Turbon AG: Nine-months-figures 2011 and Outlook

Turbon AG  / Key word(s): Quarter Results/Forecast

03.11.2011 18:26

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Turbon AG - Nine-months-figures 2011 and Outlook

Consolidated sales of the Turbon Group in the first nine months of 2011 of
59.6 million Euro (previous year 56.1 million Euro) were 3.5 million Euro
above previous year. Consolidated sales in the third quarter were 18.6
million Euro and only on the level of the previous year and below our
expectations.

Due to further improvement of the gross margin in the third quarter the
gross profit of 13.6 million Euro was 2.0 million Euro above previous year 
(previous year 11.6 million Euro). Also other earnings figures in the first
nine months of 2011 were significantly above the previous year's figures.
EBIT (earnings before interest and taxes) were 4.8 million Euro (previous
year 3.4 million Euro), result from ordinary operations was 4.0 million
Euro (previous year 2.7 million Euro) and group net income was 2.5 million
Euro (previous year 1.5 million Euro). In the assessment of these figures
it must be taken into account that an accrual of 0.75 million Euro for the
pension fund in the USA was posted in the third quarter of 2010.

After our sales figures during the first six months of 2011 were still as
planned, consolidated sales lagged behind our expectations during the third
quarter of 2011 as already mentioned above. Nevertheless the current sales
development during the fourth quarter indicates that it was a one-off
weakness in demand instead of a trend. Due to currently strong sales in the
fourth quarter, we fully anticipate that the fourth quarter will become the
quarter with our highest sales in 2011. In consequence of the lower sales
in the third quarter we therefore must revise our sales forecast for the
entire year 2011 slightly downward to 82.0 million Euro.

As gross margin in the third quarter was higher than the year-to-date
average and resulted in satisfactory consolidated profits before taxes in
the third quarter, we consequently can adhere to our earnings forecast for
the entire financial year 2011. We continue to expect consolidated profits
before taxes of at least 5.5 million Euro for 2011.

On the basis of existing customer relations and already secured new
business, we are planning for consolidated sales of between 86.0 and 90.0
million Euro for the year 2012. We however expect a slight drop in margins
for the year 2012. This means for the earnings figures that, from today's
perspective, we are aiming for the same consolidated profits before taxes
as forecasted for 2011 if sales at the lower end of the mentioned range are
achieved. Any additional sales should then allow an improvement in
consolidated profits before taxes.

The complete interim report for the first nine months of 2011 will be
available following the Supervisory Board Meeting on November 16, 2011 at
Turbon AG, Sekretariat, Ruhrdeich 10, 45525 Hattingen or at our website
www.turbon.de.

Hattingen, November 03, 2011
Turbon AG


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Language:     English
Company:      Turbon AG
              Ruhrdeich 10
              45525 Hattingen
              Germany
Phone:        +49 (0)2324 - 504-0
Fax:          +49 (0)2324 - 504-156
E-mail:       info@turbon.de
Internet:     http://www.turbon.de
ISIN:         DE0007504508
WKN:          750450
Listed:       Regulierter Markt in Düsseldorf, Frankfurt (General
              Standard); Freiverkehr in Berlin, Hamburg, München, Stuttgart
 
End of Announcement                             DGAP News-Service
 
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