KROMI Logistik AG publishes report for the first three months of FY 2012/2013
- Revenue grows significantly by 11.4 % to reach EUR 13,409 thousand
- Special effects and unrealised valuation losses burden earnings (EBIT: EUR -103 thousand)
- Revenue and earnings trends remain fully within internal budgets
- Forecast confirmed of significant and profitable revenue growth for FY 2012/2013
KROMI Logistik AG, a provider of end-to-end tools logistics solutions for manufacturing companies, reports further revenue growth in the first nine months of its 2012/2013 fiscal year, as announced in the quarterly report (as of September 30) which it has published today. The company reports revenue up by 11.4 % to EUR 13,409 thousand (previous year: EUR 12,042 thousand). This reported growth was particularly attributable to the German domestic market and the Brazilian subsidiary, registering growth rates of 18 % and 27 % respectively. Especially in Southern Europe, revenue fell short of previous quarters due to lower production levels during the summer months, reflecting seasonal factors. KROMI Logistik achieved high revenue growth rates with aerospace industry customers.
The rate of increase in the cost of materials slightly outstripped that of revenue growth, rising from EUR 8,783 thousand to EUR 10,089 thousand, with the cost of materials ratio registering a marked year-on-year jump from 72.9 % to 75.2 %. "The clear increase in this ratio is attributable to a somewhat incidental consumption of higher margin products in the prior-year period. Experience shows that this intra-year effect evens out over the course of the full fiscal year," was how Uwe Pfeiffer, CFO of KROMI Logistik AG, contextualised these figures. A comparison with the 74.7 % cost of materials ratio registered in the 2011/2012 fiscal year elapsed makes this point clear.
Due to the relatively higher expenses, the company reported an operating loss before interest and tax (EBIT) of EUR -103 thousand, compared with a EUR 372 thousand profit in the prior-year period. When adjusted for expenses arising from unrealised valuation losses (currency translation differences: EUR 130 thousand), pure operating earnings stood at EUR 27 thousand. The Group reported a consolidated net loss of EUR -165 thousand after taking into account finance costs, other income, and taxes to be paid. The company was still reporting a net profit of EUR 196 thousand in the comparable period of the previous year.
"We reported further revenue growth in the first three months of our current fiscal year. We are benefiting especially from continued, very robust market growth in Germany, and at our Brazilian subsidiary. Although special effects in our first quarter led us to incur comparatively higher expenses, we are fully within our internal budgets in terms of revenue and earnings from our operating business," was how Jörg Schubert, CEO of KROMI Logistik AG, commented on current business trends.
As a consequence, the Managing Board continues to assume that in the 2012/2013 fiscal year it will again achieve significant sales revenue growth in the double-digit percentage range. "Assuming the economic situation remains stable, we are aiming to report a further increase in our EBIT margin in the current fiscal year as part of our gradual, profitable growth strategy. The EBIT margin will prospectively remain within the lower single-digit percentage range in the current fiscal year," as Jörg Schubert went on to add, thereby reiterating the forecast for the current 2012/2013 fiscal year which has already been published.
Over the course of the day, KROMI Logistik AG will make its full report for the first quarter of the 2012/2013 fiscal year available for downloading on its website at www.kromi.de within the Investor Relations area.
KROMI Logistik AG
KROMI Logistik AG offers manufacturing companies end-to-end outsourcing for their supply of precision machining tools, 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 five other European countries. To date, KROMI has primarily focused on customers in the machine engineering, automotive suppliers and aerospace sectors as well as marine engine construction.
Visit us online at: www.kromi.de