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Mi, 23.10.2019 13:02
pta20191023028
Business news for the stock market
United Labels AG: United Labels AG: Report on first nine months
Favourable outlook for Germany - Impact from closure of Spanish subsidary
Münster (pta028/23.10.2019/13:02) -
- Group revenue totals EUR 17.3 million in first nine months
Muenster, 23 October 2019. United Labels AG recorded Group revenue of EUR 17.3 million (prev. year: EUR 20.1 million) in the first nine months of 2019. As outlined in the context of the first-half report, considerably more special-deal merchandise within the Key Account segment was placed for the important fourth quarter of the current financial year. This will result in a revenue shift towards the fourth quarter in this specific segment. Order backlog at Group level was up by 23% at EUR 4.8 million for the last quarter (prev. year: EUR 3.9 million). At the same time, revenue at the Spanish subsidiary fell by 31% to EUR 7.2 million (prev. year: EUR 10.4 million), which had an adverse effect on earnings. Business developments in Spain have necessitated the closure of the local company in the form of insolvency proceedings. This was disclosed as part of a mandatory notification issued by the Group this week. As a result, the investment carrying amount reported in the separate financial statements of the parent company has been reduced in full, i.e. as a full impairment loss. Within the Group, impairment losses were recognised in respect of goodwill attributable to Iberica as well as associated deferred tax assets.
Group earnings before interest, taxes, depreciation and amortisation (EBITDA) for the first nine months remained largely unchanged year on year at EUR 1.7 million (prev. year: EUR 1.8 million).
At the parent company, equity amounted to EUR 4.9 million (31 Dec. 2018: EUR 6.4 million), which corresponds to an equity ratio of 26.3% (31 Dec. 2018: 28.7%). Substantial order intake in recent months led to an increase in order backlog (as at 30 Sept. 2019) in Germany, up by 52% to EUR 10.8 million (prev. year: EUR 7.1 million). For the Group as a whole order backlog was up by 20% at EUR 10.9 million (prev. year: EUR 9.1 million). Net cash from operating activities rose to EUR 4.7 million (prev. year: EUR 2.1 million) as a result of exceptional effects. Alongside a number of additional Key Account activities, the fourth quarter will see the shipment of new Special Retail collections centred around "Der kleine Rabe Socke", "Pummel & Friends", "Harry Potter" and "Tacheles".
The report issued by United Labels AG for the first nine months of 2019 can be downloaded from the company's website in the coming weeks:
Further information:
(Ende)
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