12.07.02
Ad hoc: Thiel Logistik revises plan figures for operating income downwards
Significant decrease in earnings and less growth in net sales expected - Cash position further strengthened
Grevenmacher / Luxembourg - Thiel Logistik AG has to revise its plan figures regarding earnings for fiscal year 2002 significantly downwards on account of unexpected events. After preliminary analysis of the figures for the second quarter of 2002, especially mismanagement at the Swiss subsidiary Brechtbuehl (BTL) accounts for massive corrections regarding the financial planning for 2002. At the same time, an unexpected economic downturn in the fashion-logistics business sector affects the financial planning negatively. There are no losses of customer accounts or market shares in this sector, but Thiel had to face losses in volume. Also integration costs for the Birkart Globistics subsidiary which was acquired in January 2002 will be higher than initially expected at the takeover. Thiel Logistik now expects a growth in net sales for 2002 to 1.45 billion Euro as compared to the initially planned 1.62 billion Euro and an operating income (EBIT) of around EUR 25 million as compared to EUR 109 million originally planned. Preliminary figures for the second quarter 2002 are EUR 355 million as compared to EUR 281,8 million in the second quarter of 2001, with an EBIT of EUR 4 million as compared to EUR 16.1 million in the second quarter of 2001. Figures for the first half of 2002 therefore would amount to net sales of over EUR 700 million (EUR 411,4 million in 2001) and EBIT of slightly more than EUR 20 million (EUR 25,9 million in 2001). The company`s cash position has been further strengthened as of June 30, 2002. In the last quarter, the cash position amounted to EUR 112 million. Thiel Logistik AG`s Board of Directors will offer a thorough analysis of the background of the preliminary quarterly results today in an analysts` telephone conference in the afternoon and in a press conference in Frankfurt on Monday, July 15th, 2002.