutsch
News-ID 4700
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