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02/26/2021
DGAP-News: KROMI publishes half-yearly report 2020/2021

DGAP-News: KROMI Logistik AG / Key word(s): Half Year Results
26.02.2021 / 07:30
The issuer is solely responsible for the content of this announcement.

KROMI publishes half-yearly report 2020/2021

- Positive operating result (EBIT) in challenging environment

- Revenues around 5% below prior-year level, but reference period July to December 2019 unaffected by impact of Corona pandemic

- Further improvement in cost structures and working capital by strengthening optimization measures initiated in the past fiscal year

- Contract with major international customer for four European sites extended indefinitely, two new contracts signed in Brazil

Hamburg, February 26, 2021 - KROMI Logistik AG today published its half-year report for fiscal year 2020/2021 (July 1, 2020 to December 31, 2020). Despite a market environment that continues to be dominated by the effects of the Corona pandemic, and the weaker first half of the year as a result of the lower number of working days, the first six months of fiscal year 2020/2021 were overall better for KROMI than originally expected. As a result, the company managed recording positive operating earnings (EBIT) of EUR 0.2 million (previous year: EUR -0.4 million), although revenues of around EUR 35.2 million were down roughly 5 % compared to the same period of the previous year (previous year: EUR 37.1 million). However, the reference period July to December 2019 was not affected by the Corona pandemic.

"The business situation has increasingly improved in the first six months of the current fiscal year, after production levels in KROMI's target industries were massively cut back as part of the initial lockdown. This development is also reflected in the figures for the first half of the year," commented Bernd Paulini, CEO of KROMI. CFO Christian Auth also gives a positive assessment of the first half of 2020/2021: "The optimization measures already introduced in the past fiscal year are showing a sustained effect, which is now evident in the phase of ramping up operating activities, both in terms of an improved cost structure and in the area of working capital."

At EUR 18.2 million, domestic revenues increased slightly by around 1.3% in the first half of 2020/2021 (previous year: EUR 18.0 million). In contrast, revenues in other European countries fell by around 9% to EUR 13.4 million (previous year: EUR 14.5 million). In Brazil, revenues measured in euros declined due to the devaluation of the Brazilian currency against the euro, falling from EUR 4.6 million in the prior-year period to EUR 3.6 million. In local currency, however, revenues increased significantly by around 11%.

The cost of materials fell from EUR 29.0 million to EUR 27.4 million in the reporting period. The cost of materials ratio decreased to 77.9 % (previous year: 78.2 %). At 22.1 %, the gross profit margin was correspondingly slightly above the previous year's level of 21.8 %. As a result of planned capacity adjustments in the personnel area, personnel expenses decreased by 5 % compared to the previous year. At 14.8%, the personnel expense ratio was at the previous year's level (previous year: 14.7%).

The delivery of the first vaccines against a CovSars2 infection makes the Managing Board confident that the economic recovery that has already begun in KROMI's customer industries will continue over the course of 2021. However, the industry was already showing economic weaknesses before the outbreak of the pandemic, with the result that effects on KROMI's business activities are still possible.

Bernd Paulini: "In addition to the recovery following the first hard lockdown in spring 2020, the unbroken high level of interest in our end-to-end tool management solutions, allows us to look to the future with optimism. Thus, we have not only convinced new customers of our services, but also see ourselves confirmed by the trust of our existing customers. With one of our major customers from the general engineering sector, with whom we are already working in four countries, the contract was extended indefinitely in December 2020. We will also expand our cooperation with a customer from southern Germany and, from the fourth quarter of 2020/2021, will also take over tool management at the Czech site." KROMI recorded a noticeable increase in demand in the first half of the year not only in Europe, but also in Brazil. For example, tool management contracts were signed with two new Brazilian customers. In view of this positive response from the market, as well as the operating successes in the first six months of the current fiscal year, KROMI believes that it is well positioned to continue the positive trend in the second half of the year, to meet potential challenges and to be able to leverage the potential that presents itself.

Although the first half of the fiscal year was better than expected, KROMI confirms the guidance for the fiscal year 2020/2021 due to the ongoing pandemic. Revenues are still expected to be on a par with the previous year, with a slightly improved gross profit margin and a balanced operating result.

KROMI will make the full IFRS report available for download on its website www.kromi.de in the Investor Relations section later today.


Company profile:
KROMI, Hamburg, is a manufacturer-independent specialist for optimizing tool availability and tool use, in particular for technically demanding cutting tools for metal and plastics processing in machining operations. As a trustworthy and transparent partner to the manufacturing industry, KROMI combines machining technology, data management, lean logistics processes and tool trading to create convincing overall solutions. By means of networked automatic tool dispensers in the customer's production area with simultaneous digital inventory controlling, KROMI ensures the optimum use and availability of the necessary operating resources at the right time and in the right place. The aim of KROMI's activities is to always offer machining companies the highest customer benefits. For this purpose, the processes on the customer side are continuously analyzed in detail, opportunities and potential for improvement are identified and thus the tool supply with all the necessary services is optimally integrated. KROMI currently has facilities in Germany, Slovakia, the Czech Republic, Spain and Brazil. In addition, KROMI is also active in eight other European countries. On the Internet at: www.kromi.de


Contact Investor Relations:
cometis AG
Claudius Krause
Tel.: +49 (0)611-205855-28
Fax: +49 (0)611-205855-66
E-Mail: krause@cometis.de
 



26.02.2021 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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Dates

Sep 30, 2021 Publication of Annual Report
Dec 07, 2021 Annual General Meeting

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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

Contact

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