Balda AG / Final Results 25.03.2009 Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Balda with increase in revenues - negative result due to high depreciations - Revenue increase of 11.2 percent to 238.0 million euros - Operative cash-flow jumping to 37.1 million euros - High depreciations of 24.4 million euros - EBIT of 1.4 million euros - EBT of minus 9.4 million euros - Net loss for the year 14.2 million euros - Short- and long-term liabilities declining - Objective 2009: At least balanced result Bad Oeynhausen, 25 March 2009 - The Balda Group increased its revenues to 24.0 million euros or 11.2 percent to 238.0 million euros in the financial year 2008 in the continued operations (previous year: 214.0 million euros). The continued operations of the plastic specialist and mobile phone components supplier comprise the turnover of the Infocom-group of companies in the region of Asia and India, inclusive of touch screen-manufacturer TPK with revenues of 71.2 million euros until the end of the third quarter. Despite the positive development of the revenues, the earnings before tax (EBT) and the net earnings slid into minus due to special items. The EBT amounted to minus 9.4 million euros after plus 2.3 million euros in the previous year. In total Balda Group achieved (discontinued and continued operations) a turnover volume of 283.9 million Euros (previous year: 309.2 million euros). Earnings before income taxes 2008 amounted to minus 44.5 million euros (previous year: minus 68.3 million euros), earnings after taxes reached minus 49.5 million euros (previous year: 73.3 million euros). The operative cash-flow at year-end 2008 increased from minus 13.0 million euros in the previous year to plus 37.1 million euros. Continued operations The earnings before interest, tax and depreciations (EBITDA) amounted to 25.7 million euros (previous year: 29.5 million euros). Especially the above average high depreciations of 24.4 million euros (previous year: 16.0 million euros) put pressure on operating income (EBIT) 2008 of only 1.4 million euros (previous year: 13.5 million euros). In the previous year the EBIT was positively influenced by special effects. On the other hand, the EBIT 2008 was negatively influenced by special items amounting to 13.5 million euros. High financial costs of 14.3 million euros (previous year: 11.2 million euros) burdened the earnings before tax (EBT) of minus 9.4 million euros (previous year: plus 2.3 million euros). The Balda Group recorded a net loss of 14.2 million euros (previous year: minus 2.8 million euros) in the continued operations. The earnings per share amounted on the basis of 54.157 million shares in the continued operations of the group to minus 0.263 euros (previous year: minus 0.060 euros). The short-term liabilities of the group were reduced to 161.1 million euros (previous year: 178.6 million euros). Including the reclassified amount of 27.3 million euros from a long-term credit the short-term liabilities owed to financial institutions increased by 7.0 million euros to 100.7 million euros. The long-term liabilities went down by more than half from 93.6 million euros to 38.7 million euros, especially due to amortisation and the above mentioned reclassifications. The equity-ratio of the group amounted to 33.5 percent in the year under review after 35.7 percent in the previous year. The company considers a precise numbered prognosis for the operative business 2009 as difficult at present. The Group has processed the expenses of the past years in the balance sheet to the best of their knowledge. In future the earnings of the actual business will influence the balance sheet and the earnings statement. After the deconsolidation of TPK, the basis for the revenue planning 2009 is the Group revenues of 2008 of 238.0 million euros less the share of the turnover 2008 of TPK amounting to 71.2 million euros, that is around 167.0 million euros. However, given the situation of individual customers and the insecurities in the worldwide economy, the Group cannot exclude a further slump in revenues. After a good financial year 2008 in the Asia region, the Balda Group expects for the year 2009, with sales essentially unchanged and despite a reduced expense volume, an above average decline of the EBIT for the Asian region. Referring to the Group the company plans an improvement of the EBIT compared to 2008. Since in all likelihood contributions from the TPK financial result will commence, the company expects a stronger increase of the earnings before taxes than for the EBIT. Balda's objective for 2009 - even in the case of dropping sales - is to achieve balanced results at minimum. In spite of globally shrinking economic activity, the company is confident to gain new customers and projects in 2009. For financial figures please see table overleaf *** Balda Group Financials 2008/2007 (continued operations)<pre> Difference in in million Euros 2008 2007 percent Turnover continued operations 238.0 214.0 11.2 Total operating performance 250.7 228.1 9.9 Material expenditure quote (in %) 55.7 54.0 3.2 Employees expenditure quote (in %) 15.4 15.9 -3.1 EBITDA 25.7 29.5 -12.7 EBIT 1.4 13.5 -90.0 EBIT-margin (in %) 0.6 6.3 -90.5 EBT -9.4 2.3 -508.7 Net loss for the year -14.2 -2.8 -399.7 Operating margin after interest and tax (in %) -6.0 -1.3 -361.5 Cash-flow from continuous operation 37.5 -9.2 509.2 Investments 37.5 46.1 -18.7 Employees (as of 31.12.) 4.664 6.581 -29.1 Earnings per share (in Euro) -0.263 -0.06 -338.3 Share price at year end (in Euro) 0.51 9.10 -96.4</pre> Company profile Balda AG The Balda Group develops and produces highly integrated devices comprising plastic and electronic components, primarily for the telecommunications sector. In addition, the company manufactures high-tech components such as headphones and hands-free sets. The future is derived from past experience. Balda has developed an active culture of continuous transformation through the traditions established within the hundred years of its existence. Since its founding, innovation and technology have been the significant driving forces of progress and the guarantors of corporate success. Today, Balda is an internationally positioned high-tech company with innovative products and a high performance capacity. Balda AG, which is registered in the Prime Standard on the German Stock Exchange, services international brand-name clients in the mobile telecommunications sector, medical technology and other similar markets. The Group produces close to its customers' locations in the expanding growth markets. With four production facilities, the Group has a strong position in China and Malaysia. Plants in Brazil and India, as well as the facility in Germany for Balda Medical, underline the Group's international focus. Within the framework of a shareholding in a leading producer of touch screens in China, Balda is participating in the dynamic development in the touch-sensitive display sector. The vision was and is clear: Balda will strengthen its technological innovations potential and further expand in the promising growth regions of Asia. Balda will thus achieve the conditions for profitable growth and a sustainable increase in added value.. * * * If you have any questions please contact: Balda AG, Clas Röhl, Phone: +49 5734 922 2728, Fax: +49 69 710456450. Email: croehl@balda.de, Internet: www.balda.de * * * This ad hoc announcement includes 'forward-looking statements' which are based on the current expectations of the management of Balda. They are subject to risks and uncertainty because they relate to events and depend on circumstances that will occur in the future, such as, for example, developments in the mobile communications industry, changes in technology and the ability to timely and successfully develop new products and various other factors. Balda does not undertake any obligation to update publicly or revise forward-looking statements except to the extent legally required. This ad hoc announcement is not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States or elsewhere. The shares in Balda AG (the 'Shares') may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the 'Securities Act')) unless registered under the Securities Act or pursuant to an exemption from such registration. The Shares have not been and will not be registered under the Securities Act. DGAP 25.03.2009 --------------------------------------------------------------------------- Language: English Issuer: Balda AG Bergkirchener Str. 228 32549 Bad Oeynhausen Deutschland Phone: +49 (0) 57 34 / 9 22-0 Fax: +49 (0) 57 34 / 9 22-2747 E-mail: info@Balda.de Internet: http://www.balda.de ISIN: DE0005215107 WKN: 521510 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hannover, Düsseldorf, Hamburg, München, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------
DGAP-Adhoc: Balda with increase in revenues - negative result due to high depreciations
| Source: EQS Group AG