BERU AG
BERU AG: BERU AG publishes results for the first half of 2009
BERU AG / Half Year Results Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- BERU AG publishes results for the first half of 2009 Ludwigsburg, August 31, 2009 - The BERU Group, Ludwigsburg, posted revenue of EUR 143.9 million in the first half of 2009. Due to the worldwide slump in unit sales of automobiles, revenue was 37.5% lower than in the prior-year period (EUR 230.4 million). Profit on ordinary activities (EBIT) amounted to EUR 4.5 million (EUR 15.8) million, equivalent to an EBIT margin of 3.1% (6.9%). BERU prevented EBIT from falling at an even faster rate by consistently taking measures to reduce costs and increase efficiency. A comparison with the prior-year period is only possible to a limited extent due to the changes in the consolidated group (integration of French subsidiaries into the BorgWarner Group in December 2008). BERU achieved a profit for the period of EUR 6.5 million (EUR 12.3 million). Earnings per share for the first half of the year amounted to EUR 0.62 (EUR 1.20). Development of the sales segments Due to the economic crisis, the Original Equipment sales segment suffered a significant revenue decline in the first half of 2009. The segment reported revenue for the period of EUR 88.9 million, which is 43.4% less than the revenue of EUR 157.3 million in the prior-year period. The Aftermarket segment's revenue fell from EUR 59.8 million to EUR 44.5 million. The General Industry segment, comprising BERU's business with producers of oil and gas burners as well as its industrial electronics, reported a 21.1% decrease in revenue from EUR 13.3 million to EUR 10.5 million. Development of the product divisions BERU's Diesel Cold Start Technology division achieved revenue of EUR 51.1 million in the first six months of 2009, compared with EUR 81.5 million in the first half of last year. This was due to the disproportionately high decline in new registrations of vehicles with diesel engines, especially in Germany. The Ignition Technology division generated revenue of EUR 48.1 million (EUR 65.9 million), which is 27.0% less than in the prior-year period. The Electronics and Sensors experienced a revenue decline of 46.2% from EUR 83.0 million to EUR 44.7 million. This was primarily the result of lower revenue from sales of tire-pressure monitoring systems, which fell by 58.5% to EUR 16.6 million. Sharp fall in EBIT Profit on ordinary activities (EBIT) for the first half of 2009 amounted to EUR 4.5 million, equivalent to an EBIT margin of 3.1%. It was not possible to achieve the level of earnings of the prior-year period due to the fall in revenue. An even sharper decline in EBIT was prevented by effectively implementing cost-reducing and efficiency-improving measures, resulting in an incremental margin decline of 13.1% on sales. Effects of the economic crisis Starting in October 2008, BERU has already initiated several measures to counteract the economic crisis. At the beginning of 2009, additional short-time working arrangements were introduced at several sites, and have meanwhile been extended until the beginning of 2010. Cost-reducing actions will be steadily continued. Unchanged weak outlook The development of worldwide demand is likely to remain weak in the second half of 2009. 'We therefore affirm our previous revenue guidance for full-year 2009 and anticipate slightly positive EBIT,' stated Dr. Thomas Waldhier, Chairman of the Executive Board of BERU AG. 'For 2010, we assume that revenue will stabilize at the present low level.' The interim report on the first half of 2009 can be found on BERU's website at www.beru.com/half_year_report. BERU business development in the first half of 2009 (January 1 to June 30) Based on unaudited figures Consolidated income statementEUR million H1 2009* H1 2008 Revenue 143.9 230.4 Cost of sales -110.9 -165.0 Gross profit 33.1 65.4 Selling and administrative expenses -19.0 -31.6 Research and development expenses -13.0 -14.9 Other operating income/ expenses 3.4 -3.1 Profit on ordinary activities (EBIT) 4.5 15.8 Financial income 5.0 2.1 Profit before income taxes 9.5 17.9 Income tax expense -3.0 -5.6 Profit for the period 6.5 12.3Consolidated balance sheetEUR million June 30, 2009 Dec. 31, 2008 Assets Non-current assets 161.0 168.9 Current assets 287.5 287.9 Equity and liabilities Equity** 342.7 340.8 Non-current liabilities 37.5 37.7 Current liabilities 72.3 82.4**Including minority interest Additional figuresH1 2009 H1 2008 Investment in property, plant and equipment (EUR 1.5 4.5 million) Number of employees (June 30) 1,778* 2,437*Comparability with the prior-year period is only possible to a limited extent due to changes in the consolidated group (integration of the French subsidiaries into the BorgWarner Group). 31.08.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: BERU AG Mörikestr. 155 71636 Ludwigsburg Deutschland Phone: +49 (0)7141 132-931 Fax: +49 (0)7141 132-586 E-mail: investor-relations@beru.de Internet: www.beru.de ISIN: DE0005072102 WKN: 507210 Listed: Regulierter Markt in Frankfurt (General Standard), Stuttgart; Freiverkehr in Berlin, München, Düsseldorf, Hamburg End of News DGAP News-Service ---------------------------------------------------------------------------
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