13.11.02
Ad hoc: Turnaround achieved
Thiel: Turnaround achieved - Forecast for year of 25 million euros operating income reaffirmed - 60% increase in sales - As expected, slight loss for the quarter - Positive cash flow - Business model confirmed
Grevenmacher (Luxembourg) - Thiel Logistik AG increased its sales in the first nine months of 2002 by 60% to 1.068 billion euros. As expected, a slight loss of 2.5 million euros was recorded for earnings in the 3rd quarter 2002 for the first time ever. With the slight loss now behind us, we have achieved the turnaround. For the nine-month period of 2002 the result is an overall positive operating income of 19.0 (44.5) million euros, net income amounted to 9.5 (30.4) million euros. Despite the decline in earnings, the cash flow from operations was maintained at an almost unchanged level of 40.1 (42.0) million euros. Shareholders' equity increased to 413.2 million euros against 273.7 million euros as of December 31, 2001. This corresponds to an equity ratio of 46 % on total assets of 893.6 million euros. Adjusted for goodwill, the equity ratio amounts unchanged to 30%. This development confirms the business model of Thiel Logistik AG. The company has succeeded in spreading risks and stabilizing growth through diversification, differentiation and internationalization. The Board is keeping to the forecast of 1.45 billion euros sales for full-year 2002 and an operating income of 25 million euros. This forecast does not yet include Microlog Logistics AG, of which a majority stake was acquired in mid-October 2002. It will be initially consolidated in the Thiel Group in the 4th quarter of 2002.