DGAP-News: Einhell Germany AG: Einhell Group continues to be highly profitable
(firmenpresse) - Einhell Germany AG / Final Results
08.04.2010 09:03
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Press Release
by Einhell Germany AG, Landau / Isar,
for the business press
- Einhell Group continues to be highly profitable
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- High equity ratio
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- Objectives and opportunities of the Einhell Group
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- Change of designated sponsor; research support
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- Forecast for the business year 2010
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- Dividend
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Landau an der Isar, 8th April 2010
Einhell Group continues to be highly profitable
During the 2009 business year, the Einhell Group was also not left entirely
unscathed by the lasting effects of the turbulences affecting the global
economy. However, in spite of a decline in sales, operating profits again
turned out to be excellent. Consolidated sales for the 2009 business year
still amounted to 315.7 million Euros, compared to the previous year's
358.5 million.
At 122.5 million, sales in Germany fell just slightly short of the previous
year's figures. However, the group again succeeded in maintaining a very
solid turnover level for the core market Germany. During the 2009 business
year, 39% of the sales were generated in Germany alone.
As a result of the difficult situation in some countries, Einhell fell
somewhat short of the previous year's sales in the European Union, Asia,
and the third countries. During the 2009 business year, the most important
markets within the European Union included Austria, Poland and Italy. The
third countries enjoying the highest sales volumes are Turkey and
Switzerland.
In 2009, the international share of the overall consolidated revenue
amounted to 61%.
However, in spite of declining sales the Einhell Group continued to be
highly profitable even in 2009. The profits from ordinary business
activities achieved by the Einhell Group amounted to 14.2 million Euros
(previous year: 18.4 million Euros). The return on equity before tax was
4.5 % (previous year: 5.1%).
During the 2009 business year, an EBIT margin in relation to sales of 5.7%
was achieved (previous year: 6.8%). The EBIT was 18.0 million Euros
(previous year: 24.3 million Euros).
The consolidated net income after minority interest was 10.8 million Euros
compared to the previous year's 14.2 million Euros.
The DVFA earnings per share amount to 2.9 Euros (previous year; 3.8 Euros).
However, in view of the continuing difficult macroeconomic development the
Einhell Group once again managed to achieve excellent results for the 2009
business year.
High equity-ratio
With an increased equity-ratio of 57.3% the Einhell Group has a very solid
balance sheet structure. Moreover, during the 2009 business year the net
debt of Einhell Group was completely eliminated. At the balance sheet date,
Einhell Group had a net cash position, giving the Einhell Group an
excellent basis for financing further international expansions.
Objectives and opportunities of the Einhell Group
In view of the poor global economic situation in 2009, one of Einhell
Group's main objectives was to pursue the securing and optimized use of its
financial resources. This goal was successfully achieved thanks to
inventory optimizing and cost reductions.
The strategicgoals of the Einhell Group remain unchanged: to raise and
sharpen its profile as a specialist manufacturer and supplier for power
tools and garden tools. These goals go hand in hand with the groups other
chief objective: to specialize in core goods and core target groups and to
be listed as the number one supplier to all international DIY chain in the
years to come. With the newly introduced 'Blue' and 'Red' product lines the
group considers itself well-equipped as one of the industry's most
innovative and fast-acting suppliers for garden tools and power tools.
Another of the group's goals, in addition to continued expansion, is to
increase its market shares in the already existing markets.
Change of the Designated Sponsors; research support commissioned
Effective April 1st, 2010, M. M. Warburg&Co. KGaA has assumed the
function of Designated Sponsor for Einhell Germany AG. The contract with
the previous Designated Sponsor was terminated. SES Research GmbH, a
company of the Warburg group, was commissioned with the preparation of a
research study.
Forecast for the financial year 2010
Considering the worldwide economic situation, the development of the sales
and earnings figures is difficult to predict. The lower funds available for
consumer spending due to rising unemployment might well result in a decline
in sales figures. On the other hand, people are more inclined to work in
their homes and gardens during economically difficult times, which again
might lead to a increase in private consumer spending. However, it remains
to be seen which consequence will ultimately outweigh the other.
With its good-quality products at reasonable prices, Einhell considers
itself well-positioned as the supplier in the competition best suited to
utilize the second effect for its own benefit.
Einhell therefore expects to realize sales and earnings levels for 2010
comparable to those of the previous year. In addition, improved market
conditions may positively affect the development of the sales and earnings.
Dividend
Even against the backdrop of the difficult global economic situation in
2009, group's management wants to upkeep the dividend-strategy of the past.
The board of directors therefore suggests a dividend of 0.60 Euros per
preferred share and 0.54 Euros per common share to the annual shareholders'
meeting.
Landau a. d. Isar, 8th April 2010
The Board of Directors
Contact:
Helmut Angermeier
Authorized Signatory
Postfach 150
94402 Landau/Isar
Phone: 0049 9951/942-166
Fax: 0049 9951/942-293
E-Mail: Helmut.Angermeier(at)einhell.com
08.04.2010 09:03 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Einhell Germany AG
Wiesenweg 22
94405 Landau/Isar
Deutschland
Phone: +49 (0)9951-942-166
Fax: +49 (0)9951-942-293
E-mail: helmut.angermeier(at)einhell.com
Internet: www.einhell.com
ISIN: DE0005654933, DE0005654909
WKN: 565493, 565490
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart, Hamburg
End of News DGAP News-Service
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