Microlog Logistics AG
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Microlog: Stable performance in first half of 2002
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Stable performance in first half of 2002
– Revenues for first half of 2002 rise by 65% to EUR 137.4 million
– EBITA for the first half +14% to EUR 6.6 million; net EPS: minus EUR 0.43
after minus EUR 0.77; before goodwill amortisation: EUR 0.22 after minus EUR
0.21
– Impact of economy on performance is limited to normal seasonality of business
Frankfurt am Main, 20. August 2002. – Microlog Logistics AG, one of the leading
specialists in high-end contract logistics, has today announced its results for
the second quarter and the first six months of the current 2002 financial year.
Revenues grew to EUR 68.9 million in Q2/2002 and were thus 37% higher than in
the same period last year. Compared with the first quarter of 2002, revenues
increased by 1%. In the first half of 2002, revenues were propelled to EUR
137.4 million, a 65% increase (after EUR 83.2 million). Within this context,
however, the LOCTON acquisition effected in March 2001 has to be taken into
account. The two second quarters, however, provide an excellent basis for
comparability: Microlog continues to grow in line with is medium-term targets
(approx. 40% organic growth p.a.).
The slight revenue declines compared with Q1/2002 in the segments Center
Logistics (EUR 13.3 million; -6%) and Inhouse Logistics (EUR 9.0 million; -2%)
are in line with seasonal fluctuations usually seen in this period. The
prevailing economic climate had little impact on activities in terms of sales
volumes or levels of capacity utilisation. On the contrary, Freight Concept was
able to exceed its outstanding first-quarter revenue performance by achieving
growth of +3% in the second quarter, taking overall sales to EUR 39.5 million
in this period. In the first six months revenues grew by 67% to EUR 78.1
million. Compared with the first quarter, Solutions recorded a marked decline
in sales, which were down to EUR 1.3 million. Particularly the project-based
area of Logistics Planning was affected by the tentative investment behaviour
witnessed throughout the industry.
At the end of the first six months of 2002, the Parts Concept segment, which
was established in the second half of 2001, has already overshot the company’s
original targets for the full financial year 2002. Since May, Microlog’s new
service offering in the area of container management, introduced at the
beginning of 2002, has been registering a stable performance and will post an
attractive margin in the second half of the financial year.
Overall, earnings performance has proved to be very solid. Despite the seasonal
effects, the EBITA contributions of the respective segments increased slightly
in Q2/2002 compared with Q1/2002 (+1.6%). EBITA, after Group costs, stands at
EUR 3.3 million and has thus remained unchanged against Q1. This result is
attributable to front-end costs incurred in connection with the company’s
efforts to attract new customers; they were accounted for within the Holding
company. Boasting an EBITA result of EUR 6.6 million for the first six months,
the previous year’s EBITA was exceeded by 14%.
Microlog’s performance for the first half of the 2002 financial year shows that
the company continues to be successful, despite the difficult economic climate.
Chairman of the Management Board Dr. Martin Kunzmann emphasized: “Particularly
now, our business model is proving to be extremely robust and successful –
because it fulfils the needs of the marketplace. We have been achieving solid
operating margins even in periods of relatively weak economic momentum, and as a
result we have been able to finance our dynamic growth by means of internally
generated funds.”
As at June 30, 2002, Microlog applied a retrospective change in accounting
policy as regards gains and losses in connection with the remeasurement of
short-term investments in securities. These are now included in the net profit
or loss for the period – under interest income; in the past they were
recognised directly in equity through a revaluation reserve. While
shareholders’ equity will not change as a result of this accounting policy, net
results – including those for previous periods – will be affected.
Encouraged by its solid performance as regards sales to its existing client
base, Microlog has reaffirmed its commitment to its revenue target of EUR 280
million for the financial year 2002. A number of key projects for new
customers have had to be postponed until autumn, due to unforeseen
circumstances affecting some of Microlog’s potential clients. Microlog has
already incurred front-end costs within this area. Therefore, consolidated
EBITA is expected to amount to approx. EUR 15 million.
The full Quarterly Report can be accessed via the Microlog website
(http://www.microlog.de), under the “Investor Relations” section.
For further information:
Microlog Logistics AG
Investor Relations
Lyoner Strasse 24-26
60528 Frankfurt
Tel: + 49 69 / 66 37 29 22
Fax: + 49 69 / 66 37 29 20
investor@microlog.de
http://www.microlog.de
end of message, (c)DGAP 20.08.2002
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WKN: 549 431; ISIN: DE0005494314; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart
200859 Aug 02
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