Contact
QR code for the current URL

Press release Box-ID: 421190

KROMI Logistik AG Tarpenring 11 22419 Hamburg, Germany http://www.kromi.de
Contact Mr Henryk Deter +49 611 20585513
Company logo of KROMI Logistik AG
KROMI Logistik AG

KROMI Logistik AG publishes its Q3 figures 2010/2011 and makes a statement on the full year forecast

(PresseBox) (Hamburg, )
KROMI Logistik AG reported a rise in revenues of 13.8% the first nine months of the 2010/2011 fiscal year ending 30 June, from EUR 23,393 thousand in the previous year to EUR 26,612 thousand. As part of this development, March 2011 represented KROMI Logistik AG's highest revenue month since September 2008. Adjusted for a one-off revenue effect in the previous year period, revenues would have been up by 19.1% for the first nine months of the fiscal year 2010/2011. In addition, the company has recorded a substantial increase in business with new customers since the beginning of the year and made further investments in future growth both domestically and abroad. The latter impacted earnings somewhat and led to a negative EBIT figure of EUR -594 thousand (previous year: EUR 193 thousand). On the back of this, the company has revised its earnings forecast for the full year downwards.

Following the considerable rise in revenues, cost of materials was up 16.1% from EUR 16,899 thousand to EUR 19,614 thousand. The resultant increase in the cost of materials ratio from 72.2% to 73.7% is attributable to the higher share of new customers in the portfolio year-on-year and the lower gross profit margin due to the resale of inventories purchased from new customers with which this is generally accompanied. This with new customers effect levels out over time.

KROMI Logistik stepped up the implementation of its strategy of investing in new customers and markets on the back of the favourable conditions in the third quarter of the fiscal year. In the interim financial report, this is particularly evident in the increase in tool inventories to EUR 8,333 thousand (30 June 2010: EUR 6,485 thousand), the rise in trade receivables to EUR 9,958 thousand (30 June 2010: EUR 7,325 thousand), the growth in trade payables to EUR 5,050 thousand on the reporting date (30 June 2010: EUR 2,517 thousand) and the increase in other operating expenses to EUR 3,580 thousand (previous year: EUR 2,809 thousand). In addition, this development was also reflected in the following non-balance sheet items: As of 31 March 2011, KROMI employed more than 100 employees for the first time (104). 21 new employees were appointed in the first three quarters of the fiscal year, primarily at the company's international locations. The increased staff costs of EUR 4,185 thousand over the nine month period (previous year: EUR 3,649 thousand) only partially reflect this development as the appointments were made successively over the course of the year. In addition, the accelerating growth is also illustrated by the development of installed service desks and tool dispenser units: 18 service desks and 46 dispenser units have been installed for our customers since the start of the fiscal year on 1 July 2010. On that date, a total of 89 service desks and 285 tool dispenser units were in the hands of customers. During the entire previous fiscal year 2009/2010, the number of customer installations hardly changed on balance due to the financial crisis.

Overall, operating earnings (EBIT) were impacted by the implementation of the supply system for new customers, the increased sales activities as well as the aforementioned further investments in the establishment and development of the company.

Although several of the already contracted new projects will only generate revenues in the next fiscal year, the Managing Board anticipates that the company will still achieve the forecast revenues rise to EUR 37 - 38 million over the full year. In contrast, operating earnings will remain at around the current nine month level, and consequently not reach the approx. EUR 1 million mark as forecast at the end of H1.

KROMI Logistik AG will publish its full 9-month report for the fiscal year 2010/2011 on 11 May 2011 at www.kromi.de in the Investor Relations section.

KROMI Logistik AG

KROMI Logistik AG offers manufacturing companies end-to-end outsourcing for the supply of precision tools (tool management) both in Germany and abroad. The company focuses on technically advanced machining tools for metalworking and plastics (consumable and cutting tools, e.g. drills). KROMI combines conventional tool retailing with a decentralised tool supply system that includes output machines in the customer's production area and an IT-based tool management and controlling system. KROMI's aim is to sustainably optimise the supply of resources (particularly tools) for its customers and to secure the availability of the appropriate resources at the right time and in the right place. The company is currently represented at five locations in Germany and four abroad (Slovakia, Czech Republic, Brazil and Spain), and is active in three other European countries. To date, KROMI has primarily focused on customers in the machine engineering, shipbuilding and aerospace sectors as well as automotive suppliers. In fiscal year 2009/2010, the company reported revenues of EUR 31,198 thousand in line with IFRS (previous year: EUR 34,935 thousand). EBIT came in at EUR 175 thousand (EUR -82 thousand).

Visit us online at: www.kromi.de

The publisher indicated in each case is solely responsible for the press releases above, the event or job offer displayed, and the image and sound material used (see company info when clicking on image/message title or company info right column). As a rule, the publisher is also the author of the press releases and the attached image, sound and information material. The use of information published here is generally free of charge for personal information and editorial processing. Please clarify any copyright issues with the stated publisher before further use. In case of publication, please send a specimen copy to service@pressebox.de.
Important note:

Systematic data storage as well as the use of even parts of this database are only permitted with the written consent of unn | UNITED NEWS NETWORK GmbH.

unn | UNITED NEWS NETWORK GmbH 2002–2023, All rights reserved

The publisher indicated in each case is solely responsible for the press releases above, the event or job offer displayed, and the image and sound material used (see company info when clicking on image/message title or company info right column). As a rule, the publisher is also the author of the press releases and the attached image, sound and information material. The use of information published here is generally free of charge for personal information and editorial processing. Please clarify any copyright issues with the stated publisher before further use. In case of publication, please send a specimen copy to service@pressebox.de.