TA Triumph-Adler AG

EANS-News: TA Triumph-Adler AG
Deceleration of sales decline at TA Triumph-Adler
Significant loss nevertheless anticipated for 2009
New comprehensive program for cost adaptation and growth impulses in the preparatory stage

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Financial Figures/Balance Sheet

Nürnberg (euro adhoc) - Nuremberg, October 30, 2009 - In the third quarter of the 2009 financial year revenue at the TA Triumph-Adler Group was EUR1.9 million below that of the weak second quarter. This reflects a significant deceleration in the decline of sales, and shipments were 13% higher than in the previous quarter. In its nine-month report published today, the company refers to the continued weakness in the economic and market environment as the most important reason for the decline in revenue. Revenue of EUR68.0 million was generated in the third quarter of 2009, representing a 17% decline compared with the same quarter of the previous year. In the first nine months of the 2009 financial year Group revenue of EUR214.8 million was 21.7% lower than in the January to September period of 2008.

A loss for the period of EUR8.7 million was incurred due to the weaker revenue level, but also as a consequence of extraordinary expenses for the necessary capacity adjustments, as well as arising from financing activity to the tune of EUR2.6 million. A profit of EUR2.7 million was achieved in the prior-year period.

The company is responding to the loss-making situation with a new comprehensive program. The package of measures is intended to allow the business to operate profitably again as rapidly as possible as a result of further cost savings, also at the reduced sales level. At the same time, however, it is also aimed at generating new growth impulses. A further intensification of qualification, training, and motivation, as well as even more consistent management, particularly within the sales area, will play a key role in this respect. Further potentials have been identified in the area of developing new sales approaches, as well as in the service area.

As of September 30, 2009, total consolidated assets amounted to EUR280.0 million, representing a EUR9.6 million reduction of the balance sheet total compared with the level on December 31, 2008 (EUR292.4 million). The most important reasons for the reduction in the balance sheet total are the decline in cash and cash equivalents, as well as lease receivables that were approximately EUR10 million lower.

As part of a revision of Group consolidation, corrections were required to be applied to the financial statements for the financial years 2001, 2003 and 2005, pursuant to IAS 8. These corrections amount to a total of around EUR2.5 million. The prior-year figures have already been adjusted correspondingly to the relevant balance sheet items in this set of interim financial statements. These have no impact on either the current or previous year income statements.

Previously capitalized deferred tax assets relating to loss carryforwards within the Group were de-recognized following Kyocera Mita's acquisition of a majority stake in the company. As a consequence of this, the balance sheet loss rose to minus EUR161.9 million as of December 31, 2008. The balance sheet loss increased further to minus EUR170.6 million as of September 30, 2009 as a result of the negative nine months earnings. Consolidated equity after deducting the minority interest now amounts to minus EUR82.0 million, following minus EUR73.3 million at the end of the last financial year. The matter is of a purely accounting nature, and has no legal or liquidity consequences, or effects that might jeopardize the company as a going concern. The joint-stock corporation (AG - Aktiengesellschaft), as the legally relevant parent company, reports an equity ratio of around 30%.

In its interim report, however, the Management Board points out that the continuation of unsatisfactory business trends may make it necessary to apply adjustments to the carrying values of some subsidiaries in the parent company balance sheet at the end of the year. This might result in significant losses in the parent company's single-entity financial statements, and to a corresponding reduction of equity.

The Group registered a negative cash flow of EUR10.5 million in the first nine months of 2009 due to the decline in sales, and the resultant negative earnings for the period, as well as due to the reduction of tax provisions. At EUR17.6 million, cash and cash equivalents as of September 30, 2009 were EUR11.4 million lower than as of December 31, 2008.

Inventories were reduced by EUR5.4 million over the course of the quarter, but, at EUR66.6 million, remain at a high level. Following the complete paying down of the syndicated loan in April 2009, bank borrowings now amount to no more than EUR2.7 million. Other current liabilities (mainly trade payables) were reduced by EUR5.0 million during the course of the first nine months to presently EUR84.2 million.

Since the business trend in the second half of the year has still not yet stabilized, TA Triumph-Adler AG is no longer expecting that it will achieve revenue of more than EUR300 million in 2009, and is assuming that it will generate a significant loss on a full-year basis. The forecast for the next full 2010/2011 financial year will be published following the conclusion of the planning phase, and in connection with the financial statements for the 2009 financial year.

Contact: TA Triumph-Adler AG Südwestpark 23 D - 90449 Nuremberg Dr. Joachim Fleing Telephone: +49 / 911 / 68 98 - 499 Fax: +49 / 911 / 68 98 - 200 ir@ta.ag www.triumph-adler.de

ISIN code of the bearer shares: DE0007495004, admitted to official trading (Prime Standard) of the Frankfurt Securities Exchange as well as at all regional German stock exchanges

Important notice: This press release contains forward-looking statements that are based on assumptions and estimates made by the management of TA Triumph-Adler AG. Although the management of the company is of the view that these assumptions and estimates are appropriate, future actual developments and future actual events may diverge significantly from these assumptions and estimates due to various factors. These factors may include, by way of example, changes in the macroeconomic situation, exchange rates, interest rates, as well as changes in both the market and the competitive environment as the result of technological change. TA Triumph-Adler AG provides no guarantee, and accepts no liability, if future developments, and results achieved in the future, do not accord with the assumptions and estimates expressed in this press release.

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ots Originaltext: TA Triumph-Adler AG
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
Sonja Blättchen

Telefon: +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:  Frankfurt / regulated dealing/prime standard
              Berlin / free trade
              Stuttgart / free trade
              Düsseldorf / free trade
              München / free trade



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