Quarterly Report • Dec 3, 2010
Quarterly Report
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| January to September | 2010 | 2009 | |
|---|---|---|---|
| Turnover – Group |
€ million | 154 | 153 |
| – Brand Business | € million | 130 | 130 |
| – Volume Business | € million | 24 | 23 |
| Foreign share | 57.9% | 58.2% | |
| Gross margin | 41.7% | 40.7% | |
| EBIT from continuing operations | € million | 6.4 | 1.2 |
| EBIT from continuing operations adjusted for unrealised foreign exchange losses | € million | 7.7 | 1.2 |
| Earnings before income taxes (EBT) from continuing operations | € million | 4.9 | -0.4 |
| Net result for the period from continuing operations | € million | 3.6 | -1.7 |
| Net result for the period including discontinued operations | € million | 13.7 | 0.5 |
| Investment in tangible assets | € million | 3.3 | 4.2 |
| Cash flow from operating activities | € million | 4.5 | 40.4 |
| Annual average of employees | 1,136 | 1,151 |
"Continuing operations", which include the former Household Products division and the non-allocable division (Group Functions), are presented in detail. As a result, the individual lines of the consolidated income statement up to "Net result for the period from continuing operations" contain the remaining Brand Business and Volume Business divisions only. Figures from the previous year are presented in a similar manner, thus the current key figures can be compared with the figures published last year to a limited extent only, as they still contained the Bathroom Furnishings division.
The balance sheet as at 30 September 2010 no longer includes the deconsolidated Bathroom Furnishings division, whilst the Bathroom Furnishings division is still included in the balance sheet at 31 December 2009. Accordingly, the 31 December 2009 balance sheet is not presented in a manner suitable for comparison.
In this report, we will inform you of the development of business at Leifheit in the first nine months of the 2010 financial year.
This quarterly financial report as at 30 September 2010 was prepared in accordance with the International Financial Reporting Standards (IFRS) formulated by the International Accounting Standards Board (IASB), in particular in accordance with the provisions of IAS 34.
The same accounting methods were applied as in the consolidated financial statements as at 31 December 2009 in addition to the standards and interpretations of the IASB and IFRIC relevant to Leifheit that are mandatory from financial year 2010. This application had no significant impact.
Neither the condensed financial statements nor the interim management report were reviewed by an auditor.
Consumer climate benefits from economic recovery The global economy is continuing its ongoing recovery, recently causing the International Monetary Fund (IMF) to increase its forecast to 4.8% global growth in 2010. The most important drivers for the world economy remain emerging and developing countries, especially in Asia. By contrast, growth in industrialised countries and especially
the euro zone is lagging behind.
Germany is an exception to this. According to the IMF, the German economy may grow by 3.3 % this year. This significant economic recovery is leading to decreasing unemployment in Germany. Together with a moderate price climate and a low inflation rate, these conditions are creating a slight increase in German retail business again: domestic retail business is currently up by 1.5%. The continued high savings rate means that consumers are remaining cautious. Purchases, especially for household products, are often postponed.
The consumer climate improved slightly in the third quarter in Europe, especially in France, and in Russia again. In contrast, private consumption in the US continues to suffer greatly under the effects of the economic crisis.
Leifheit has repositioned itself in this economic environment, which has also affected the organisation of this report. We would like to explain these changes to you.
We sold our Bathroom Furnishings division in the second quarter of 2010 in order to further sharpen Leifheit's image with four core business areas of cleaning, laundry care, kitchen goods and scales. In doing so, we are concentrating on our household goods business, which has generated the greatest successes for our company thus far and also promises more attractive income in the long term. The financing and capacities this frees up give us new scope for further organic growth as well as for suitable additions.
With the disposal of the Bathroom Furnishings division, we have adjusted the internal reporting structure and therefore the breakdown by segments:
W The Brand Business segment represents high-quality and innovative products. It encompasses the Leifheit, Dr. Oetker Bakeware and Soehnle brands and now Group functions as well. Group functions, which had previously been allocated to the "non-allocable" area, now mostly pertain to the Brand Business following the sale of the Bathroom Furnishings division.
Consistent brand management in connection with the corresponding processes for innovation and market launch underscore the quality aspect in the Brand Business. We use end-user communication and key account management to generate attractive turnover and expand our position in terms of retailers and end customers.
W Volume Business is made up of the Birambeau and Herby brands. These categories have products with entry prices that we sell in our Private Label and Volume Business with a strong service component for this segment.
Pursuant to the international accounting standards of the IFRS, the sale of the Bathroom Furnishings division requires that this division's business is reported separately in the income statement as "discontinued operations" ("Net result for the period from discontinued operations").
Continuing operations, which include the former Household Products division and the non-allocable division (Group Functions), are presented in detail. As a result, the individual lines of the consolidated income statement up to "Net result for the period from continuing operations" contain the remaining Brand Business and Volume Business divisions only. Figures from the previous year are presented in a similar manner, thus the current key figures can be compared with the figures published last year to a limited extent only, as they still contained the Bathroom Furnishings division (see reconciliation schedule on Page 9).
The balance sheet as at 30 September 2010 no longer includes the deconsolidated Bathroom Furnishings division, whilst the Bathroom Furnishings division is still included in the balance sheet at 31 December 2009. Accordingly, the 31 December 2009 balance sheet is not presented in a manner suitable for comparison.
The Leifheit Group (excluding the sold Bathroom Furnishings division) increased its turnover slightly in the first nine months of the year. Consolidated Group turnover increased marginally to € 154 million. In the same period in the previous year, the corresponding segments had generated € 153 million. As in the previous year, the foreign share was 58%. At € 49 million, third-quarter turnover was stable at the previous year's level.
The Leifheit, Dr. Oetker Bakeware and Soehnle brands are the basis of the Group's success: in the first nine months of the current year, the brands matched the previous year's turnover of € 130 million – despite the fact that the previous year's turnover still included roughly € 6 million from the sold ladder business. The Brand Business's portion of Group turnover thus fell slightly from 85% to 84%.
The Brand Business contributed € 3.6 million to Group EBIT as at 30 September 2010, a significant improvement year-on-year (previous year: € -1.7 million) and included the non-allocable segment for the first time (Group functions). Adjusted for unrealised foreign exchanges gains, EBIT from the Brand Business amounted to € 4.9 million. Significant improvements in the gross margin and continuing consistent expenditure discipline are the driving forces behind this extremely positive performance.
From a regional point of view, our premium brands are also very successful abroad: 49% of turnover was generated from outside Germany. Turnover in Austria and Middle East developed especially well, while declines were recorded in large parts of Europe (e.g. Netherlands, Italy, Eastern Europe) due to general buying restraint on the part of consumers.
Almost all divisions developed well and recorded growth, especially on the German market:
Over the course of the year, turnover in the Brand Business declined slightly: at € 39 million, third-quarter proceeds were down a minimal amount from the previous year's turnover (Q3/2009: € 40 million).
The Volume Business is made up of products sold by Birambeau (kitchen) and Herby (laundry care) outside Germany only and increased its turnover by almost 6% year-on-year to € 24 million (previous year: € 23 million). The Volume Business benefited from price sensitive customers especially on the French market. The segment's portion of Group turnover thus increased slightly to 16% currently.
Its contribution to Group EBIT as at 30 September 2010 fell slightly to € 2.8 million (previous year: € 2.9 million).
The remaining 40% of the shares in the Herby Group were acquired in July from the minority shareholder. Leifheit thus holds 100% of the shares.
Third-quarter turnover in the Volume Business was up by approximately 9% from the previous year's level to € 10 million (Q3/2009: € 9 million).
Group EBIT from continuing operations amounted to € 6.4 million. Group EBIT includes unrealised price gains from the measurement of forward foreign exchange contracts of € 1.3 million, measured at the closing date price (1.366 USD/€).
Adjusted EBIT thus amounted to € 7.7 million, significantly above the comparable prior-year figure (previous year: € 1.2 million) as well as the prior-year figure
including the surrendered Bathroom Furnishings division (previous year: € 4.3 million). This positive result is due in particular to the performance of the Brand Business, where we have achieved significant margin increases by revising the product range and taking other measures and where we have generated further cost reductions.
The gross margin rose from 40.7% in the previous year to 41.7%. The reporting period contains one-off expenses of € 1.2 million for rationalisation measures. The gross margin amounts to 42.4% after adjustment for this one-off effect.
Earnings before taxes (EBT) as at 30 September 2010 increased to € 4.9 million (previous year: € -0.4 million), while earnings after taxes from continuing operations (excluding Bathroom Furnishings) amounted to € 3.6 million (previous year: € -1.7 million).
The income statement also includes the net result for the period from discontinued operations amounting to € 10.1 million. This figure includes the operating result from the sold Bathroom Furnishings companies until their respective deconsolidation as well as one-off effects from the sale of the Bathroom Furnishings division.
Net result for the period totalled € 13.7 million (previous year: € 0.5 million).
Due to deconsolidation, total assets as at 30 September 2010 no longer contain the sold businesses of the Bathroom Furnishings division. Therefore total assets as at 30 September 2010 can be compared to total assets as at 31 December 2009 to a limited extent only.
Total assets fell by € 23.3 million from € 222.8 million as at 31 December 2009 to € 199.5 million, mainly due to the deconsolidation of the Bathroom Furnishings division and the distributed dividends.
Financial assets contain a short-term promissory note. The reduction in other short-term and long-term debt results from the payment of the recognised purchase price obligation for the takeover of the outstanding shares in the Herby Group.
Equity declined by € 0.7 million from € 100.9 million to € 100.2 million, primarily due to the dividends of € 14.3 million distributed in June and the profit/loss for the period of € 13.7 million. The equity ratio was 50.2%.
Cash flow from operating activities amounted to € 4.5 million in the first nine months. Cash flow from investing activities of € 23.3 million includes the sale of the Bathroom Furnishings division. Cash flow from financing activities includes the dividends paid in the reporting period and a cash investment.
Group Functions, which had previously been allocated to the "non-allocable" area, now mostly pertain to the Brand Business following the sale of the Bathroom Furnishings division. As a result, there is no separate segment reporting for the "non-allocable" area.
In the first nine months of the current year, the Leifheit Group employed an average of 1,136 people (previous year: 1,151).
Total additions to non current assets amounted to € 4.2 million in the reporting period (previous year: € 4.4 million), of which € 3.3 million was attributable to tangible assets and € 0.9 million to intangible assets. The investment ratio based on the historic cost of tangible assets was therefore 2.1%.
This was offset by depreciation of tangible assets amounting to € 3.8 million and amortisation of intangible assets to € 1.2 million.
In the Brand Business, we invested € 2.9 million in tangible assets (previous year: € 3.9 million), primarily in tools, operating equipment and office equipment. Investments in tangible assets in the Volume Business totalled € 0.4 million (previous year: € 0.3 million).
We spun off our Bathroom Furnishings division in the second quarter. The after-tax results of the corresponding companies up to the time of disposal are presented in the statement of comprehensive income in the item "Net result for the period from discontinued operations". The total after-tax earnings from this sold business area are € 10.1 million after € 2.2 million in the previous year period, which also includes the respective disposal result.
The results from discontinued operations are as follows:
| € million | 2010 | 2009 |
|---|---|---|
| Income | 43.3 | 50.1 |
| Expense | -32.0 | 47.0 |
| Earnings before interest and taxes /EBIT | 11.3 | 3.1 |
| Net interest income or expense and income taxes |
||
| -1.2 | -0.9 | |
| Net result for the period from discontinued | ||
| operations | 10.1 | 2.2 |
Net cash flow from discontinued operations is as follows:
| € million | 2010 |
|---|---|
| Cash flow from operating activities | -0.5 |
| Cash flow from investment activities | -0.3 |
| Effects of exchange rate differences | 0.3 |
| Net change in cash and cash equivalents | -0.5 |
There were no events after the end of the reporting period ending 30 September 2010 of particular importance for assessing the assets, financial situation and earnings of the Leifheit Group.
For information on the opportunities and risks at Leifheit, please see the detailed description in the consolidated management report as at 31 December 2009. There were no material changes in the reporting period. In addition, we do not expect any individual or combined risks to threaten the Company's continued existence as a going concern.
The recent good recovery of the global economy – including existing regional differences – will continue in the next year, but will slow somewhat. The IMF assumes global economic growth of 4.2% for 2011. However, there are still global risks to the economic recovery that apply in particular to export countries such as Germany: sluggish recovery in the US, the real estate bubble in China that is threatening to burst and especially battered government finances and remaining vulnerabilities in the banking system.
A key support of economic development is private consumption, which is highly dependent on how the respective labour market develops. Experts expect a further recovery of the basically good consumer climate in Germany. Countries with a high level of unemployment and little planning security for companies and consumers (e.g. Spain, Greece, US) are likely to see just a slight increase in consumer behaviour in the coming year as well.
The Leifheit Group's focus on household markets opens new opportunities to exploit the growth potential of our brands and ideas.
Therefore we are researching which markets the company can grow in and how. We have identified wellness/selfness as an attractive growth market, which we entered with Soehnle Relax, and will increase our activities there. By the end of the year, we will ramp up our communication: we are solidifying good relations with our customers and tapping new buyer segments with TV campaigns for our Twist floor cleaning system, the Linomatic umbrellatype clothes dryer and the Perfect Roll kitchen aid.
We anticipate that our turnover by the end of the year will be slightly above turnover from the comparable segments in 2009. At the earnings level, we calculate two nonrecurring
effects extrapolated to the end of the year: Net results from discontinued operations, which include results from the Bathroom Furnishings segment until its sale and the income from the sale, cannot be carried forward. Earnings from the remaining brands (continuing operations) can be influenced to a significant extent by unrealised foreign exchange gains/losses resulting from the USD currency hedges entered into for 2011/12 with a closing date of 31 December 2010.
If these possible foreign exchange effects are excluded, we are confident that we will generate results on the previous year's Group figure.
On a like-for-like basis (continuing operations excluding the sold Bathroom Furnishings division), we will achieve significantly increased results in 2010 – excluding the one-off effect of currency hedges – that substantiates our growth path in our core areas.
The following companies were deconsolidated due to the disposal of the Bathroom Furnishings division in the second quarter:
There were no other changes in consolidated companies in the reporting period.
Leifheit AG recorded a balance sheet profit of € 17,461,004.13 in financial year 2009.
A dividend of € 0.60 and an additional special dividend of € 2.40, therefore a total of € 3.00 per no-par-value share eligible to receive dividends, were paid out on 10 June 2010 from the balance sheet profit for financial year 2009. Based on a total of 4,749,876 no-par-value shares eligible to receive dividends, the dividend distribution to shareholders totalled € 14,249,628.00.
Leifheit did not purchase or utilise any treasury shares in the reporting period.
Including the treasury shares acquired and issued in previous years, we therefore held 250,124 shares (5.0% of the share capital) with a value of k€ 7,685 as at 30 September 2010.
There are no subscription rights for members of the executive bodies and employees in accordance with Section 160 Para. 1 No. 5 AktG.
There were no related party transactions or changes to related party transactions in the reporting period.
The companies of the Group have not entered into any contingent liabilities.
There are lease agreements for business premises, IT and telephone equipment, vehicles and similar assets and licensing agreements with a remaining expense for 2010 of around € 0.6 million. These obligations total approximately € 3.3 million during the non-cancellable remaining terms until 2014. As at 30 September 2010, there were purchase commitments totalling € 0.9 million. The lease agreements constitute operating leases as defined by IAS 17.
There are obligations under agreements for the purchase of tangible assets totalling € 1.6 million, especially for tools, as well as other financial obligations amounting to € 0.5 million.
In addition, there were payment obligations from forward foreign exchange contracts for currency hedging totalling € 44.6 million offset by contractual payment receivables of USD 58.6 million (the nominal value of which was € 43.3 million as at 30 September 2010), as well as payment obligations of € 37.5 million offset by contractual payment receivables of CZK 1.4 million (the nominal value of which was € 1.4 million as at 30 September 2010).
Ernst Kraft left the Board of Management of Leifheit AG as at 1 June 2010.
There were no more personnel changes in the organs in the period under review.
| € 000 | 1 January to 30 Sept 2010 |
1 January to 30 Sept 2009 |
Part Bathroom Furnishings division 2009 |
1 January to 30 Sept 2009 published |
|---|---|---|---|---|
| Turnover | 154,045 | 153,166 | 49,785 | 202,951 |
| Cost of sales | -89,872 | -90,869 | -26,409 | -117,278 |
| Gross profit | 64,173 | 62,297 | 23,376 | 85,673 |
| Research and development costs | -4,408 | -4,695 | -295 | -4,990 |
| Distribution costs | -43,830 | -45,334 | -16,749 | -62,083 |
| Administrative costs | -9,392 | -10,226 | -3,351 | -13,577 |
| Other operating income, expenses | 221 | 72 | -329 | -257 |
| Foreign currency gains/losses | -358 | -736 | 494 | -242 |
| Profit before result from joint ventures and investments | 6,406 | 1,378 | 3,146 | 4,524 |
| Result from joint ventures recognised at equity | – | -187 | – | -187 |
| Earnings before interests and taxes / EBIT | 6,406 | 1,191 | 3,146 | 4,337 |
| Net interest income or expense | -1,491 | -1,542 | -358 | -1,900 |
| Earnings before income taxes / EBT | 4,915 | -351 | 2,788 | 2,437 |
| Income taxes | -1,339 | -1,305 | -620 | -1,925 |
| Net result for the period from continuing operations | 3,576 | -1,656 | 2,168 | 512 |
| Net result for the period from discontinued operations | 10,098 | 2,168 | -2,168 | – |
| Net result for the period | 13,674 | 512 | – | 512 |
| € 000 | 1 July to 30 Sept 2010 |
1 July to 30 Sept 2009 |
1 January to 30 Sept 2010 |
1 January to 30 Sept 2009 |
|---|---|---|---|---|
| Turnover | 49,001 | 48,855 | 154,045 | 153,166 |
| Cost of sales | -30,639 | -28,366 | -89,872 | -90,869 |
| Gross profit | 18,362 | 20,489 | 64,173 | 62,297 |
| Research and development costs | -1,382 | -1,596 | -4,408 | -4,695 |
| Distribution costs | -12,003 | -14,638 | -43,830 | -45,334 |
| Administrative costs | -2,469 | -3,290 | -9,392 | -10,226 |
| Other operating income, expenses | -329 | -140 | 221 | 72 |
| Foreign currency gains/losses | -3,453 | -453 | -358 | -736 |
| Profit from continuing operations before result from joint ventures and investments |
-1,274 | 372 | 6,406 | 1,378 |
| Result from joint ventures recognised at equity | – | -84 | – | -187 |
| Earnings before interests and taxes / EBIT from continuing operations |
-1,274 | 288 | 6,406 | 1,191 |
| Net interest income or expense | -400 | -564 | -1,491 | -1,542 |
| Earnings before income taxes / EBT from continuing operations |
-1,674 | -276 | 4,915 | -351 |
| Income taxes | -281 | -493 | -1,339 | -1,305 |
| Net result for the period from continuing operations | -1,955 | -769 | 3,576 | -1,656 |
| Net result for the period from discontinued operations | – | 835 | 10,098 | 2,168 |
| Net result for the period | -1,955 | 66 | 13,674 | 512 |
| Components of comprehensive income after taxes taken directly to equity | ||||
| Currency translation of foreign operations | 170 | 129 | -804 | 34 |
| Currency translation of net investments in foreign operations | 113 | 326 | 620 | 159 |
| Comprehensive income after taxes | -1,672 | 521 | 13,490 | 705 |
| Net result for the period attributable to | ||||
| Minority interests | 4 | 11 | 3 | -1 |
| Shareholders of the parent company | -1,959 | 55 | 13,671 | 513 |
| Net result for the period | -1,955 | 66 | 13,674 | 512 |
| Comprehensive income attributable to | ||||
| Minority interests | 4 | 11 | 3 | -1 |
| Shareholders of the parent company | -1,676 | 510 | 13,487 | 706 |
| Comprehensive income after taxes | -1,672 | 521 | 13,490 | 705 |
| Earnings per share (diluted and undiluted) | 0.41 € | 0.01 € | 2.88 € | 0.11 € |
| € 000 | 30 Sept 2010 | 31 Dec 2009 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | 23,530 | 32,730 |
| Financial assets | 20,000 | – |
| Trade receivables | 47,417 | 56,953 |
| Inventories | 33,320 | 51,231 |
| Income tax receivables | 1,351 | 624 |
| Other current assets | 7,737 | 5,093 |
| Total current assets | 133,355 | 146,631 |
| Noncurrent assets | ||
| Financial assets | 731 | 601 |
| Tangible assets | 36,908 | 44,265 |
| Intangible assets | 19,842 | 21,717 |
| Deferred tax assets | 3,358 | 4,773 |
| Income tax receivables | 4,785 | 4,597 |
| Other noncurrent assets | 490 | 260 |
| Total noncurrent assets | 66,114 | 76,213 |
| Total assets | 199,469 | 222,844 |
| Short-term debt | ||
| Trade accounts payable and other liabilities | 48,255 | 58,777 |
| Derivative financial instruments | 1,365 | 95 |
| Derivative financial instruments | 1,365 | 95 |
|---|---|---|
| Income tax liabilities | 480 | 385 |
| Provisions | 3,672 | 5,002 |
| Short-term borrowing | 33 | – |
| Other short-term debt | – | 3,694 |
| Total short-term debt | 53,805 | 67,953 |
| Long-term debt | ||
| Provisions | 3,411 | 3,805 |
| Employee benefit obligations | 40,716 | 44,077 |
| Deferred tax liabilities | 1,234 | 2,476 |
| Other long-term debt | 134 | 3,604 |
| Total long-term debt | 45,495 | 53,962 |
| Equity | ||
| Subscribed capital | 15,000 | 15,000 |
| Capital surplus | 16,934 | 16,934 |
| Treasury shares | -7,685 | -7,685 |
| Appropriated surplus | 72,614 | 73,193 |
| Translation reserve | 3,220 | 3,404 |
| Minority interests | 86 | 83 |
| Total equity | 100,169 | 100,929 |
| Total equity and liablilities | 199,469 | 222,844 |
The changes in equity attributable to the shareholders of the parent Company were as follows:
| € 000 | Subscribed capital |
Capital reserve |
Treasury shares |
Appropri ated surplus |
Translation reserve |
Total |
|---|---|---|---|---|---|---|
| As at 1 January 2009 | 15,000 | 16,934 | -7,686 | 72,996 | 3,211 | 100,455 |
| Dividends | – | – | – | -2,850 | – | -2,850 |
| Purchase/issue of treasury shares | – | – | 1 | – | – | 1 |
| Comprehensive income | – | – | – | 513 | 193 | 706 |
| of which net result for the period | – | – | – | 513 | – | 513 |
| of which currency translation of foreign operations |
– | – | – | – | 34 | 34 |
| of which currency translation of net investments in foreign operations |
– | – | – | – | 159 | 159 |
| As at 30 September 2009 | 15,000 | 16,934 | -7,685 | 70,659 | 3,404 | 98,312 |
| As at 1 January 2010 | 15,000 | 16,934 | -7,685 | 73,193 | 3,404 | 100,846 |
| Dividends | – | – | – | -14,250 | – | -14,250 |
| Purchase/issue of treasury shares | – | – | – | – | – | – |
| Comprehensive income | – | – | – | 13,671 | -184 | 13,487 |
| of which net result for the period | – | – | – | 13,671 | – | 13,671 |
| of which currency translation of foreign operations |
– | – | – | – | -804 | -804 |
| of which currency translation of net investments in foreign operations |
– | – | – | – | 620 | 620 |
| As at 30 September 2010 | 15,000 | 16,934 | -7,685 | 72,614 | 3,220 | 100,083 |
| € 000 | Shareholders of the parent Company |
Minority interests | Total equity |
|---|---|---|---|
| As at 1 January 2009 | 100,455 | 95 | 100,550 |
| Dividends | -2,850 | – | -2,850 |
| Purchase/issue of treasury shares | 1 | – | 1 |
| Comprehensive income | 706 | -1 | 705 |
| of which net result for the period | 513 | -1 | 512 |
| of which currency translation of foreign operations |
34 | – | 34 |
| of which currency translation of net investments in foreign operations |
159 | – | 159 |
| As at 30 September 2009 | 98,312 | 94 | 98,406 |
| As at 1 January 2010 | 100,846 | 83 | 100,929 |
| Dividends | -14,250 | – | -14,250 |
| Purchase/issue of treasury shares | – | – | – |
| Comprehensive income | 13,487 | 3 | 13,490 |
| of which net result for the period | 13,671 | 3 | 13,674 |
| of which currency translation of foreign operations |
-804 | – | -804 |
| of which currency translation of net investments in foreign operations |
620 | – | 620 |
| As at 30 September 2010 | 100,083 | 86 | 100,169 |
| € 000 | 1 January to 30 Sept 2010 |
1 January to 30 Sept 2009 |
|---|---|---|
| Net result for the period from continuing operations | 3,576 | 512 |
| Adjustments for | ||
| expense for the issue of employee shares | – | 1 |
| depreciation and amortisation | 6,243 | 6,355 |
| Decrease in provisions | -306 | -684 |
| Gain on disposal of noncurrent assets | -11 | -21 |
| Decrease in inventories, trade receivables and other assets not classified as investment or financing activities |
624 | 37,186 |
| Decrease in trade payables and other liabilities not classified as investment or financing activities |
-5,642 | -2,990 |
| Cash flow from operating activities | 4,484 | 40,359 |
| Acquisition of consolidated Companies | -5,593 | – |
| Sale of a Company division | 32,796 | – |
| Acquisition of tangible and intangible assets | -4,477 | -5,057 |
| Investments in financial assets | -201 | -2 |
| Proceeds from the disposal of noncurrent assets | 791 | 504 |
| Cash flow from investment activities | 23,316 | -4,555 |
| Dividends paid to the shareholders of the parent Company | -14,250 | -2,850 |
| Bank borrowings | – | -7,593 |
| Payments to financial assets | -20,000 | – |
| Cash flow from financing activities | -34,250 | -10,443 |
| Effects of exchange rate differences | -1,121 | -218 |
| Net change in cash and cash equivalents | -7,571 | 25,143 |
| Current funds at the start of the period under review | 32,730 | 6,208 |
| Current funds at the end of the period under review (including discontinued operations) | 25,159 | 31,351 |
| Cash and cash equivalents of sold Company division | -1,629 | – |
| Current funds at the end of the period under review | 23,530 | 31,351 |
| Key figures by division as at 30 September 2010 |
Brand Business |
Volume Business |
Total |
|---|---|---|---|
| Turnover € million |
130 | 24 | 154 |
| EBIT € million |
3.6 | 2.8 | 6.4 |
| Investments € million |
3.8 | 0.4 | 4.2 |
| Depreciation and amortisation € million |
4.1 | 0.9 | 5.0 |
| Employees (annual average) | 912 | 224 | 1,136 |
| Key figures of the previous year by division as at 30 September 2009 |
Brand Business |
Volume Business |
Total |
|---|---|---|---|
| Turnover € million |
130 | 23 | 153 |
| EBIT € million |
-1.7 | 2.9 | 1.2 |
| Investments € million |
4.0 | 0.4 | 4.4 |
| Depreciation and amortisation € million |
4.5 | 0.9 | 5.4 |
| Employees (annual average) | 923 | 228 | 1,151 |
The Board of Management declares that, to the best of its knowledge, and in accordance with the applicable reporting principles for interim reporting, the interim financial statements give a true and fair view of the assets, earnings and financial position of the Group,
and the interim management report presents a true and fair view of the business and situation of the Group, together with the principal risks and opportunities associated with the expected development of the Group for the remaining months of the financial year.
Nassau/Lahn, November 2010
Leifheit Aktiengesellschaft The Board of Management
Georg Thaller Dr. Claus-O. Zacharias
This quarterly financial report contains forward-looking statements which are based on management's current estimates regarding future developments. Such statements are subject to risks and uncertainties which are beyond Leifheit's ability to control or estimate precisely, such as statements on the future market environment and economic conditions, the behaviour of other market participants and government measures. If one of these uncertain or unforeseeable factors occurs or the assumptions on which these statements are based prove inaccurate, actual results could differ materially from the results cited explicitly or contained implicitly in these statements. Leifheit neither intends to nor accepts any specific obligation to update forward-looking statements in line with events or developments after the date of this report.
Technical factors (e.g. conversion of electronic formats) may lead to discrepancies between the financial statements in this quarterly financial report and those submitted to the electronic Federal Gazette. In this case the version submitted to the electronic Federal Gazette is binding.
In the event of any discrepancies between this English translation of the quarterly financial report and the German version, the German version takes priority over the English translation.
Analyst conference, Frankfurt/Main
W 5 April 2011 Annual financial reports 2010
Annual General Meeting, 10:30 a.m., Leifheit AG Customer and Administrative Centre, Nassau/Lahn
P.O. Box 11 65 D-56371 Nassau/Lahn Telephone: +49 2604 977-0 Telefax: +49 2604 977-300 Internet: www.Leifheit.com E-mail: [email protected]
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