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D.Logistics AG: Strong growth in Q2 2007
- Sales increased by 8.5 % to € 85.2 million (organic growth +10.4%)
- Adjusted operating earnings (€ 3.4 million) almost doubled
- Net earnings (€ 1.1 million) far above adjusted prior-year
- Complete takeover of Deufol Tailleur
Sales growth of 8.5 %
Total sales in the second quarter of 2007 were at € 85.21 million 8.5 % above the same period in the previous year. Adjusted for changes in the scope of consolidation, this means organic growth of 10.4 %. The main growth stimulus was the industrial goods packaging segment, whose sales exceeded the same quarter in the previous year by 34.3 %. In the consumer goods packaging segment sales are 2.2 % below the previous year, while in the warehouse logistics segment sales are 12.5 % below the previous year, which is mainly due to the sale of Schumacher GmbH.
In the first six months, at € 161.7 million sales were 2.7 % higher than in the same period in the previous year. Adjusted for changes in the scope of consolidation, this actually means organic growth of 6.2 %. If an adjustment is also made for the currency fluctuation, the change is an increase of 7.7 %.
Adjusted operating profit almost doubled
The operating result (EBITA) in the second quarter was at € 3.4 million 95 % above the adjusted level for the same period in the previous year, which was positively affected by special income of € 2.0 million and stood at € 3.8 million. In the first half of 2007 the group EBITA is at € 5.60 million 4.5 % above the previous year. Adjusted for the special items in the previous year, this actually means a rise of € 2.2 million or nearly 67 %.
Earnings before taxes (EBT) in the second quarter were € 1.63 million (previous year including positive special items € 4.05 million). In the first half of 2007 the EBT is at € 3.30 million (previous year including €2.50 million special items stood at € 4.85 million), which gives an adjusted increase of more than 40 % over the previous year Net profit after minority interests reached € 1.1 million after € 2.54 million in Q2 2006. The cumulative net profits for the shareholders of D.Logistics AG as of June 30, 2007 are at € 1.79 million 29.3 % below the same period for the previous year, though this included special income in the amount of € 2.5 million. The earnings per share in the second quarter were € 0.026 (previous year € 0.060), in the first half-year they reached € 0.042 (previous year € 0.060).
Equity ratio still comfortable
For the acquisition of the Walpa Group and the 45 % minority interests in the Deufol Tailleur Group, in the first half of the year purchase price payments of € 21.5 million were due. A significant part was financed out of the cash flow. In the first half of the year the financial liabilities of the D.Logistics Group increased subproportional by € 12.1 million to € 77.0 million. The increase in the net financial liabilities was even lower, from € 42.9 million at the end of the year by € 11.4 million to € 54.3 million. With an increased balance sheet total, the equity ratio reached a comfortable 37.3 % down from 40.3 % at the end of 2006.
D.Logistics AG confirms its planning for the fiscal year 2007 published in its interim report for the first quarter. This envisages sales in a corridor between € 319 and 331 million and EBITA of between € 11.4 and 12.5 million. In addition, to strengthen the packaging division further acquisitions are under review which comprise an annual sales volume up to € 15 million. The acquisition of the 45 % minority interests in the Deufol Tailleur Group has no effect on the budgeted sales and EBITA figures, as this Group was already included in the consolidated group.
The interim report is available on the internet at http://www.dlogistics.com.
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