KROMI Logistik AG — Earnings Release 2009

Sep 24, 2009

News Details

Corporate | 24 September 2009 07:59

KROMI Logistik AG publishes final figures for fiscal year 2008/2009

KROMI Logistik AG / Final Results/Forecast

24.09.2009

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• Revenues down 12.9% to EUR 34,935 thousand
• EBIT incl. extraordinary factors at EUR -82 thousand after EUR 3,371
  thousand last year
• Outlook for 2009/2010 remains muted as a result of the economic crisis

Hamburg, September 24, 2009 - KROMI Logistik AG ('KROMI', German Securities
Code (WKN) A0KFUJ, ISIN DE000A0KFUJ5) published its full consolidated
financial statements for fiscal year 2008/2009 (as of June 30) today. Based
on the final figures (IFRS), the company recorded consolidated revenues of
EUR 34,935 thousand over the twelve-month period. This figure is thus down
12.9% compared to the previous year's figure of EUR 40,115 thousand. 25.6%
(previous year: 25.3%) of total income was recorded abroad. During the same
period, EBIT fell to EUR -82 thousand compared to EUR 3,371 thousand,
taking the extraordinary factor in the third quarter into account. The
adjusted EBIT totaled EUR 918 thousand. Revenues and earnings based on
final figures are thus both in line with the company's expectations.

KROMI offers manufacturing companies end-to-end outsourcing for the supply
of precision tools (tool management) and it focuses on machining tools for
metalworking and plastics. The company still recorded double-digit growth
in the first three months of fiscal year 2008/2009, and also booked revenue
growth and significantly positive EBIT in the second quarter, however the
second half of the year was characterized by a strong downturn in
production in the engineering sector and the automotive supply industry.
Earnings were also depressed by an extraordinary factor in the form of a
risk provision totaling EUR 1,000 thousand, which was formed in view of the
fact that an automotive supplier customer filed for bankruptcy in April
2009. KROMI benefited from its mix of industries, and was able to lift its
revenues again in the aerospace and ship engine construction segments.

'The past fiscal year was a difficult one for us as a result of the
dramatic economic downturn over the past few months and its impact on our
target industries. However, we were able to hold our own very well on this
difficult market,' commented Jörg Schubert, KROMI Logistik AG's CEO. 'What
is more, we have been able to achieve key strategic milestones in our
company's growth. In future, these will be key additional elements for our
planned future growth.'

The cost of materials fell from EUR 29,134 thousand to EUR 25,675 thousand.
At the same time, the cost of materials ratio increased from 72.6% in the
previous year to 73.5%. New hires, pay rises at KROMI Logistik and
provisions for wages and salaries caused the group's personnel expenses to
increase from EUR 4,447 thousand to EUR 5,250 thousand. The fact that
revenues fell at the same time, coupled with company formations in Brazil
and Spain, meant that the ratio of personnel expenses increased from 11.1%
to 15.0%. After adjustment for additions to one-off write-downs of EUR 714
thousand as part of the general loan-loss provision, other operating
expenses increased to EUR 3,640 thousand (previous year: EUR 3,459
thousand).

EBT totaled EUR 44 thousand compared to EUR 3,461 thousand in the previous
year. Income taxes fell significantly from EUR 1,204 thousand to EUR 11
thousand. As a result, the group's earnings after taxes amounted to EUR 33
thousand (previous year: EUR 2,257 thousand), which corresponds to earnings
per share of EUR 0.01 (previous year: EUR 0.60).

At the same time, the company continues to enjoy a very solid balance
sheet. As of June 30, 2009, total assets increased to EUR 28,498 thousand
compared to EUR 25,714 thousand in the previous year. The share capital
grew from EUR 3,750 thousand to a current total of EUR 4,124,900 as a
result of the capital increase on June 17, 2009. Equity thus increased from
EUR 20,368 thousand to EUR 24,105 thousand, and the equity ratio thus
lifted from 79.2% on June 30, 2008 to around 84.6%.

Uwe Pfeiffer, the company's CFO commented on the past fiscal year: 'The new
companies we have formed in Spain and Brazil and our strategic alliance for
tool management with the IMC Group, one of the world's three largest tool
manufacturers, mean that over the past few months we have laid key
foundations for our further growth. We will also consistently continue our
successful strategy of internationalization in the future, and continue to
invest in new customers and markets.'

The company remains reserved regarding the coming months in view of the
unsettled further developments in the general economy and the targeted
market segments in particular. From the current perspective, KROMI Logistik
AG is thus forecasting revenues and earnings in fiscal year 2009/2010 to
remain at roughly the previous year's level, to the extent that the company
is not hit by any extraordinary events such as the customer bankruptcy in
the past reporting period. However, in view of the projects and strategic
alliances starting up, and the revenues that can be generated from these
projects, the Managing Board expects that it will be possible to record a
sustained increase in results again in the coming years.

KROMI Logistik AG's full consolidated financial statements (IFRS) for
fiscal year 2008/2009 will be available for download during the course of
today at www.kromi.de in the Investor Relations segment.

Company profile:
KROMI Logistik AG offers manufacturing companies end-to-end outsourcing for
the supply of precision tools (tool management) that is independent of a
specific manufacturer, and it focuses on machining tools for metalworking
and plastics. The Company combines classical tool trading with a peripheral
tool supply that includes output machines in the customer's production area
and an IT-based tool management and controlling system. The objective of
KROMI's business operations is to effectively optimize the supply of tools
for its clients and to secure the availability of the appropriate tools at
the right time and at the right place. The company is already present at
five locations in Germany and four abroad (Slovakia, Czech Republic, Brazil
and Spain), and is active in six other European countries. To date, KROMI
has primarily focused on customers in the engineering, shipbuilding and
aerospace sectors as well as automotive suppliers. In fiscal year
2008/2009, the company recorded revenues on IFRS-basis of EUR 34,935
thousand (previous year: EUR 40,115 thousand). EBIT was at EUR -82 thousand
(EUR 3,371 thousand).

On the Internet at www.kromi.de

Investor relations contact:

cometis AG
Henryk Deter
Tel.: +49 (0)611-205855-13
Fax: +49 (0)611-205855-66
E-mail: deter@cometis.de

24.09.2009 Financial News transmitted by DGAP

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Language: English
Company: KROMI Logistik AG
Tarpenring 11
22419 Hamburg
Deutschland
Phone: 040/537151-0
Fax: 040/537151-99
E-mail: info@kromi.de
Internet: www.kromi.de
ISIN: DE000A0KFUJ5
WKN: A0KFUJ
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Hamburg, Stuttgart

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