euro adhoc: Eybl International AG
Financial Figures/Balance Sheet
Eybl
International AG announces preliminary figures for the business year 2007/08 and
a comprehensive restructuring package.
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
25.06.2008
- Sales of EUR 294 million in financial year 2007/08 - Loss for the year of EUR 45.9 million - Restructuring based on an injection of fresh equity capital (EUR 32.4 million), debt relief (EUR 75.8 million) and an equity ratio of 40 %
Krems, 25 June 2008. Eybl International AG (ISIN: AT0000908157) is a well-known international manufacturer of parts for car interiors and specializes in the production of auto textiles and seat covers made of fabric and/or leather. It has about 4,200 employees at nine production locations in Austria, Hungary, Romania, Germany and Slovakia. Today, the company announced its preliminary balance sheet figures for the business year 2007/08. The balance sheet shows a loss for the business year of EUR 45.9 million on sales of EUR 294 million. The loss is attributable to operational problems at the production sites in Romania and Hungary and a lack of productivity as well as the negative impact of a liquidity bottleneck in early 2008 and necessary write-downs. The management, led by the newly appointed CEO Otto Zwanzigleitner, has been working together with consultants from Roland Berger since February 2008 on a restructuring plan aimed at helping Eybl International rejoin the ranks of successful European automotive suppliers. Otto Zwanzigleitner announced a total regeneration of the Eybl Group that would result in significantly improved productivity and internal quality requirements and involve the launch of a new sales campaign.
The CEO´s plans also include diversification in lines of business outside the automotive sector, particularly in aerospace, an industry offering sizable contracts with large margins.
In tandem with the operational restructuring, the main shareholder, a private family foundation called Fries-Familien-Privatstiftung, has agreed with the banks to a comprehensive debt relief program. Its aim is to carry out a capital increase in conjunction with a capital reduction at the upcoming Ordinary Meeting of Shareholders. This step would give the Eybl Group a fresh injection of liquidity amounting to EUR 32.4 million.
The group´s financial liabilities will be reduced by EUR 75.8 million by the liquidity from the capital increase, the sale of EUR 20 million in assets not necessary for operations, and the waiving of claims by bond and bank creditors. The remaining liquidity of at least EUR 10 million is earmarked for financing operational growth. CFO Markus Gahleitner, now up for reappointed, said these steps would give the Eybl Group an equity ratio of 40 %, making it a stable and reliable partner for customers and suppliers in terms of the company´s balance sheet and finances.
Profile of Eybl International: Eybl International AG is a well-known international producer of parts for car interiors and specializes in the production of auto textiles, fabric and/or leather seat covers, and covers for special interior parts. The company is traded on the Vienna Stock Exchange and has its headquarters in Krems a. d. Donau in Lower Austria. It has about 4,000 employees at fifteen business locations, nine of which are production sites in Austria, Hungary, Romania, Germany and Slovakia. All of the group locations are audited in accordance with the automotive industry´s stringent certification standards. Eybl also has sales branches in Germany, France, Spain and the United Kingdom.
end of announcement euro adhoc
Further inquiry note:
Eybl International AG
Corporate Communication
Erwin Klinglhuber
Tel.: +43 (0) 2732 881-218
Fax: +43 (0) 2732 881-78
mailto:erwin.klinglhuber@eybl-international.com
Branche: Speciality stores
ISIN: AT0000908157
WKN: 914117
Index: WBI, Standard Market Auction
Börsen: Wiener Börse AG / official market