D.Logistics in Q1 2009: Continuing profitability despite economic crisis

Hofheim am Taunus, (PresseBox) - .
- Sales € 71.1 million (prior-year: € 80.3 million)
- Operating earnings (EBIT) € 1.6 million (prior-year: € 3.1 million incl. € 0.9 million book gain)
- Income € 0.2 million (prior-year: € 1.6 million)
- Equity ratio stable at 40.2 %

D.Logistics AG today published its interim accounts for Q1 2009 and looks back on the beginning of the year which is partially marked by the economic crisis.

Declining sales

At € 71.1 million, total sales in the first quarter of 2009 were 11.3 % lower than in the same period in the previous year. If an adjustment is made for the currency fluctuation, the change represents a decline of 12.8 %. The segment with the biggest sales volume, Industrial Goods Packaging, largely held firm, with sales only underperforming the same quarter in the previous year by 3.5 %. In the Consumer Goods Packaging segment, sales are 18.1 % below the previous year, not least due to the strong decline in the USA, and in the Warehouse Logistics segment sales are 19.3 % lower than in the previous year.

Economic crisis leads to lower result

The operating result (EBITA) in the first quarter was at € 1.58 million 48.7 % below the level for the same period in the previous year (€ 3.07 million). However, the previous year included an account-ing profit of € 0.9 million from the sale of the real estate in Zeithain. The first quarter this year is also encumbered with start-up losses of € 0.43 million for the new "Customization Center" in Euskirchen. At € 3.92 million, earnings before interest, taxes, depreciation and amortization (EBITDA) were 26.7 % lower than in the same quarter in the previous year. The EBITDA margin was 5.5 % (previous year: 6.7 %). Depreciation/amortization of property, plant and equipment and other intangible assets rose from € 2.27 million to € 2.35 million.

The individual segments performed as follows: Industrial Goods Packaging recorded a slight EBITA rise of 2.7 % to € 2.55 million. In Consumer Goods Packaging, the EBITA loss decreased to € 0.23 million (previous year: - € 0.77 million). Warehouse Logistics recorded an operating loss of € 0.46 million (previous year: + € 1.85 million). This reflects the above-mentioned items (accounting profit in the same quarter in the previous year, Euskirchen start-up losses). The EBITA loss of D.Logistics AG (Holding) was € 0.24 million (previous year: € 0.48 million).

Earnings before taxes (EBT) in the first quarter were € 0.60 million (previous year: € 2.00 mil-lion). After income tax expenses (€ 0.40 million) deduction of the third-party profit shares (€ 0.08 million), there is a net profit of € 0.12 million attributable to the shareholders of D.Logistics AG.

Equity ratio still above 40 %

The first-quarter cash flow from operating activities was € 1.45 million (previous year: € 3.06 million). This decrease was mainly due to the strong cut-off date-related increase in trade accounts receivable (+ € 4.26 million) and increased inventories + € 1.63 million.

The financial indebtedness of the D.Logistics Group increased in the first three months of the fiscal year by € 3.8 million to € 79.9 million. As cash and financial receivables simultaneously in-creased (+ € 2.9 million) the net financial liabilities rose more marginally, by € 0.8 million from € 49.0 million at the end of the year to € 49.8 million.

Outlook - planning confirmed

D.Logistics AG confirms its planning figures published for the fiscal year 2009 in its annual financial report. These envisage sales of more than € 305 million and an operating result (EBITA) in excess of € 10 million.

The interim report is available on the internet at http://www.dlogistics.com.

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