Consolidated Statement of Income (April 1st - September 30th 2008)
|Current operating profit||1.48||2.77||-1.28|
|Current operating margin||5.2%||9.4%|
|Operating margin||5.2%||8.6 %|
|Operating margin excl street furniture and newly created subsidiaries||9.0%||10.7%|
|Net consolidated result||0.61||1.38||-0.77|
|Sept 08||March 08|
|Consolidated equity capital||18.10||18.07||+0.04|
Firmness of the activity thanks to the group's geographical development and wide product range
With around 40% of sales concluded in US Dollars, Pounds Sterling, South African Rand and Canadian Dollars, the impact of currency fluctuations against the Euro was high. Without foreign exchange movements, total sales would have been up 1.7 M¤ at 30.16 M¤ (+ 2.1%).
For the period, Printing activity fells by 1.16 M¤ to 12.36 M¤, 70% of which can be put down to exchange fluctuations.
Hardware activity stands at 16.10 M¤ (+0.07 M¤), up 6.5% without foreign exchange movements.
Operating profit in line with forecast objectives
A 5.2% operating margin corresponds to announced forecasts of between 5 and 6% of total sales. For the period, it is negatively impacted by two events:
Excluding Street Furniture activity and the Australian subsidiary, operating margin stands at nearly 9% against 10.7% on September 30th 2007.
Financial result, excluding foreign exchange movements, is at -0.5 M¤ against - 0.4 M¤ on September 30th 2007. Working capital requirements remain unchanged at 16% of turnover.
A high 45% tax rate (vs 30% on 30th September 2007) is mainly due to the non-activation of losses from the Prismaflex Street furniture subsidiary.
At the end of the day, consolidated net result stands at 0.69 M¤, down 0.66 M¤ compared to September 30th 2007.
Investment programme stands at 0.6 M¤. Capital expenditures will be up over the coming period due to the relocation of the Street Furniture activity to Haute Rivoire.
The Group's net debt at 10.7 M¤ reflects a gearing ratio of 0.59 compared to 0.66 on 31st March 2008.
On October 31st, 2008, the order books are healthy, with orders worth 8.9 M¤ compared to 7.6 M¤ on March 31st, 2008.
For the coming six month period, Prismaflex has set its priorities:To finalise the reorganization of the Street Furniture activity to bring it to breakeven next period; To continue the industrial optimization of its hardware offer and develop economical and innovative printing solutions; To stabilise the newly created subsidiaries (Australia and Bahrain) and to optimize all fixed costs throughout all structures.
Prismaflex International group six month results will be presented on December 3rd, 2008, at the Hôtel Joly Lotti, 7 rue de Castiglione, 75001 Paris.
Next press release: 3rd quarter 2008/2009 sales figures, January 21st, 2009, after closure.PRISMAFLEX INTERNATIONAL
Outdoor Advertising solutions manufacturer and large format digital printingISIN : FR0004044600-PRS - Reuters : PRS.PA - Bloomberg : PRS FP
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