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TA Triumph-Adler AG

EANS-News: TA Triumph-Adler AG
Deceleration of sales decline at TA Triumph-Adler
Significant loss nevertheless anticipated for 2009
New comprehensive program for cost adaptation and growth impulses in the preparatory stage

Nürnberg (euro adhoc) -

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
Financial Figures/Balance Sheet
Nuremberg, October 30, 2009 - In the third
quarter of the 2009 financial year revenue at the TA Triumph-Adler 
Group was EUR1.9 million below that of the weak second quarter. This 
reflects a significant deceleration in the decline of sales, and 
shipments were 13% higher than in the previous quarter. In its 
nine-month report published today, the company refers to the 
continued weakness in the economic and market environment as the most
important reason for the decline in revenue. Revenue of EUR68.0 
million was generated in the third quarter of 2009, representing a 
17% decline compared with the same quarter of the previous year. In 
the first nine months of the 2009 financial year Group revenue of 
EUR214.8 million was 21.7% lower than in the January to September 
period of 2008.
A loss for the period of EUR8.7 million was incurred due to the 
weaker revenue level, but also as a consequence of extraordinary 
expenses for the necessary capacity adjustments, as well as arising 
from financing activity to the tune of EUR2.6 million. A profit of 
EUR2.7 million was achieved in the prior-year period.
The company is responding to the loss-making situation with a new 
comprehensive program. The package of measures is intended to allow 
the business to operate profitably again as rapidly as possible as a 
result of further cost savings, also at the reduced sales level. At 
the same time, however, it is also aimed at generating new growth 
impulses. A further intensification of qualification, training, and 
motivation, as well as even more consistent management, particularly 
within the sales area, will play a key role in this respect. Further 
potentials have been identified in the area of developing new sales 
approaches, as well as in the service area.
As of September 30, 2009, total consolidated assets amounted to 
EUR280.0 million, representing a EUR9.6 million reduction of the 
balance sheet total compared with the level on December 31, 2008 
(EUR292.4 million). The most important reasons for the reduction in 
the balance sheet total are the decline in cash and cash equivalents,
as well as lease receivables that were approximately EUR10 million 
lower.
As part of a revision of Group consolidation, corrections were 
required to be applied to the financial statements for the financial 
years 2001, 2003 and 2005, pursuant to IAS 8. These corrections 
amount to a total of around EUR2.5 million. The prior-year figures 
have already been adjusted correspondingly to the relevant balance 
sheet items in this set of interim financial statements. These have 
no impact on either the current or previous year income statements.
Previously capitalized deferred tax assets relating to loss 
carryforwards within the Group were de-recognized following Kyocera 
Mita's acquisition of a majority stake in the company. As a 
consequence of this, the balance sheet loss rose to minus EUR161.9 
million as of December 31, 2008. The balance sheet loss increased 
further to minus EUR170.6 million as of September 30, 2009 as a 
result of the negative nine months earnings. Consolidated equity 
after deducting the minority interest now amounts to minus EUR82.0 
million, following minus EUR73.3 million at the end of the last 
financial year. The matter is of a purely accounting nature, and has 
no legal or liquidity consequences, or effects that might jeopardize 
the company as a going concern. The joint-stock corporation (AG - 
Aktiengesellschaft), as the legally relevant parent company, reports 
an equity ratio of around 30%.
In its interim report, however, the Management Board points out that 
the continuation of unsatisfactory business trends may make it 
necessary to apply adjustments to the carrying values of some 
subsidiaries 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 EUR10.5 million in the 
first nine months of 2009 due to the decline in sales, and the 
resultant negative earnings for the period, as well as due to the 
reduction of tax provisions. At EUR17.6 million, cash and cash 
equivalents as of September 30, 2009 were EUR11.4 million lower than 
as of December 31, 2008.
Inventories were reduced by EUR5.4 million over the course of the 
quarter, but, at EUR66.6 million, remain at a high level. Following 
the complete paying down of the syndicated loan in April 2009, bank 
borrowings now amount to no more than EUR2.7 million. Other current 
liabilities (mainly trade payables) were reduced by EUR5.0 million 
during the course of the first nine months to presently EUR84.2 
million.
Since the business trend in the second half of the year has still not
yet stabilized, TA Triumph-Adler AG is no longer expecting that it 
will achieve revenue of more than EUR300 million in 2009, and is 
assuming that it will generate a significant loss on a full-year 
basis. The forecast for the next full 2010/2011 financial year will 
be published following the conclusion of the planning phase, and in 
connection with the financial statements for the 2009 financial year.
Contact:
TA Triumph-Adler AG
Südwestpark 23
D - 90449 Nuremberg
Dr. Joachim Fleing
Telephone: +49 / 911 / 68 98 - 499
Fax: +49 / 911 / 68 98 - 200 
ir@ta.ag
www.triumph-adler.de
ISIN code of the bearer shares: DE0007495004, admitted to official 
trading (Prime Standard) of the Frankfurt Securities Exchange as well
as at all regional German stock exchanges
Important notice: This press release contains forward-looking 
statements that are based on assumptions and estimates made by the 
management of TA Triumph-Adler AG. Although the management of the 
company is of the view that these assumptions and estimates are 
appropriate, future actual developments and future actual events may 
diverge significantly from these assumptions and estimates due to 
various factors. These factors may include, by way of example, 
changes in the macroeconomic situation, exchange rates, interest 
rates, as well as changes in both the market and the competitive 
environment as the result of technological change. TA Triumph-Adler 
AG provides no guarantee, and accepts no liability, if future 
developments, and results achieved in the future, do not accord with 
the assumptions and estimates expressed in this press release.

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

Plus de actualités: TA Triumph-Adler AG
Plus de actualités: TA Triumph-Adler AG