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DGAP-News: KROMI Logistik AG publishes report on first three months of FY 2015/2016

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

2015-11-18 / 07:33

KROMI Logistik AG publishes report on first three months of FY 2015/2016

- Revenue grows 10% to EUR 16,112 thousand (previous year: EUR 14,655 thousand)

- Adjusted, pure operating profit of EUR 290 thousand generated

- Outlook confirmed: Company targeting further revenue growth in upper single-digit percentage range and successive gains in operating result (EBIT) for current FY 2015/2016

Hamburg, November 18, 2015 - KROMI Logistik AG, a provider of end-to-end tools logistics solutions for manufacturing companies, has today published its report on the first three months of its 2015/2016 fiscal year (July 1 to September 30, 2015). The company grew its revenue by 10% to EUR 16,112 thousand (previous year: EUR 14,655 thousand). This growth is all the more remarkable given that customers' production levels, and consequently also demand for KROMI services, tend to be more moderate especially during the August holiday month. The operating result (EBIT) also registered a significant improvement during the period under review after adjusting for accountancy-related currency losses accompanying the fall in the Brazilian real compared with the euro.

During the first three months of its 2015/2016 fiscal year, KROMI Logistik expanded its customer base in existing markets and intensified its collaboration with established customers, in line with the company's strategic objectives. Both in Germany and abroad, the company benefited in this context from its well-balanced customer structure that is diversified across several sectors and regions. KROMI Logistik has also succeeded in integrating major international customers into its customer structure to a greater extent compared with the previous year's quarter. Along with attractive sales revenue potential, such groups present the opportunity to rapidly implement the Group's internationalisation strategy. Revenue in Germany consequently grew by 5.6%, from EUR 9,717 thousand in the previous year to EUR 10,261 thousand in the 2015/2016 reporting period. Outside Germany, too, the operating business put in a successful performance overall: revenue generated abroad of EUR 5,851 thousand was up by around 18.5% compared with the previous year's level (EUR 4,938 thousand).

Jörg Schubert, CEO of KROMI Logistik AG, comments: "We are satisfied with our operating business trends during the reporting period. Despite the economic challenges in Brazil, we are proud to have succeeded in growing our overall revenue both in Germany and abroad." Uwe Pfeiffer, CFO of KROMI Logistik, added: "The successful acquisition of new customers by our Brazilian subsidiary should be mentioned here. Despite the difficult economic conditions in Brazil, we reported a revenue decline of just 5% there when expressed in Brazilian reals, the currency that is of relevance in operating terms. This underscores the potential of the Brazilian market for KROMI."

The cost of materials was up from EUR 11,134 thousand in the previous year to EUR 12,348 thousand, with the cost of materials ratio amounting to 76.6 % in the reporting period (previous year: 76.0%). This change lies within the normal annual range of fluctuation as a result of product mix. The gross margin on sales (gross profit margin) stood at 23.4% (previous year: 24.0%), with the gross profit margin thereby remaining within the target range of KROMI Logistik.

Staff costs reported an increase from EUR 2,166 thousand to EUR 2,431 thousand. The staff cost ratio rose to 15.1% accordingly (previous year: 14.8%). "This increase is due to hiring for customers that are in the preparatory or start-up phase of supply, and consequently do not yet make a full contribution to sales revenue," Pfeiffer explains.

As a consequence, the Group reported an operating result (EBIT) of EUR -867 thousand during the first three months of 2015/2016, compared with EUR -114 thousand in the previous year. When adjusted for expenses arising from unrealised valuation losses on the Brazilian business, pure operating earnings stood at EUR 290 thousand (previous year: EUR 11 thousand). At the bottom line, the Group booked a consolidated net loss of EUR -1,053 thousand. The Group generated a consolidated net profit of EUR 104 thousand after adjusting for non-cash currency effects deriving from the Brazilian real/euro exchange rate (previous year: EUR -197 thousand).

"Trends during the first three months of our 2015/2016 fiscal year clearly reflect the substance and stability of our business model. We are convinced that we can achieve successive revenue growth in combination with rising profitability," comments Schubert. In this context, the Managing Board is confirming its forecast of realising revenue growth in the upper single-digit percentage range on a full-year view. KROMI Logistik is also aiming for further EBIT growth, given stable economic trends.

Over the course of the day, KROMI Logistik AG will make its full (IFRS) report for the first three months of its 2015/2016 fiscal year available for downloading on its website at www.kromi.de within the Investor Relations area.

2015-11-18 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.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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