TA Triumph-Adler AG

TA Triumph-Adler AG confirms revised targets for 2008

Sales of almost €300 million after nine months, pre-tax earnings of €8.8 million Financing and business not affected by financial crisis

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NĂĽrnberg (euro adhoc) - 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 PrĂĽfstelle fĂĽr 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                 SĂĽdwestpark 23
Fax: 0911 / 68 98 - 200                          D-90449 Nuremberg

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

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 DĂĽsseldorf / free trade
              Börse MĂĽnchen / free trade

Weitere Meldungen: TA Triumph-Adler AG

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