HTI High Tech Industries AG

euro adhoc: HTI - High Tech Industries AG
Financial Figures/Balance Sheet / HTI: RESTRUCTURING PACKAGE AS A TAILORED RESPONSE TO MARKET CONDITIONS TO CUSHION EARNINGS

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28.11.2008

HTI: RESTRUCTURING PACKAGE AS A TAILORED RESPONSE TO MARKET CONDITIONS TO CUSHION EARNINGS

St. Marien, Austria, November 28, 2008. The HTI Group is implementing a comprehensive restructuring package designed as a response to the massive changes in prevailing market conditions and the unfavorable effects on earnings, as well as to strengthen the company´s competitiveness. The redimensioning drive encompasses the relocation of production to improve the cost structure and the exploitation of synergies among the various production subsidiaries. The specific restructuring measures which are in their final stage of completion will directly impact the production locations of the HTI Group operating in the automotive component supplier and plastics processing industries, entailing a reduction of the work force by 470 employees in Germany, Austria and Slovakia.

The sales market for automotive products has shrunk considerably in recent weeks as a consequence of the global financial crisis, a development which has had a negative impact on the Plastics Processing and Metals Processing segments of the HTI Group. The difficult business conditions at present have confirmed the effectiveness of HTI´s business model, which succeeded in reducing the share of automotive industry related sales to 45% of total HTI Group sales in the first three quarters of 2008, down from 80% in the comparable period of the previous year.

In the first nine months of the 2008 business year, the HTI Group generated total sales of TEUR 156,025, up from TEUR 113,551 in Q1-3 2007. Due to the acquisition-related extension of the scope of consolidation encompassing the new subsidiaries HTP Skinline, Theysohn, Technoplast and Hitzinger, a comparison with the previous year´s figures only has limited validity. The business development of the Mechanical Engineering segment was positive, whereas the operations of the Plastics Processing and the Metals Processing segments for the automobile component supplier industry developed unfavorably as a result of the necessary capacity adjustment measures. In the third quarter of 2008, total sales of the HTI Group climbed 45.2% year-on-year to TEUR 56,247, up from TEUR 38,746.

EBITDA declined to TEUR 8,240 in the first three quarters of 2008, down from TEUR 12,119 in the comparable period of 2007. Earnings before interest and tax (EBIT) of the HTI Group also decreased to TEUR - 1,096 from TEUR 4,980 in the first nine months of the preceding year, which represents an EBIT margin of -0.7% (Q1-3 2007: 4.4%). Consolidated earnings before tax (EBT) amounted to TEUR -6,199 in the period January-September 2008 (Q1-3 2007: TEUR 2,174). The earnings deterioration is primarily related to one-off costs for the implementation of the restructuring measures.

The expansion of the HTI Group is also reflected in the financial result, which totaled TEUR -5,103 as a consequence of financing acquisitions, compared to TEUR -2,805 in the previous year. The consolidated net profit for the period also developed unfavorably in the first nine months of 2008, amounting to TEUR -13,324 (Q1-3 2007: TEUR 2,243), or an earnings per share of EUR -0.91  (Q1-3 2007: EUR 0.17).

In the light of the difficult market conditions, an improvement in earnings is not to be expected in the fourth quarter of 2008, especially as the implementation of the restructuring package will first be completed by the end of 2008. Total sales of the HTI Group will remain at a level of EUR 200 million, as originally forecast.

Based on the full-year consolidation of the acquired subsidiaries, total sales in 2009 are expected to reach a level of about EUR 250 million, a forecast which takes the changed sales situation in 2009 into account. Completion of the restructuring program will significantly strengthen the competitiveness of the HTI Group. Accordingly, based on current market forecasts, we anticipate an improved earnings situation for 2009 compared to 2008. Financing is secured until the end of 2009, as core shareholders and financing partners continue to support HTI´s business model.

@@start.t2@@Key HTI Group figures (IFRS)                      1.1.-30.9.2008    1.1.-30.9.2007
Total sales                                        TEUR              156,025                113,551
          Plastics Processing                TEUR                56,120                 56,295
          Metals Processing                  TEUR                47,883                 44,644
          Mechanical Engineering          TEUR                52,378                 12,612
EBITDA                                                TEUR                 8,240                 12,119
EBIT                                                  TEUR                -1,096                  4,980
EBT                                                    TEUR                -6,199                  2,174
Consolidated net profit
for the period                                  TEUR              -13,324                  2,243
EBITDA margin                                        %                      5.3                    10.7
EBIT margin                                          %                    -0.7                      4.4
EBT margin                                            %                    -4.0                      1.9
Consolidated earnings margin                %                    -8.5                      2.0
Earnings per share                              EUR                 -0.91                    0.17

Total assets                                      TEUR              306,704                195,398
Equityl                                              TEUR                39,565                 42,957
Equity ratio                                         %                        13                        22
Gearing                                                 %                      361                      134
Capital expenditure                          TEUR                17,467                 11,631
Depreciation and amortization          TEUR                 9,336                  7,139
Gross cash flow                                 TEUR                -8,705                  9,651
Net cash flow from
operating activities                         TEUR              -13,869                  7,089

Average number of employees          Number                 1,647                  1,088
Sales/employee                                  TEUR                      95                      104@@end@@

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ots Originaltext: HTP High Tech Plastics AG
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
HTI High Tech Industries AG     HTI High Tech Industries AG
Peter Glatzmeier                  Nadja Goyer
Chairman of the Management Board    Investor Relations
Tel:    +43 (0) 3862 304 - 8590     Tel:    +43 (0) 3862 304 - 8562
Fax:  +43 (0) 3862 304 - 7598     Fax:  +43 (0) 3862 304 - 7598
p.glatzmeier@hti-ag.at                  n.goyer@hti-ag.at

Branche: Holding companies
ISIN:      AT0000764626
WKN:        A0DQ9W
Index:    WBI
Börsen:  Wiener Börse AG / official market



Weitere Meldungen: HTI High Tech Industries AG

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