DGAP-News: Balda AG / Key word(s): Final Results
Balda AG: Final figures 2014 / 2015: At EUR 85.4 million, sales
revenues have significantly exceeded the forecast, operating result
affected by extraordinary items
28.09.2015 / 12:38
– Preliminary figures 2014 / 2015 confirmed: sales EUR 85.4 million,
EBITDA before extraordinary items EUR 6.4 million
– Consolidated net income negative at EUR -12.7 million due to value
Bad Oeynhausen, 28 September 28 2015 – Today, Balda AG published its annual
report with the final figures for the financial year 2014 / 2015.
Accordingly, the Group generated sales revenues in the amount of EUR 85.4
million (previous year: EUR 70.5 million), which corresponds to a
21.1 % increase. This means that Balda Group’s sales revenues have
developed significantly better than provided in the forecast. The increase
is primarily due to larger customer orders in different projects, new
business as well as currency exchange effects. This result in earnings
before interest, taxes, depreciation and amortization (EBITDA) and before
extraordinary items in the amount of EUR 6.4 million compared to EUR 4.0
million in the previous year. Consequently, the EBITDA margin before
extraordinary items was 7.7 %. After extraordinary items, the EBITDA was
EUR 1.5 million, though, after EUR 1.9 million in the year before. Special
items primarily include value adjustments in the America segment due to the
future loss of a major customer as well as one-off effects in connection
with legal disputes in the USA.
“We are pleased with the operating development of the Balda Group in the
past financial year, even though the loss of a major eyewear customer will
lead to further restructuring. Moreover, there remains some baggage that we
need to work on. We shall continue to vigorously pursue this goal.
Nevertheless, the development in the period under review shows that Balda
is on a good path, operationally, and that there is growth potential still
to be tapped”, says Oliver Oechsle, sole Management Board member of Balda
Overview of the financial key figures
During the year under review, cost of materials increased due to more
materials-intensive articles sales in the Europe segment and amounted to
EUR 32.8 million compared to EUR 27.0 million in the previous reporting
period. Offset against the sales revenues figures, the cost of materials
ratio only increased marginally and stood at 39.1 % (previous year: 38.0
Staff costs increased to EUR 33.4 million compared to EUR 29.3 million in
the previous year. This increase is the consequence of additional
expenditure caused by a growing average number of employees and accrued
expenses due to employees leaving the company. The staff cost ratio
decreased from 41.4 % to 39.8 %, though.
During the period under review, amortization, depreciation and impairment
losses rose to EUR 13.6 million following EUR 6.7 million in the previous
year. Depreciation primarily concerned the goodwill in the America segment
(EUR 7.0 million). This was necessary because a major customer announced to
do its own production in the future. Scheduled depreciation on property,
plant and equipment and intangible assets amounted to EUR 5.0 million.
At EUR 19.1 million, other operating expenses were higher than previous
year’s EUR 16.8 million. Adjusted for extraordinary items, other operating
expenses only increased marginally and amounted to EUR 15.7 million
(previous year: EUR 15.2 million). This non-proportional development –
compared to the increase in sales revenues – reflects the cost reduction
measures introduced during the previous years.
Earnings before interest and taxes (EBIT) and before extraordinary items
amounted to EUR 1.4 million (previous year: EUR -0.9 million) and were thus
positive in accordance also with forecast. After amortization,
depreciation, impairment losses and extraordinary items, EBIT stood at EUR
-12.7 million during the reporting period, though.
At EUR -9.3 million, earnings before taxes (EBT) are significantly below
the previous year’s value of EUR 5.3 million, which is primarily due to
aforesaid extraordinary items.
For the business year 2014 / 2015, Balda AG shows a consolidated net income
of EUR -12.7 million (previous year: EUR 5.9 million). Again, the changes
are primarily due to the extraordinary items. The earnings per share –
diluted and undiluted – accordingly amounted to EUR -0.22 compared to EUR
0.10 in the same period last year.
The consolidated balance sheet showed EUR 265.8 million on 30 June 2015 and
was thus at approximately the same level as in the previous year (EUR 263.3
million). Over the year, equity decreased slightly from EUR 241.8 million
to EUR 234.1 million. The decrease is mainly a consequence of the negative
consolidated net income. Hence, also the equity ratio of the Group fell
from 91.8 % to 88.1 %.
Developments after the end of the business year and outlook
On 23 September 2015 Balda AG announced the sale of all operating
subsidiaries. This is still subject to the approval of the Annual General
Meeting and the anti-trust authorities. The purchase agreement provides a
retroactive effect of the economic transfer of the acquisition assets as
per 1 July 2015. Once the purchase agreement becomes effective, the entire
operating business including its sales revenues, costs and income would be
removed from the Balda Group as per 1 July 2015.
Under the proviso of the Annual General Meeting’s approval, the Supervisory
Board and the Management Board, due to the sale, also suggest to pay out an
extraordinary dividend in the amount of EUR 1.10 per share and to reduce
the share capital at a 10:1 ratio from EUR 58.9 million to EUR 5.9 million.
This would result in another payout in the amount of EUR 0.90 per share.
Moreover, on the occasion of the Annual General Meeting on 19 November 2015
a decision will have to be made regarding the new business purpose and the
new company name of the Group.
Note to the editors:
The annual report 2014 / 2015 can now be downloaded on the company’s
Deekeling Arndt Advisors
Tel: +49 (0) 5734 922 2555
Mobil: +49 (0) 174 335 8111
Balda (ISIN: DE0005215107) is a provider of high-end plastics solutions
that rely on quality in sophisticated fields of application in the
healthcare, lifestyle, automotive and consumer electronics industry. Balda
operates in Europe and Northern America and has state of the art production
sites at the Oeynhausen headquarters in Germany and in the US. The
company’s success with its about 790 staff worldwide is based on the use of
modern, cost-efficient technologies and the close cooperation with our
customers in a spirit of trust.
Balda Group: overview of the key financial figures
(Statement according to IFRS)
in EUR million 01.07.2014 – 01.07.2013 –
Sales 85.4 70.5
Europa 37.5 31.8
America 47.9 38.7
Total performance 83.8 70.9
EBITDA before special items 6.4 4.0
EBITDA after special items 1.5 1.9
Europa 2.1 -0.7
America -0.2 2.8
other -0.3 -0.2
EBITDA margin in % (before special 7.7 5.7
EBIT -12.1 -4.7
Financial result 2.8 10.0
Earnings before taxes -9.3 5.3
Result overall Group -12.7 5.9
Result per share in EUR -0.22 0.10
Key figures balance sheet 06/30/2015 06/30/2015
Balance sheet total 265,8 263,3
Equity capital 234,1 241,8
Return on equity in % 88,1 91,8
Number of employees at the cut-off 789 786
28.09.2015 Dissemination of a Corporate News, transmitted by DGAP – a
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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
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
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