DGAP-News: Balda AG:
22.04.2008
Balda AG / Key word(s): Final Results
22.04.2008 07:42
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Balda confirms expectations for 2008, continued operations on target for
2007
– Sales at continued operations 257.4 million euros in 2007 (+ 64
percent)
– EBIT at continued operations 8.5 million euros in 2007, EBT minus 3.2
million euros
Bad Oeynhausen, April 22, 2008. The sales revenues of the Balda Group at
the continued operations in 2007 amounted to 257.4 million euros (+ 64
percent). The operating profit (EBIT) here was 8.5 million euros. In 2006
this figure had been minus 17.2 million euros. The pre-tax result (EBT) in
2007 was minus 3.2 million euros (2006: minus 22.6 million euros). This
includes 3.3 million euros in extra depreciation on the real estate in Bad
Oeynhausen. Without this special effect the EBT target for the continued
operations was nearly attained. In 2007 consolidated sales were 309.2
million euros, following on from 370.9 million euros in the previous year.
The discontinued European Infocom activities charged the consolidated EBT
figure with an operative loss of 32.0 million euros as well as with 13.0
million euros value adjustments (asset reductions). In addition to these
total 45.0 million euros a 19.0 million euros burden resulted from profit
and loss transfer agreements. The consolidated EBT totaled minus 68.3
million euros (2006: minus 49.5 million euros). ‘2007 was a year of
far-reaching changes. The effects are still being felt quite clearly in the
2008 business year,’ says Joachim Gut, the chairman of the Managing Board
of Balda AG. ‘The earnings target for the first six months of 2007 was
nearly attained despite difficult conditions. In the second half of the
year we again pushed ahead with the re-orientation. Our concentration on
the growth regions in Asia is accompanied by the decision to sell the
European Infocom business. This is associated with further expenses, but
the results show that we are on the right path.’ Balda has confirmed the
expectations for 2008. The 2008 annual general meeting is scheduled to be
held on July 29, 2008.
Financial year 2007
The annual financial statements have been audited and certified. They are
to be approved by the Supervisory Board shortly. The figures for 2006 and
2007 are only comparable to a limited degree due to extensive changes in
the reporting entity. The continued operations are stated separately. Here
sales revenues of 257.4 million euros were attained in 2007. The cost of
materials increased to 149.9 million euros (+ 68 percent). The cost of
materials ratio remained virtually unchanged in a year-on-year comparison.
The personnel costs rose to 46.9 million euros in 2007, the personnel costs
ratio however declined from 20.4 percent in the previous year to 17.3
percent. This reflects the rise in the proportion of total sales accounted
for by the less personnel-intensive Touch sector. The depreciation
decreased by 2.5 million euros to 19.8 million euros. The primary reasons
for this were a decline in goodwill depreciation and the reinstatement of
original values in Brazil. At the continued operations Balda was able, on
the whole, to attain a positive operating result (EBIT) of 8.5 million
euros in 2007 (2006: minus 17.2 million euros). The pre-tax result (EBT)
was negative at 3.2 million euros; the pre-tax result adjusted for the
extra real estate depreciation was almost balanced. As of the end of 2007
the group posted after tax results for the year at the continued operations
of minus 8.4 million euros (previous year: minus 15.4 million euros).
Course of business to date in 2008 and outlook
The Medical unit – which is part of Balda alongside the core areas Touch
and Infocom – posted a profit in 2007. In 2008 Medical is to contribute
nearly ten percent to sales. ‘We are focusing on our core areas and on the
growth regions in Asia. Medical technology is not a core business. For this
reason we have decided to sell Medical,’ explains Dr. Dirk Eichelberger,
the CFO of Balda AG. In its core business areas Balda increasingly has a
wider positioning and is thus less dependent on developments with
individual projects. The new orders are associated with pre-production
costs, which – as in the previous year – will impact on the earnings in the
first six months of 2008. ‘We expect our core business to be profitable in
2008. As already indicated the first quarter will still be comparatively
weak, however. We are currently preparing the statements for the first
quarter and will report on the details on May 7, 2008,’ says Dr. Dirk
Eichelberger. For 2008 as a whole, sales revenues of 600 million US dollars
are still expected at the continued operations. The pre-tax profit (EBT) is
set to be approximately 35 million US dollars. These figures are based on
an exchange rate of 1.45 US dollars per euro.
* * *
Key Figures (Group)
– million euros – 2007 2006 Change (%)
Revenues 309.2 370.9 -16.6
Total operating performance 318.8 377.5 -15.5
Material expenses ratio (%) (1) 52.5 45.4 7.1
Personnel expenses ratio (%) (1) 24.4 31.7 -7.3
EBITDA -19.6 7.5 -361.3
EBIT -55.3 -43.3 -27.7
EBIT margin (%) (1) -17.3 -11.5 -5.8
EBT -68.3 -49.5 -38.0
Net loss -73.3 -42.0 -74.5
Sales yield after interest and taxes (%) -23.8 -10.8 -120.3
Cash flow -13.0 28.1 -146.3
Investments (4) 54.2 38.4 41.1
Shareholders’ equity 150.9 169.9 -11.2
Equity ratio (%) (2) 35.7 38.3 -2.6
Balance sheet total 423.0 443.4 -4.6
Employees (as per 31.12.) 8,023 8,315 -3.5
Earnings per share (euros) (3) -1.35 -1.04 -29.8
End-of-year closing price (euros) 9.10 7.12 27.8
Key Figures (Continued Operations)
– million euros – 2007 2006 Change (%)
Revenues 257.4 157.4 63.5
Total operating performance 271.4 162.6 66.9
Material expenses ratio (%) (1) 55.2 54.9 0.3
Personnel expenses ratio (%) (1) 17.3 20.4 -3.1
EBITDA 28.3 5.0 466.0
EBIT 8.5 -17.2 149.4
EBIT margin (%) (1) 3.1 -10.6 130.7
EBT -3.2 -22.6 85.8
Net loss -8.4 -15.4 45.5
Sales yield after interest and taxes (%) -3.4 -8.5 5.1
Cash flow -11.4 19.3 -159.1
Investments (4) 49.7 31.7 56.8
Employees (as per 31.12.) 7,218 6,131 17.7
Earnings per share (euros) (3) -0.16 -0.38 57.9
(1) in percent of total performance (2) in percent of balance sheet total
(3) related to record day (4) fixed and intangible assets
* * *
Notice:
On Tuesday, April 22, 2008, at 10:00 (CEST) a German language press
conference will be held at the Japan Center, Taunustor 2, in Frankfurt am
Main. Interested parties looking for an opportunity to listen to the press
conference may dial into the meeting. Please dial in approximately 10
minutes prior to the start of the conference, dial in number: + 49 69 22 22
22 22, confirmation code 4560742.
On Tuesday, April 22, 2008, at 12:30 (CEST) an English language investor
and analyst conference will be held at the Japan Center, Taunustor 2, in
Frankfurt am Main. Interested parties looking for an opportunity to listen
to the investor and analyst conference may dial into the meeting. Please
dial in approximately 10 minutes prior to the start of the conference, dial
in number: + 49 69 22 22 22 47, confirmation code 2174273.
* * *
Company profile Balda AG
The internationally operating Balda Group develops and produces highly
integrated devices comprising plastic, metal and electronic components as
well as touch sensors. Among the customers of the SDAX listed company are
international brand-names from the mobile telephony industry, medical
technology and various related markets.
The integration of plastic and touch screen technologies creates completely
new customer benefits. Only Balda currently offers both technologies from
one source on a global scale. The group has a strong position in the
important growth markets China and India and owns four production
facilities in the region. Plants in Brazil and in Malaysia, as well as the
facility in Germany for Balda Medical, underline the global competitiveness
of the group of companies.
* * *
If you have any questions please contact: Balda AG, Clas Röhl, Phone: +49
5734 922 2728, Fax: +49 5734 922 2691, Mail: croehl@balda.de, Internet:
www.balda.de
* * *
This press 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 press 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.
22.04.2008 Dissemination of a Corporate News, transmitted by DGAP –
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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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