Corporate | 10 May 2007 08:00
Francotyp-Postalia Holding AG / Quarter Results/Quarter Results
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Birkenwerder, May 10, 2007
Francotyp-Postalia Holding AG starts with €37.7m in 1. Quarter 2007
Francotyp-Postalia Group on track to reach full year targets
- Revenue in Q1 2007 was €37.7m (€37.6m)
- Quarterly adjusted EBITDA was €7.5m (€10.2m)
- The full year targets of revenue growth of more than 10% growth across
the group
- Also the management aim to paying a dividend for the current financial
year
The public company Francotyp-Postalia Holding AG increased consolidated
revenue in the first quarter of fiscal year 2007 (March 31) by 0.1% to 37.7
million euros (same quarter of previous year: 37.6 million euros) through
its mailroom and mailstream business segments. Output improved in the
period under review by 4.3% to 42.9 million euros. In the quarterly
financial report published on Thursday, the operating result (adjusted
EBITA) was €5.0m compared with €8.0m in the corresponding period last year.
Capital expenditures (including leasing portfolio) increased in the first
quarter to 4.4 (3.2) million euros. On the reporting date, the Group had
1,088 (888) employees worldwide, of which 660 (522) were based in Germany.
In evaluating the result, the Management Board stated that, when assessing
the quarter under review, it is necessary to take into account a number of
one-off effects which benefited the first quarter of 2006. These included a
rate adjustment in the USA, Germany as well as the decertification of
prepaid cards in Germany. These factors had a very positive effect on the
first quarter of 2006. Excluding last year’s positive one-off effects the
Management Board believe the current year has got off to a positive start.
It should not be overlooked that later in the current year, the group is
likely to benefit from positive developments for mailroom revenue due to
the introduction of a new pricing system in the USA and the introduction of
the new centormail franking machine.
Mailroom
The mailroom business segment, which is FP’s traditional business of
franking and inserting, generated revenue of 35.6 (37.7) million euros in
the first three months of the current fiscal year. This revenue figure was
lower than in the same period of the previous year due to the
aforementioned effects. Unit sales of franking machines increased by 22%
compared with the previous year.
Mailstream
The mailstream business segment contributed 2.0 million euros to
consolidated revenue in the first quarter, an increase of 56%. With the
acquisition in November 2006 of stakes in iab – internet access GmbH and
freesort GmbH, the FP Group can now offer its customers complete
outsourcing services in addition to consolidation of the mail software
solutions. In the first quarter, freesort GmbH added Leipzig to its network
and increased the number of costumers by over 30% compared with December
2006.
Outlook
For fiscal year 2007, the FP Group is aiming for profitable revenue growth
of around 5% for the mailroom business segment, a double-digit revenue
increase for the mailstream business segment. Overall the Management Board
expect group revenue to rise over 10%. Also the FP Group aims to pay an
initial dividend for the current fiscal year with a pay-out ratio of 60%.
In the mailroom business segment, the company will push further ahead with
its international operating activities and further expand its market
position in the key markets of the USA, Canada, Great Britain and the
Netherlands by investing in the rental business. Francotyp-Postalia expects
further growth potential from the switch-over to new postage systems in the
USA as well as the expected imminent introduction of the new electronic
postage accounting system in Italy.
Integration of the mailstream business segment into the FP Group should be
completed in the current fiscal year and expansion of operations pushed
further ahead. It is for this reason that the FP Group is planning to
rapidly expand freesort’s existing office network in Germany from 5 to 10
offices. Significant growth is also expected in the field of outsourcing
services. After an initial agreement signed between iab and Media Post
(Switzerland), additional strategic alliances are to be signed for the
hybrid mail software solution.
Further information
Francotyp-Postalia Holding AG
Investor Relations
Sabina Prüser
Telephone: +49 (0) 3303 525 777
Fax: +49 (0) 3303 53 70777
E-mail: ir@francotyp.com
The quarterly financial report can be downloaded from www.francotyp.com.
Summary results by business unit
Sales Sales y/y EBITDA EBITDA y/y
adjusted adjusted chan- adjusted Q1 adjusted Q1 chan-
Q1 2006 Q1 2007 ges 2006 2007 ges
Mio. Mio.
Mio. EUR Mio. EUR EUR Mio. EUR Mio. EUR EUR
Mailroom 37,7 35,7 -2,0 10,2 7,3 -2,9
Mailst-
ream 1,3 1) 2,0 0,7 n/a 2) -0,2 n/a 2)
of which
freesort 0,5 1) 1,0 0,5 n/a 2) -0,3 n/a 2)
of which
iab 0,8 1) 1,0 0,2 n/a 2) 0,1 n/a 2)
FP-
Konzern 37,7 37,7 0,0 10,2 7,5 -2,7
1) These figures are not part of the consolidated accounts available as
the mailstream business segment did not belong to the FP group in the
1st quarter 2006
2) These figures are not available as the mailstream business segment did
not belong to the FP group in the 1st quarter 2006
Consolidated income statement
Q1 2007 Q1 2006
Euro Euro Euro Euro
thousand thousand thousand thousand
Revenues 37,652 37,603
Changes in
inventory 1,781 844
39,433 38,447
Other own work capitalized 3,447 2,615
Other operating income 541 311
Cost of materials
a) Raw materials and supplies 10,307 7,812
b) Related services 2,281 2,153
12,588 9,965
Personnel expenses
a) Salary and wages 12,059 10,490
b) Social security contributions 1,971 1,784
c) Pensions and other benefits 281 305
14,311 12,579
Depreciation and amortization 7,100 6,133
Other operating expenses 10,174 8,520
Net interest income
a) Interest and similar income 642 439
b) Interest and similar expenses 1,347 1,244
-705 -805
Other financial results
a) Other financial income 1,301 8
b) Other financial expenses 190 166
1,111 -158
Tax result
a) Tax income 2,210 919
b) Tax expenses 2,140 2,574
70 -1,655
Consolidated net profit/loss for the
year -276 1,558
Minority interests -123 0
Consolidated net profit/loss for the
year after minority interests -153 1,558
EUR
Earnings per share –0.01
Consolidated cash flow statement
Q1 Q1
2007 2006
Euro Euro
thous thous
and and
1. Cash flows from operating activities
Net profit for the period -153 1,744
Depreciation fixed assets 7,100 6,133
Increase (+) / decrease (-) inn accruals and deferred -436 4,486
taxes
Losses on the disposal of fixed assets 173 63
Increase (-) / decrease (+) in inventories, trade -3,477 -522
receivables and other assets not attributable to investment
or financing activities
Increase (+) / decrease (-) in trade payables and other -484 -283
liabilities not attributable to investment or financing
activities
Other non-cash expenses and income -267 609
Cash flow from operating activities 3,328 12,230
2. Cash flows from investing activities
Capitalization of development costs -975 -1,268
Cash received from disposals of fixed assets 1 0
Cash paid for investments in intangible assets -323 -69
Cash paid for investments in fixed assets -3,035 -1,858
Cash paid for investments in financial assets -22 0
Cash paid for corporate acquisitions -5,544 -28
Cash flow from investing activities -9,898 -3,223
3. Cash flows from financing activities
Cash paid associated with IPO -961 0
Cash paid from the repayment of bank loans -2,517
Cash flow from financing activities 0 -2,517
Cash and cash equivalents
Change in cash and cash equivalents -7,531 6,490
Change in cash and cash equivalents due to currency -135 -201
translation
Cash and cash equivalents at start of period 60,726 19,363
Cash and cash equivalents at end of period * 53,060 25,652
* including restricted cash of 27,162 thousand euros (PY:
16,020 thousand euros)
Consolidated balance sheet
Assets
March 31, December 31,
2007 2006
Euro
thousand Euro thousand
A. LONG-TERM ASSETS
I. Intangible assets
Intangible assets including customer
1. lists 57,878 61,927
2. Goodwill 26,060 26,034
3. Development projects in progress and
Advance payments 1,288 666
85,226 88,627
II. Fixed assets
Fixed assets land, land rights and
1. buildings 24 24
2. Technical equipment and machinery 1,463 1,580
Other equipment, operating and office
3. equipment 6,906 7,673
4. Leased products 12,543 11,430
Advance payments and assets under
5. construction 738 672
6. Assets under finance leasing 2,001 1,948
23,675 23,327
III. Other assets
1. Participations 228 206
2. Non-internal loans 23 23
3. Finance leasing receivables 2,427 2,375
4. Other long-term assets 175 152
2,853 2,756
IV. Deferred tax assets 6,308 6,523
118,062 121,33
B. SHORT-TERM ASSETS
I. Inventories
1. Raw materials and supplies 8,045 7,28
2. Work/services in progress 1,927 1,68
3. Finished products and goods 11,000 9,062
4. Advance payments 98 104
21,070 18,262
II. Trade receivables 20,880 20,313
III. Cash and cash equivalents 53,060 60,726
IV. Other assets
1. Finance leasing receivables 861 919
2. Receivables from related parties 6 0
3. Derivative financial instruments 548 897
4. Other short-term assets 11,665 11,022
13,080 12,838
108,090 112,139
226,152 233,372
Liabilities
March 31, December
31,
2007 2006
Euro Euro
thousand thousand
A. EQUITY
Shareholders’ equity attributable to
I. subsidiaries of the parent company
1. Subscribed capital 14,700 14,700
2. Capital reserves 45,768 45,768
3. Loss carryforward -8,314 -7,942
4. Consolidated net loss for the period -153 -372
5. Accumulated other equity 1,448 1,377
II. Minority interests 7,231 7,354
60,680 60,885
B. LONG-TERM DEBT
Accruals for pensions and similar
I. obligations 11,924 11,901
II. Other accruals 2,736 2,321
III. Financial debt 71,058 68,601
IV. Other liabilities 203 227
V. Deferred tax liabilities 8,873 10,377
94,794 93,427
C. SHORT-TERM DEBT
I. Current income tax liabilities 1,443 1,169
II. Other accruals 11,516 11,249
III. Financial debt 2,629 5,671
IV. Trade payables 5,816 7,204
V. Other liabilities 49,274 53,767
70,678 79,060
226.152 233,372
Contact:
Francotyp-Postalia Holding AG
Media Relations
Telefon: +49 (0)3303 525 777
Telefax: +49 (0)3303 53 70 77 77
E-Mail: pr@francotyp.com
DGAP 10.05.2007
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Language: English
Issuer: Francotyp-Postalia Holding AG
Triftweg 21-26
16547 Birkenwerder Deutschland
Phone: +49 (0)3303 525 777
Fax: +49 (0)3303 53 70 77 77
E-mail: ir@francotyp.com
www: www.francotyp.com
ISIN: DE000FPH9000
WKN: FPH900
Indices:
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in
Berlin-Bremen, Stuttgart, München, Düsseldorf
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