DGAP-Adhoc: Balda with increase in revenues – negative result due to high depreciations
25.03.2009
Balda AG / Key word(s): Final Results
25.03.2009 08:01
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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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)
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
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.
25.03.2009 DGAP’s Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Balda AG
Bergkirchener Str. 228
32549 Bad Oeynhausen
Germany
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
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