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TA Triumph-Adler AG

TA Triumph-Adler AG confirms revised targets for 2008

Nürnberg (euro adhoc) -

Sales of almost €300 million after nine months, pre-tax earnings of 
€8.8 million
 Financing and business not affected by financial crisis
  ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
  the content of this announcement.
finances
Nuremberg, November 12, 2008 - TA
Triumph-Adler AG's consolidated sales in the first nine months of the
2008 financial year amounted to EUR298.5 million, 2.9% below the 
level of sales in the previous year period. The third-quarter share 
of sales amounted to EUR90.8 million, which meant quarterly sales 
were down 10.9% compared with the third quarter of 2007. The decline 
is attributable to a shortfall of sales at one important location, 
which is currently being re-established following criminal intrigues 
on the part of former employees, as communicated on September 19, 
2008. The company also stated that it would fail to achieve its 
original sales targets for the full year, and notably pointed at 
delays relating to shipments of new color machines. In its quarterly 
report published today, TA Triumph-Adler confirms that, according to 
the current status of its business, it will achieve its pre-tax 
earnings target of EUR9-11 million (EBT), which reflects the revised 
target issued at that time. Earnings before tax amounted to EUR8.8 
million after the nine-month stage.
The specialist for efficiency in the Document Business grew 
machines-in-field (MIF) from around 178,000 as of December 31, 2007 
to approximately 194,000. The number of installed unit rose by around
4,000 in the third quarter.
The gross profit margin (calculated as sales minus materials expense,
expressed as a percentage of sales) recovered to 37.6% during the 
quarter, so that this metric, which amounted to 35.0% over the first 
nine months of the year, is now only 0.4 percentage points below that
of the prior year period. Personnel expenditure in the first nine 
months totaled EUR53.2 million (previous year period: EUR51.7 
million). Operating expenses in the first nine months of the year 
declined 2.0% to EUR34.9 million. Operating earnings (EBIT) of 
EUR19.0 million were 7.8% below the EUR20.6 million achieved in the 
previous year period.
The net financial result improved during the first nine months from 
EUR-12.6 million in 2007 to EUR-10.2 million in the current year. The
improvement is mainly a consequence of the new financing implemented 
in August 2007. TA Triumph-Adler is relatively secure from the 
consequences of the financial crisis thanks to this refinancing. The 
company is fully financed up to 2010, will not be materially burdened
by rising interest rates, and has no need for further equity capital.
There are currently no hindrances to the refinancing of operating 
business activities.
Despite the loss of sales and charges incurred at the third-quarter, 
pre-tax earnings improved from EUR8.0 million in the first nine 
months of last year to EUR8.8 million this year. The significant 
divergence from the earnings planning TA Triumph-Adler AG has had in 
place to date nevertheless necessitates a EUR2.8 million write-down 
of deferred tax assets. This gives rise to negative quarterly result 
of EUR-2.2 million. Net earnings of EUR4.7 million were achieved in 
the first nine months, which represents 28.8% decline compared with 
the EUR6.6 million generated in the comparable period last year.
As of September 30, 2008, total consolidated assets amounted to 
EUR300.9 million, a EUR16.1 million reduction of the balance sheet 
total compared with the level on December 31, 2007 (EUR317.0 
million).
Following the determination of an error by the Deutsche Prüfstelle 
für Rechnungslegung (DPR / German Financial Reporting Enforcement 
Panel), and as has been reported on several occasions, the 2005 
consolidated financial statements were corrected to reflect deferred 
tax assets of around EUR170 million. Consolidated equity after 
minority interests improved from EUR-49.2 million as of December 31, 
2007 to EUR-44.8 million due to the nine-month profit.
TA Triumph-Adler continues to generate stable cash flow, and enjoys 
good liquidity backing. Cash flow in the first nine months of the 
current financial year rose in a year-on-year comparison from EUR16.8
million to EUR18.1 million. Cash and cash equivalents fell from 
EUR27.5 million as of December 31, 2007 to EUR17.9 million as of 
September 30, 2008 mainly due to a reduction of trade payables.
A total of 1,364 employees were active in the companies of the TA 
Triumph-Adler Group as of the September 30, 2008 reporting date 
(December 31, 2007: 1,365)
The Management Board announces in the quarterly report that TA 
Triumph-Adler continues to pursue its profitable growth path. In the 
light of the experiences and results of the current year, and the 
uncertainties relating to macroeconomic trends, the company is aiming
for sales in a range of EUR450 million to EUR500 million for the 2010
financial year, and a pre-tax margin of 5%. Achievement of this new 
pre-tax earnings margin target would translate as an EBIT margin 
around one to one and a half percentage points below the previously 
targeted level of 9%.
Further information is available from:
TA Triumph-Adler AG                     Postal address:
Dr. Joachim Fleing                      TA Triumph-Adler AG
Telephone: 0911 / 68 98 - 499           Südwestpark 23
Fax: 0911 / 68 98 - 200                 D-90449 Nuremberg 
ir@ta.ag
www.triumph-adler.de
end of announcement                               euro adhoc

Further inquiry note:

Sonja Blättchen

Telephone: +49 (0)911 6898-104

E-Mail: sonja.blaettchen@triumph-adler.net

Branche: Semiconductors & active components
ISIN: DE0007495004
WKN: 749500
Index: CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / free trade

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