Preliminary half-year results and revision of earnings forecast 2019
According to preliminary figures INDUS Holding AG has increased the group sales for the first half-year by 3.8% to 876.5 Mio. EUR (last year 844.7 Mio. EUR). Group EBIT decreased by 12.6% to 66.5 Mio. EUR (last year 76.1 Mio. EUR). The main reason for this is a 9.4 Mio. EUR lower EBIT contribution of the Automotive Technology segment. This can be attributed to the difficult situation in the automotive industry.
The cash flow from operating activities in the first half-year shows a distinct positive development resulting from improved working capital management and a lower increase in inventory as compared to last year. The cash flow from operating activities in the first half-year amounts to +24.4 Mio. EUR as compared to -22.4 Mio. EUR in the first half-year of last year.
Based on the preliminary half-year figures and the reduced expectations due to the situation in the automotive industry for the second half-year of 2019 and taking into account the contribution to earnings from the sale of a minority interest amounting to 16.5 Mio. EUR (anticipated during the third quarter 2019, as reported in Ad-hoc release from 23 July 2019), we now expect for the full year 2019 a stable sales forecast and an operating result (EBIT) in the range from 152 to 158 Mio. EUR instead of 156 to 162 Mio. EUR as previously predicted.
The breakdown of EBIT is shown on page 10 and cash flow from operational activities is composed as shown on page 14 of the Q1 2019 Interim Report of INDUS Holding AG.
The complete Half-Year Report for 2019 will be published on 13 August 2019.