BERU AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act] 14.05.2009 Interim report according to Article 37x of the WpHG --------------------------------------------------------------------------- Interim disclosure pursuant to Section 37x of the German Securities Trading Act (WpHG) BERU Group presents financial results for Q1 2009 Ludwigsburg, May 14, 2009 - Due to the worldwide slump of automotive markets, the BERU Group, based in Ludwigsburg, posted a 38.4% decline in first-quarter revenue to EUR 76.3 million (Q1 2008: EUR 123.9 million). EBIT (earnings before interest and taxes) decreased by 72.8% from EUR 15.6 million to EUR 4.2 million. The actions for the reduction of costs and improvement of efficiency that have been consistently implemented since the end of 2007 allowed BERU to achieve a low level of earnings. Developments in the sales segments Most of the revenue decline resulted from BERU's direct sales to automobile manufacturers. The OEM segment's revenue amounted to EUR 44.8 million, which is 46.2% lower than in the first quarter of last year. The revenue generated in the Aftermarket segment decreased by 23.9% to EUR 25.4 million (EUR 33.3 million). This was mainly the result of the restructuring that took place at the Group in the previous year. The General Industry segment posted revenue of EUR 6.1 million (EUR 7.2 million). Developments in the product divisions The Diesel Cold Start Technology division reported first-quarter revenue of EUR 27.7 million (EUR 45.8 million). The 39.5% decrease was partially caused by the disproportionately sharp fall in registrations of new cars with diesel engines, particularly in Germany. BERU's Ignition Technology division generated revenue of EUR 25.6 million, which is 25.5% less than in the prior-year quarter (EUR 34.3 million). The revenue of the Electronics and Sensors division amounted to EUR 23.0 million (EUR 43.7 million). The substantial decrease was primarily due to lower revenue from sales of the tire-pressure monitoring system, TSS, which amounted to EUR 8.8 million compared with EUR 21.8 million in the first quarter of 2008. Strong financial position BERU continued to improve its strong financial position. Net financial assets (defined as cash and cash equivalents less liabilities to banks) amounted to EUR 33.3 million, which is EUR 3.0 million higher than at December 31, 2008. Taking into consideration the loan to BorgWarner Europe GmbH, net financial assets increased compared with a year earlier to EUR 163 million (EUR 124.4 million including loan). No revival expected in 2009 As before, BERU's Executive Board does not anticipate any recovery in demand in the automobile industry in 2009. In order to achieve further cost reductions, the company postpones the second stage (2.1%) of the wage-tariff increase from May 2009 until December 2009. 'As long as the earnings situation has not stabilized, we will have to continue our efforts to reduce costs,' emphasized Dr. Thomas Waldhier, Chairman of the Executive Board (CEO) of BERU AG. 'Nonetheless, we are working hard on important product innovations in order to secure BERU's future.' BERU's business development in Q1 2009 (January 1 - March 31, 2009) Based on unaudited figures <pre> Amounts in EUR million Q1 2009 Q1 2008 Revenue 76.3 123.9 Earnings before interest and taxes (EBIT) 4.2 15.6 Capital expenditure 0.7 5.8 Net financial position (including loan to BorgWarner 163.0 124.4 Europe GmbH)* Revenue by sales region: Germany 30.7 46.1 Europe (excluding Germany) 26.6 53.3 North America 3.1 8.5 Asia 11.9 11.9 Rest of the world 4.0 4.0 Revenue by sales segment: Original Equipment Manufacturers 44.8 83.4 Aftermarket 25.4 33.3 General Industry 6.1 7.2 Revenue by product division: Diesel Cold Start Technology 27.7 45.8 Ignition Technology 25.6 34.3 Electronics and Sensors 23.0 43.7 Number of employees* 1,898 2,461</pre> *At March 31 DGAP 14.05.2009 --------------------------------------------------------------------------- Language: English Issuer: BERU AG Mörikestr. 155 71636 Ludwigsburg Deutschland Internet: www.beru.de End of News DGAP News-Service ---------------------------------------------------------------------------
DGAP-IRE: BERU AG: BERU Group presents financial results for Q1 2009
| Source: EQS Group AG