BERU AG
BERU AG: BERU’s business develops as planned in Q1 2008
BERU AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act] Interim report according to Article 37x of the WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- BERU's business develops as planned in Q1 2008 (Ludwigsburg, May 9, 2008) The business of BERU Aktiengesellschaft, Ludwigsburg, developed within the framework of expectations during the first quarter of 2008. The automotive supplier posted consolidated sales revenue of EUR 123.9 million in the first three months of this year, thus achieving revenue growth of 6.1% compared with the same period of last year(Q1 2007: EUR 116.8 million). Earnings before interest and taxes (EBIT)also increased to reach EUR 15.6 million (EUR 14.8 million), representing an EBIT margin of 12.6% (12.6%). 'The stabilization of the EBIT margin is partially due to the initial success of the efficiency-enhancing program we started in December 2007,' commented Executive Board Chairman Dr. Thomas Waldhier. 'We have been able to reduce costs and improve our plants' productivity. However, we will have to continue working on the optimization of our processes and structures.' Satisfactory developments in all divisions All three divisions - Diesel Cold Start Technology, Ignition Technology and Electronics and Sensors - developed satisfactorily. In the core division - Diesel Cold Start Technology - BERU achieved growth of 5.0%. Sales revenue amounted to EUR 45.8 million (EUR 43.6 million), but was still below the record level of 2006. In the Ignition Technology division, BERU posted sales revenue of EUR 34.4 million (EUR 34.3 million). In the Electronics and Sensors division, revenue increased by 12.3% from EUR 38.9 million to EUR 43.7 million. Aftermarket business better than in Q1 2007 - Original Equipment progressing as planned Following a weak previous quarter due to the mild winter of 2007, the Aftermarket segment made a better start to this year: sales revenue increased by 7.8% to EUR 33.3 million. In the Original Equipment segment, BERU posted revenue growth of 7.2% to EUR 83.4 million. Higher sales revenue was achieved in particular with the products PTC (auxiliary heaters) and TSS (tire-pressure monitoring systems). Stronger financial position BERU once again improved its strong financial position. The Group's net financial assets amounted to EUR 89.4 million at the end of the first quarter, which was EUR 1.5 million higher than at December 31, 2007. Comparison with a year earlier (EUR 104.7 million) is not meaningful because a bank-guaranteed loan of EUR 35 million was granted in the meantime. BERU granted this loan to BorgWarner Europe in September 2007. Adjusted for this item, the net financial position amounted to EUR 124.4 million. In the first quarter of 2008, BERU invested a total amount of EUR 5.8 million (EUR 7.1 million), which was fully financed out of the cash flow. Confirmed forecast for 2008 The Executive Board has confirmed the forecasts for full-year 2008. Revenue growth will be of a low single-digit percentage and EBIT of between EUR 40 million and EUR 45 million is targeted. The efficiency-enhancing program decided upon in December 2007 will lead to savings of approximately EUR 2.2 million this year, while savings of around EUR 5 million per annum should be achieved in the medium term. The worldwide workforce had been reduced by about 90 persons in the context of this program by the end of April 2008. BERU - key figures for the first quarter of 2008 (January 1 to March 31, 2008) on the basis of unaudited figuresEUR million Q1 2008 Q1 2007 Sales revenue 123.9 116.8 Earnings before interest and taxes (EBIT) 15.6 14.8 Investment 5.8 7.1 Net financial position 89.4 104.7 Sales revenue by sales region Germany 46.1 39.8 Europe (excluding Germany) 53.3 50.4 North America 8.5 9.5 Asia 11.9 12.5 Rest of the world 4.0 4.6 Sales revenue by segment Original Equipment 83.4 77.8 Aftermarket 33.3 30.9 General Industry 7.2 8.1 Sales revenue by division Diesel Cold Start Technology 45.8 43.6 Ignition Technology 34.4 34.3 Electronics and Sensors 43.7 38.9 Number of employees* 2,461 2,580*At March 31 09.05.2008 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: BERU AG Mörikestr. 155 71636 Ludwigsburg Deutschland Internet: www.beru.de End of News DGAP News-Service ---------------------------------------------------------------------------
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