schlott gruppe Aktiengesellschaft / Half Year Results/Preliminary Results
23.04.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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schlott gruppe develops in line with expectations during first half of
2007/8
- Break-even EBT before one-time charges in first half
- Cost reduction programme executed as planned at additional site
- Annual forecast confirmed
Freudenstadt, April 23, 2008. Based on provisional figures, schlott gruppe
managed to develop in line with its forecasts during the second quarter and
first half of the 2007/8 financial year.
The general conditions for business development within the industry as a
whole remained largely unchanged over the course of the second quarter.
Reflecting the seasonality of the printing sector, capacity utilisation
remained at a low but stable level, while pricing pressures were as
expected. Compared with the same quarter a year ago, as anticipated the
erosion of prices witnessed over the course of the previous financial year
had a corresponding effect on bottom-line results.
Against this backdrop, the Group achieved slightly positive EBT of 0.5
million before one-time charges in the first half of 2007/8, compared with
EBT of 7.9 million in the same period a year ago. Value-added sales
amounted to 122.1 million, after 130.0 million a year ago, while revenue
receded to 239.1 million, down from the figure of 244.9 million posted
for the first half of 2006/7. In addition, an amount of 6.3 million was
recognised as provisions in the second quarter, earmarked for the cost
reduction programme discussed in depth on previous occasions. Including
these charges, the loss before taxes thus amounted to 5.8 million for the
first half.
In the second quarter of the current financial year, value-added sales
amounted to 56.9 million at Group level, down from 60.7 million in the
same period a year ago. Revenue contracted from 122.5 million in Q2 2006/7
to 111.7 million in the second quarter of 2007/8. EBT before one-time
charges fell to minus 2.7 million and to minus 9.0 million including
one-time charges, compared with minus 0.6 million in the second quarter of
the previous financial year.
The print unit generated value-added sales of 120.3 million in the first
half of 2007/8, after 127.8 million posted for the same period a year ago.
EBT before one-time charges amounted to 2.6 million. Including one-time
charges, EBT stood at minus 3.7 million, compared with plus 9.8 million a
year ago. In the second quarter of 2007/8, value-added sales totalled 56.0
million, compared with 59.7 million. For the same period, EBT before
one-time charges stood at minus 1.5 million and minus 7.8 million
including one-time charges, down from plus 0.6 million in Q2 2006/7.
The Group's results are dominated chiefly by business performance within
the print division. Costs attributable to the corporate services unit,
whose activities are limited to providing internal services for the Group,
remained within the target range both in the first half and the second
quarter.
schlott gruppe continued to channel resources into its cost reduction
programme during the reporting period. Having already implemented
appropriate measures at its Freudenstadt facility, the company focused on
its site in Landau. The measures aimed at scaling back cost struc-tures are
expected to come into full effect from the beginning of the coming
financial year. Negotiations with employee representatives are still
underway with regard to the company's Nuremberg facility. Along-side the
cost reduction programme directed at the gravure printing plants, all other
operations at Group level are also subject to continuous streamlining.
Thus, schlott gruppe is well on the way to reining back annual expenses by
an amount in the double-digit million range. The cost reduction programme
initiated for this purpose has been scheduled for a period of three years.
In implementing this action plan, schlott gruppe will partially offset as
early as the current financial year the recent price reductions faced by
the company as well as the projected contraction of prices. As announced,
the total expense attributable to this programme will amount to approx. 15
million in the current financial year. schlott gruppe has reaffirmed its
target of achieving break-even EBT in fiscal 2007/8, before the above
mentioned one-time charges.
Notes to financial data:
Alongside 'revenue/sales', schlott gruppe uses so-called 'value-added
sales' (VAS) as a financial indicator both in its external communications
and as part of its internal controlling mechanisms. Revenue is subject to
fluctuations that are attributable to the volume of paper supplied by
customers as raw material for certain projects. In contrast to paper
purchased directly by the company, paper supplied by custom-ers is not
included in the accounts of schlott gruppe. In the 2006/7 financial year,
the so-called paper provision ratio stood at 72.5 per cent. As a financial
indicator, 'value-added sales' eliminates fluctuations relating to paper
supplied by customers, thus reflecting the actual sales performance.
schlott gruppe AG
Marco Walz
Investor Relations & PR
Wittlensweilerstr. 3
72250 Freudenstadt
Germany
Phone: +49 7441 531-230
Fax : +49 7441 531-204
marco.walz@schlottgruppe.de
www.schlottgruppe.de
DGAP 23.04.2008
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Language: English
Issuer: schlott gruppe Aktiengesellschaft
Wittlensweilerstraße 3
72250 Freudenstadt
Deutschland
Phone: +49 (0)7441 531-230
Fax: +49 (0)7441 531-204
E-mail: marco.walz@schlottgruppe.de
Internet: www.schlottgruppe.de
ISIN: DE0005046304
WKN: 504630
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Stuttgart, Düsseldorf
End of News DGAP News-Service
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DGAP-News: schlott gruppe develops in line with expectations during first half of 2007/8
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