2010. II. n.évi eredmények
Key Issues 2Q 2010
- Profit before tax amounted to EUR 3.1 Mill compared to a loss of EUR -2.3 Mill in Q2 2009.
- Net interest bearing debt was reduced by 57.0% down to now EUR 23.1 Mill compared to Q2 2009.
- Based on an excellent cash flow in Q2 2010 a reduction from same period last year of long-term interest bearing debt of EUR 19.3 Mill became possible through buying back own bonds.
- Order intake in all main markets is on comparable level to Q2 2009 or better except for France.
- Order situation is still challenging, but recent crop and milk price increase give some future positive expectations.
- Operating revenues slightly increased from Q1 2010 to Q2 2010 and - when excluding the natural downturn in the bale business after divestment of our Geldrop factory in February 2009 - reached almost the sales of Q2 2009 (-2.6%).
- Improved gross margins (+2.0%), well adjusted production capacities and a reduced cost base (-10.9%) resulted in a strongly improved EBITDA of EUR 6.8 Mill in Q2 2010 vs. EUR 4.6 Mill in Q2 2009 (+48.0%, excluding the FX related effects: +80.0%).
- EBITDA was strongly negatively affected by unfavourable currency exchange rates (primarily NOK to EUR). This effect was partly offset by a currency exchange gain of EUR 0.5 Mill, first of all from restatement of hedge contracts.
- Following the fundamental changes in production philosophy already launched in 2009, a further reduction of inventories could be realized (Q2 2010 EUR -12.1 Mill vs. Q2 2009 EUR -4.0 Mill) combined with improved delivery times.
- Due to solid profitability and another cutback on working capital of EUR -15.8 Mill a continuously strong positive operational cash flow of EUR 21.0 Mill (Q2 2009 EUR 9.6 Mill) was generated.
Key Issues year-to-date 2010
- EBITDA of EUR 13.0 Mill is almost on par with last years EBITDA of EUR 13.9 Mill although the operating revenues decreased by EUR 45.5 Mill compared with last year.
- Strongly reduced capacity cost (EUR -9.5 Mill) and substantially improved purchasing results are the key drivers behind this healthy development.
- Negative currency effects on gross margin and capacity cost, and thus on EBITDA, are to a large extent compensated by exchange gains of EUR 3.9 Mill.
- Working capital was reduced with EUR 74.2 Mill from Q2 2009 to Q2 2010.
- The equity ratio improved from 31.0% at year end 2009 to 34.0% at the end of Q2 2010.
- The negative difference in the order book was sharply reduced from EUR 100.3 Mill at year end 2009 down to EUR 32.2 Mill at the end of Q2 2010.