Annual Results

Deufol SE: Annual Results 2013

Hofheim, (PresseBox) - .
- Sales € 318.7 million (previous year € 333.0 million)
- EBITDA € 14.8 million (previous year € 15.0 million)
- EBITA from continuing operations 6.0 million (previous year € 6.2 million)
- Net result € 0.3 million (previous year € ‒ 0.3 million)
- Operating cash flow 17.2 million (previous year € 16.0 million)

Deufol SE announces today the final results for the fiscal year 2013 and confirms the preliminary results which have been published on April 17.

Sales development

In a moderate overall economic environment, in the period under review sales from continuing operations amounted to € 318.7 million (previous year: € 333.0 million). We have thus achieved our planning targets, which had envisaged sales in a corridor of between € 310 million and € 325 million.

Due to restructuring of the Data Packaging business, revenue in the USA declined to € 62.7 million (previous year: € 71.1 million). In Germany (incl. the holding company), at € 170.5 million the result was also lower than in the previous year (€ 176.0 million). The loss of the Euskirchen location has deprived the Group of sales of a good € 5 million, and a further amount of almost € 3 million is no longer included due to deconsolidated companies. Accordingly, after adjustments this result represents marginal growth. In the Rest of Europe, we were at almost the same level as in the previous year (€ 85.4 million, compared to € 85.9 million).

Net result above previous year

On the results side, in the past year Deufol faced several burdens. In Belgium, one-off expenses amounting to a good € 1.1 million arose in connection with a customer's relocation of capacities to Eastern Europe and an associated reduction in our operations there. In the USA, the loss of a customer in the gift card segment had a negative impact on income of almost € 1 million, while in China the results of an internal investigation resulted in valuation adjustments in the amount of € 0.9 million. The operating result before goodwill amortization (EBITA) amounted to € 6.0 million in the reporting period (previous year: € 6.2 million).

The result for the period was of € 0.5 million (previous year: € 0.1 million). The profit share for noncontrolling interests is € 0.2 million (€ 0.3 million). Earnings attributable to the shareholders of Deufol SE amounted to € 0.3 million in the period under review, compared to - € 0.3 million in the same period in the previous year. Earnings per share were € 0.007 in 2013 (previous year: - € 0.006).

Financial position: Strong operating cash flow - Financial indebtness decreased

The operating cash flow amounted to € 17.2 million in the period under review and was thus higher than in the previous year (€ 16.0 million).

In the past fiscal year the financial liabilities of the Deufol Group clearly decreased, from € 70.9 million to € 62.8 million. Net financial liabilities - defined as the total financial liabilities less financial receivables and cash - decreased less strongly, by € 4.8 million from € 55.0 million on December 31, 2012 to € 50.2 million at the end of the period under review. This was due to the decrease in cash held (- € 2.3 million) and lower financial receivables (- € 1.0. million).

Outlook

For fiscal year 2014 the Deufol Group plans sales in a corridor between € 290 million and € 310 million. Its operating result (EBITDA) will be between € 14 and 16 million.

With regard to our results forecast, we expect our core business in the USA to increase. This reflects improvements in our contracts with our Automated Packaging customers which will now be reflected over the course of a full year for the first time. In the Rest of Europe we expect slightly improving results, now that one-off expenses in Belgium are no longer applicable. In Germany, we likewise expect all of our services to report slightly improved results.

The Interim Report for the first quarter of 2014 will not be published on May 15, 2014 but on May 22, 2014.

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