3U HOLDING AG publishes 9-months report
Positive quarterly result / Group remodelling further progresses / Segment Renewable Energies with changed focus
At EUR 7.21 million, EBITDA was well below the EBITDA for the first nine months of the previous year (EUR 10.73 million). Beside the expected lower result contribution from the segment Telephony also one-off expenses like compensation payments to former Board Members, a partial purchase price restitution of the 3U TELECOM INC. (USA) as well as expenses arising from a lawsuit settlement in which the Company gets back 1,242,240 of its own stocks. Without these one-off expenses EBITDA would have been approximately EUR 1.1 million higher.
The Company continues to report a very solid equity ratio. It has improved on a continual basis since the year 2005 and at September 30, 2010 was at 52.17%.
The current year is a year of transition for 3U HOLDING AG. Significant resources have been shifted within the 3U Group, which has contributed to the establishment of a new trendsetting organizational structure. The objective being pursued by the four-pillar strategy is to develop the business fields Renewable Energies and Services next to the two longstanding divisions of Telephony and Broadband/IP into supporting pillars of the Group. The new business segments already today dispose of the same infrastructure as organizations which are much bigger. Accordingly sales and earnings were consciously renounced in the short term and instead, the foundation for a long term successful development of these areas has been laid. The segment Renewable Energies contributes less to Group sales than forecasted at the beginning of the year as well. The deliberate decision by the Members of the Board to use available resources increasingly in projects which will contribute only in the medium term to the Company success, contributed primarily to this development. Today, the Subsidiaries in the segment Renewable Energies already are further diversified than originally planned and cover nearly the whole value added chain, from the production via consulting to sales.