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Eybl International AG

euro adhoc: Eybl International AG
Financial Figures/Balance Sheet
Eybl International AG confirms preliminary figures for the trading year 2007/08

Eybl International AG (ISIN: AT0000908157) -

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
annual report
18.08.2008
- Revenue totalled EUR 294 million in trading year 2007/08.
- Net losses came to EUR 45.9 million.
- Initial restructuring measures already successfully implemented
Krems, 18 August 2008.
an internationally
respected manufacturer of components for automotive interiors, 
specialising in the production of car textiles and the manufacture of
seat upholstery in fabric and leather, with around 4,100 employees at
nine production locations in Austria, Hungary, Romania, Germany and 
Slovakia - has released its key accounting figures for the trading 
year 2007/08.
In the trading year 2007/08 Eybl posted revenue of EUR 294.1 million,
corresponding to a drop of about 12% compared to the previous year 
(EUR 332.8 Mio.). The key factor precipitating this decline was the 
uncertain financial situation of the company which let customers only
restrainedly place orders. The largest decreases were registered in 
revenues generated by the following customers: VW/Audi (EUR -19.1 
Mio.) and Daimler AG (EUR -13.9 Mio.).
Breaking down revenue according to technology shows minor shifts in a
year-on-year comparison with manufacturing accounting for 63.3% 
(previous year: 65.7%), textile surfaces 24.2% (previous year: 23.5%)
and interiors 12.5% (previous year: 10.8%).
Financial growth
The difficult financial situation of the company starting from the 
end of 2007 resulted repeatedly in key suppliers imposing suspensions
of delivery, which impacted negatively on the company's just-in-time 
production and supply processes. Consequently, significant costs 
(approximately EUR -11 million) were incurred due to the necessity of
special trips and inefficiencies (productivity deviations, additional
shifts) in order to meet supply obligations.
The sharp drop in revenues compared to the previous year (EUR -38.7 
million) and the insufficient reduction of the company's fixed costs 
to offset the losses combined to put a considerable strain on the 
company´s balance sheet.
In addition, re-evaluations resulted in impairment losses in the 
company's working capital of around EUR 6.8 million (inventories: EUR
2.8 million, trade accounts receivable: EUR 2.5 million, trade 
accounts payable EUR 1.5 million).
EBIT from the 2007/08 trading year came to EUR -35.9 million, a 
significant decline from EUR 7.4 million in a year-on-year 
comparison. The EBIT margin amounted to -12.2%, also a clear 
shortfall in comparison to the previous year 2006/07 (2.2%). Net 
losses for the  2007/08 trading year reached EUR -45.9 (compared to a
net profit of EUR 1.5 million in the 2006/07 trading year).
The balance sheet total as at 31 March 2008, fell considerably due to
the reduction of fixed assets from EUR 232.9 million (as at 31 March 
2007) to EUR 228.1 million. Equity ratio came to 2.7% (previous year:
23.2%).
Success on the German automobile market
The Eybl Group's incoming orders in its 2007/08 trading year came to 
EUR 212 million. The negative development was chiefly attributable to
the drop in prices on the market that Eybl could not pass on, at 
least in part, to its customers who for their part focused on 
significant cost-cutting measures as well. Also a factor were 
performance problems in quality, production and supply as a result of
the difficult economic situation the Eybl group found itself in.
However, the Eybl Group was still able to land numerous international
orders in its most recent trading year, making it possible for the 
company to equip nearly every current AUDI model and to produce 
around 50% of the textile volume for the AUDI Q5. Eybl was also able 
to obtain the future-oriented contract for the new VW Passat Coupé 
and will be responsible, in conjunction with the VW subsidiary 
SITECH, for developing and manufacturing all of the textiles for that
make car. Eybl's cooperation with SEAT also developed very 
successfully.
In this way, Eybl secured a EUR 35 million order for manufacturing of
the high-quality seats featuring comfort leather "Klimaleder" for a 
new model made by a Southern German automobile manufacturer. This 
luxury seat upholstery was designed in close cooperation with the 
competent departments of the car maker in question, whereby the Eybl 
technology "virtual reality" proved once again to be the decisive 
factor for the company's success. By landing this order, Eybl 
International successfully added another chapter to its cooperation 
with the Germany premium manufacturer after having successfully 
equipped the M class series 3.
As at 31 March 2008, the Eybl Group's order volume came to 
approximately EUR 900 million.
Serious commitment from the key shareholder
In the context of the agreements reached in 2008 to restructure the 
Eybl Group, the key shareholder, the Fries Familien-Privatstiftung 
private foundation, injected EUR 32.4 million in capital into the 
company, making a sizable contribution toward securing the future of 
the Eybl Group.
This will enable the company to position itself on the market once 
again as a reliable partner for automobile manufacturers.
Optimistic outlook despite difficult situation
Based on the findings resulting from the preparation of the annual 
statements for the 2007/08 trading year, the new management team at 
Eybl International AG, made up of the two members of the board Otto 
Zwanzigleitner (CEO) and Peter Löschl, as well as Markus Gahleitner 
as CFO and Anton Glockner as Head of Operations, has defined the 
following operative objectives as the central areas for action in the
2008/09 trading year:
- Stabilising and optimising productivity in the operative areas. 
This concerns productivity, internal quality and a structured net 
working capital management; - Full commitment to implement process 
orientation in all direct and indirect areas, coupled with active 
change management; - Restructuring and reinforcing of the Internal 
Control System ("IKS") in the Eybl Group; - Active indirect cost 
management in order to achieve a corresponding cost structure for a 
revenue volume from EUR 350 million to EUR 380 million; - 
Implementing the capital restructuring package finalised on 25 June 
2008, with the objective of reducing the company's financial 
liabilities from EUR 134 million to approximately EUR 60 million, 
disposing of assets not essential to business operations and 
achieving an equity ratio of around 40%.
According to CEO Otto Zwanzigleitner, on the strategic level Eybl 
plans to tackle the following areas: - Increasing value-added depth 
by extending processes in a targeted way within the context of 
vertical integration; - Concentrating on core markets with a focus on
opening up new customer areas within the context of horizontal 
integration; - Eybl is to differentiate itself from its competition 
vis-à-vis its customers by strengthening its one-group advantage and 
by focusing on its design competence in textile surfaces; - With its 
already well-established "virtual reality" Eybl will play a decisive 
role in designing seats together with automobile manufacturers and 
system suppliers in the future; - Eybl plans to take over a 
leadership position in costs and in time-to-market competence; - Eybl
is to define partnerships with customers and suppliers as a core 
element in a long-term success strategy; - The company as "Eybl New" 
intends to be among the best in its field and the focus of Eybl 
International AG is on customer satisfaction as a long-term key 
indicator for the managing of the company; - Eybl International AG is
also planning to develop a new effective organisational structure for
purchasing and, together with suppliers, will set new standards with 
the aim of establishing itself in the short-term as a sought-after 
partner on the market.
After the initial measures have been rolled out, the management team 
expects the quality and productivity situation to stabilise starting 
from the third quarter of the 2008/09 trading year. The management 
team is subsequently planning to advise key customers during regular 
top-level customer visits with respect to progress in the 
restructuring of the company.
Key operating figures:
2007/08         2006/07
Revenue (in EUR mn)                             294.1           332.8
EBIT (in EUR mn)                                -35.9           7.4
EBIT margin (in %)                              -12.2           2.2
EBITDA (in EUR mn)                              -15.4           23.7
EBITDA margin (in %)                            -5.2            7.1
Earnings from normal operations (in EUR mn)     -44.8           0.7
Net loss/profit (in EUR mn)                     -45.9           1.5
Balance sheet total (in EUR mn)                 228.1           232.9
Equity ratio (in %)                             2.7             23.2
Return on capital employed / ROCE (in %)        -12.4           5.6
Headcount (average)                             4.060           4.199
Dividend per share (in EUR)                     0.00            0.20
Earnings per share (in EUR)                     -12.76          0.41
Order volume (in EUR mn)                        212             311
Changes to the balance sheet date
Unlike under Austrian law, which applies to the financial statements 
of Eybl International AG, the increase in capital stock cannot be 
reported in the group financial statements, which are drawn up 
according to IFRS, until the respective resolution has been taken and
entered into the Commercial Register. So that the restructured group 
accounts may be documented as quickly as possible, it is necessary to
prepare the next annual report with minimal delay and thus to move 
the balance sheet date from 31 March to 30 September.
end of announcement                               euro adhoc

Further inquiry note:

Eybl International AG
Investor Relations
Robert Gabriel
Tel.: +43 (0) 2732 881-300
Fax: +43 (0) 2732 881-79
mailto:robert.gabriel@eybl-international.com

Branche: Speciality stores
ISIN: AT0000908157
WKN: 914117
Index: WBI, Standard Market Auction
Börsen: Wiener Börse AG / official market

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Plus de actualités: Eybl International AG