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DGAP-News: KROMI Logistik AG publishes 2014/2015 annual report

DGAP-News: KROMI Logistik AG / Key word(s): Final Results

2015-09-16 / 07:51

KROMI Logistik AG publishes 2014/2015 annual report

- Revenue grows 3.4 % to EUR 63,341 thousand and gross profit margin increases to 24.4 %

- Company generates EUR 1,218 thousand of adjusted, pure operating profit

- Business with major international customers offers attractive revenue potential during current fiscal year

- Company targets further profitable revenue growth for FY 2015/16

Hamburg, September 16, 2015 - KROMI Logistik AG, the provider of end-to-end tool logistics solutions for manufacturing companies, has today published its complete report for the 2014/2015 fiscal year (as of June 30, 2015). The company grew its revenue further to EUR 63,341 thousand in the fiscal year elapsed (previous year: EUR 61,287 thousand). KROMI benefited from a customer base that is diversified across several sectors and regions. The successful acquisition of new customers thereby allowed KROMI to more than offset falls in revenue with some customers. Successful growth in business with existing customers also enabled the company to further improve its sales revenue quality: The gross profit margin increased to 24.4 % accordingly (previous year: 23.9 %).

Although KROMI Logistik fell short of the full-year sales revenue target that it had set for itself, business developed satisfactorily overall. In Germany, KROMI Logistik not only successfully expanded business with existing customers during the period under review, but also acquired new customers from various sectors. Revenue in Germany consequently grew by 5.7 %, from EUR 38,092 thousand in the previous year to EUR 40,260 thousand in the 2014/2015 fiscal year. Outside Germany, too, the operating business put in a successful performance overall. KROMI acquired new customers in various European countries outside Germany, and further strengthened its market position. In Brazil, business reported differing trends given the currently very strained economic situation there. KROMI Logistik was nevertheless largely able to offset this decline in business among existing customers with business generated with new customers. Revenue generated abroad of EUR 23,081 thousand in the 2014/2015 fiscal year was approximately at the previous year's level overall (EUR 23,195 thousand).

As Jörg Schubert, CEO of KROMI Logistik AG, comments: "We are satisfied with our business development and growth during the reporting period given the challenges we had to face. Brazil exerted a considerable impact on our business with existing customers, while at the same time we discontinued our business involvement in Italy in March 2015. This fed through to a year-on-year reduction of around EUR 3,000 thousand of sales revenue contribution for us. When adjusted by this figure, revenue growth generated with new and existing customers would have been up by around 8.7 % year on year. For this reason, we are proud that our business model has proved its worth on the market given these challenges."

Within the customer structure, KROMI has managed to realise a strategic target in terms of a shift toward large international customers. The start-up process was nevertheless delayed further at some customers, frequently multinational groups with complex organisational and decision-making structures. Correspondingly, these new customers also failed to make any notable revenue contributions during the 2014/2015 fiscal year. Uwe Pfeiffer, CFO of KROMI Logistik, comments: "Major multinational groups offer attractive sales revenue potential, and also the opportunity to drive further ahead with our internationalisation strategy. But we are also facing some challenges for this reason. We already had to invest substantially in this new customer business during the past business year in order to establish the preconditions in terms of personnel for this business, but the corresponding additional sales revenue contributions will occur during the course of the current fiscal year."

Such future-oriented investment affected earnings before interest and tax (EBIT) accordingly. Accounting-driven currency losses deriving from the fall in the exchange rate of the Brazilian real to the euro placed an additional burden on EBIT. Given a cost of materials of EUR 47,863 thousand (previous year: EUR 46,673 thousand) and a corresponding gross profit of EUR 15,478 thousand (previous year: EUR 14,614 thousand), EBIT amounted to EUR 578 thousand in the 2014/2015 fiscal year (previous year: EUR 1,252 thousand). When adjusted for expenses arising from unrealised valuation losses from the Brazilian business, pure operating earnings stood at EUR 1,218 thousand (previous year: EUR 1,403 thousand). KROMI Logistik reported earnings before tax (EBT) of EUR 358 thousand (previous year: EUR 975 thousand). After deducting income taxes, the consolidated net result reflected a loss of EUR -153 thousand, compared with a profit of EUR 447 thousand in the previous year.

KROMI Logistik sees clear opportunities for profitable growth during the current 2015/2016 fiscal year. "We are convinced that our investments will pay off, and we anticipate sales revenue growth in the upper single-digit percentage range for the current 2015/2016 fiscal year, as well as a clear improvement in terms of our operating result," notes Uwe Pfeiffer. The economy, and consequently KROMI customers' production levels, will comprise especially decisive factors for our earnings trends during the fiscal year that is now underway.

Over the course of the day, KROMI Logistik AG will make its full IFRS consolidated financial statements for the 2014/2015 fiscal year available for downloading on its website at www.kromi.de within the Investor Relations area.

Company profile:
KROMI Logistik AG offers manufacturing companies end-to-end outsourcing for their supply of precision machining tools, both in Germany and abroad. The company focuses on technically advanced machining tools for metalworking (consumable and cutting tools, e.g. drills). KROMI Logistik combines conventional tool retailing with a decentralised tool supply system that includes output machines in the customer's production area and an IT-based tool management and controlling system. KROMI Logistik's aim is to sustainably optimise the supply of resources (particularly tools) for its customers and to secure the availability of the appropriate resources at the right time and in the right place. The company is currently represented at four locations in Germany and four abroad (Slovakia, Czech Republic, Brazil and Spain), and is active in six other European countries. To date, KROMI Logistik has primarily focused on customers in the machine engineering, automotive suppliers and aerospace sectors as well as marine engine construction.

Visit us online at: www.kromi.de

Investor relations contact:
cometis AG
Claudius Krause
Tel.: +49 (0)611-205855-28
Fax: +49 (0)611-205855-66
E-mail: krause@cometis.de

2015-09-16 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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394831  2015-09-16 


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Investor Relations

cometis AG
Claudius Krause
Tel.: +49 (0)611-205855-28
Fax: +49 (0)611-205855-66
E-mail: krause(at)cometis.de


KROMI Logistik AG
Tarpenring 11
D-22419 Hamburg
Tel.: +49 (0)40-537151-0
Fax: +49 (0)40-537151-99
E-mail: info(at)kromi.de