DJ DGAP-IRE: SCHULER AG: High level of new orders in first three quarters of FY 2007/08
SCHULER AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act] 19.08.2008 Interim report according to Article 37x of the WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement.=--------------------------------------------------------------------------
- New orders in first nine months 2007/08 reach EUR 778.2 million
- Sales of EUR 659.3 million / order backlog at EUR 818.4 million
- EBIT up to EUR 24.7 million (prior year: EUR 11.9 million)
- Capital increase completed, strong increase in equity ratio
The current figures for the first nine months include Müller Weingarten,
while the prior-year figures refer to Schuler without Müller Weingarten. A
comparison with the previous year has thus only limited relevance.
High level of new orders and positive sales trend
New orders in the first three quarters of fiscal 2007/08 reached EUR 778.2
million, compared with EUR 474.3 million in the same period of the previous
fiscal year. Consolidated sales in the current reporting period amounted to
EUR 659.3 million, compared with EUR 357.3 million in the previous year.
In the period under review, the Group generated sales of EUR 272.3 million
in Germany, compared with EUR 105.9 million in the same prior-year period,
while sales in the rest of Europe reached EUR 128.7 million, compared with
a prior-year figure of EUR 81.7 million. In America sales in the first
three quarters of 2007/08 totaled EUR 135.9 million, following EUR 132.2
million in the previous year, while in Asia sales reached EUR 118.7
million, compared with EUR 34.0 million. Around 59% of consolidated sales
were generated outside Germany, compared with around 70% in the previous
year. This is mainly due to the fact that Müller Weingarten traditionally
generates a far greater proportion of its sales in Germany, compared with
Schuler.
At EUR 818.4 million, order backlog as of June 30, 2008 was well above the
prior-year figure of EUR 446.9 million.
Positive result
In the first three quarters of fiscal year 2007/08, EBIT amounted to EUR
24.7 million (prior year: EUR 11.9 million). Earnings before taxes (EBT)
totaled EUR 7.1 million, compared with EUR 2.3 million in the comparable
prior-year period.
Financial position
Cash inflows from the capital increase of EUR 35 million (gross) led to
significant growth in the Group's equity ratio. Capital expenditures
amounted to EUR 16.7 million and were thus below depreciation and
amortization. At EUR 145.3 million as of June 30, 2008, net financial
liabilities were almost unchanged from year-end 2006/07 on September 30,
2007.
Employees
As of June 30, 2008, the Schuler Group employed 5,531 people (including
apprentices), compared with 5,710 as of September 30, 2007. The decline is
partly due to the sale of the Group's Die Casting division in November
2007. As of June 30, 2008, around 79% of the Group's work force (4,352
people) were employed in Germany. Headcount at the Group's facilities
outside Germany totaled 1,179 as of the balance sheet date.
Significant events during the reporting period
Capital increase successfully completed: EUR 35 million of fresh capital
The capital increase of up to EUR 9,100,000 from authorized capital adopted
by the Board of Management and Supervisory Board of Schuler AG on March 17,
2008, was successfully placed in full. All 3.5 million new shares offered
for subscription in the capital increase were purchased at a subscription
price of EUR 10.00 per share. The subscription price of EUR 35 million was
paid up in full. The capital increase was entered in the Commercial
Register on April 7, 2008.
Conversion of preferred stock into common stock completed
The conversion of all 10.5 million preferred shares into new common shares
with voting rights, as adopted by the Annual Shareholders' Meeting of
Schuler AG on April 10, 2008, has been completed. The conversion was
entered in the Commercial Register on June 19, 2008. On the same day, the
new shares were admitted for trading on the Regulated Markets of the
Frankfurt Stock Exchange and the Stuttgart Stock Exchange. The shares were
listed at the Frankfurt and Stuttgart exchanges for the first time on June
20, 2008.
Outlook
Due to its strong order position, a further improvement in the Group's
operating result is expected in the last quarter of fiscal 2007/08.
Contact: Schuler AG, Tobias Apfel, Head of Corporate
Communications/Investor Relations, Phone +49-7161-66829,
ir@schulergroup.com
19.08.2008 Financial News transmitted by DGAP
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Language: English
Issuer: SCHULER AG
Bahnhofstraße 41
73033 Göppingen
Deutschland
Internet: www.schulergroup.com
End of News DGAP News-Service
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(END) Dow Jones Newswires
August 19, 2008 03:32 ET (07:32 GMT)
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