Earnings Release • Aug 18, 2010
Earnings Release
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| January to June | 2010 | 2009 | |
|---|---|---|---|
| Turnover – Group |
€ million | 105 | 104 |
| – Brand Business | € million | 90 | 90 |
| – Volume Business | € million | 15 | 14 |
| Foreign share | 56.3% | 55.8% | |
| Gross profit | 43.6% | 40.0% | |
| EBIT from continuing operations | € million | 7.7 | 0.9 |
| EBIT from continuing operations adjustet for unrealised foreign exchange gains | € million | 5.6 | 0.9 |
| Earnings before income taxes (EBT) from continuing operations | € million | 6.6 | -0.1 |
| Net result for the period from continuing operations | € million | 5.5 | -0.9 |
| Net result for the period including discontinued operations | € million | 15.6 | 0,4 |
| Investment in tangible assets | € million | 2.2 | 2.5 |
| Cash flow from operating activities | € million | 0.2 | 28.5 |
| Annual average of employees | 1,140 | 1,140 |
The statement of financial position for the period ending 30 June 2010 no longer includes the deconsolidated Bathroom Furnishings division. The Bathroom Furnishings division is, however, still included in the statement of financial position for the period ending 31 December 2009.
In this report we will inform you of the development of business at Leifheit in the first six months of the 2010 financial year.
This financial report for the half-year ended 30 June 2010 was prepared in accordance with the International Financial 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.
We decided to spin off our Bathroom Furnishings division completely in order to sharpen further 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 promises more attractive returns in the long term.
In a first step, we sold the Spirella brand from our Bathroom Furnishings division to Swiss investment company Cross, Zurich at the beginning of June. This was followed by the sale of Kleine Wolke and Meusch to Possehl Mittelstandsbeteiligungen GmbH & Co. KG, Lübeck at the end of June. In the interests of the staff, from the very beginning we looked for buyers who intended to continue and further expand the business so that the jobs of the staff affected are preserved. We also accomplished this goal with the new owners we found.
This sale has helped Leifheit consistently realise two strategic goals:
With the clear positioning of its brands, the Leifheit Group is now a focused company in the household goods sector again.
We now have free rein to use our strength and financial resources to develop further the Leifheit, Dr. Oetker Bakeware, Soehnle, Birambeau and Herby brands. This gives our brands a sharper profile, which ultimately will lead to greater attention from our customers and therefore also contribute to higher turnover. We are striving for top market positions in both the Southern and Eastern European markets, so additions in these markets in future are a logical continuation of this strategy.
The four core business areas of cleaning, laundry care, kitchen goods and scales have generated the greatest successes for our Company thus far and they continue to promise a very successful future as well. Strong brands take our Company forward, which ultimately benefits all those involved – from the shareholders to the employees.
We are also taking account of this change in segment reporting starting immediately. From now on, the various market cultivation strategies form the categorising element of the individual segments:
The strong global economic recovery is currently surprising even the experts. The International Monetary Fund (IMF) recently increased its forecast to 4.6% economic growth in 2010. This figure still includes large differences between as well as within highly developed economic systems, emerging countries and developing countries. Emerging countries, especially in Asia, continue to lead in economic performance.
This boom is also having a positive effect on export nations such as Germany, which is also benefiting from the current weak euro. With its growth rate now expected to be 1.4%, Germany is currently considered the economic engine of the euro zone. This is also reflected in stable consumer sentiment: consumer spending there has recently risen to its highest point since September 2009 even despite falling earnings expectations.
The Leifheit Group (excluding the sold Bathroom Furnishings division) ended the first half of 2010 with improved turnover and results far above the prior-year figure. Group turnover climbed by 1% to € 105 million – the corresponding segments generated € 104 million in the previous year period.
Second quarter turnover was down just slightly year-onyear: Group turnover fell slightly from € 52 million (proceeds from the Household Products division in the second quarter of 2009) to € 50 million. The foreign share of proceeds fell year-on-year to 57%.
Our strong Leifheit, Dr. Oetker Bakeware and Soehnle brands remain the mainstays of Group success in the first half of 2010: turnover of these brands amounted to € 90 million like the prior-year. The previous year's figure still included roughly € 6 million in turnover from the ladder division, which has been sold. The brands segment's portion of Group turnover thus remained constant at 86%.
The Brand Business contributed € 7.3 million to Group EBIT as at 30 June 2010, a significant improvement yearon-year. Adjusted for unrealised foreign exchanges gains EBIT of the Brand Business was € 5.2 million (previous year: € 1.1 million).
Our premium brands are successful not only in Germany, but abroad as well: 49% of half-year turnover was generated from outside Germany. Turnover in Austria and the USA was especially pleasing with high growth rates at a good level. In contrast, there was still no notable recovery from the economic crisis in Eastern Europe.
The cleaning business area benefited with an increase of 13% from the continued great success of the TV campaign for the Twist system, the visibility of which also had a positive impact on the other products in the business area. The laundry care category gained 7%, benefiting mainly from additional campaigns in Germany. Development of Leifheit's kitchen items in Austria, Belgium, France and Switzerland more than offset falling sales in Italy. The kitchen goods category grew 14% overall. The Soehnle scales division was negatively impacted by decreased price levels of the market. In addition, a conscious decision was made to forego unprofitable campaigns.
After strong growth in the first quarter, Brand Business turnover exhibited weaker development in the second quarter: At € 42 million, turnover was somewhat below the prior-year level (Q2/2009: € 44 million). The previous year's figure included € 2 million from the ladder division, which has since been sold.
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 4% year-on-year to € 15 million (previous year: € 14 million). The segment's portion of Group turnover thus remained stable at 14%. It contributed € 1.8 million to Group EBIT as at 30 June 2010, a significant improvement year-onyear (previous year: € 1.4 million).
Sales of Birambeau's kitchen gadgets in the first six months of 2010 compensated for not running a campaign in France last year. However, a lack of private label transactions in Spain diminished this positive effect.
Herby further expanded its listing and campaign business in the area of laundry care in France, thereby generating 10% growth.
Second quarter turnover in the Volume Business was stable at the previous year's level of € 8 million.
Group EBIT from continuing operations amounted to € 7.7 million. It includes unrealised price gains from the measurement of forward foreign exchange contracts of € 2.1 million, measured at the closing date price (1.22 USD/€). Of this amount, € 1.5 million alone relates to unrealised price gains from forward foreign exchange contracts for 2011. Therefore adjusted EBIT amounted to € 5.6 million, significantly above the comparable prioryear figure (previous year: € 0.9 million) as well as the prior-year figure including the surrendered Bathroom Furnishings division (previous year: € 2.8 million). This positive development is due in particular to development in the Brands Business with a qualitative improvement in the gross margin.
Earnings before taxes (EBT) from continuing operations increased to € 6.6 million as at 30 June 2010 (previous year: € -0.1 million). Earnings after taxes from continuing operations amounted to € 5.5 million (previous year: € -0.9 million), while the figure from discontinued operations was € 10.1 million, which includes the results of operating activities in 2010 of the sold businesses of the Bathroom Furnishings division up to the deconsolidation (disposal) of each of them and in particular one-off effects from the sale of the Bathroom Furnishings division. Profit/loss for the period was € 15.6 million (previous year: € 0.4 million).
Due to deconsolidation, total assets as at 30 June 2010 no longer contain the sold businesses of the Bathroom Furnishings division. Therefore total assets as at 30 June 2010 are only limited comparable to total assets as at 31 December 2009.
Total assets fell by € 22.0 million to € 200.8 million compared with 31 December 2009 which mainly results from the deconsolidation of the Bathroom Furnishings division and the paid out dividend.
Due to positive comprehensive income, equity increased by € 0.9 million to € 101.8 million. The dividend paid out in June of € 14.3 million was overcompensated in the equity by the positive comprehensive income of € 15.2 million. The equity ratio climbed to 50.7%.
Cash flow from operating activities amounted to € 0.2 million, and now includes the changes in trade receivables and trade accounts payable of the sold businesses of the Bathroom Furnishings division. The cash flow from investment activities contains the so far paid purchase prices of the disposal of the Bathroom Furnishings division.
In the first half year of 2010 on average 1,140 employees were employed at the Leifheit Group (as at previous year).
Total additions to non-current assets amounted to € 2.9 million in the reporting period (previous year: € 2.7 million), of which € 2.2 million was attributable to tangible assets and € 0.7 million to intangible assets.
The investment ratio based on the historic cost of tangible assets was therefore 1.6%. This was offset by depreciation of tangible assets in the amount of € 2.5 million and amortisation of intangible assets in the amount of € 1.5 million.
In the Brand Business, we invested € 1.9 million in tangible assets (previous year: € 2.3 million), primarily in tools, operating equipment and office equipment. Investments in tangible assets in the Volume Business totalled € 0.3 million (previous year: € 0.2 million).
Due to the disposal of the Bathroom Furnishings division, the after tax results of the corresponding companies up to the time of disposal is presented in the statement of comprehensive income in a line called "Earnings after taxes from discontinued operations", which also includes the respective disposal gains/losses.
Earnings after taxes from discontinued operations amounted to € 10.1 million (previous year: € 1.3 million).
The results from discontinued operations are as follows:
| € million | 30 June 2010 |
30 June 2009 |
|---|---|---|
| Income | 43.3 | 34.3 |
| Expense | -32.0 | -32.4 |
| Earnings before interest and taxes /EBIT | 11.3 | 1.9 |
| Net interest income or expense and income taxes |
-1.2 | -0.6 |
| Earnings after taxes from discontinued operations |
10.1 | 1.3 |
Net cash flow from discontinued operations as at 30 June 2010 is as follows:
| € million | 30 June 2010 |
|---|---|
| Cash flow from operating activities | -0.9 |
| Cash flow from investment activities | -0.3 |
| Effects of exchange rate differences | 0.8 |
| Net change in cash and cash equivalents | -0.4 |
On 16 July 2010, Leifheit France S.A.S. acquired the outstanding 40% of the shares with voting rights in nonlisted company Herby Industrie S.A.S., France. The Leifheit Group now holds 100% of the shares in Herby Industrie S.A.S.
There were no other events after the end of the reporting period ended 30 June 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 recovery of the global economy is accompanied by increasing risk: the risk of state budgets with excessive debts such as Greece not only threatens the stability of the euro zone, but also triggered another crisis of confidence in the financial markets. As such, governments are again called on to calm the financial markets with stabilisation measures, but only the consistent and long-term consolidation of government budgets can make a major contribution to this – with measures that improve opportunities for growth in the medium term. The global imbalance of trade surpluses and deficits is another serious threat to economic recovery.
Although current economic development is positive overall, the IMF expects reduced demand from the private sector and therefore slower growth rates in the second half of the year. Regardless of positive experience and forecasts, German consumers remain cautious while also anticipating falling income and increasing expense from government savings packages. For this reason, the continued economic cycle will depend primarily on how stable the currently positive economic development and labour markets remain and how successful world governments are in establishing planning security for companies and consumers.
Consumers have always placed a great deal of trust in our brands. We know that our brands and our ideas are our capital. Their growth potential must be utilised to the fullest. The Leifheit Group's focus on its household brands opens new opportunities to do this. We will now use all of our resources to grow our Company organically.
This is why we are expanding our core competencies further and strengthening our brands with numerous top innovations. For example, we will launch the new "Relax" series by Soehnle in late summer. We are optimising and intensifying our communication to solidify our good relations with our customers and tap new buyer segments. And lastly, we intend to continue expanding in foreign growth markets such as France, Spain, and Italy, but also Eastern Europe.
We anticipate that our turnover by the end of the year will be slightly above turnover from the comparable segments in 2009. Earnings growth will be rather moderate compared to growth in the first six months because they contained currency effects and one-off effects from the sale of the Bathroom Furnishings division. However, we are confident that our earnings will tend towards previous year's level despite the sale of Bathroom Furnishings division. On a comparable basis (continuing operations excluding the sold Bathroom Furnishings division), we will achieve increased earnings in 2010 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 first half of 2010.
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 June 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 € 1.3 million. These obligations total approximately € 3.9 million during the non-cancellable remaining terms until 2014. As at 30 June 2010, there were purchase commitments totalling € 1.1 million. The lease agreements constitute operating leases as defined by IAS 17.
There are obligations under agreements for the purchase of tangible assets totalling € 1.4 million, especially for tools, as well as other financial obligations in the amount of € 0.5 million.
In addition, there were payment obligations from forward foreign exchange contracts for currency hedging totalling € 20.7 million offset by contractual payment receivables of USD 27.9 million (the nominal value of which was € 22.7 million as at 30 June 2010), as well as payment obligations of € 2.9 million offset by contractual payment receivables of CZK 75.0 million (the nominal value of which was € 2.9 million as at 30 June 2010).
Ernst Kraft left Leifheit AG's Board of Management on 1 June 2010. He had belonged to the Board since 2006.
Following the sale of the Bathroom Furnishings division, Mr Kraft continues to manage Spirella S.A. in Embrach. He has been part of the management team there since 1988.
| € 000 | 1 April to 30 June 2010 |
1 April to 30 June 2009 |
1 January to 30 June 2010 |
1 January to 30 June 2009 |
|---|---|---|---|---|
| Turnover | 50,030 | 51,690 | 105,044 | 104,448 |
| Cost of sales | -27,882 | -31,098 | -59,233 | -62,633 |
| Gross profit | 22,148 | 20,592 | 45,811 | 41,815 |
| Research and development costs | -1,488 | -1,517 | -3,026 | -3,097 |
| Distribution costs | -15,622 | -14,673 | -31,827 | -29,595 |
| Administrative costs | -3,479 | -3,356 | -6,923 | -6,896 |
| Other operating income, expenses | 845 | -369 | 550 | -938 |
| Foreign currency gains/losses | 2,350 | -982 | 3,095 | -283 |
| Profit from continuing operations before result from joint ventures and investments |
4,754 | -305 | 7,680 | 1,006 |
| Result from joint ventures recognised at equity | – | -106 | – | -103 |
| Earnings before interests and taxes / EBIT from continuing operations |
4,754 | -411 | 7,680 | 903 |
| Net interest income or expense | -539 | -509 | -1,091 | -978 |
| Earnings before income taxes / EBT from continuing operations |
4,215 | -920 | 6,589 | -75 |
| Income taxes | -512 | -473 | -1,058 | -812 |
| Net result for the period from continuing operations | 3,703 | -1,393 | 5,531 | -887 |
| Net result for the period from discontinued operations | 8,852 | 392 | 10,098 | 1,333 |
| Net result for the period | 12,555 | -1,001 | 15,629 | 446 |
| Components of comprehensive income after taxes taken directly to equity | ||||
| Currency translation of foreign operations | -1,787 | 199 | -974 | -95 |
| Currency translation of net investments in foreign operations | 166 | 349 | 507 | -167 |
| Comprehensive income after taxes | 10,934 | -453 | 15,162 | 184 |
| Net result for the period attributable to | ||||
| Minority interests | -2 | -1 | -1 | -12 |
| Shareholders of the parent company | 12,557 | -1,000 | 15,630 | 458 |
| Net result for the period | 12,555 | -1,001 | 15,629 | 446 |
| Comprehensive income attributable to | ||||
| Minority interests | -2 | -1 | -1 | -12 |
| Shareholders of the parent company | 10,936 | -452 | 15,163 | 196 |
| Comprehensive income after taxes | 10,934 | -453 | 15,162 | 184 |
| Earnings per share (diluted and undiluted) | € 2.64 | € -0.21 | € 3.29 | € 0.10 |
| € 000 | 30 June 2010 | 31 Dec 2009 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | 35,994 | 32,730 |
| Trade receivables | 43,768 | 56,953 |
| Inventories | 36,360 | 51,231 |
| Income tax receivables | 1,261 | 624 |
| Derivative financial instruments | 2,087 | – |
| Other current assets | 14,837 | 5,093 |
| Total current assets | 134,307 | 146,631 |
| Noncurrent assets | ||
| Financial assets | 731 | 601 |
| Tangible assets | 36,600 | 44,265 |
| Intangible assets | 20,801 | 21,717 |
| Deferred tax assets | 3,367 | 4,773 |
| Income tax receivables | 4,727 | 4,597 |
| Other noncurrent assets | 261 | 260 |
| Total noncurrent assets | 66,487 | 76,213 |
| Total assets | 200,794 | 222,844 |
| Short-term debt | ||
|---|---|---|
| Trade accounts payable and other liabilities | 42,886 | 58,777 |
| Derivative financial instruments | – | 95 |
| Income tax liabilities | 508 | 385 |
| Provisions | 3,695 | 5,002 |
| Short-term borrowing | 33 | – |
| Other short-term debt | 6,392 | 3,694 |
| Total short-term debt | 53,514 | 67,953 |
| Long-term debt | ||
| Provisions | 3,420 | 3,805 |
| Employee benefit obligations | 40,495 | 44,077 |
| Deferred tax liabilities | 1,377 | 2,476 |
| Other long-term debt | 147 | 3,604 |
| Total long-term debt | 45,439 | 53,962 |
| Equity | ||
| Subscribed capital | 15,000 | 15,000 |
| Capital surplus | 16,934 | 16,934 |
| Treasury shares | -7,685 | -7,685 |
| Appropriated surplus | 74,573 | 73,193 |
| Translation reserve | 2,937 | 3,404 |
| Minority interests | 82 | 83 |
| Total equity | 101,841 | 100,929 |
| Total equity and liablilities | 200,794 | 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 | – | – | – | 458 | -262 | 196 |
| of which net result for the period | – | – | – | 458 | – | 458 |
| of which currency translation of foreign operations |
– | – | – | – | -95 | -95 |
| of which currency translation of net investments in foreign operations |
– | – | – | – | -167 | -167 |
| As at 30 June 2009 | 15,000 | 16,934 | -7,685 | 70,604 | 2,949 | 97,802 |
| 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 | – | – | – | 15,630 | -467 | 15,163 |
| of which net result for the period | – | – | – | 15,630 | – | 15,630 |
| of which currency translation of foreign operations |
– | – | – | – | -974 | -974 |
| of which currency translation of net investments in foreign operations |
– | – | – | – | 507 | 507 |
| As at 30 June 2010 | 15,000 | 16,934 | -7.685 | 74,573 | 2,937 | 101,759 |
| € 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 | 196 | -12 | 184 |
| of which net result for the period | 458 | -12 | 446 |
| of which currency translation of foreign operations |
-95 | – | -95 |
| of which currency translation of net investments in foreign operations |
-167 | – | -167 |
| As at 30 June 2009 | 97,802 | 83 | 97,885 |
| As at 1 January 2010 | 100,846 | 83 | 100,929 |
| Dividends | -14,250 | – | -14,250 |
| Purchase/issue of treasury shares | – | – | – |
| Comprehensive income | 15,163 | -1 | 15,162 |
| of which net result for the period | 15,630 | -1 | 15,629 |
| of which currency translation of foreign operations |
-974 | – | -974 |
| of which currency translation of net investments in foreign operations |
507 | – | 507 |
| As at 30 June 2010 | 101,759 | 82 | 101,841 |
| Key figures by division as at 30 June 2010 |
Brand Business |
Volume Business |
Non allocable |
Elimina tions |
Total | |
|---|---|---|---|---|---|---|
| Turnover | € m | 90 | 15 | – | – | 105 |
| EBIT | € m | 7.3 | 1.8 | -1.4 | – | 7.7 |
| Investments | € m | 2.6 | 0.3 | – | – | 2.9 |
| Depreciation and amortisation | € m | 3.4 | 0.6 | – | – | 4.0 |
| Employees (annual average) | 927 | 213 | – | – | 1,140 | |
| Key figures of the previous year by division as at 30 June 2009 |
Brand Business |
Volume Business |
Non allocable |
Elimina tions |
Total | |
| Turnover | € m | 90 | 14 | – | – | 104 |
| EBIT | € m | 1.1 | 1.4 | -1.6 | – | 0.9 |
| Investments | € m | 2.5 | 0.2 | – | – | 2.7 |
| Depreciation and amortisation | € m | 2.9 | 0.6 | – | – | 3.5 |
| € 000 | 1 January to 30 June 2010 |
1 January to 30 June 2009 |
|---|---|---|
| Net result for the period from continuing operations | 5,532 | 446 |
| Adjustments for | ||
| expense for the issue of employee shares | – | 1 |
| depreciation and amortisation | 3,996 | 4,151 |
| Decrease in provisions | -495 | -847 |
| Gain on disposal of noncurrent assets | -11 | -3 |
| Decrease in inventories, trade receivables and other assets not classified as investment or financing activities |
3,366 | 28,495 |
| Decrease in trade payables and other liabilities not classified as investment or financing activities |
-12,193 | -3,695 |
| Cash flow from operating activities | 195 | 28,548 |
| Sale of a Company division | 22,936 | – |
| Acquisition of tangible and intangible assets | -3,192 | -3,178 |
| Investments in financial assets | -201 | -2 |
| Proceeds from the disposal of noncurrent assets | 783 | 433 |
| Cash flow from investment activities | 20,326 | -2,747 |
| Dividends paid to the shareholders of the parent Company | -14,250 | -2,850 |
| Bank borrowings | – | -7,697 |
| Cash flow from financing activities | -14,250 | -10,547 |
| Effects of exchange rate differences | -1,304 | -392 |
| Net change in cash and cash equivalents | 4,967 | 14,862 |
| 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) | 37,697 | 21,070 |
| Cash and cash equivalents of sold Company division | -1,703 | – |
| Current funds at the end of the period under review | 35,994 | 21,070 |
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, August 2010
Leifheit Aktiengesellschaft The Board of Management
Georg Thaller Dr. Claus-O. Zacharias
This financial report for the first half year contains forwardlooking statements which are based on the 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 financial report for the first half year 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 financial report for the first half year and the German version, the German version takes priority over the English translation.
P.O. Bax 11 65 D-56371 Nassau/Lahn Germany Telephone: +49 2604977-0 Telefax: +492604 977-300 Internet: www.leifheit.com E-mail: [email protected]
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