Third-quarter 2009 results USG People N.V.
(Thomson Reuters ONE) - Third-quarter 2009 resultsSigns of recovery in early cyclical sectorsAlmere, 28 October 2009, 07:00 a.m. CETKey points of third quarter 2009* Revenue was down 27% from last year but improved with respect to the previous quarter when revenue was down by 31%* The decline in the gross margin stabilised after a sharp fall in the first six months of the year* The underlying operational expenses fell to ? 140 million (third quarter 2008: ? 182 million)* The underlying EBITA came to ? 24 million (third quarter 2008: ? 68 million)* The operational cash flow came to ? 88 million (third quarter 2008: ? 102 million)* Bank debt fell by ? 77 million to ? 256 million; The senior leverage ratio came to 2.2 at the end of the third quarter and the interest coverage ratio came to 4.2* An additional sale of trade receivables in the amount of approximately ? 60 million will take place in the fourth quarter of 2009* International brand policy will be optimised in 2010 and 2011* Activities in Czech Republic and Slovakia will be divested in the fourth quarterKey figuresUnderlying 3rd 3rdresults Quarter Quarter(in ? 2009 2008 Growthmillions)Revenue 779 1,069 -27%Gross 171result 258 -34%Operating 140expenses 182 -23%EBITDA 31 76 -59%EBITA 24 68 -65%Net income 4 33 -88%Gross 21.9% 24.1%marginEBITA 3.1%margin 6.4%EPS ? 0.05 ? 0.50* excluding ? 2 million severance payments in the third quarter of2009"The market conditions seem to show continuing positive developmentafter stabilising in the previous quarter," said Rob Zandbergen, CFOand interim CEO of USG People. "In a few regions, especially in theearly cyclical industries, it is increasingly looking as if the lowpoint of the cycle was passed in the first six months of 2009.However, there are also segments that do not recover until later inthe cycle. In these late cyclical segments we are not yet seeing anyunequivocal signs of improvement at this moment but stabilisation isexpected to become visible before too long. Considering thedevelopments of the past months, we anticipate the positive trendwill continue in the months to come.The reorganisations announced earlier have largely been completed,except in France where another restructuring is taking place in thelast quarter. These reorganisations have allowed us to adequatelyreduce the level of our costs. We also realised additional securityfor our financing, as a result of which we can comply with ourcontractual agreements with the banks without any difficulty. In thelast quarter an additional ? 60 million in trade receivables,approximately, will be sold, which will once again additionallyreduce our debt position. This will also prepare our organisation ina financial sense for the road to recovery.We are now focusing on our commercial goals and the quality of ourservice. We will increase our strength and efficiency in that area byfurther optimising the brand policy. By merging a number of brands wewill reinforce our market positions and increase the internationalrecognition of the integrated brands. The recognition on the market,both on the part of customers and candidates as well as our ownpersonnel, will consequently be reinforced while the number of brandswill be reduced. In doing this we will create added value for ourmultibrand strategy.I would like to thank all USG People employees for their contributionand commitment to our organisation in this challenging market."THE COMPLETE PRESS RELEASE INCLUDING APPENDICES IS INCLUDED AS PDFFILEhttp://hugin.info/130803/R/1350531/325906.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 28.10.2009 - 07:01 Uhr
Sprache: Deutsch
News-ID 7482
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