INDUS satisfied with sales and earnings growth
- INDUS intends to make anti-cyclical acquisitions -
Bergisch Gladbach, November 28, 2008 - INDUS Holding AG, which is listed in the SDAX, generated further sales and earnings growth in the first nine months of 2008 and thus surpassed the strong performance posted in the previous year. "In view of the difficult economic situation, we are satisfied with our operating performance", declared Helmut Ruwisch, Chairman of the Board of Management of INDUS Holding AG, and pointed to the opportunities available on the investment market. "Valuation levels for medium-sized companies have returned to an attractive range. We aim to exploit this situation and to draw on our comfortable supply of liquidity to expand our portfolio. A first step has already been taken with the complete takeover of the Köster Group. Further steps are due to follow in the course of the coming financial year.
Year-on-year growth in first nine months of 2008
Consolidated sales rose by 3.7 % compared with the first nine months of 2007 to reach Euro 709.9 million. The negative impact of high commodity and energy costs could be mitigated by the optimization measures implemented. At Euro 76.0 million, earnings before interest and taxes (EBIT) were thus slightly ahead of the equivalent figure of Euro 75.6 million for the previous year. Having accounted for higher tax expenses than in the previous year, income after taxes for the period amounted to Euro 35.8 million (previous year: Euro 37.2 million).
Decline in momentum in third quarter of 2008
Sales in the third quarter of 2008 grew by 5.0 % to Euro 242.9 million (previous year: Euro 231.3 million). As a result of higher cost burdens, especially the 3.1 percentage point increase in the materials expense ratio, operating earnings reduced to Euro 23.3 million (previous year: Euro 26.0 million). Income after taxes for the period amounted to Euro 8.9 million. Due to a one-off tax item, this figure is not comparable with the previous year’s figure.
Confident for 2008 financial year as a whole
"We are confident that we will reach our targets for the 2008 financial year as a whole in spite of the marked slowdown in the economy," confirmed Ruwisch. The Board of Management currently expects the company to generate annual sales of approximately Euro 960 million with an operating EBIT margin of around 10 %.
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