81249 München, de
+49 (611) 205855-11
SHS VIVEON AG enjoys double-digit growth in its core business in the first 9 months 2008
Output in continued operations up 16% to EUR 19.0 million / EBITDA in core business almost doubles to EUR 0.5 million
In its continued operations, SHS VIVEON AG recorded EBITDA of EUR 0.48 million, and thus up around 79% on the same period of the previous year (EUR 0.27 million). As a result of the scheduled amortization of intangible assets performed for the last time this year, EBIT in the continued operations totaled EUR -0.50 million (previous year: EUR -1.30 million).Consolidated earnings from continued operations totaled EUR -0.40 million after the end of the first nine months of 2008 - also a significant improvement compared to the previous year(EUR -1.43 million). This corresponds to earnings per share of EUR -0.03 (previous year:EUR -0.10). The cash flow from operating activities in the continued and discontinued operations totaled EUR 0.18 million (9m 2007: EUR -2.02 million). Cash and cash equivalents as of September 30, 2008 totaled EUR 1.37 million.
As of September 30, 2008 discontinued operations recorded a significant loss of EUR -13.76 million. This was due to the extraordinary write-down of goodwill in connection with the planned sale of SHS Polar at the amount of EUR 11 million already performed on June 30, 2008. There was an additional amortization of goodwill for SHS Polar in the third quarter of 2008 totaling EUR 0.90 million. As a result, SHS VIVEON AG has done justice to the fact that the anticipated price from the sale, which has not yet been completed, is expected to be lower than expected as a result of the depressed situation on the market. In the first nine months of 2008 the output in the discontinued operations was EUR 17.5 million and therefore was substantially lower than the output of EUR 25.7 million generated in 2007.
This means that the total output for SHS VIVEON Group in 2008 will be lower than in the previous year.
Dirk Roesing, CEO of SHS VIVEON AG, is pleased with growth in the continued operations:"We are right on track in our core business. We are working intensely in Spain to find a good solution as early as possible."
SHS VIVEON AG's full nine month report for 2008 can be downloaded with immediate effect from the company's Web Site www.shs-viveon.com (Investor Relations section).
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