D.Logistics AG: Company Hit by Economic Slump - Result Still Positive
- Sales at mid-year € 141.0 million (previous-year: € 164.4 million)
- EBITA after six months € 2.8 million (previous-year: € 6.8 million)
- Net earnings € 0.14 million (previous-year: € 5.34 million)
- Operating cash flow increases to € 5.6 million (previous-year: € 2.0 million)
D.Logistics AG today published its half-year financial statement 2009 and looks back on the first six months which where marked by the economic crisis.
Decline in sales
Given the present economic environment dominated by global recession, at € 69.8 million, sales in the second quarter 2009 were 17.0 % below the respective previous year's period.
The decline in sales is spread relatively evenly among the segments: in the Industrial Goods Packaging segment, sales were 16.2 % below the previous year's quarter, in the Consumer Goods Packaging segment 17.5 % below the previous year and in the Warehouse Logistics segment sales declined by 18.6 %.
In the first six months, at € 141.0 million, sales were 14.2 % lower than in the same period in the previous year. If an adjustment is made for currency fluctuations, the change repre-sents a decline of 15.8 %.
Economic crisis leads to lower results - Industrial Goods Packaging steady
At € 1.20 million, the operating result (EBITA) in the second quarter was 67.5 % below the level for the same period in the previous year (€ 3.7 million). Earnings before interest, taxes, depreciation and amortization (EBITDA), which amounted to € 3.5 million, were 40.3 % lower than in the same quarter in the previous year. The EBITDA margin was 5.1 % (previous year: 7.0 %). Amortization of tangible assets and other intangible assets increased from € 2.2 mil-lion to € 2.3 million. The individual segments performed in Q2 as follows: Industrial Goods Packaging recorded a slight decline in EBITA by 0.7 % to € 2.6 million. In Consumer Goods Packaging, an EBITA loss of € 0.3 million arose (previous year: € 1.1 million). The Warehouse Logistics segment recorded an operating loss of € 0.6 (previous year: + € 0.9 million) which, however, is dominated by the new "Customization Center" in Euskirchen, which is as yet loss-making and recorded a loss of € 0.5 million. The EBITA loss of D.Logistics AG (holding company) was € 0.4 million (previous year: € 0.8 million). In the first half of the year, the Group EBITA of € 2.8 million was 59.0 % lower than in the previous year.
Earnings before taxes (EBT) in the second quarter amounted to € 0.31 million (previous year: € 2.64 million) and in the first six months to € 0.91 million (previous year: € 4.64 million). After tax expenses (€ 0.21 million), the second-quarter results amounted to € 0.10 million compared to € 4.30 million in the second quarter 2008, which however had benefited from a positive tax effect in the amount of € 2.3 million. After deduction of the third-party profit shares (€ 0.08 million), a net profit of € 0.02 million is attributable to the shareholders of D.Logistics AG. The figure in the previous year was € 4.19 million. The cumulative net profits for the shareholders of D.Logistics AG as of June 30, 2009 amounted to € 0.14 million (previous year: € 5.34 million).
The earnings per share in the second quarter were € 0.000 (previous year: € 0.094); in the first half-year they amounted to € 0.003 (previous year: € 0.120).
Positive cash flow development
The second-quarter cash flow from operating activities was € 4.1 million (previous year: - € 1.1 million). In the first six months of 2009, the operative cash flow of € 5.6 million was also substantially higher than in the previous year (€ 2.0 million).
The financial indebtedness of the D.Logistics Group increased in the first six months of the fiscal year by € 5.1 million to € 81.2 million. This development reflects in particular the financing of the dividend payout (€ 3.1 million). As cash and financial receivables simultaneously increased (+ € 3.6 million), the net financial liabilities rose more marginally, by € 1.5 million from € 49.0 million at the end of the year to € 50.5 million.
With an slightly increased balance sheet total, the equity ratio decreased from 40.8 % at the end of 2008 to 38.6 % mainly due to the dividend payout.
Owing, among other factors, to the deconsolidation of D.Logistics Airport Services GmbH as per July 1, 2009, D.Logistics AG now expects sales in the region of € 285 million to € 300 million in the financial year 2009. The operating result (EBITA) is now expected to reach between € 7 million and € 10 million.
The previous plan envisaged sales of over € 305 million and an EBITA of over € 10 million.