Quarterly results

Deufol SE: Results of the first nine months 2013

(PresseBox) ( Hofheim am Taunus, )
- Sales after nine months € 238.7 million (previous year € 248.5 million)
- EBITDA after nine months € 11.0 million (previous year € 12.6 million)
- EBITA after nine months € 5.3 million (previous year € 6.0 million)
- Operating cash flow after nine months € 12.1 million (previous year € 10.3 million)

Sales trend

The Deufol Group's cumulative sales amounted to € 238.7 million in the first nine months of 2013. This decline in sales of approx. € 9.8 million or 3.9 % on the same period in the previous year overwhelmingly reflects the lower volume of Data Packaging business in the USA, lower sales in Tienen, Belgium, as well as slightly negative tendencies for several export-dependent sectors in Germany, in line with the economic trend. Growth in many areas has offset the adverse effects of Data Packaging in the USA and the Belgian automotive sector, but has not been able to fully make up for this. The trend has stabilized in the USA and Belgium which are now providing solid contributions, albeit at a lower level than in the previous year. In the USA/Rest of the World segment, sales were 12 % lower than in the previous year, at € 45.3 million. In contrast, in Germany sales were at € 130.5 million a good 3 % lower than in the previous year, while in the Rest of Europe at € 62.9 million sales were almost 1 % higher than in the previous year.

Income trend

The operating result (EBIT) after nine months of the year amounts to € 5.3 million (previous year: € 6.0 million). The individual segments developed as follows in the first nine months of the year: In Germany, the EBITA amounted to € 4.5 million. Due to several customers' restraint in the export-dependent mechanical engineering sector, this was € 1.3 million lower than in the previous year.

In the Rest of Europe, EBITA fell from € 4.0 million to € 3.1 million. This was mainly due to the lower results for our Belgian location in Tienen. However, the decrease here was partly made up for through improved results in other countries.

The USA/Rest of the World segment realized a result of € 0.5 million (previous year: € 1.8 million). Data Packaging suffered here due to the consolidation trend in the data packaging sector at the start of the year. The other sectors have now stabilized in terms of their earnings and have performed well, thus somewhat compensating for Data Packaging's lower operating result.

The EBITA loss of Deufol SE (the holding company) declined sharply, to € 3.0 million, compared to € 5.5 million in the previous year.

Earnings before taxes (EBT) in the first nine months of the year were € 2.91 million (previous year: € 3.55 million). After income tax expenses (€ 1.75 million), income from continuing operations is € 1.16 million, compared to € 1.66 million in the first nine months of 2012. The result for the period also amounted to € 1.16 million (previous year: € 1.38 million). After deduction of the profit shares of non-controlling interests (€ 0.14 million), a net profit of € 1.02 million (previous year: € 1.01 million) is attributable to the shareholders of Deufol SE. Earnings per share in the first nine months were € 0.023 (previous year: € 0.023).

Financial position

In the first nine months, the cash flow provided by operating activities amounted to € 12.1 million and was thus higher than the level in the previous year (€ 10.3 million).

The financial liabilities of the Deufol Group decreased in the first nine months of the fiscal year by € 6.3 million to € 64.7 million. As cash and financial receivables both decreased (− € 1.8 million), net financial liabilities declined at a slightly lower rate, from € 55.0 million at the end of the year to the current € 50.5 million.


Despite encouraging progress in transforming the Company to place it on a sustainable footing - in an environment characterized by restraint in the mechanical engineering sector - we have been unable to make up for the challenging start to the year and are accordingly revising our target earnings for fiscal year 2013. We now expect an operating result (EBITDA) of between € 15 million and € 17 million (previously, € 18 million to € 20 million). For our sales, we confirm our planning figures in a corridor between € 310 million and € 325 million.

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