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KROMI Logistik AG publishes figures for the first nine months of fiscal year 2009/2010
- Revenues in first nine months down 16.4% to EUR 23,393 thousand (previous year: EUR 27,995 thousand)
- EBIT up substantially to EUR 193 thousand (previous year: EUR 102 thousand)
- Forecast for year as a whole adjusted: Revenues expected to be lower than previous forecast, earnings at previous year's level
KROMI Logistik AG (German Securities Code (WKN) A0KFUJ, ISIN DE000A0KFUJ5) publishes its report on the first nine months of fiscal year 2009/2010 (ending on June 30) today. During the period under review, the Group recorded revenues of EUR 23,393 thousand compared to EUR 27,995 thousand in the previous year. This figure is thus down 16.4%. At the end of the first six months of 2009/2010 this figure was 24.5% lower than in the previous year. At the same time, KROMI Logistik has been able to prove its profitability with renewed positive earnings, both at an operating level and also after taxes.
The most important factor for the business development in the past nine months has been the fact that production has remained at a low level in the engineering segment in particular as a result of the international economic crisis. However, from KROMI's perspective a slight positive trend could be felt in the period from January to March 2010, in particular for customers in the automotive supply sector, whereas there were downturns in line with expectations in ship engine building.
The downturn in the cost of materials from EUR 20,830 thousand to EUR 16,899 thousand is based on a reduction of merchandise purchased and warehouse management that has been further modified to customer requirements. As a result the cost of materials ratio decreased from 74.4% to 72.2%. At the same time, personnel expenses within the group fell from EUR 4,072 thousand to EUR 3,649 thousand. EBIT increased by 89.2% in the first nine months from EUR 102 thousand to EUR 193 thousand. EBT totaled EUR 201 thousand compared to EUR 206 thousand in the first nine months of 2008/2009. KROMI Logistik recorded consolidated earnings of EUR 81 thousand in the first three quarters of 2009/2010 compared to EUR 130 thousand in the same period of the previous year.
Even if initial signs of a slowly improving economy can be seen, many of KROMI Logistik's customers are still producing at a significantly reduced level. As a result, the Managing Board now believes that consolidated revenues for fiscal year 2009/2010 will be slightly lower than the previous forecast, and that it will thus not reach the level of 2008/2009. At the same time, the Managing Board has also reinforced its forecast, made in September 2009, that earnings will remain at around the previous year's level.
"We are very pleased with our figures for the first nine months, despite our lower revenues. The significant increase in our EBIT and the renewed positive earnings after taxes show the efficiency of our business model and signalize that we have an excellent grip on our costs," commented Uwe Pfeiffer on the ninemonth figures. "We are convinced that we will emerge as a stronger company from the economic crisis, which is still making itself felt in the manufacturing sector, and that we will be able to successfully realize our international growth potential."
KROMI Logistik AG's full report on the first nine months of fiscal year 2009/2010 will be available for download during the course of today at www.kromi.de in the Investor Relations segment.
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