AB FENETRES Groupe : Financial results for 2006/2007 (9 months)

A Group with the target of achieving growth in France and central Europe


Today, AB Fenêtre Groupe has published its consolidated financial statements, as at 31 March 2007, on the company's website (www.abfenetres.fr) and on alternext's website (www.alternext.com). This financial data is exceptionally for a 9-month period (01/07/06 - 31/03/07); all the Group's companies have changed their balance sheet dates to 31 March.

An intermediary financial period that has given the Group the required means to respond to the strong demand and to manage its growth

This 9-month period has enabled the group to bolster its points-of-sale network, increasing its branches from 22 to 39, at the end of March 2007 (this was again increased to 43 points of sale, as at 30 June 2007).

This rapid increase required logistic and human-resource investments in order to respond to the market's strong demand. Also marked by a seasonal effect, the months from July to September traditionally showing little activity, contrary to the quarter from April to June, the Group reported a loss for which measures have already been taken with positive results expected in the second half-year of the fiscal year 2007/2008.

With this in mind, the AB Fenêtres group's management refers readers to the successful increase of capital, realised last July, raising ¤30 million, which enabled the group to acquire a 50%-stake in AQ OKNA, through a share issue for cash. AB Fenêtres has thus made AQ OKNA its investment vehicle in Central and Eastern European countries, and which moreover allows for an increase in the Group's production capacity and prospects in terms of new markets.

Details regarding the financial statements as at 31 March 2007 (9 months)


Sales for the 9-month period amounted to ¤11.4 million, close to sales recorded in the previous 12-month period ended 30 June 2006 (¤11.9 million), which is to say an average monthly sales growth of 28%.
As at 31 March, the Group had an order book of ¤4.9 million, which represents approximately 4 months of sales, corresponding to orders that have not yet been delivered due to insufficient production means.

Financial statements

The opening of new branches was coupled with logistics and human-resource investments. These investments are also characterised by maturing periods of 6 months for branches, during which time they operate at a loss. The AB Fenêtres group was not able, in the same time, to increase its production capacities, having sometimes recourse to subcontracting, to the detriment of operating margins, with increased delivery times.

  • Operating income thus amounted to ¤(5) million, as at 31 March 2007, notably impacted by a significant increase in others purchases and external charges (¤4.2 million), and payroll expenses (¤7.3 million). Depreciation and amortisation amounted to ¤(2.4) million, as at 31 March 2007, ¤(1.8) million of which was a transfer to client provisions and ¤(0.5) million of which was for After Sales Services to be performed.
  • Financial income amounted to ¤(75) thousand, as at 31 March 2007 (9 months), compared to a loss of ¤(30) thousand, on a like-for-like basis, in the first 9 months of the previous period.
  • Exceptional income was ¤(0.4) million, in the 9 months of the period, compared to ¤(0.1) million, on a like-for-like basis, in the first 9 months of the previous year.
  • The net loss, as at 31 March 2007, was ¤(5.5) million, compared to a profit of ¤0.1 million, on a 2005/2006 like-for-like basis

Realisation of external growth operations to reinforce production capacity and to win significant market share

The group's management announced that there will be no opening of branches in the French network; the Group's development will be realised by opening operators/franchises that require less cash.

The funds raised by the increase in capital, last July (¤30 million), notably allowed for acquiring a 50%-stake in AQ OKNA, the company of the Czech Republic, for ¤25 million. This company that specialises in industrial joinery fittings, has a production capacity of 200,000 PVC windows a year, growth capacity of which covers the AB Fenêtre group's needs in its domestic market.

The acquisition of AQ OKNA also enables the Group to envisage increasing its presence in markets such as BtoB and do-it-yourself superstores/specialised superstores.

Finally, entering AQ OKNA's capital enables the Group to achieve external growth operations quickly, notably in Central Europe. The Group's management specifies that the target companies, of medium-size and known profitability, have thus already been identified; these projects are to be completed by the end of 2007.

About AB Fenêtres Groupe (www.abfenetres.fr):

Founded in 2000 by Willy Bernard, Chairman and CEO, AB FENETRES Groupe specialises in the manufacture, distribution and assembly of interior and exterior joinery fittings, doors, windows and other openings (shutters, windows, garage doors, roller blinds, blinds, entrance doors, etc.). The Group's main activity centres on PVC joinery fittings. With a unique business model, spanning the entire length of the value chain (manufacturing, distribution and installation of joinery fittings), the company employs 340 people.

AB FENETRES Groupe was admitted to the Alternext market of Euronext Paris via direct listing on 2nd November 2006.
Mnemonic: ALABF / ISIN Code: FR0010385690


AB Fenêtres Groupe
Willy Bernard
Chairman & CEO
H. & Associés
Nicolas Déhais / Philippe Azevedo
+33 (0)1 55 04 05 53 / 01 55 04 05 52
News Invest
Sébastien Berret / Agnès Gilbert
+33 (0)1 53 67 36 36
sberret@actus.fr /agilbert@actus.fr
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