DGAP-Adhoc: Balda AG: 5.2 million euros Group net income surplus after six months 2009


Balda AG / Key word(s): Half Year Results/Miscellaneous

05.08.2009 08:40

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.


Balda AG: 5.2 million euros Group net income surplus after six months 2009

– Sales revenues in the Infocom business amount to 52.3 million euros

(previous year: 67.6 million euros) in first half year

– Sales revenues in the second quarter of 24.5 million euros (first

quarter 2009: 27.8 million euros)

– Group half-year net income surplus up from minus 16.8 million euros by

22.0 million euros to 5.2 million euros

– Operative cash flow increased from minus 7.9 million euros by 23.0

million euros to 15.1 million euros

– Target 2009: Balanced result at minimum und therefore significant

improvement over 2008

Bad Oeynhausen, 5 August 2009 – Balda AG, listed in the Prime Standard of

the Frankfurt Stock Exchange, reached a surplus of 5.2 million euros

(previous year: minus 16.8 million euros) in the first half year 2009 in

the continued and discontinued operations. Balda sold 12 percent of the

shares in touch screen manufacturer TPK in the fourth quarter 2008. Since

then, the joint venture with TPK is no longer consolidated proportionally.

The previous year figures 2008 shown here are already adjusted by

TPK-figures until the EBIT line.

The Balda Group achieved in the continued operations sales revenues of 52.3

million euros compared to 67.6 million euros in the same period for the

previous year. Of these, 24.5 million euros were achieved in the second

quarter 2009.

The decline in revenues is caused to a large extent by the weak economic

development and had been expected. In China increased revenues were caused

mainly by the rise in customer demands. The India region was able to

increase its revenues at a low level in the period under report to 2.1

million euros compared to 0.9 million euros in the previous year.

The Balda Group recorded earnings before interest and taxes (EBIT)

including special effects of minus 0.3 million euros. In the same period of

the previous year, the EBIT amounted to 3.7 million euros. One-time special

effects from settlement payments, value adjustments on claims and the

dislocation of the foil business from Xiamen to Beijing burdened the

results of the Group in the second quarter 2009 with around 2.3 million

euros. Adjusted by these one-time special effects, the operating result in

the second quarter stands at 2.0 million euros.

Earnings before taxes (EBT) significantly improved. While last year a

minus of 8.8 million euros was recorded, a positive result of 1.2 million

euros was achieved in the first half of the year. The notably positive

earnings from the participation in TPK of 5.2 million euros is part of the


The Balda Group recorded in the continued operations a half-year surplus of

0.5 million euros (previous year: minus 9.4 million euros).

The result of the discontinued operations recorded a surplus of 4.7 million

euros, due to special recoveries from BenQ and the Balda Medical result.

The Group finished the period under report with a significant half-year

surplus of 5.2 million euros. In the previous year the deficit was at 16.8

million euros.

The operative cash flow of the Group improved from minus 7.9 million euros

(including TPK) by 23 million euros in the previous year to 15.1 million


Total assets of the Group on 30 June 2009 stands at 279.7 million euros.

Balda’s equity at the close of the second quarter of 2009 (not including

minority interests) amounted to 102.1 million euros (reference date 2008:

98.2 million euros). That represents an improved equity capitalisation of

3.9 million euros. The Group increased the equity ratio to 37.3 percent

after 33.5 percent at year-end 2008.

The Group’s net financial liabilities fell significantly from 102.0 million

euros at year-end 2008 to 91.7 million euros.

Despite of the worldwide weakening economy, the Board of Directors

continues to be cautiously confident for the current business year. Even in

the case of declining sales, Balda acts on the assumption of a balanced

result at minimum.

Key figures in table on next page


Table with figures to the first half-year 2009

Balda Group overview (continued operations)

in million euros

1. half- 1. half-year 1. half-year 2008

year 2009 2008 with TPK without TPK

Revenues 52.3 96.6 67.6

China 41.7 57.2 28.2

Malaysia 8.5 39.8 39.8

India 2.1 0.9 0.9

Total operating result 55.0 107.0 74.7

EBITDA 5.4 8.2 8.4

Earnings before interest and -0.3 -2.9 3.7

tax (EBIT)

EBIT-margin (in %) -0.5 -2.7 4.9

Earnings before tax (EBT) 1.2 -8.8 -1.5

Half-year result 0.5 -9.4 -2.9

Half-year result including 5.2 -16.8 -10.3

discontinued operations

Earnings per share (in 9.5 -31.0 -18.9


Employees2 6,177 9,986 7,410

1) Number of shares on cut-off date (in mio.): 54.157 (reference date:


2) Number of employees including loan workers, temporary workers and

apprentices – continued operations only

* * *

Company profile Balda AG

The Balda Group develops and produces highly integrated plastic and

electronic devices, primarily for the telecommunications sector, including

high-tech equipment such as headphones and hands-free sets.

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.

With production facilities in China, Malaysia and India, the Group has a

strong position in Asia. A subsidiary in the US supports North American

customers with respect to product design and development. 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.

* * *

If you have any questions please contact: Balda AG, Clas Röhl, Phone: +49

5734 922 2728, Fax: +49 5734 922 2604. Email: croehl@balda.de, Internet:


* * *

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.

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Language: English

Company: Balda AG

Bergkirchener Str. 228

32549 Bad Oeynhausen


Phone: +49 (0) 57 34 / 9 22-0

Fax: +49 (0) 57 34 / 9 22-2604

E-mail: info@Balda.de

Internet: www.balda.de

ISIN: DE0005215107

WKN: 521510

Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr

in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart

End of Announcement DGAP News-Service