Funkwerk presents preliminary figures for 2009 - return to growth and positive result in 2010

(PresseBox) ( Kölleda / Thür., )
Funkwerk AG (ISIN: DE 0005753149) largely completed its restructuring measures geared to reduce costs and now expects to return to growth and a positive result in the coming year. In 2010 the focus will be on further developing the business models and the optimization of processes.

According to the preliminary figures now available, the specialist in professional communication and information systems generated sales of around EUR219m in the 2009 crisis year. The result remains some 24% below the prioryear figure (2008: EUR290m). This puts earnings from operations (before restructuring costs and oneoff intangible asset impairment) at around EUR-14m.

Considerably below projections, the sales trend necessitated adjustment and restructuring measures in all Funkwerk segments. These were aimed to stop sources of loss, discontinue peripheral activities, and increase the focus on sustainable and promising product and market fields. The resulting restructuring costs of around EUR9m in fiscal 2009, however, must be seen opposite permanent cost savings of an estimated EUR10m in the following years.

Due to lower sales revenues, adjustments in the product portfolio and the discontinuation of unprofitable business activities, Funkwerk was also required under IFRS to carry out an impairment test and include oneoff or extraordinary amortisations of intangible assets including goodwill and capitalised development costs in its financial statements. These liquidity- unrelated impairment expenses totalled around EUR20m.

Taking all these factors into account, Funkwerk expects negative consolidated earnings before interest and taxes of around EUR-42m for the whole year. The company's stringent cost and spending discipline, however, meant that the operating cash flow remained well in the black in the fourth quarter of 2009, amounting to over EUR15m. This quarterly trend led to an appreciably positive cash flow from operating activities for the whole year, after EUR-10m only at the end of the third quarter of 2009. Towards yearend, the liquidity situation of Funkwerk thus markedly improved on the third quarter. At over EUR 22m the cash position remained approximately on prior year level. The net cashposition ended at around EUR 20m. The company's equity ratio, despite the balance sheet loss could also be stabilised at over 50%, an aboveaverage level, due to adjustment of the balance sheet structure and significant reduction of the working capital.

The implementation of its restructuring programme enabled Funkwerk to improve its competitive position in all its segments and achieve permanent cost savings for 2010 and beyond. Funkwerk should also benefit in all areas from the recovery of the global economy. In light of this and the aforementioned financial basis at year end along with orders at hand worth slightly under EUR100m, the Executive Board expects a growth in sales in the current financial year and to report a positive group result.
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