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D.Logistics AG: 9-months-report 2008 - Preliminary figures confirmed Further conversion to a packaging specialist pays off EBIT in the third quarter 2008 up 46 %
- Net earnings after nine months + 268.2 % to Euro 7.8 million (Q3: + 657.5 % to Euro 2.4 million)
- EBIT after nine months + 31.7 % to Euro 11.3 million (Q3: + 46.5 % to Euro 4.4 million)
- Sales after nine months + 1.7 % to Euro 250.5 million (Q3: + 1,7 % to Euro 86.0 million)
- Equity ratio up to 38.4 % (after 35.1 % at the of end 2007)
Positive business trend continues
In the third quarter, the conversion of the D.Logistics Group to an industrial service provider focusing on the "packaging" sector continued to bear fruits. Earnings increased clearly disproportionately high in comparison to revenue. This is due to the positive business performance recorded in North America and the consistently positive performance of Industrial Goods Packaging. Also the results document the independence from transport systems and services.
At Euro 4.4 million, the operating result (EBIT) in the third quarter was 46.5 % higher than in the same period of the previous year (Euro 3.0 million). At Euro 6.52 million, earnings before interest, taxes, depreciation and amortization (EBITDA) were 28.9 % higher than in the same quarter of the previous year. The EBITDA margin rose from 6.0 % in the third quarter of 2007 to 7.6 % in the quarter under review. For the first nine months of this year, the EBITDA is at Euro 19.9 million 20.0 % above the previous year and EBIT is up 31.7 % to Euro 11.3 million.
Net earnings after deduction of the third-party profit shares in the third quarter are Euro 2.4 million (previous year: Euro 0.3 million). The cumulative net profits for the shareholders of D.Logistics AG as of September 30, 2008 were at Euro 7.77 million far in excess of the same period in the previous year (Euro 2.11 million). The earnings per share in the third quarter were Euro 0.05 (previous year: Euro 0.01), in the first nine months they reached Euro 0.17 (previous year: Euro 0.05).
Sales up 1.7 %
Total sales in the third quarter of 2008 were at Euro 86.1 million 1.7 % above the same period in the previous year. In the Industrial Goods Packaging segment, sales exceeded the same quarter in the previous year by 6.5 %. In the Consumer Goods Packaging segment, sales are 1.7 % below the previous year, not least due to the weak US dollar, and in the Warehouse Logistics segment, sales are 2.2 % lower than in the previous year.
In the first nine months, at Euro 250.5 million sales were also higher than in the same period of the previous year (1.7 % increase). Adjusted for changes to the consolidated group, this represents a decline of 2.3 %. If an adjustment is also made for the currency fluctuation, the change is - 0.2 %. As regards the sales trend, the loss in Industrial Goods Packaging of transport sales of Euro 13 million in annual terms should be noted. After proportionate adjustment of transport sales (Euro 9.75 million in the first nine months) the growth rate is 3.9 %.
Equity ratio up to 38.4 %
In the first nine months of 2008, the operating cash flow of Euro 10.6 million was slightly lower than in the previous year (Euro 11.4 million) which was due, in particular, to the decline in liabilities (- Euro 2.8 million).
The financial indebtedness of the D.Logistics Group decreased in the first nine months of the fiscal year by Euro 2.5 million to Euro 76.8 million. Net financial liabilities fell even more strongly by Euro 8.7 million, from Euro 55.4 million at the end of the year to Euro 46.7 million.
With a slightly higher balance sheet total, the equity ratio increased from 35.1 to 38.4 %.
Annual forecast confirmed
Despite the deterioration in the economic environment due to the financial crisis, D.Logistics AG is adhering to its published target figures for fiscal year 2008. Sales will reach a planning corridor of Euro 330 to 345 million, and EBITDA of between Euro 13.0 and 14.5 million are still expected.
If the positive business trend continues the payment of a dividend for the fiscal year 2008 is possible.
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