SAF-HOLLAND S.A. / Preliminary Results/Profit Warning
07.11.2008
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
SAF-HOLLAND S.A. has posted positive third-quarter earnings in an
increasingly difficult market environment. Preliminary figures for the
third quarter put the adjusted EBIT at about EUR 9 million (preceding year:
16.3) with sales of approx. EUR 188 million (preceding year: 201.8). Group
sales in the first nine months of 2008 rose about 5% to approx. EUR 646
million (preceding year: 613.4). At approx. EUR 46.4 million (preceding
year: 46.6), the adjusted EBIT remained nearly at the previous years
level. The adjusted EBIT margin amounted to 7.2% for the period from
January to September (preceding year 7.6%). The adjusted EBITDA rose
slightly to approx. EUR 56,1 million (preceding year 55.2) in the
nine-month comparison. 55.2). Operative cash flow before taxes on income
came to almost EUR 30,9 million (preceding year: 40.0). After nine months,
equity improved to about 21.9% (December 31, 2007: 19.5%).
For the full year, SAF-HOLLAND expects to report profitable earnings, even
in a significantly weaker business environment than most recently forecast.
In the face of the worsening economic situation and difficult sector
development, sales are expected to increase to about EUR 820 million
(preceding year: 812.5). The adjusted EBIT margin is forecast at 6%
(preceding year: 7.4). SAF-HOLLAND has implemented a series of programs to
boost efficiency and reduce costs. As a first step, temporary workers have
been laid off and the workforce is to be slashed further by the end of the
year. Production sites in Europe and North America are to be shut down.
Other projects have either recently begun or are about to conclude, for
example with the aim of cutting logistics costs. SAF-HOLLAND will
especially benefit from these measures in fiscal year 2009. In the long
term, the Group will maintain its goal of achieving an adjusted EBIT margin
of 10% at a minimum sales volume of EUR 1 billion.
Board of Directors,
Luxembourg November 7, 2008
DGAP 07.11.2008
---------------------------------------------------------------------------
Language: English
Issuer: SAF-HOLLAND S.A.
68-70, boulevard de la Pétrusse
L-2320 Luxembourg
Luxemburg
Phone: +49 6095 301 - 0
Fax: +49 6095 301 - 260
E-mail: info@safholland.de
Internet: www.safholland.com
ISIN: LU0307018795
WKN: A0MU70
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------------
DGAP-Adhoc: SAF-HOLLAND S.A.:SAF-HOLLAND Posts Q3 Profit
| Source: EQS Group AG