VBH Holding AG / Preliminary Results/Preliminary Results
19.02.2009
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Korntal-Muenchingen, February 19, 2009, - On the basis of preliminary
figures VBH Holding AG listed in Prime Standard of German Stock Exchange
grew sales revenues approx. 6.5 % to EUR 861 million. The organic growth in
the same period was at 3.5 %. Earnings before interests and taxes (EBIT)
will be approx. 20% below previous year due to restructuring measures in
Western Europe, lower sales margins in some growing markets and negative
impacts on exchange rates. As result of the strong decline of the
worldwide economical environment in the last quarter, achieved growth rates
could not be kept on the same level like first nine month before. Therefore
forecast presented in October 2008 was not achieved.
Revenues and results in the German segment were very pleasant. Here the
strong growth rate could be held at the same level of approx. 6%. The
operative result will possibly increase over proportionally.
The segment Western Europe could show a growth rate versus previous year,
but organically the revenues decreased. Beside the revenue reductions in UK
and Spain the devaluation of the British Pound had significant influence.
Operative result in the segment Western Europe will significantly fall
below previous year due to longer than expected restructuring in Italy as
well as general market situation in UK and Spain.
Sales revenues increased in the segment Eastern Europe approx. 7%. Sales
figures in Belarus, Russia and Ukraine raised on a two digit level but
devaluations of the currencies at the years end strongly slowed down rates.
Dynamic growth in established markets in Central Eastern Europe (Czech
Republic, Poland, Hungary) sloop down. Based on growing margin pressure and
unfortunate exchange rate developments operative result will decline
approx. 15% versus previous year.
In segment Other Markets the indicated targets could be achieved. Sales
revenues nearly doubled to approx. EUR 12 million and for the first time
operative result was positive.
Net financial debts fell at the years end from EUR 118.2 million in
previous year to a level of approx. EUR 107 million; equity ratio will be
at 40% (2007: 31.0%). Board of Directors will propose to the Supervisory
Board of the VBH Holding AG to pay a dividend for the year 2008 of EUR
0.19 per share of (2007: EUR 0.15) which will be decided during the General
Assembly on June 10, 2009. Payout ratio will increase to approx. 35% based
on earnings per share (2007: 22.4%).
Outlook
Every outlook on the current year 2009 is influenced from a high
uncertainty in forecasts. Even VBH cannot completely recover from the
strong order and revenue declines in all economic areas. Future business
development of VBH Group will strongly depend upon the efficiency of
worldwide economic stimulus plans and thereof levelling out the markets
particular in Eastern Europe. In any case VBH is prepared to react fast
and flexible upon a long lasting economic crisis and will put all relevant
expenses into question.
All above mentioned figures are preliminary and subject to ongoing year end
closing and external auditing. Final results will be published on March 31,
2009.
DGAP 19.02.2009
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Language: English
Issuer: VBH Holding AG
Siemensstraße 38
70825 Korntal-Münchingen
Deutschland
Phone: 07150-15-204
Fax: 07150-15-376
E-mail: g.weber@vbh.de
Internet: www.vbh.de
ISIN: DE0007600702
WKN: 760070
Listed: Regulierter Markt in Frankfurt (General Standard), Stuttgart;
Freiverkehr in Berlin
End of News DGAP News-Service
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DGAP-Adhoc: VBH Holding AG: Preliminary results 2008
| Source: EQS Group AG