D.Logistics AG in the first quarter 2010: Back on track
- Sales € 70.8 million (previous year: € 71.2 million)
- Operating profit € 2.4 million (previous year: € 1.6 million)
- Net profit of € 0.6 million (previous year: € 0.1 million)
- Earnings per share of € 0.014 (previous year: € 0.003)
Adjusted sales growth slightly short of 4 %
At € 70.8 million, total sales in the first quarter of 2010 were 0.6 % lower than in the same period in the previous year. If the sales trend is adjusted for the changes to the consolidated group (sale of D.Logistics Airport Services GmbH), this represents organic growth of 2.8 %. If one also takes into consideration the US dollar's depreciation against the euro of 6 % on average, the increase amounts to 3.9 %.
Clear improvement in income
The operating result (EBITA) in the first quarter was at € 2.18 million 38.3 % above the level for the same period in the previous year (€ 1.58 million). At € 4.35 million, earnings before interest, taxes, depreciation and amortization (EBITDA) were 11.0 % higher than in the same quarter in the previous year. The EBITDA margin was 6.2 % (previous year: 5.5 %). Depreciation of tangible assets and amortization of other intangible assets decreased from € 2.35 million to € 2.12 million.
The individual segments performed as follows: Industrial Goods Packaging recorded an EBITA decrease of 23.8 % to € 1.95 million. In Consumer Goods Packaging, EBITA amounted to € 0.37 million, compared to a loss of € 0.23 million in the previous year. Warehouse Logistics recorded an operating profit of € 0.42 million (previous year: - € 0.46 million). Besides the improved business trend, the end to the losses resulting from the airport business and the startup losses in Euskirchen were further positive factors here. The EBITA loss of D.Logistics AG (Holding) was € 0.56 million (previous year: € 0.24 million).
Earnings before taxes (EBT) in the first quarter were € 1.16 million (previous year: € 0.60 million). After income tax expenses (€ 0.40 million) and the deduction of the thirdparty profit shares (€ 0.13 million), there is a net profit of € 0.62 million attributable to the shareholders of D.Logistics AG (previous year: € 0.12 million). Earnings per share in the first quarter were € 0.014 (previous year: € 0.003).
Equity ratio slightly higher
The firstquarter cash flow provided by operating activities amounted to € 1.35 million and was thus roughly at the same level as in the previous year (€ 1.45 million).
The financial indebtedness of the D.Logistics Group increased in the first three months of the fiscal year by € 1.8 million to € 80.5 million. As cash and financial receivables simultaneously increased (+ € 1.0 million), the net financial liabilities rose more marginally, by € 0.7 million, from € 47.5 million at the end of the year to € 48.2 million.
With a slightly increased balance sheet total, the equity ratio increased from 39.4 % to 40.0 %.
Outlook - planning confirmed
D.Logistics AG confirms its planning figures for the fiscal year 2010 published in its annual financial report. These envisage sales in a corridor between € 280 and 300 million and an operating result (EBITA) in excess of € 10 million.
The interim report is available on the internet at http://www.dlogistics.com.