EANS-News: Einhell Germany AG
Press release
Landau/Isar (euro adhoc) -
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Einhell Germany AG,
Landau an der Isar. Einhell group revenues slightly below previous year
. Group is furthermore very profitable
. Successful refinancing of the bonded loan
. Further international expansion
. OutlookEinhell group revenues slightly below previous year
In the first six months of the financial year 2009, the Einhell group earned revenues of EUR 181.5 million. Due to the continuing unfavourable global conditions, this is a very positive result.
Revenues of the previous year in the domestic German market, European Union and in other countries were unable to match, due mainly to the effects of the financial crisis in Eastern Europe. In comparison with the previous year, revenues in Asia increased. The share of total Group revenues provided by foreign countries in the first half-year 2009 was 59.6 %.
Group is furthermore very profitable
In the period January to June 2009, the Einhell Group earned profits from operations amounting to EUR 9.8 million (previous year EUR 11.6 million). Thus pre- tax yield was 5.4 % (previous year 5.8 %). Group net profit after minority interests in the first six months 2009 amounted to EUR 7.3 million (previous year EUR 7.8 million).
Earnings per share are calculated at EUR 1.9 per share (previous year EUR 2.1 per share).
Successful follow-up financing of the bonded loan
Over the past half-year, the Einhell Group has been able to fulfil an important strategic corporate goal: it has secured refinancing of the bonded loan that expires in July 2009.
Favourable terms for long-term financing for EUR 40 million has been secured for the next five years.
Due to the solid financial structure and ongoing positive earnings, it was possible to secure an excellent basis for the future growth of the Group. This provides the foundation for further international expansion.
Further international expansion
In order to establish a footing in lucrative South American economies, we planned to set up our own company in Brazil in the financial year 2009. This company has now been set up. Business operations should start at the end of 2009.
In order to continue to improve sales, the Einhell Group also plans partnerships with companies in India and other countries in South America in the near future.
The group companies set up in 2008 have now been fully integrated into the Group. Despite the financial crisis, Einhell will continue its programme of internationalisation. The Board of Directors is currently working hard on strategic planning for the coming years.
Outlook
Group management continues to expect that 2009 will be a very difficult year. In particular, the decline in private consumption could have significant effects on Group revenues.
Due to its excellent financial base and attractive new productlines, the Group's management believes that Einhell will emerge strengthened from the current financial crisis.
Landau a. d. Isar, 2 September 2009
The Board of Directors
Contact:
Jan Teichert Helmut Angermeier Member of the Board of Directors Authorised representative Post office box 1 50 Post office box 1 50 94402 Landau/Isar 94402 Landau/Isar Phone: +49 9951 942 108 Phone: + 49 9951 942 166 Fax: + 49 9951 5817 Fax: + 49 9951 942 293 E-Mail : Jan.Teichert@einhell.com E-Mail: Helmut.Angermeier@einhell.com
end of announcement euro adhoc
Further inquiry note:
Silvia Vaitl
Sekretariat Vorstand
Tel.: +49 (0)9951-942-290
E-Mail: silvia.vaitl@einhell.com
Branche: Wholesale
ISIN: DE0005654933
WKN: 565493
Index: CDAX
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade