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Prismaflex International — Earnings Release 2012
Nov 30, 2011
1609_iss_2011-11-30_ccbf27dd-5da1-4524-9c11-cd63ec69d251.pdf
Earnings Release
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Half Yearly Results – September 2011 Excluding variations in scope of business, firm activity and operating profit
Six-month period analysis:
- ¨ Company activity up 3.7% with strong Home Décor performance
- ¨ Margins, fixed costs and financial charges under control
- ¨ Negative impact of integration of Distec on results
- ¨ Gearing at 0.47 compared to 0.58 on September 30, 2010
Outlook 2011/2012:
- ¨ Good order backlog despite economic uncertainty
- ¨ Positive outlook for Hardware in S2
- ¨ Positive reaction to new products and pursued strategy to innovate
- ¨ Integration of UK-based Urban Storm Ltd
Consolidated statement of income (April 1 – September 30, 2011)
On November 21, 2011 the Prismaflex International board closed the accounts for the 2011/2012 S1 period. The financial statements were subject to limited audit review.
| 6 months | 6 months | 6 months (excl. Distec) |
||
|---|---|---|---|---|
| In M€ | 30.09.11 | 30.09.10 | Difference | 30.09.11 |
| in € Million | ||||
| Sales | 24.86 | 23.97 | 0.89 | 24.23 |
| Current operating profit | 0.87 | 1.25 | -0.38 | 1.20 |
| Current operating profit | 3.5% | 5.2% | 5.0% | |
| Financial result excl. Foreign exchange | -0.24 | -0.26 | 0.02 | |
| Foreign exchange losses and gains | -0.18 | -0.02 | -0.16 | |
| Tax | -0.25 | -0.13 | -0.13 | |
| Net result | 0.20 | 0.84 | -0.65 | 0.53 |
| Net consolidated result | 0.33 | 0.81 | -0.48 | |
| Self-financing capacity | 1.01 | 1.57 | -0.56 | 1.27 |
| In M€ | 30.09.11 | 31.03.11 | 30.09.10 |
|---|---|---|---|
| Consolidated equity capital | 18.29 | 18.56 | 17.39 |
| Net debt | 8.67 | 7.73 | 10.04 |
| Gearing | 0.47 | 0.42 | 0.58 |
Maintained profitability (excluding Distec)
In April 2011, Prismaflex International acquired 59% of the German manufacturer of scrolling signs and display columns Distec. Although the operation had a negative impact on results for the period, it opens the way to the German and East-European markets. At constant scope (excluding Distec), operating profit at €1.2 million is close to that of 2010 thanks in part to the good management of the company's fixed costs.
Strong capital structure
With consolidated equity capital at €18.29 million, the capital structure is healthy despite the €0.42 million negative impact of currency evolution (Euro) on the goodwill. Net debt has improved by €1.4 million compared to September 2010 to stand at €8.67 million. Customer down payments as of March 31, 2011 have been absorbed.
Working capital need at €8.9 million represents 18% of total sales, unchanged from September 2010.
Analysis presents an improved gearing ratio at 0.47 compared with 0.58 on September 30, 2010.
Integration of UK-based Company Urban Storm Ltd
Present on the UK digital print market since 2003, Prismaflex International has entered into a merger with its competitor Urban Storm Ltd through an exchange of securities in order to attain the critical size for competitiveness on the digital printing market in the UK. As a result of the operation, Prismaflex will own 60% of the UK-based merged entity with the two companies working out of the same premises. Urban Storm Ltd has been operating on the outdoor advertising market for around fifteen years and holds a patent for a truck advertising system and static signs.
Performance and outlook
Due to the uncertain economic environment, Prismaflex International remains cautious and maintains its fixed costs and financial charges management strategy.
A saving plan has been set up to improve Distec Gmbh profitability by lowering the break-even point. The positive impact should be felt over the coming financial year.
On October 31, 2011, Group order backlog, primarily composed of orders for hardware, remains strong at €6.8 million and should continue to progress through to the end of the year.
Forthcoming dates
- Conference call: Pierre Henri Bassouls, CEO and Emmanuel Guzman, CFO will be available to answer your questions at 10.00 am on Thursday December 1, 2011. Please contact Actus Lyon on +33 (0)4 72 18 04 90 - to receive the PowerPoint presentation and the conference contact number.
- Press release: 3rd quarter 2011/2012 sales figures January 19, 2012 after closure.
PRISMAFLEX INTERNATIONAL Outdoor Advertising solutions manufacturer and large format digital printing ISIN: FR0004044600-PRS - Reuters: PRS.PA – Bloomberg: PRS FP Eurolist by Euronext Paris – Compartiment C www.prismaflex.com
Contacts:
Emmanuel Guzman - CFO - phone: +33 (0)4 74 70 68 00 – [email protected] Amalia Naveira – Analysts/Investors contact - phone: +33 (0)4 72 18 04 92 – [email protected] Marie-Claude Triquet – Press contact – phone: +33 (0)4 72 18 04 93 - [email protected]