D.Logistics in Q3 2010: On track - Planning raised

(PresseBox) (Hofheim am Taunus, ) .
- Sales € 78.9 million (previous year: € 74.3 million)
- Operating earnings (EBIT) € 3.2 million (previous year: € 2.3 million)
- Net income € 1.7 million (previous year: € 0.5 million)
- Equity ratio 41.2 % (previous year: 38.9 %)

Positive sales growth

Total sales in the third quarter of 2010 were at € 78.95 million 6.1 % above the same period in the previous year. In Industrial Goods Packaging, sales were 2.4 % stronger than in the same quarter in the previous year, while in the Consumer Goods Packaging segment, sales were 8.7 % higher than in the previous year, not least due to the strong improvement in the USA. In the Warehouse Logistics segment, sales rose by 12.5 %.

In the first nine months, at € 225.2 million, sales were 4.6 % higher than in the same period in the previous year. Adjusted for changes to the consolidated group, this means organic growth of 7.0 %. Allowing for currency fluctuations, the growth rate amounts to approx. 6.2 %.

Clear improvement in operating result

At € 3.22 million, the operating result (EBITA) in the third quarter was 39.1 % higher than in the same period in the previous year (€ 2.32 million). At € 5.37 million, earnings before interest, taxes, depreciation and amortization (EBITDA) were 20.2 % higher than in the same quarter in the previ-ous year. The EBITDA margin was 6.8 % (previous year: 6.0 %). Depreciation of tangible assets and amortization of other intangible assets were almost unchanged, at € 2.14 million.

The individual segments performed as follows: Industrial Goods Packaging recorded an EBITA decrease of 8.2 % to € 1.68 million. In Consumer Goods Packaging, EBITA more than quadrupled, at € 1.36 million (previous year: € 0.30 million). Warehouse Logistics recorded an operating profit of € 0.65 million (previous year: € 0.48 million). The EBITA loss of D.Logistics AG (Holding) was € 0.39 million (previous year: € 0.34 million). In the first nine months of the year, the Group EBITA of € 8.37 million are 64.3 % higher than in the same period in the previous year (€ 5.09 million).

Earnings before taxes (EBT) in the third quarter amounted to € 2.47 million (previous year: € 1.13 million) and in the first nine months to € 5.44 million (previous year: € 2.05 million). After tax expenses (€ 0.66 million), and third-party profit shares (€ 0.11 million), there is a net profit of € 1.71 million (previous year: € 0.48 million) in Q3 attributable to the shareholders of D.Logistics AG. The cumulative profits for the shareholders of D.Logistics AG as of September 30, 2010 amounted to € 3.28 million (previous year: € 0.62 million). The earnings per share in the second quarter were € 0.039 (previous year: € 0.011); in the nine months, they reached € 0.075 (previous year: € 0.014).

Equity ratio increased

The third-quarter net cash provided by operating activities was € 2.1 million (previous year: € 3.81 million).and after six months it reached € 9.92 million (previous year: € 9.39 million).

The financial indebtedness of the D.Logistics Group decreased in the first nine months of the fiscal year by € 1.0 million to € 77.8 million. Since cash and financial receivables simultaneously decreased by the same amount (- € 1.0 million), net financial liabilities remained unchanged at € 47.5 million.

The equity ratio stood at 41.2 % compared to 39.4 % at the end of 2009.

Outlook - Planning raised

D.Logistics AG raises its target sales and earnings for fiscal year 2010 published in its annual fi-nancial report. Sales in excess of € 300 million and operating earnings (EBITA) in excess of € 11 million are now predicted.

The previous planning envisaged sales of between € 280 million and € 300 million and operat-ing earnings in excess of € 10 million.

The interim report is available on the internet at http://www.dlogistics.com.

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