Ad hoc: Significant sales and earnings growth in Q1
Sales forecasts clearly exceeded / Successful start to integration of Birkart
Grevenmacher / Luxembourg - Thiel Logistik AG recorded significant sales and earnings growth, with net sales of EUR 352.2 million and operating income of EUR 17.4 million. Sales clearly exceeded the company`s own forecasts. Compared with the first quarter of last year, net sales increased by 73 percent and operating income by 34 percent. Net income grew 48 percent to EUR 12 million, while earnings per share were up from EUR 0.12 to EUR 0.17. Birkart Globistics, acquired in January, was consolidated for the first time in the first quarter. The rapid integration of Birkart is particularly important to Thiel Logistik AG, and the process has started well from an organizational and operational point of view. Sales from the outsourcing agreements with Burger King Deutschland GmbH and its franchisees and with the Westphalian furniture manufacturer Schieder will not be realized until the second quarter of 2002, indicating a further increase in organic growth over the coming quarters. Organic growth was 18 percent in the first quarter. The capital increase executed in March contributed EUR 98.8 million to the Company (net of the costs of the capitalization measure). Shareholders` equity increased from EUR 273.7 million at year-end 2001 to EUR 411.9 million as of March 31, 2002. With total assets of EUR 922.8 million, the equity ratio increased to 44.6 percent, equity ratio excluding goodwill amounted to around 30 percent. After payment for the acquisitions, cash and cash equivalents amounted to EUR 112.7 million by the end of the first quarter. Overview of figures ( in EUR million in accordance with US GAAP ) Jan. 1, 2002 - Jan. 1, 2001 - Mar. 31, 2002 Mar. 31, 2001 Sales HealthCare Logistics + Services 52,5 29,0 +81% Contract Logistics / E-Logistics 196,2 114,2 +72% Value Added Services 103,5 60,2 +72% Total 352,2 203,4 +73% Earnings HealthCare Logistics + Services 5,8 3,8 +53% Contract Logistics / E-Logistics 4,1 3,2 +28% Value Added Services 7,5 6,0 +25% Total 17,4 13,0 +34% Net income 12,0 8,0 +48% Earnings per share ( in EUR ) 0,17 0,12 +42%