TA Triumph-Adler AG

EANS-News: Due to recession decline in revenue continues at TA Triumph-Adler, net loss in the second quarter of 2009

Shareholder loan minimizes bank liabilities

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Nürnberg (euro adhoc) - Nuremberg, July 30, 2009 - Mainly due to the unfavorable overall economic conditions TA Triumph-Adler AG reports a drop in consolidated revenue for the first half of the 2009 financial year in its interim report published today. Sales revenue of EUR69.9 million in the second quarter came in 9% lower than in the first quarter of 2009. From April through June 2008 the company yielded a turnover amounting to EUR97.4. In the first half of the current financial year consolidated revenue of EUR146.8 million was 23.6% lower than in the comparable period of 2008.

The marked decline in revenue but also the extraordinary expenses of almost EUR2 million for the measures to adjust to economic trends, and for the repayment of the syndicated loan in the first half of 2009 gave rise to a net loss for the period of EUR5.0 million. In the comparable period of the previous year a net profit of EUR6.4 million had been attained.

In the course of the second quarter the company fully redeemed the syndicated loan entered into in 2007. The funds required for this were sourced from a shareholder loan provided by Kyocera Mita. Subsequently, finance debt of EUR42.9 million was EUR1.9 million higher than as of the balance sheet date. Bank borrowings included in this figure nevertheless now amount to only EUR1.6 million.

As of June 30, 2009, total consolidated assets amounted to EUR304.3 million, a EUR9.6 million extension of the balance sheet total compared with the level on December 31, 2008 (EUR294.7 million). The most important reason is the further rise in inventories. At EUR72.0 million they were EUR14.9 million higher than the previous year's balance sheet date due to the weaker than anticipated trend in revenue, and because the ordering cycles established with the main supplier Kyocera Mita are relatively long.

Correspondingly, other short-term liabilities (mostly trade liabilities) were EUR14.8 million higher at EUR104.0 million.

Following Kyocera Mita's acquisition of a majority stake in the company, TA Triumph-Adler de-recognized deferred tax assets relating to loss carryforwards within the Group. As a consequence of this, the consolidated balance sheet loss rose to minus EUR159.4 million as of December 31, 2008. The balance sheet loss rose further to minus EUR164.4 million as of June 30, 2009 as a result of the negative quarterly earnings. Consolidated equity after deducting the minority interest now amounts to minus EUR76.0 million, following minus EUR71.0 million at the end of the last financial year. This is a mere accounting issue and has no legal or financial consequences. The legally relevant parent company TA Triumph-Adler AG has an equity ratio of 30%.

As is being pointed out by the Board of Management in the interim report, the continuation of unsatisfactory business trends could nevertheless require that the carrying values of some of the subsidiaries be written down 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 EUR6.4 million in the first half of 2009 due to the decline in sales, and the resultant negative quarterly earnings, as well as due to the reduction of tax provisions. Cash and cash equivalents of EUR24.0 million as of June 30, 2009 were EUR5 million lower than as of December 31, 2008. TA Triumph-Adler AG has refrained from giving a detailed forecast for the current financial year. Management, however, confirms its aim to achieve breakeven at the operating profit level on a full-year basis, insofar as the business will stabilize in the course of the second half of the year.

For further information please contact: TA Triumph-Adler AG Südwestpark 23 90449 Nuremberg Germany Dr. Joachim Fleing Telefon: +49 / 911 / 68 98 - 499 Fax: +49 / 911 / 68 98 - 200 ir@ta.ag www.triumph-adler.de

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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

Weitere Meldungen: TA Triumph-Adler AG

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