KROMI LOGISTIK AG
DGAP-News: KROMI Logistik AG
/ Key word(s): Annual Results
KROMI publishes 2019/2020 annual report - KROMI achieves significantly improved, slightly positive EBIT despite Corona pandemic - After 4 percent revenue growth in H1, significant Corona-related revenue decline in Q4 - Total revenues in 2019/2020 down by around 7 percent compared to previous year - EBIT increased by around EUR 1.3 million year-on-year to EUR 0.1 million Hamburg, September 30, 2020 - KROMI Logistik AG today publishes its financial report for the fiscal year 2019/2020 (July 1, 2019 to June 30, 2020), which was characterized by highly volatile developments. Despite the economic downturn, KROMI was on a growth path in the first six months. However, as part of the corona pandemic, many customers massively reduced their production levels from March 2020 onwards, with a corresponding impact on KROMI's business. Despite consequently lower revenues for the full fiscal year of EUR 69.4 million (previous year: EUR 74.8 million), KROMI recorded significantly improved, slightly positive EBIT of EUR 0.1 million.
Bernd Paulini, Chief Executive Officer comments: "Our further developed business model with the transparent description of our services and the associated customer benefits met with a very positive response in the market. We intended to continue the positive trend of the first half of 2019/2020 in the second half of the financial year. Even though the Corona pandemic came at an inopportune time, the fundamental demand for holistic tool management solutions in our core markets remains." Chief Financial Officer Christian Auth adds: "Thanks to the cost-cutting measures already implemented at the beginning of the financial year, we were able to achieve a positive operating result of EUR 0.1 million in these challenging times, despite the decline in revenues. We have also made very good progress in optimizing working capital and generated a cash flow from operating activities of EUR 7.2 million."
At EUR 34.4 million, domestic revenues in the 2019/2020 financial year were down on the previous year's level (EUR 36.1 million). In the rest of Europe, revenues amounted to EUR 27.2 million after EUR 30.6 million in the previous year; revenues in Brazil amounted to EUR 7.9 million (previous year: EUR 8.1 million).
The cost of materials declined by 7.2 percent compared to the previous year. In absolute terms, cost of materials fell to EUR 54.0 million in the 2019/2020 financial year (previous year: EUR 58.2 million). The cost of materials ratio (cost of materials/revenues) remained unchanged from the previous year at 77.8 percent (previous year: 77.8 percent). The gross profit margin was 22.2 percent (previous year: 22.2 percent). The personnel expense ratio was lower than in the prior year at 14.3 percent (previous year: 15.4 percent), mainly as a result of the streamlining of the Management Board team in 2019 and the non-recurring effect of EUR 0.6 million in personnel expenses in the prior year in connection with a member of the Management Board leaving office on 31 December, 2018.
KROMI recorded net earnings of EUR -3.2 million (previous year: EUR -1.1 million), mostly driven by non-operating currency effects totaling EUR 2.7 million as a result of euro-based loans to the Brazilian subsidiary. Since July 1, 2020 the loans between the parent company and the Brazilian company no longer exist, with the result that also the corresponding currency effects no longer apply in the fiscal year 2020/2021.
Bernd Paulini sees the company well positioned for the future: "With the wide range of services from the competence fields TOOLS, TECHNOLOGY, LOGISTICS and DATA we offer individually designed outsourcing solutions. In addition to the supply of machining tools and technology consulting, our powerful software solutions allow us to digitize tool management and implement Industry 4.0. The fact that the demand for our business model is unbroken is shown in particular by the feedback from many of our existing customers, who have expressed concrete plans to handle tool management with KROMI in their production facilities in other EU countries and other international markets. As a result, we are considering expansion options abroad even in the current situation."
Uncertainty remains regarding the duration of the Corona pandemic. At the same time, however, KROMI successfully acquired new customers last fiscal year. In view of this, the Management Board is forecasting revenues for the full year 2020/2021 at the same level as in the previous year and balanced EBIT (operating result).
The full report according to IFRS will be made available at www.kromi.de in the Investor Relations section during the course of the day.
30.09.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| Language: | English |
| Company: | KROMI Logistik AG |
| Tarpenring 11 | |
| 22419 Hamburg | |
| Germany | |
| Phone: | 040/537151-0 |
| Fax: | 040/537151-99 |
| E-mail: | info@kromi.de |
| Internet: | www.kromi.de |
| ISIN: | DE000A0KFUJ5 |
| WKN: | A0KFUJ |
| Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart |
| EQS News ID: | 1137762 |
| End of News | DGAP News Service |
1137762 30.09.2020
