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BENE AG

EANS-Adhoc: BENE AG
Sales and earnings in the second quarter of 2009/10 negatively impacted by economic environment.

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
quarterly report
23.09.2009
- Drop in sales by 24.1% to EUR 95.8 million
- EBIT decreased to EUR -6.4 million in the second quarter
- Cost cutting measures show first effects
- Balance sheet structure still solid
Vienna/Waidhofen an der Ybbs, September 23, 2009. In the second 
quarter of 2009/10, sales and earnings of the Bene Group were still 
considerably impacted by the difficult economic environment in most 
of the sales markets.
Year-to-date sales dropped by 24.1% to EUR 95.8 million in the first 
half-year of 2009/10 (first half-year 2008/09: EUR 126.2 million). In
Austria, in the first six months of 2009/10, sales decreased by 28.3%
to EUR 26.8 million (first half-year 2008/09: EUR 37.4 million). 
Germany also reported a decline in sales compared to the previous 
period: Sales amounted to EUR 27.0 million, which is a minus of 19.3%
compared to the prior year (first half-year 2008/09: EUR 33.4 
million). In the UK, Bene still had to pay tribute to the continuing 
difficult economic environment: Despite successfully implemented 
major projects, sales fell by 32.0% to EUR 8.3 million (first 
half-year 2008/09: EUR 12.3 million). Contrary to the clearly slowed 
demand and the bad investment climate in Russia, Bene realised 
several large orders since the beginning of the year and fortunately 
increased sales by 18.3% to EUR 17.2 million (first half-year 
2008/09: EUR 14.6 million). In comparison with the historical 
reference period of the previous your, sales of the "other markets" 
segment dropped by 42.6% to EUR 16.4 million (first half-year 
2008/09: EUR 28.6 million).
The ongoing difficult economic environment as well as the increased 
price competition for major projects in the individual sales markets 
resulted in a significant decline in the earnings figures of the Bene
Group compared to the reference value of the prior year. The 
personnel and material cost cutting measures implemented already in 
the first quarter of 2009/10 could only partly absorb this decline. 
The year-to-date EBIT decreased by EUR 12.6 million to EUR -6.4 
million (first half-year 2008/09: EUR 6.2 million). The EBT fell by 
EUR 13.6 million to EUR -7.7 million (first half-year 2008/09: EUR 
5.9 million.) As a result of impairment losses and the increased 
interest charges from the bond, the year-to-date financial result 
deteriorated by EUR 1.0 million to EUR -1.3 million (first half-year 
2008/09: EUR -0.3 million).
The financing structure of the Bene Group was and will increasingly 
be striving for longer-term debt and the creation of strategic 
liquidity. Both, the issue of a corporate bond in the amount of EUR 
40.0 million as well as the borrowing of a long-term investment 
credit subsidised by the ERP-fund (European Recovery Programme) serve
this purpose. At the end of the second quarter, the equity ratio 
amounted to 34.2% (January 31, 2009: 46.8%). At the same date, net 
gearing was 31.9% (January 31, 2009: 11.9%).
Mainly attributable to the finalisation and the start-up of the 
research and innovation centre at the site in Waidhofen/Ybbs as well 
as the modernisation and expansion of the distribution sites in 
Munich, Belgium and Ljubljana, additions to property, plant and 
equipment and intangible assets amounted to EUR 6.9 million in the 
first half-year of 2009 (first half-year 2008/09: EUR 9.5 million).
On the reporting date July 31, 2009, the Bene Group employed 1,401 
persons. Compared to the previous period, the headcount decreased by 
78 persons or -5.3 %.
Worldwide, the markets are still at a low level. According to the 
current economic forecasts, no improvement of the environment is 
expected for the business year 2009/10. Due to the general 
uncertainty of the markets, the Management of the Bene Group keeps 
focusing on appropriate scenario models to quickly and extensively 
react to any further development. From today´s point of view, no 
reliable outlook for the overall year 2009/10 may be provided.
Note Among others, this report contains statements on potential 
future developments, which were made on the basis of currently 
available information. Such statements, which reflect the current 
assessment of future developments by our Management, cannot be 
construed as guarantees for future performance and bear unforeseeable
risks and uncertainties. There may be a variety of reasons for actual
results and conditions to diverge from the assumption, on which the 
statements were based.
The comprehensive quarterly report is available under www.bene.com.

Further inquiry note:

Investor Relations:
Frank Wiegmann
Chairman of the Management Board
Schwarzwiesenstraße 3, A-3340 Waidhofen/Ybbs
IR Hotline: +43-7442-500-3100
ir@bene.com

Public Relations:
Ursula Grabher
Head of Public Relations
Renngasse 6, A-1010 Wien
Tel. +43-1-534 26-1265

Branche: Furnishings & Furniture
ISIN: AT00000BENE6
WKN:
Index: ATX Prime
Börsen: Wien / official market

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Plus de actualités: BENE AG