BAVARIA Industries Group AG
BAVARIA Industriekapital Group publishes 2010 results
Bavaria Industriekapital AG / Key word(s): Finance/ BAVARIA Industriekapital Group publishes 2010 results Thursday, March 31 2011 – Turnover increased by 58% to EUR 638 million – Group achieved operating result (EBITDA) of EUR 20.1 million – Currently invested in thirteen companies across Europe with ca. 5,000 employees Business year 2010 was increasingly a good one for BAVARIA Industriekapital AG. Group turnover increased by about 58% in relation to the prior year, from EUR 403.6 million to EUR 638.4 million. The operating result (EBITDA) of the group’s subsidiaries, meanwhile, increased to EUR 20.1 million, a year-on-year improvement of EUR 25.9 million. The economic recovery began to gain traction particularly in the second half of 2010: While EBITDA was still EUR 3.5 million during the first six months of the year, this number rose to EUR 16.6 million in the second half of the year. The loss of EUR 3.1 million in 2009 was turned to a positive result of EUR 24.6 million in 2010. The strongest increase in earnings could be seen in the Automotive/Serial Production segment. The Group’s consolidated annual result however decreased by EUR 4.4 million to EUR -0.8 million in relation to the prior year. This was partially a result of the non-cash reversal on the Group’s books of negative goodwill in the amount of EUR 18.4 million in 2010, which represented a decrease of EUR 30.3 million compared to the prior year. This decrease in negative goodwill dissolution is owed to the fact that less operating losses were produced in 2010 by the investee companies. ‘It should be noted that ten out of our thirteen investee companies are once again operating profitably. If we project the cumulative Q4 result of these ten companies (EUR 11.5 million) on an annualised basis, we arrive at annual EBITDA of EUR 46.0 million, which is equivalent to the Group’s current run rate’, comments Harald Ender, COO of BAVARIA Group. At year’s end, the market capitalisation of BAVARIA Industriekapital AG amounted to roughly EUR 93.4 million (closing price: EUR 14.60 per share), or about double the annual run rate. This improvement in profitability is also reflected in the EUR 5.0 million increase in the group’s tax expense. The financial resources decreased by EUR 20.2 million to EUR 56.0 million. During the sales crisis in 2009, working capital had fallen by EUR 29.7 million, creating a significant financing contribution; in 2010, on the other hand, the steep rise in working capital had precisely the opposite effect. To take just one example: the inventories of plant engineering & construction companies surged from EUR 6.8 million to EUR 32.6 million in the wake of higher order volumes. In 2010, the Group also invested EUR 33.9 million in long-term assets, of which EUR 18.7 million was allocated to fixed assets and EUR 15.3 million towards new company acquisitions. BAVARIA’s shareholders received a total of EUR 8.2 million in 2010 (prior year: 20.2 million), of which EUR 7.7 million were paid out as dividends and EUR 0.5 million to repurchase shares. BAVARIA Industriekapital AG is a majority family-owned company, and thus maintains a long-term horizon with regard to its investment activities. Reimar Scholz, Spokesman of the Executive Board, adds: ‘In 2010, our confidence in the future profitability of BAVARIA was reflected in extensive purchases of company shares by our management as well as in continued share repurchases by the company itself. At the upcoming General Shareholders’ Meeting, we will recommend to distribute only a dividend of EUR 0.04 per share in order to compensate for our increased investment efforts.’ BAVARIA Industriekapital AG is an industrial holding company specializing in the takeover and re-organization of enterprises with discernible improvement potential. Currently, BAVARIA Industriekapital owns thirteen companies across Europe and employs ca. 5,000 employees. For additional information about BAVARIA Industriekapital, please visit our website at www.baikap.de. We would be pleased to answer any further questions you may have: BAVARIA Industriekapital AG Brigitte Göb Bavariaring 24 80336 München Tel.: + 49 – (0)89/ 72 98 967-0 Fax: + 49 – (0)89/ 72 98 967-10 E-Mail: brigitte.goeb@baikap.de End of Media Release 31.03.2011 Dissemination of a Press Release, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | Bavaria Industriekapital AG | |
Bavariaring 24 | ||
80336 München | ||
Deutschland | ||
Phone: | 089/7298 96740 | |
Fax: | 089/7298 96710 | |
E-mail: | info@baikap.de | |
Internet: | www.baikap.de | |
ISIN: | DE0002605557 | |
WKN: | 260555 | |
Listed: | Freiverkehr in Berlin, Düsseldorf, München, Stuttgart; Open Market (Entry Standard) in Frankfurt | |
End of News | DGAP-Media |
117763 31.03.2011 |