PRISMAFLEX INTERNATIONAL : Results 31st March 2008

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Total Annual Sales at 62.1 M¤: + 22%
Operating margin at 7.4%

Significant points for 2007/2008 Record sales figures with a significant increase in Home Decor and Scrolling sign activities Current operating margin at 7.8% (vs 9.2% in 2006/07). Negative impact of foreign currency movements and Street Furniture activity. Not inclusive of Street Furniture activities, Operating margin at 9.9% (vs 9.7% in 2006/07). Continued net debt reduction of the Group with a 0.66% gearing ratio.

Consolidated Statement of Income (04/01/07- 03/31/08)

In M¤ 2007/2008 2006/2007 Variation
 in M¤
Variation
in %
(non audited)
Sales 62.12 51.02 11.10 + 22%
Current operating profit 4.82 4.69 0.13 + 3%
Current operating margin 7.8% 9.2%  
Operating profit 4.60 4.69 -0.09 -2%
Operating margin 7.4% 9.2%  
Financial result -1.75 -1.16 -0.59
Tax -0.83 -1.38 0.55 -
Net earning before sold activities & GW loss results 2.02 2.16 -0.14 -6%
Net result 1.96 1.49 0.47 + 31%
Net consolidated result 1.82 1.33 0.49 + 37%
Cash flow 3.26 3.74 -0.48 -13%
   
Consolidated equity capital 18.07 16.87  
Net debt 11.90 11.87  
Gearing 0.66 0.70 -0.05

Over the period, the historical activities (advertising signs, printing, three-message and Street Furniture businesses) showed good sales trend to end at 50 M¤ (+ 8%). The Home Décor activity continued its growth to reach 9.9 M¤ (+ 5.2 M¤) and the recently launched LED sign activity registered in at 2.24 M¤.
With inflation adjusted foreign exchange, total annual sales would have been 1.8 M¤ higher at 63.9 M¤ (+25%).

Operating profit includes a 0.2 M¤ provision for one of the R&D projects. Exclusive of the Prismaflex Street Furniture subsidiary, Operating margin is at 5.7M¤, representing 9.9% of total sales (against 9.7% in 2006/2007).

Financial result, excluding foreign exchange fallback, stands at - 0.9 M¤ (against - 0.8 M¤ for the previous year). The need for Operating capital increased at the same pace as activity to reach 10 M¤ on March 31st 2008. This represents 16% of turnover, compared to 18% the previous period.

The strong devaluation of the Dollar, Sterling and South African Rand result in an exchange loss of - 0.8 M¤ vs - 0.4 M¤ the previous year.

Net result is up by 31% at 1.96 M¤ due in part to last year's sale of the Group's 37% shareholding in Vistamount Ltd (- 0.55 M¤).

Investment programme continued and stands at 2.1 M¤.

Net debt at 11.9 M¤ gives a net debt - equity capital (gearing) ratio of 0.66 against 0.7 for the previous period.

Outlook 2008/2009

Despite a difficult international context, the Group is continuing its development:

of a global offer for advertisers. This offer comprises the design, manufacture and sale of advertising signs, street furniture and large-format digital printing, of large-format digital printing services for other markets including Home Decor.

One of the Group's priorities for the coming period is the turnaround of the Street Furniture activity, the objective being to bring it to breakeven through the optimisation of the organisation and the development of standardised products.

Prismaflex International results will be presented on June 23rd, 2008, at the Hôtel Meurice, 228 Rue de Rivoli, Paris 1er at 17h30.

PRISMAFLEX INTERNATIONAL
Outdoor Advertising solutions manufacturer and large format digital printing
ISIN : FR0004044600-PRS  - Reuters : PRS.PA - Bloomberg : PRS FP
Eurolist by Euronext Paris - Compartiment C
www.prismaflex.com


Contacts:
PRISMAFLEX INTERNATIONAL
Emmanuel Guzman / CFO - Phone: 04 74 70 68 00 - finance@prismaflex.com
ACTUS Lyon
Amalia Naveira - analysts/investors contact - Phone: 04 72 18 04 92 - anaveira@actus.fr
Marie-Claude Triquet - press contact- Phone: 04 72 18 04 93 - mctriquet@actus.fr

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