euro adhoc: BENE AG
quarterly or semiannual financial statement
Bene
continues success course: substantial sales increase in the first half-year of
2007/08.
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
6-month report
28.09.2007
Group sales increased by 30.6 % to EUR 115.1 million Temporary impact on earnings by disproportionate sales growth Numerous large scale projects before end of realisation Continuing positive market environment
Vienna / Waidhofen/Ybbs, September 28, 2007. In the first half-year of 2007/08, the Bene AG with its headquarters in Waidhofen/Ybbs, listed on the Vienna Prime Market (ISIN AT00000BENE6) achieved significant sales increases and could further expand its market share.
An ongoing strong organic growth and the acquisitions in the past twelve months led to a sales increase of 30.6 % to EUR 115.1 million (first half-year 2006/07: EUR 88.2 million). In the home market Austria, the Bene Group could again increase sales by 9.3 % to EUR 36.1 million (first half-year 2006/07: EUR 33.0 million). Likewise in Germany, Bene significantly improved sales by 38.0 % from EUR 21.3 million to EUR 29.4 million. With a sales growth of 36.0 % to EUR 17.7 million (first quarter 2006/07: EUR 13.0 million), the Bene Group could also continue its success course in Great Britain (UK). Bene achieved its strongest sales growth in Russia with an increase of 53.9 % to EUR 13.4 million (first half-year 2006/07: EUR 8.7 million). With a sales plus of 53.0 % and a rise to EUR 18.5 million in the first six months of 2007/08 (first half-year 2006/07: EUR 12.1 million), the Bene Group also significantly boosted sales in the "rest of the world" segment.
Thanks to its dense distribution net and despite a competitive price situation, in the first half-year of 2007/08, the Bene Group could generate very high revenues. However, with an EBIT in the amount of EUR 5.1 million (first half-year 2006/07: EUR 7.1 million), earnings-wise Bene could not yet follow up the extraordinary profitable first half-year of 2006/07. But earnings figures for the first half-year of 2007/08 have to be qualified insofar as the strong volume increase led to an extraordinary intense capacity utilisation of the entire production and the overall organisation. This resulted in temporary additional expenditures, which negatively impacted the EBIT-margin. This effect was even intensified by numerous projects, which at the end of the first half-year were just before implementation. Costs of these projects are already included in the result, but the contribution margin will only show in the third and forth quarter figures. Despite the adjustments to the capacity requirements, all in all, the Bene Group´s fixed cost structure remained relatively constant. The Bene Group has already reacted on the significant sales growth and, among others, has successfully implemented investments for the site´s capacity expansion.
Against this background, in the first half-year of 2007/08, the Bene Group generated an EBIT-margin of 4.4 % after 8.1 % in the previous year´s comparison period.
The financial result of the Bene Group improved by 0.6 million to EUR 0.1 million. The EBT amounted to EUR 5.3 million (first half-year 2006/07: EUR 6.7 million).
As of the reference date July 31, 2007, the equity ratio was 40.8 % (January 31, 2007: 45.6 %). The working capital amounted to EUR 31.5 million (July 31, 2006: EUR 33.5 million).
With a total of EUR 9.1 million in the first half-year of 2007/08, the Bene Group considerably increased its investment volume (first half-year 2006/07: EUR 2.4 million).
On the reporting date July 31, 2007, the Bene Group occupied 1.446 employees worldwide. This corresponds to an increase of 235 persons or by 19.4 %.
With two further upcoming strong quarters, the Management Board of Bene Group is optimistic to significantly increase sales and intends to further strengthen the distribution structure through personnel recruitment but also through short-term acquisition possibilities. As a result of the continuing positive economic situation, all segments report a satisfying demand development.
The comprehensive half-year report is available under http//:bene.com.
end of announcement euro adhoc 28.09.2007 07:30:00
Further inquiry note:
Investor Relations
Mag. Gerald Strohmaier, MBA
Head of Finance & Investor Relations
BENE AG
A-3340 Waidhofen/Ybbs
Schwarzwiesenstraße 3
Phone +43-7442-500-3372
Fax +43-7442-500-993372
http://bene.com
Branche: Furnishings & Furniture
ISIN: AT00000BENE6
WKN:
Index: ATX Prime
Börsen: Wiener Börse AG / official market