EANS-Adhoc: GESCO strengthens balance sheet during the recession and expects growth
-------------------------------------------------------------------------------- ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------------
29.06.2010
Wuppertal, 29 June 2010 - The SDAX listed investment holding company GESCO AG can look back on Group sales of EUR 277.7 million (previous year: EUR 378.4 million) and Group net income after minority interest of EUR 8.9 million (previous year: EUR 21.6 million) as well as earnings per share according to IFRS of EUR 2.95 (previous year: EUR 7.16) in financial year 2009/2010 (1 April 2009 - 31 March 2010). These figures fell within the forecast published in June 2009.
GESCO Group closed the crisis year with an exceptionally strong balance sheet. The equity ratio now amounts to 42.7 %, liquid assets to EUR 26.9 million and the debt ratio is comfortably low with a ratio between net liabilities to banks and EBITDA of 1.7. In addition, goodwill poses just a small risk to the company´s finances, as it totals only 6.4 % of equity.
In view of the improved economic situation, the company is forecasting Group sales between EUR 290 million and EUR 320 million and Group net income after minority interest of between EUR 9 million and EUR 11 million, corresponding to earnings per share according to IFRS between EUR 2.98 and EUR 3.64, for the new financial year 2010/2011 (1 April 2010 - 31 March 2011).
Business livened up considerably in the first quarter of financial year 2010/2011, which comprises the operating months January to March of the Group´s subsidiaries. Incoming orders came to EUR 87.8 million, up 42.9 % on the same quarter in the previous year (EUR 61.4 million), and with EUR 76.8 million, sales were 4.3 % higher than in the previous year (EUR 73.6 million).
The company will discuss its financial statements for 2009/2010 and forecast for financial year 2010/2011 at the accounts press conference and analysts´ meeting on 29 June 2010.
The detailed press release and the Annual Report 2009/2010 will be available at www.gesco.de from 29 June 2010, 8:30 hours (GMT+1).
GESCO AG Investor Relations, Oliver Vollbrecht Phone: +49 (0)202 2482018, Fax: +49 (0)202 2482049 E-mail: info@gesco.de, Website: www.gesco.de
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
Original content of: GESCO AG, transmitted by news aktuell