Ad-hoc | 5 May 2009 07:32
technotrans AG / Quarter Results/Interim Report
Release 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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The technotrans Group posted revenue of only EUR 23.2 million in the first
quarter of 2009. This represents an overall fall of 37.7 percent (previous
year EUR 37.3 million). As latterly expected, revenue for the Technology
segment was virtually halved compared with the previous year (minus 49.2
percent from EUR 28.0 million to EUR 14.2 million). These figures reflect
the
order books of printing press manufacturers worldwide, but the ongoing
reduction in inventories by OEMs is a further burden.
For the first three months an operating loss (EBIT) of EUR 0.9 million was
posed (previous year profit of EUR 3.0 million). Nevertheless, the result
was
already balanced at this level in the final month of the quarter, and the
break-even point therefore was brought down relatively swiftly in line with
the lower level of revenue, as was intended.
After interest (EUR 0.3 million) and taxes, a net loss for the period of
EUR
1.2 million is reported. This corresponds to earnings per outstanding
shares of EUR -0.19 (previous year EUR 0.26).
At March 31, the technotrans Group employed a total of 729 persons (March
31, 2008: 823). Taking account of the temporary workers that technotrans
was employing in the first few months of the past financial year, the goal
of reducing personnel capacity worldwide initially by up to 15 was
therefore achieved ahead of schedule.
Cash flow developed satisfyingly since the start of the financial year. The
changes in working capital had a positive effect, with the result that the
net cash from operating activities already reached EUR 5.5 million in the
first quarter of the new financial year (previous year EUR -2.5 million).
Bearing in mind that the investment volume was much lower than in the
previous year and other financing activities were scaled back, cash
outflows in the first quarter were much lower than in the prior-year
reference period. Free cash flow therefore reached EUR 5.1 million in the
first quarter, whereas it had been negative at EUR -4.6 million at the
corresponding point of the previous year. On balance, liquidity at the end
of the period improved to EUR 10.7 million, an increase of 44.7 percent on
the prior-year quarter (EUR 7.4 million).
Outlook
Management believes that the development of the industry is still too
volatile to make any sensible forecasts for the current financial year.
Nevertheless, from where technotrans currently stands it appears possible
that revenue for 2009 could be in the order of EUR 85 to 95 million; this
would be EUR 50 to 60 million down on the previous year. There are still no
signs of a recovery but there are certain signs that the company might be
able to maintain the volume at the current level over the coming months.
Still it is too early to exclude a further downturn in revenue as the year
progresses.
As well as the package of measures launched last year to safeguard and
optimise profitability, management has identified a number of other
projects to streamline group structures; the combined effect is that
technotrans is using every possible means of adjusting appropriately to
market changes. The positive effects will be felt also in 2010,
irrespective of whether there are signs of an upturn in economic activity
by then.
The full Interim Report 1-3/2009 can be downloaded from the website
www.technotrans.com, Investor Relations, Reports.
Contact: Thessa Roderig, Investor Relations, phone +49 2583 301-1887, mail
thessa.roderig@technotrans.de
05.05.2009 Financial News transmitted by DGAP
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Language: English
Issuer: technotrans AG
Robert-Linnemann-Str. 17
48336 Sassenberg
Deutschland
Phone: +49 (0)2583 - 301 - 1000
Fax: +49 (0)2583 - 301 - 1030
E-mail: info@technotrans.de
Internet: http://www.technotrans.de
ISIN: DE000A0XYGA7
WKN: A0XYGA
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service
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