Earnings Release • Jan 21, 2010
Earnings Release
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World leader for aluminium anodising - http://investors.unitedanodisers.com ISIN: BE0160342011 - Reuters: COIL.LN - Bloomberg: COI FP
Brussels, January 21st, 2010 (5:45 pm) - United Anodisers (previously COIL) recorded €22,316,000 in sales over 2009, down 21.1% at constant exchange rates and 23.7% on a reported basis compared with the same period the previous year.
Fourth-quarter sales show a moderate downturn of 9.7% compared with the fourth quarter of 2008, reflecting the change in the trend seen throughout 2009 (-31.4% in Q1, -29.5% in Q2 and -20.7% in Q3).
| (€'000) | 2009 12 months |
Change | Q4 2009 |
Change | ||
|---|---|---|---|---|---|---|
| Actual | Like-for like |
Actual | Like-for-like | |||
| Continuous anodising | 15,910 | -21.5% | -21.5% | 4,119 | -3.8% | -3.8% |
| Batch anodising | 6,406 | -28.6% | -20.2% | 1,461 | -23.2% | -17.4% |
| Consolidated sales | 22,316 | -23.7% | -21.1% | 5,580 | -9.7% | -8.0% |
For the fourth quarter of 2009, the batch anodising business recorded €1,461,000 in sales, down 23.2% in relation to the fourth quarter of 2008, with full-year sales coming out at €6,406,000, down 28.6%. Foreign exchange effects had a negative impact of €750,000 on sales for 2009; at constant exchange rates, business has contracted by 20.2% (-17.4% just for the fourth quarter of 2009).
This performance, in line with expectations, reflects the sharp decline in the economic environment in the UK, primarily in the construction sector.
The fourth quarter of 2009 illustrates the resilience of the Group's activities in a difficult environment (for reference, sales were down -28.5% in Q1 2009, -37.6% in Q2 2009 and -20.7% in Q3 2009).
In a still difficult global economic environment, the commercial situation for continuous anodising improved considerably during the last quarter, thanks to the improvement in distributor inventories. More specifically, November and December saw a slight upturn in growth compared with the same months in 2008.
In this climate, sales for the fourth quarter of 2009 came to €4,119,000, down by only 3.8% compared with the fourth quarter of 2008 (-32.8% in Q1 2009, -26% in Q2 2009, -19.7% in Q3 2009). In 2009, full-year sales totalled €15,910,000, down 21.5% in relation to the previous year.
As far as the outlook for 2010 is concerned, United Anodisers is forecasting sales growth, driven by demand gradually picking up again in western countries, as well as by new product launches and the development of new markets. In addition, the Group is expected to benefit from its programmes to adapt production to demand and the reduction in its costs in order to return to profitability.
NEXT DATE: 2009 full-year earnings in April 2010
United Anodisers, a Belgian Group listed on NYSE Euronext Paris Compartment C since June 26th , 1996, is the world's largest architectural and industrial anodiser, specialising in the surface treatment of aluminium extrusions, castings and flat-rolled products.
Anodising is an electrochemical process - electrolysis - that develops a natural and protective exterior layer on aluminium that can be coloured, providing exceptional corrosion protection and/or increased functionality for the metal.
Anodising preserves all the natural and ecological properties of aluminium - it retains its high strength-toweight ratio, non-magnetic properties and exceptional corrosion resistance without any impact on the total and repeated recyclability of the metal.
Anodised aluminium is used across a wide range of architectural, designer, industrial and automotive applications.
COIL - Tim Hutton - Chief Executive Officer – [email protected] - Tel: +32 (0)11 88 01 88 CALYPTUS – Cyril Combe – [email protected] -Tel: +33 (0)1 53 65 37 94
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