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17:06 | 22.10.2008
DJ DGAP-Adhoc: VBH Holding AG:Preliminary figures as of 30th September 2008 / Adjustment of the Forecast 2008 in the light of a significant deterioration of market conditions
DJ DGAP-Adhoc: VBH Holding AG:Preliminary figures as of 30th September 2008 / Adjustment of the Forecast 2008 in the light of a significant deterioration of market conditions
VBH Holding AG / Preliminary Results/Quarter Results
22.10.2008
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Preliminary figures as of 30th September 2008
VBH Holding AG, Europe's leading wholesaler of fittings for the
construction industry, managed to increase its turnover in the first nine
months of the current financial year from 602 million EUR to 650 million EUR
(+8.0 %). The newly-acquired Hody SA in Belgium contributed to this growth
in turnover with 16.9 million EUR, so that the organic growth in the period
under review amounts to 5.2%. Compared to the half year figures, the
momentum of increase in sales slowed down in the third quarter of 2008.
Therefore the Company failed to achieve its budgeted turnover in the light
of deteriorating market conditions.
The Earnings before Taxes (EBT) in the group will be about the same as the
figure for the previous year as a result of the reduction of the interest
burden following a partial conversion of the participation rights in early
2008. However, the Earnings before Interest and Taxes (EBIT) will be about
10 - 15% lower than the figures for the previous year.
Adjustment of the Forecast 2008 in the light of a significant deterioration
of market conditions
Contrary to the expectations of many experts, the financial crisis has
become much worse and has spilled over to the real economy. Unfortunately,
this is no longer affecting the markets in Western Europe only, but in the
meantime also the markets in Eastern Europe, which have seen a significant
slowdown in momentum over the past two months. In the opinion of the
executive board, this trend will persist over the coming months as well.
Therefore the executive board is now expecting a turnover of 870 - 880 mill
EUR for the current year (Latest Forecast: 890 - 900 mill EUR; Turnover in
2007: 808.4 mill EUR). Compared with the previous year, there will be an
increase in turnover of 7.6 - 8.9%, and the organic growth is expected to
be in a range of about 4.9 - 6.1%.
In view of the significant decrease in turnover in Spain and in Great
Britain induced by the financial crisis, a situation in Italy which
continues to be difficult and the increasing pressure on gross margins in
Eastern Europe, the EBIT forecast has to be reduced to 46 - 48 mill EUR
(Latest Forecast 55 - 56 EUR; EBIT 2007: 49.4 mill EUR). The Group Earnings
before Tax (EBT) is expected to be 39 - 41 mill EUR in the current financial
year (Latest Forecast 47 - 48 mill EUR; EBT 2007: 38.2 mill EUR), so that from
today's point of view the Earnings per Share will be in the range of 0.62 -
0.65 Euro (Previous year: 0.67 Euro per share).
The executive board is intending to propose to the supervisory board that
the dividend payment ratio for the financial year 2008 is increased to
about 35% of the Earnings per Share (Dividend: 0.22 - 0.23 Euro per share).
In spite of the poor market conditions, the executive board expects that
group turnover will further increase in the financial year 2009 and that
profitability compared to the figures of the actual Forecast will improve.
Note
The full quarterly report for the third quarter of 2008 will be available
for download from 13th November 2008 onwards from the Company's web site
www.vbh.de.
Contact
Dr. Ralf Lieb / Gerhard Weber
CFO/Investor Relations
Tel +49 7150 15-200
E-Mail ir@vbh.de
22.10.2008 Financial News transmitted by DGAP
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Language: English
Issuer: VBH Holding AG
Siemensstraße 38
70825 Korntal-Münchingen
Deutschland
Phone: 07150-15-204
Fax: 07150-15-376
E-mail: g.weber@vbh.de
Internet: www.vbh.de
ISIN: DE0007600702
WKN: 760070
Listed: Regulierter Markt in Frankfurt (General Standard), Stuttgart;
Freiverkehr in Berlin
End of News DGAP News-Service
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(END) Dow Jones Newswires October 22, 2008 11:06 ET (15:06 GMT) |
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