Ad hoc: Thiel Logistik: EBIT of 21.5 million euros in 1st half-year
Forecast 2002 of 25 million euros EBIT confirmed - Positive operating cash flow - High equity ratio
Frankfurt a. Main/Grevenmacher (Luxembourg) - The management of Thiel Logistik AG is certain that it will achieve the adjusted targets for 2002. EBIT: EUR 25 million, sales: EUR 1.45 billion. The figures for the half-year financial statements now available confirm the new forecast for 2002. Sales rose in the period under review by 66 per cent to EUR 702 million compared to the same period of the prior year. Earnings in the 1st half-year of 2002 were impacted primarily by factors that were already pointed out in the profits warning on July 12, 2002: Massive failings on the part of the management in Switzerland, higher integration costs and a persistently sluggish economy. Owing to the negative economic environment, the management also decided to postpone the sales of assets in connection with the reshaping and restructuring program at the Birkart Group and originally planned for 2002. The postponement means the corresponding earnings will not be realized this year. Taken together, the negative developments led to a declining, though continuing positive, EBIT of EUR 21.5 million. The balance sheet features a high equity ratio. Shareholder equity as of December 31, 2001, stood at EUR 273 million, and amounted to EUR 417,8 million as of June 30, 2002. This represents an equity ratio of over 45 percent on total assets of EUR 922 million. Adjusted for goodwill, the equity ratio amounts close to 30 per cent. In the 1st half-year of 2002 the operating business generated a positive cash flow totaling EUR 9.6 million. The cash flow provided from this in the 2nd quarter of 2002 amounted to just under EUR 13 million compared to a negative cash flow of just under EUR 3 million in the 1st quarter of 2002. A loss is still planned for the ongoing 3rd quarter of 2002, with a positive result being achieved again in the 4th quarter. The financial statements for the 1st half-year are based on the new segment reporting done by region. The management has decided to employ geographical criteria in future and to replace the old reporting according to division with a new reporting based on regions.