elexis AG / Quarter Results
06.05.2010 07:49
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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elexis AG / ad hoc announcement in accordance with Section 15 of the
Securities Trading Law (WpHG) on the final results of the 1st quarter 2010
* Cost reductions of 2009 and innovation offensive show initial success
* Stability of operating results
* Positive cash flow, stable structure of statement of financial position
and high equity ratio
* Outlook: elexis expects again for the full year 2010 independent dynamic
growth as a result of process optimisations in industrial manufacturing
Wenden, May 6, 2010 - Although the overall world economy has stabilised at
a low level, the effects of this crisis can, however, be subject to certain
time lags in the individual branches and value added stages. This is also
true for the elexis Group. Diversification is a key component of the elexis
strategy and moderated throughout the whole course of the recession the
economic effects due to the time lags in the downturns specific for the
branches. Such time lags are now having an effect also during the upturn.
Incoming orders, sales and earnings situation
Incoming orders of the Group amounting to euro 34.8 million constituted a
decline of 3.6 percent versus the prior year (euro 36.1 million). Sales
fell from euro 33.2 million in the prior year to euro 29.8 million as at
March 31, 2010. This represents a decline of 10.2 percent. Earnings before
interest and taxes (EBIT) developed at a constant level versus the prior
year and amounted to euro 1.4 million (prior year: euro 1.4 million). The
EBIT margin amounted to 4.7 percent. Earnings after interest and taxes (net
income after deduction of minority interests) increased slightly from euro
0.6 million as at March 31, 2009 to euro 0.7 million during the period
under report.
Development of the divisions
The contribution of the Steel and Printing Division to the incoming orders
of the Group amounted during the period under report to euro 27.5 million
(prior year: euro 32.3 million). This corresponds to a decline of 15
percent. During the first quarter the division achieved sales of euro 26.7
million following euro 29.3 million as at March 31, 2009. The upturn in
demand in the Printing sector, which is early in the cycle, could not fully
compensate for the decline in the Steel sector resulting from the time lag.
The quality of the results improved due to the cost reductions already
introduced as well as new products from the innovation offensive. Earnings
before interest and taxes (EBIT) amounted to euro 3.2 million as at the
date of the statement of financial position (prior year: euro 2.3 million).
This corresponds to an EBIT margin of 12 percent (prior year: 7.8 percent).
Factory Automation, Plastics continued the positive trend of the fourth
quarter 2009. Incoming orders increased from euro 3.9 million in the prior
year to euro 7.3 million as at March 31, 2010. The low point in demand in
2009 again led as a result of the time lag to reduced sales during the
first quarter 2010. Following euro 3.9 million in the prior year sales
amounted to euro 3.1 million as at March 31, 2010. Earnings before interest
and taxes (EBIT) amounted to euro minus 1.4 million following euro minus
0.4 million in the prior year. The swing in results in this segment will
develop proportionally to the expected increase in sales.
Shareholders' equity and other key data
The elexis Group has a stable financial basis. As at March 31, 2010 the
equity ratio amounted to 54.3 percent (December 31, 2009: 51.7 percent) and
the net liquidity to euro 11.7 million following euro 12.4 million as at
the year end 2009. The operating cash flow amounted to euro 2.2 million. In
the prior year a negative cash flow (31.03.2009: euro minus 3.2 million)
was reported.
Outlook
The consequences of the crisis year 2009 will also be felt in 2010 and
beyond. The first half year 2010 for the elexis Group is still faced with
difficult conditions. Not all the business units have yet reached the low
point. Furthermore, the upturn in demand is often subject to time lags with
regard to sales and earnings figures.
As a result of the severe economic disruptions the trend towards the
optimisation of existing industrial processes will increase further. The
economic success of the future will depend on how flexibly one can react to
fluctuations in demand. The bases of flexible industrial manufacturing are
efficient and optimised processes supported by increased automation. Since
many years the elexis Group has already made an important contribution to
the increase of efficiency and quality control of processes and products.
For the full year 2010 we are expecting rising sales and increased
profitability. This is attributable not only to the consistent cost savings
from the year 2009 but also to a large extent to the strategic orientation
and sustainability of our products.
For elexis, 2010 is the year of transition and the continuation of the
innovation offensive as well as many other steps, which were initiated in
2009. The strategic concentration of the Group on innovative as well as
sustainable products and technologies and their transfer to new
applications will make a decisive contribution towards strengthening the
profitability of the elexis Group.
At the general meeting of shareholders on May 20, 2010 in Wenden the
Management Board will present a sales and earnings forecast for the fiscal
year 2010.
The complete quarterly financial report for the first quarter 2010 is
available for download in both German and in English under www.elexis.de.
The shares of elexis AG are listed in the Prime Standard of the Frankfurt
Stock Exchange (ISIN: DE 000 508 500 5). elexis AG is one of the companies
included in the SDAX index of secondary stocks.
06.05.2010 07:49 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: elexis AG
IndustriestraÃe 1
57482 Wenden
Deutschland
Phone: +49 (0)2762 612 - 130
Fax: +49 (0)2762 612 - 135
E-mail: eicke@elexis.de
Internet: www.elexis.de
ISIN: DE0005085005
WKN: 508500
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: elexis AG: final results of the 1st quarter 2010
| Source: EQS Group AG