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Results for the First Quarter 2010
Beside an increase in group sales of 17.8% to EUR 164.7 million due to a perceptible upward trend in production output, especially in the passenger car segment, cost structures were further optimized based on the steady implementation of costsaving measures. This costcutting programme mainly included the reduction of personnel expenses, considerably downsizing leased staff as well as leveraging countryspecific shorttime working schemes. Furthermore, two European plants were shut down in 2009 and production shifted to other corporate plants.
In the first quarter of 2010, EBITDA turned positive to EUR 3.6 million compared to a negative EBITDA in the same period of 2009 and EBITDA margin amounted to 2.2%. However, the effective and resultoriented implementation of a number of costcutting measures could not prevent a negative EBIT of EUR -3.3 million despite a considerable improvement of EUR 10 million.
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