Deutsche Steinzeug Cremer & Breuer AG / Interim Report/Capital Reorganisation
18.11.2009
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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Deutsche Steinzeug Cremer & Breuer AG / Results of the 3rd quarter 2009
1. Earnings before interest, taxes and depreciations (EBITDA) before
burdens resulting from restructuring measures slightly improved during the
3rd quarter of 2009 compared to the 2nd quarter of 2009 by approx. EUR 0.1
m to EUR1.5 m (at the end of September 2009). Additionally, short-term
assets as well as inventories could be further reduced. Thus, a trend
reversal regarding the overall development has been achieved, also when
compared to the past business year, as in 2008 the result in the 3rd
quarter declined significantly compared to the 2nd quarter. Furthermore,
sales in the 3rd quarter slightly exceeded the average figures of the first
2 quarters in 2009, confirming the stabilization trend. On an accumulated
basis, sales at the end of September 2009 amounted to approx. EUR 149.4 m,
thus approx. 17% below the figures of last years' corresponding period - as
it was the case at the end of the first half year. However, besides
economic burdens mainly related to the export demand the decline in sales
results for more than 50% from an intentional reduction of the product
range in parts of the low-price segment. Burdens resulting from
restructuring measures are mainly related to accruals for severance
payments in the course of the planned cut of up to 100 jobs within the
Group, in order to adopt the existing structures of the company to the
lower level of sales as well as from depreciations resulting from changes
in the product range in the course of the restructuring process.
Additionally, a further reduction of costs has been planned in all
divisions, the implementation of which has already started to a large
extent. Regarding the business year 2010, the company expects a constant
development of the sales on the current sales level and an approximately
balanced financial result after tax on the basis of the intended
refinancing of the company until the end of the year, including a
significantly reduced interest burden.
2. After intensive negotiations, the company and its lenders have agreed
on
18 November 2009 on an improvement of the balance sheet structure as well
as commercially on a sustainable prolongation of the existing financing.
On 18 November 2009, the lenders waived parts of the loan and outstanding
interest payments in a total amount of approx. EUR 32 m. This debt waiver
has been combined with a so called debtor warrant, according to which the
waived loan receivables will revive to an amount of 75% of the earnings
before taxes the company will realize within the business years 2010-2012.
Apart from that the then existing waived loan receivables will revive
gradually not before a major part of the remaining loans will have been
repaid out of the operative business. Furthermore, the waived loan
receivables will also partly revive - amongst others - after the
realization of a so called debt-equity-swap, which means the conversion of
loans into equity in the course of an increase of statutory capital. This
debt waiver will result in a significant stabilization of the equity basis
of the company as well as in a reduction of the interest burden.
Subject to an agreement on a legally binding contract, the company and the
lenders also commercially agreed upon the prolongation of the remaining
loans until 31 July 2013, a reduction of the interest payments related to
the loan as well as the granting of an additional loan to the amount of EUR
5 m.
18.11.2009 Financial News distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: Deutsche Steinzeug Cremer & Breuer AG
ServaisstraÃe 9-31
53347 Alfter-Witterschlick
Deutschland
Phone: +49 (0)228 391-1208
Fax: +49 (0)228 391-301208
E-mail: info@deutsche-steinzeug.de
Internet: www.deutsche-steinzeug.de
ISIN: DE000A0JQ429
WKN: A0JQ42
Listed: Regulierter Markt in Berlin, Frankfurt (General Standard);
Freiverkehr in Düsseldorf, Stuttgart, Hamburg
End of News DGAP News-Service
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DGAP-Adhoc: Deutsche Steinzeug Cremer & Breuer AG:
| Source: EQS Group AG