EANS-Adhoc: Zumtobel AG
Financial Results for 2009/10 Lighting group sets course for future growth after crisis year

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annual report


Dornbirn, 28 June 2010

Dornbirn / Austria - The 2009/2010 Financial Year for  the  Zumtobel Group  was shaped by the effects of the global economic  crisis,  but the  development  of revenues stabilised gradually during the course of the year.  Revenues  recorded by this Austrian lighting group,   which  is  based  in  Dornbirn  /  Vorarlberg, declined 4.8% to EUR 1,117.3 million (2008/09:  EUR  1,174.0  million)  for  the reporting year (1 May 2009 to 30 April 2010).

In this economically difficult  year,  activities  focused  above   all  on  cost efficiency and the protection of  liquidity.  Operating profit  before  special effects (adjusted EBIT) reached EUR 51.5 million  (2008/09:  EUR  78.9  million; - 34.7%). This represents an EBIT margin of  4.6%  (2008/09:  6.7%).  Free  cash flow was clearly positive at  EUR 39.2  million  (2008/09:  EUR  57.8  million), whereby this  development  was  supported  by  steady  and  efficient inventory management as well as a reduction in investments.

EBIT amounted  to  EUR  -45.2  million  (2008/09:  EUR  57.0   million)  and  was influenced by high negative special effects of EUR -96.7  million  in  2009/10. These special effects were related primarily to impairment charges of  EUR  68.3 million to goodwill that reduced profit for the year but did not  lead  to  cash outflows, as  well  as  exceptional  restructuring  costs.  These   non-recurring negative effects were responsible for  a  loss  of  EUR 67.0  million  for  the reporting year.

The equity ratio equalled a satisfactory 35.8%  as  of  30  April   2010  despite massive non-recurring effects, above all from impairment  charges  to  goodwill. Net financial liabilities were cut by one-fourth in year-on-year  comparison  to EUR 121.9 million.

Following the  waiver  of  a  dividend  for  the  2008/09  Financial Year,  the Management Board and Supervisory Board will recommend that the  Annual  General Meeting on 23 July 2010 approve the distribution of a  moderate  0.15  cent  per share dividend for the reporting year.

The late cyclical nature of  the  Group´s  business  as  well  as   the  negative effects of the growing sovereign debt  in  several   European  countries  on  the current modest upturn  make  it   difficult  for  the  Management  Board  of  the Zumtobel  Group  to   estimate  whether  or  when  the  business  will  begin    a sustainable recovery. However, the positive signals for the  coming   months  are increasing - above  all  for  the  components  business. The  Management  Board consequently views the 2010/11 financial year with  cautious  optimism  despite the limited visibility, and  is   forecasting  an  improvement  in  revenues  and earnings for the Group as a whole. The long-term outlook for the Zumtobel  Group remains positive. This optimism is supported by the expected   continued  dynamic expansion of LED-based products  and  the  steady demand  for  energy-efficient lighting systems.

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ots Originaltext: SEG Immo AG
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Further inquiry note:
Pressekontakt                                         Kontakt Investor Relations
Astrid Kühn-Ulrich                                 Harald Albrecht
Head of Corp. Communications                 Head of Investor Relations
Tel. +43-(0)5572 509-1570                      Tel. +43-(0)5572 509-1125            

Branche: Technology
ISIN:      AT0000837307
Index:    WBI, ATX Prime, ATX
Börsen:  Wien / official market

Weitere Meldungen: SEG Immo AG

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