Microlog Logistics AG
Microlog Logistics AG english
Microlog Logistics AG
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Economic slowdown affects new-account business / Solid foundation for future
growth
* 9M/2002 revenues rise by 44% to EUR 205m; EBITA up by +11% to EUR 8.8m after
first nine months; EPS for first nine months: EUR -0.82 after EUR -0.75;
before goodwill amortisation: EUR 0.16 after EUR 0.10.
* Effects of economic slowdown become more noticeable: delays in new-account
business
* Quality of balance sheet improves; financing of sustained growth has been
secured
Frankfurt, November 26, 2002 – Microlog Logistics AG, one of the leading
specialists in high-end contract logistics, has today announced its results for
the third quarter and the first nine months of the current 2002 financial year.
Revenues grew to EUR 67.7 million in Q3/2002 and were thus 14.4% higher than in
the same period last year. Relative to the second quarter of 2002, sales
revenues recorded a slight drop of 1.7% as a result of seasonal influences and
the prevailing economic malaise. In the first nine months of 2002, revenues
were propelled to EUR 205.0 million, a 44% increase (after EUR 142.4 million).
Organic growth, adjusted for the effects of consolidation, was +33% compared
with the first three quarters of 2001.
The slight downturn in revenues vis-à-vis Q2/2002 in the segments Center
Logistics (EUR 12.6 million; -5%; 9M EUR 40.0 Mio.; +28.9%) and Freight Concept
(EUR 37.9 million; -4.2%; 9M EUR 115.9 million; +50.5%) was attributable to the
sale of a Microlog logistics centre in Q2 and, moreover, to seasonal influences
(e.g. company holidays by major customers). In addition to this, the effects of
the general economic slowdown became more tangible in Q3, whereas this had not
been the case in the previous quarter. In particular, this impacted on the
Solutions segment, where sales stagnated on the reduced level of the previous
quarter (EUR 1.3 million; 9M EUR 4.4 million; -39%). The Parts Concept segment,
which was established a year ago, progressed steadily (EUR 5.7 million; -1.8%;
9M EUR 16.4 million; +253%). In contrast, Inhouse Logistics – partially due to
a special one-off project – recorded extremely solid revenue growth of 13.6%
compared with the previous quarter, taking it to EUR 10.2 million (9M EUR 28.3
million; +25.8%).
Despite the fact that the general economic downturn is now also beginning to
impinge on the high-growth sector of industrial contract logistics, Microlog’s
earnings performance is considered to be satisfactory. Posting EBITA of EUR 8.8
million for the first nine months of 2002, the figure recorded for the same
period of 2001 (EUR 7.9 million) was exceeded by 11%. The third-quarter decline
in EBITA (EUR 2.1 million; Q3/2001: EUR 2.1 million) relative to Q2/2002 (EUR
3.3 million) is associated with a special non-recurring item recorded in the
previous quarter. Taking this into consideration, i.e. excluding one-off income
from the disposal of the logistics centre in Q2, Microlog actually recorded a
slight increase in its profits from operations.
Furthermore, Microlog managed to generate substantial cash flow from operating
activities: in the third quarter the Company achieved EUR 2.2 million; the
first nine months of the current financial year produced cash flow of EUR 9.2
million.
The consolidated net loss for the period contains a charge of EUR 0.8 million
related to the write-down of a minority interest in an IT company; this was
recognised as part of the ongoing restructuring measures within the Solutions
segment. The consolidated net loss amounted to EUR 2.3 million for the third
quarter and EUR 5.0 million for the first nine months of the current financial
year (previous year: loss of EUR 4.2 million). The result for the first nine
months includes regular goodwill amortisation of EUR 5.9 million (previous
year: EUR 4.8 million).
The loss per share stands at EUR 0.82 for the first nine months (9M/2001: loss
of EUR 0.75) and EUR 0.39 for the third quarter. Earnings per share before
goodwill amortisation amounted to EUR 0.16 for the first nine months (9M/2001:
EUR 0.10), while the loss per share for the third quarter was EUR 0.07
(Q3/2001: earnings per share of EUR 0.29).
As announced at the beginning of November, Microlog has adjusted its earnings
forecast for the current financial year. EBITA for the full 2002 financial year
is now expected to be approx. EUR 13 million, as opposed to the original
forecast of approx. EUR 15 million. This adjustment is to be seen as a direct
result of the delays experienced when it comes to attracting new customers,
particularly large-scale contracts, coupled with the strained earnings
performance in the Solutions segment.
The structural changes envisaged for the Solutions segment, which are now at an
advanced stage, are likely to be completed within the fourth quarter. Microlog
is confident that Solutions will once again be able to make positive
contributions to overall earnings in the coming financial year.
The Company has enhanced its balance sheet by using the proceeds from the
disposal of its security-based investment fund to reduce its liabilities by
EUR 26.7 million in total. Within this context, it also rescheduled its current
and non-current liabilities by converting short-term borrowings to long-term
loans. Microlog’s equity ratio rose from 46.1% (Jun. 30) to 51.2% (Sept. 30).
In addition to progressing considerably in terms of its financial position, the
Company also secured a syndicated loan of EUR 50 million covered by seven major
financial institutions. This measure is designed to safeguard future growth. At
the same time, the syndicated loan – the tranche was oversubscribed despite the
difficult economic climate – also constitutes a clear vote of confidence in the
sustained viability of Microlog’s business model.
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 am Main
E-mail: investor@microlog.de
end of message, (c)DGAP 26.11.2002
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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
260800 Nov 02
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