Stadtname / PLZ
Di, 01.12.2020 07:30
Business news for the stock market
Zumtobel Group AG: H1 2020/21: Zumtobel Group remains in the profit zone
Dornbirn (pta009/01.12.2020/07:30) - The development of revenues in the Zumtobel Group (ISIN AT0000837307) during the first half of the 2020/21 financial year (1 May 2020 to 31 October 2020) was significantly influenced by the economic effects of the Covid-19 pandemic: Group revenues fell by 14.6% year-on-year to EUR 515.4 million (H1 2019/20: EUR 603.8 million). After an adjustment for foreign exchange effects, revenues declined by 13.9%.
Despite this decline, the Zumtobel Group managed to navigate well through the crisis and successfully generated a profit for the first half year: Adjusted Group EBIT totalled EUR 25.3 million, and the return on sales equalled 4.9% (H1 2019/20: 7.3%). Net profit amounted to EUR 13.3 million for the first half of 2020/21.
"The generation of solid earnings during a global economic crisis is by no means an easy task," emphasised Alfred Felder, CEO of the Zumtobel Group . "However, it underscores our company's comparatively robust position."
Covid-19 pandemic's negative impact on business development in both segments
Revenues in the DACH region, the strongest market for the Zumtobel Group, fell by nearly 9%. Revenues in Switzerland and Austria were only slightly lower despite the crisis, but the reduction in Germany was more substantial. Three core markets, Italy, Great Britain and France, were particularly hard hit by declines in revenue in the double-digits.
Effective cost management successfully offset a major part of the revenue decline. Cost savings of EUR 20.6 million were recorded during the first half of 2020/21, above all in the areas of sales and administration. These efforts were supported, among others, by the reduction in personnel expenses which resulted from the use of short-time work options. Not least due to the strong focus on expenses, free cash flow equalled at EUR 35.0 million and was even slightly higher than the first quarter of the previous year.
Solid balance sheet
Opening of the new Light Forum at the headquarters in Dornbirn
Extension of Management Board contract for Bernard Motzko (COO)
In view of the current development of the Covid-19 pandemic, including the recent sharp rise in infections and the resulting lockdown measures, the Zumtobel Group stands by its decision not to issue any guidance for the 2020/21 financial year.