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GESCO AG

EANS-News: GESCO AG: First six months are on track

Wuppertal (euro adhoc) -

- Recession pushes down sales and earnings, but GESCO 
is clearly in the black
- Full year guidance confirmed
- Crisis seems to have bottomed out but future 
developments still remain uncertain
  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
6-month report
Subtitle: - Recession pushes down sales and earnings, but GESCO
is clearly in the black
- Full year guidance confirmed
- Crisis seems to have bottomed out but future
developments still remain uncertain
Wuppertal, 9 November 2009 - Most of the
GESCO Group companies felt the effects of the recession in the first 
six months (1 April to 30 September 2009) of the financial year 
2009/2010 (1 April 2009 to 31 March 2010). Although some of the 
Group´s companies saw positive development, most of the 14 operating 
subsidiaries suffered from the impacts of the massive economic slump
The first six months of the financial year at GESCO Group encompass 
the months April to September for GESCO AG and January to June for 
its subsidiaries. The development of operating business therefore 
falls within the worst period of the recession in Germany and many of
the company´s export markets. Figures fell very sharply compared to 
the same period in the previous year, as during that time the Group 
still recorded record levels of incoming orders, sales and earnings
The Group reported incoming orders of EUR 116.2 million, much lower 
than in the previous year (EUR 218.2 million). Sales revenue fell by 
27.5 % to EUR 139.9 million (previous year: EUR 192.8 million). As 
expected, key earnings figures suffered greater decreases than sales,
as the previous year´s buoyant economy allowed GESCO Group to make 
optimum use of its capacities and therefore spread fixed costs. 
Earnings before interest, tax, depreciation and amortisation (EBITDA)
totalled EUR 13.3 million, compared to the same period in the 
previous year (EUR 29.2 million). As depreciation and amortisation 
remained almost the same, earnings before interest and tax (EBIT) 
dropped even more sharply to EUR 8.1 million (previous year: EUR 24.1
million). Group net income after minority interests amounted to EUR 
4.3 million (previous year: EUR 13.6 million), while earnings per 
share pursuant to IFRS totalled EUR 1.42 (EUR 4.51).
Although GESCO Group´s income potential fell way below the record 
figures of the previous year during the period under review, the 
company still managed to remain in the black despite the serious 
recession.
Member of the GESCO Executive Board Dr. Hans-Gert Mayrose on the 
economic development: "From September 2009, some of the subsidiaries 
record a slight improvement, partly because many customers have to 
restock their empty stores. It is our impression that the economic 
slump has bottomed out. However, future development remains highly 
uncertain. It is difficult to forecast when the economy will make a 
sustainable recovery. Although some indicators paint a better picture
than only three months ago, the situation in the mechanical 
engineering industry remains rather difficult."
At its accounts press conference on 25 June 2009, the company 
forecast sales between EUR 280 million and EUR 310 million, Group net
income after minority interests between EUR 7 million and EUR 10.5 
million, and earnings per share between EUR 2.31 and EUR 3.47 for the
entire financial year of 2009/2010. The company can confirm this 
forecast. According to present knowledge, the final figures are 
likely to be somewhere in the middle of this range.
The interim report can be accessed at www.gesco.de.
About GESCO AG GESCO AG is the parent company of a group of small and
medium-sized industrial companies. GESCO acquires successful, 
established niche providers, generally as part of succession 
planning, in order to hold and develop them over the long term. As an
SDAX listed company GESCO AG offers private and institutional 
investors access to SMEs.
end of announcement                               euro adhoc

Further inquiry note:

Oliver Vollbrecht
Leiter Investor Relations
T.: +49(0)202 24820 18
info@gesco.de

Branche: Economy, Business & Finance
ISIN: DE0005875900
WKN: 587590
Index: SDAX, Classic All Share, Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade

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