Deufol SE: Results of the First Quarter 2013

Quarterly Results

(PresseBox) ( Hofheim am Taunus, )
- Sales € 76.4 million (previous year € 79.4 million)
- EBITDA 2.0 million (previous year € 3.7 million)
- EBITA from continuing operations 0.1 million (previous year € 1.4 million)

Sales trend

At € 76.4 million, total sales in the first quarter of 2013 were 3.7 % lower than in the same period in the previous year. Adjusted for the slight depreciation of the US dollar versus the euro which averaged 0.7 %, this decline amounts to 3.6 %. In Germany (including the holding company), sales were at € 43.3 million 5.9 % lower than in the same quarter in the previous year. Around two-thirds of the de-cline in sales is attributable to the closure of the Euskirchen location. In the Rest of Europe, sales rose by 3.1 % to € 20.6 million. In the USA/Rest of the World, sales were 6.5 % lower than in the previous year, at € 12.5 million.

Income trend

Earnings before interest, taxes, depreciation and amortization (EBITDA) were € 2.0 million in the first quarter (previous year: € 3.7 million). Depreciation of tangible assets and amortization of other intangi-ble assets decreased from € 2.2 million to € 1.9 million.

The operating result (EBITA) amounted to € 0.1 million and was thus lower than the previous year's figure of € 1.4 million. This result includes one-off expenses in the amount of € 0.5 million in connec-tion with the € 26 million action for damages versus former managers of the company. In the same quarter in the previous year, these expenses totaled € 1.10 million and were mainly incurred by the holding company.

The individual segments developed as follows in the first three months of the year: In Germany, EBITA amounts to € 1.7 million (previous year: € 2.5 million). The lower results are mainly attributable to a lower volume of business at two key locations. Customer business has picked up more slowly here than in the previous year. In addition, the moderate economic trend and the tough winter have curbed business development in the first quarter. This has particularly affected our outdoor packaging activi-ties. In the Rest of Europe, EBITA fell from € 1.0 million to € 0.8 million. This was mainly due to lower results for our Belgian location in Tienen. The USA/Rest of the World segment realized a result of - € 0.8 million (previous year: - € 0.3 million). Data Packaging suffered here following the cancellation of orders from a major client. The EBITA loss of Deufol SE (the holding company) was € 1.6 million, compared to € 1.7 million in the previous year.

The result for the period amounted to - € 1.2 million (previous year: € 0.2 million). After deduction of the profit shares of noncontrolling interests (€ 0.02 million), there is a net loss of € 1.3 million (previous year: profit of € 0.1 million) attributable to the shareholders of Deufol SE. Earnings per share in the first three months were - € 0.029 (previous year: € 0.002).

Financial position

In the first three months, the cash flow provided by operating activities amounted to - € 3.2 million and was thus lower than the level in the previous year (€ 5.7 million). This decrease is mainly attributable to the € 7.3 million decrease in trade payables in the first quarter of 2013.

The financial liabilities of the Deufol Group increased in the first three months of the fiscal year by € 4.5 million to € 75.4 million. As cash and financial receivables simultaneously decreased (- € 1.1 million), the net financial liabilities rose somewhat more strongly, by € 5.6 million from € 55.0 million at the end of the year to € 60.6 million.

Outlook - Planning confirmed

Deufol SE confirms its planning figures published for fiscal year 2013 in its annual financial report. These envisage sales of between € 310 million and € 325 million and an operating result (EBITDA) of between € 18 million and € 20 million.
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