BAVARIA Industries Group AG
BAVARIA Industriekapital AG Still on the Winning Track
Bavaria Industriekapital AG / Key word(s): Quarter Results 15.11.2010 08:00 --------------------------------------------------------------------------- BAVARIA Industriekapital AG Still on the Winning Track Munich, 15 November 2010: The publicly listed industrial holding company BAVARIA Industriekapital AG sees in its business results for Q3 2010 a reinforcement of the trend toward even better figures. Changes for the better continued gaining momentum in Q3 and enabled BAVARIA Industriekapital AG to achieve Group turnover of EUR 434 million for the nine-month reporting period of 2010. This is an increase of 50% compared to the same period a year ago (EUR 289 million). Also during this period, the operating results (EBITDA) of the Group's active subsidiaries posted a year-on-year improvement of EUR 18.3 million to EUR 12.4 million. Turnover in Q3 alone amounted to EUR 184 million, while the operating result was EUR 8.9 million. Reimar Scholz, Managing Board Chairman of BAVARIA, adds: 'At any rate, all companies acquired since January 2009 have reached business breakeven, and none of the earlier loss makers was in danger of insolvency during those economically difficult times. This is all the more remarkable considering that BAVARIA Industriekapital AG traditionally tends to acquire and operationally overhaul unprofitable companies, which is something that generally involves additional losses at least for while'. Worth highlighting is the fact that of fourteen companies, nine are once again operating profitably. Extrapolated out to a full year, the quarterly results of these nine companies of EUR 10.6 million show an annual EBITDA of EUR 42.4 million, which reflects the Group's current run rate. The Series Manufacturers division improved its results again and finished Q3 with earnings of EUR 8.5 million. The Plant Engineering and Construction division also had a positive quarter with EUR 1.7 million. By contrast, the Business Services division was burdened by a number of factors, including the operational losses of Xenterio GmbH that totaled EUR -1.4 million in Q3 alone. Harald Ender, COO of BAVARIA Group, comments: 'We expect to at least achieve balanced operating results following the drastic, two-thirds reduction in personnel at the main loss maker Xenterio GmbH. This downsizing became necessary as turnover declined by more than two thirds following the loss of several important customers due to the sales crisis'. Cash and cash equivalents within the BAVARIA Group totaled EUR 59.7 million as at 30 September 2010, following EUR 58.9 million in the previous quarter and EUR 47.1 million a year ago. The special financial charges that arose in Q3 involved expenses for the social plan of Xenterio GmbH, and the payment of a purchase price installment for the TriStone Group that was acquired in July. 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 fourteen companies across Europe and employs ca. 5,000 employees. The Munich-based holding company is majority-family-owned and follows a long-term investment strategy. 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 Svea Strohm Bavariaring 24 80336 München Tel.: + 49 - (0)89/ 72 98 967-0 Fax: + 49 - (0)89/ 72 98 967-10 E-Mail: svea.strohm@baikap.de 15.11.2010 Dissemination of a Corporate News, 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 München, Berlin, Düsseldorf, Stuttgart; Open Market (Entry Standard) in Frankfurt End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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