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KROMI Logistik AG reports significant revenue growth in first six months of FY 2012/2013
- Revenue up 13.7% to EUR 27,589 thousand
- Moderate trend in Southern Europe and extraordinary effects in Brazil burden earnings (EBIT: EUR 68 thousand)
- Revenue and earnings growth remain within internal budgets
- Forecast for FY 2012/2013 confirmed
KROMI Logistik AG, a provider of end-to-end tools logistics solutions for manufacturing companies, reports further revenue growth in the first six months of its 2012/2013 fiscal year. This announcement is based on its half-yearly report (as of December 31) which was published today. The company reports revenue up by 13.7% to EUR 27,589 thousand (previous year: EUR 24,258 thousand), exceeding the growth achieved in the previous quarter. This revenue growth was generated especially in Germany, and at the Brazilian subsidiary. Double-digit percentage growth rates were registered in these regions. Especially in Southern Europe, revenue and earnings contributions were below those in previous quarters due to continued economic uncertainties, by contrast. A detailed action plan to improve profitability in these regions is currently being implemented.
The rate of increase of the cost of materials was in line with revenue growth, rising from EUR 17,842 thousand to EUR 20,696 thousand, with the cost of materials ratio registering a year-on-year increase from 73.6% to 75.0%. "One reason for this increase is a major new customer in Brazil, where only low margins are being generated during the pilot phase. In addition, one-off corrections to inventories, which were necessitated as part of an SAP software relaunch in Brazil, contributed to the increase in the cost of materials there," noted Uwe Pfeiffer, CFO of KROMI Logistik AG. Despite these extraordinary items, the Group reported a further slight reduction in the cost of materials ratio compared with the first quarter of 2012/2013 (75.2%).
Due to the relatively higher expenses, and the strained earnings situation in Southern Europe and Brazil, the company reported earnings before interest and tax (EBIT) of EUR 68 thousand, compared with EUR 546 thousand in the prior-year period. Operating profit would have stood at EUR 247 thousand when adjusted for unrealised currency translation losses (EUR 179 thousand). The Group reported a consolidated net loss of EUR -218 thousand after taking into account finance costs, other income, and EUR 144 thousand of taxes on income to be paid. The company was reporting a profit of EUR 296 thousand in the comparable period of the previous year.
"We reported further revenue growth in the first six months of our current fiscal year. We are benefiting especially from continued, very robust market growth in Germany, and at our Brazilian subsidiary. By contrast, revenue and earnings trends are moderate on Southern European markets. A detailed action plan to improve profitability in these regions is currently being implemented. France on the other hand represents a special case. Since we are not convinced that we can achieve a sustainable turnaround there, we have discontinued our business activities on this market, and have wound up the existing organisation," was how Jörg Schubert, CEO of KROMI Logistik AG, commented on this current development within the Group. He went on to add: "In terms of revenue and earnings from the operating business, we nevertheless remain within the scope of our internal planning."
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," noted Jörg Schubert, 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 half of the 2012/2013 fiscal year available for downloading on its website at www.kromi.de within the Investor Relations area.
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