Turbon AG — Earnings Release 2007

Apr 14, 2008

News Details

Ad-hoc | 14 April 2008 19:46

Turbon AG: Turbon 2007 Annual and Consolidated Financial Statements

Turbon AG / Final Results

Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Turbon 2007 Annual and Consolidated Financial Statements
Consolidated sales in the 2007 fiscal year were Euro 122.5 million compared
to Euro 128.8 million in the previous year. The drop in sales is primarily
due to negative currency effects in the amount of Euro 4.1 million and a
decline in sales of non core business products. In contrast, sales of laser
cartridges – the core sector – continued to rise. EBIT were Euro 1.3
million compared to Euro 1.7 million in the previous year. The result from
ordinary operations was around Euro -1.0 million after a result of Euro 0.2
million in the previous year. After taking account of taxes on income,
consolidated result after tax is Euro 0.1 million compared to a result of
Euro -1.9 million in the previous year. The positive tax effect resulted
from showing deferred taxes as an asset as prescribed by IAS 12. The
earnings figures for 2007 are influenced by one time expenses equal to Euro
3.5 million. There was a major improvement in the structure of the
consolidated balance sheet on the closing date of December 31, 2007.
Contributing was the significant reduction in inventories by Euro 12.3
million and the subsequent reduction of debts by Euro 12.6 million. Our
2008 sales budget provides for sales in the amount of Euro 100 million as a
consequence of focusing on the core product sector laser cartridges and key
accounts as well as the continuous weak US Dollar and a reduced demand on
the market at the beginning of 2008. Nevertheless, the cost reduction
measures which were made possible through the partial restructuring of the
group of companies will provide a clear profit improvement even with lower
sales in 2008. The structural improvements in the amount of capital tied up
and the subsequent positive cash flow will continue. As a result of these
overall positive developments the Supervisory Board and Management Board
will discuss the reinstatement of a dividend already for the fiscal year
2007 at the next Supervisory Board Meeting on April 22. In case of a
positive decision a recommendation of a dividend of Euro 0.50 per share
will be made to the annual shareholder meeting which will take place on
June 19, 2008 in Hattingen.
Hattingen, April 14, 2008
Turbon AG
14.04.2008 Financial News transmitted by DGAP

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Language: English
Issuer: Turbon AG
Ruhrdeich 10
45525 Hattingen
Deutschland
Phone: +49 (0)2324 - 504-0
Fax: +49 (0)2324 - 504-156
E-mail: info@turbon.de
Internet: info@turbon.de
ISIN: DE0007504508
WKN: 750450
Listed: Regulierter Markt in Frankfurt (General Standard),
Düsseldorf; Freiverkehr in Berlin, Hamburg, München,
Stuttgart

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