Deufol AG with a stronger operating first half year 2012

(PresseBox) ( Hofheim am Taunus, )
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- Sales € 158.0 million (+ 3.9 %; previous year € 152.1 million)
- Adjusted EBITA (after one-off expenses) € 5.16 million (+ 20.3 %)
- EBITA from continuing operations € 2.61 million (- 50.5 %; previous year € 5.07 million)
- Operating cash flow € 5.67 million (previous year € 4.37 million)

Sales in the first six months up 3.9 %

Total sales in the first six months of 2012 were at € 158.0 million 3.9 % higher than in the same period in the previous year. Adjusted for the 10 % average appreciation of the US dollar versus the euro, this growth amounts to 2.0 %. With a 56.4 % share of Group sales, the proportion accounted for by Ger-many remained stable compared to the previous year. The share of sales realized elsewhere in Eu-rope decreased, from 28.4 % to 25.6 %, and the USA's share of sales fell by 2.6 percentage points to 17.9 %.

Adjusted operating result 20% above previous year

The operating result (EBITA) adjusted by one-off expenses amounted to € 5.16 million and thus ex-ceeded the previous year's figure of € 5.07 million. One-off expenses of € 2.65 million arose predomi-nantly in connection with the € 26 million action for damages against former managers of the compa-ny. But included are also costs associated with the conversion into a European public limited company (SE) and for the introduction of registered shares. In the first half of 2012, the unadjusted EBITA amounted to € 2.51 million. Including a one-off effect in Belgium in the second quarter of 2011 (re-lease of liabilities to employees in the amount of € 0.78 million), the comparative operating basis amounted to € 4.29 million. Hence, the comparative operating result is around 20.3 % above the pre-vious year.

The individual segments performed as follows in the first six months: In Germany we recorded a wel-come increase in EBITA from € 2.67 million to € 3.89 million. This development reflects initial success for the reorganization and integration measures launched by the company. In the Rest of Europe, EBITA declined by 34.1 % to € 2.36 million, mainly due to the discontinuance of the one-off effect in Belgium (see above). The USA / Rest of the World segment realized a result of € 0.16 million (previ-ous year: € 0.18 million). This reflected expenses associated with the expansion of capacity in the Data Packaging division. The EBITA loss of Deufol AG (Holding), were most of the one-off expenses occurred, was € 3.87 million (previous year: € 1.35 million) as a consequence of the one-off expenses.

Unadjusted earnings before taxes (EBT) in the first half year were € 0.79 million (previous year: € 3.18 million). After income tax expenses (€ 1.45 million), the result from continuing operations is - € 0.66 million, compared to € 1.72 million in the first six months of 2011.

The discontinued operation "Carton Business" in the USA led to a loss of € 0.29 million (previous year: - € 0.43 million). The loss consists of a current loss of € 0.04 million and the final measurement of the pension commitment (- € 0.25 million). This means a result for the period of - € 0.95 million (previous year: € 1.29 million)

After deduction of the profit shares of noncontrolling interests (€ 0.21 million), there is a net loss of € 1.16 million (previous year: profit of € 1.02 million) attributable to the shareholders of Deufol AG. Earnings per share in the first six months were - € 0.028 (previous year: € 0.023).

Financial position

In the first six months, the cash flow provided by operating activities amounted to € 5.67 million and was thus significantly higher than the level in the previous year (€ 4.37 million).

The financial liabilities of the Deufol Group decreased in the first six months of the fiscal year by € 0.8 million to € 78.8 million. As cash and financial receivables simultaneously decreased (- € 2.1 million), the net financial liabilities rose by € 1.3 million, from € 57.9 million at the end of the year to € 59.2 million.

Outlook

The plan for the 2012 fiscal year anticipated sales between € 315 million and € 330 million and an operating result (EBITA) between € 12 million and € 14 million. Deufol AG has confirmed the plan in terms of sales and expects EBITA adjusted by one-off expenses to be in the forecast range. One-off expenses of up to € 4.5 million are expected for this year.

Further, management expects that Deufol share trading will return to normal after the introduction of registered shares.

The Semi-Annual Financial Report is available on the internet at http://www.deufol.com.
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