VBH Holding AG / Quarter Results/Change in Forecast
20.10.2009
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
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The issuer is solely responsible for the content of this announcement.
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Preliminary business figures as at 30 September 2009 - outlook for year-end
- Consolidated sales down by 14% to approx. Euro 556 million (previous
year: Euro 646 million)
- Earnings negatively affected by non-recurring charges of approx. Euro 2
million in Greece
- Decrease in sales of some 12-13% expected at year-end
- Earnings forecast only preliminary due to prevailing uncertainty in the
sales markets
Korntal-Münchingen, 20 October 2009 -
According to preliminary figures, VBH Holding AG, which is listed in the
SDAX selection index of Deutsche Börse AG, sustained a year-on-year
decrease in sales of around 14% to approximately Euro 556 million in the
first nine months of the current financial year. Adjusted for currency
translation effects, sales have declined by around 9%. Business in Germany
has grown slightly while sales decreased by approximately 20% in Western
Europe and some 30% in Eastern Europe. On top of this, earnings in the
third quarter of 2009 were negatively influenced by non-recurrent charges
of around Euro 2 million in Greece. These were brought about by the
discovery of irregularities at the local subsidiary. Furthermore, operating
earnings were negatively impacted by the unsatisfactory market situation in
Italy as well as depreciations on accounts receivable in Greece. EBIT
(earnings before interest and taxes) of approximately Euro 7 million are
expected in the quarter under review and hence around Euro 10 - 11 million
in the first nine months of 2009.
Due to the lack of an improvement in the market situation in Western and
Eastern Europe, the Executive Board expects a decrease in sales of around
12-13% in 2009 as a whole, which accordingly entails cumulative Group sales
of some Euro 750 to 760 million. In view of the decline in gross operating
profit brought about by the fall in sales and the effects outlined above,
EBIT at year-end is forecasted from the present perspective (subject to the
ongoing prevailing uncertainty with regard to the development of sales in
the fourth quarter of 2009 and development impairments) to come to around
Euro 15 - 17 million. Cash flow should continue to be positive by the
systematic reduction of working capital.
Talks are currently being held with the banks of VBH Group regarding the
syndicated loan about adjustments of the contractual terms and conditions
to the changed market environment and the associated impact on the earnings
expectations of VBH.
All the figures quoted are preliminary. Finalised quarterly results will be
released on 12 November 2009.
Contact:
Dr. Ralf Lieb/CFO
Telephone: ++49 (0) 7150 / 15-200
20.10.2009 |[![CDATA[|[a href="http://www.dgap.de"|]Financial News transmitted by DGAP|[/a|]]]|]
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Language: English
Company: VBH Holding AG
SiemensstraÃe 38
70825 Korntal-Münchingen
Deutschland
Phone: 07150-15-204
Fax: 07150-15-376
E-mail: g.weber@vbh.de
Internet: www.vbh.de
ISIN: DE0007600702
WKN: 760070
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Stuttgart;
Freiverkehr in Berlin, Düsseldorf
End of News DGAP News-Service
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DGAP-Adhoc: VBH Holding AG: Preliminary business figures as at 30 September 2009 - outlook for year-end
| Source: EQS Group AG