Today, the Board of Directors of Glunz & Jensen has adopted the financial
statements for the period 1 June 2006 - 28 February 2007. The interim report
has not been audited.
Highlights
• In Q3 2006/07, total revenue fell to DKK 90.3 million from DKK 119.2 million
in Q3 2005/06, which is attributable to a significant fall in revenue from CtP
plate processors due, i.a., to a periodically low order intake. In the period
Q1 to Q3 2006/07, revenue totalled DKK 334.4 million against DKK 357.7 million
in the period Q1 to Q3 2005/06.
• An operating loss before special items (EBITA) of DKK 8.0 million was posted
in Q3 2006/07 against a profit of DKK 7.8 million in Q3 2005/06. The loss is
primarily attributable to reduced sales and, consequently, a lower gross profit
as well as to a loss on the investment in the two new product areas, iCtP and
Punch/Bend. An operating loss before special items (EBITA) of DKK 4.3 million
was posted in the period Q1 to Q3 2006/07 against a profit of DKK 29.1 million
in the period Q1 to Q3 2005/06. In total, results in the period Q1 to Q3
2006/07 were impacted by a loss of approx. DKK 20 million from the new product
areas.
• The establishment of a cost-efficient supply chain for iCtP consumables is
more difficult than expected. Consequently, sales of iCtP equipment are still
limited, and sales efforts will not be intensified until the supply chain is in
place.
• At the end of Q3 2006/07, the order intake and order volume are at a level
which is expected to generate revenue of approx. DKK 115 million in Q4 2006/07,
resulting in a minor operating profit (EBITA).
• Special items concerning the closing down of production in Thetford, England,
amounted to a profit of DKK 5.2 million in the period Q1 to Q3 2006/07 against
a loss of DKK 17.5 million in the period Q1 to Q3 2005/06.
• Based on the low revenue and the operating loss (EBITA) in Q3 2006/07 as well
as an expected minor operating profit (EBITA) in Q4, the expectations for the
current financial year are adjusted to a revenue of approx. 450 million and
EBITA of around DKK 0, including a loss of just above DKK 25 million due to
investments in the two new product areas. Previously, expectations were for a
revenue of DKK 450-460 million and EBITA of DKK 0-5 million. To this should be
added a positive effect on the profit or loss for the year in terms of special
items of approx. DKK 4 million.
