Highlights for 2006/2007
- Increase of all group divisions in a buoyant market
- Improved operating margin at 9.2% (vs 8.5% in 2005/06)
- Adverse impact on results following the sale of Vistamount ltd 37% shareholding
- Net debt reduction process carried on with a 0.7 gearing
Consolidated Income Statement (April 1st to March 31st)
|In M¤ (non audited)||2006/2007||2005/2006||Variation M¤||Variation %|
|SALES||51.02||41.86||+ 9.16||+ 22%|
|Operating profit||4.69||3.57||+ 1.11||+ 31%|
|Financial result||- 1.15||- 0.55||- 0.60||-|
|Before tax profit||3.54||3.02||+ 0.52||+ 17%|
|Tax||- 1.38||- 1.02||- 0.36||-|
|Net earning before sold activities results||2.16||1.79||+ 0.37||+ 21%|
|Sold activities result||- 0.67||0.00||- 0.67|
|Net consolidated result||1.33||1.62||- 0.29||- 18%|
|Cash flow||3.74||3.27||+ 0.47||+ 14%|
Over the period, historical activities (publicity signs, printing and trivision businesses) had good sales trends at 39.57 M¤ (+ 11%). Sales of more recently launched divisions (home decor, street furniture, classic signs) were still moving upward at 11.45 M¤ (+ 5.3 M¤, + 86%).
Operating profit took into account the street furniture division at breakeven (with 6.07 M¤ sales). As per the released targets, operating margin was at 9.2 %. Without street furniture, margin would have reached 10.5% (vs 9.1% last year).
Financial result included a 3.6 % decrease of interest payments at 0.79 M¤ (vs 0.82 M¤ on March 31st, 2006) with negative currency impacts of 0.36 M¤ this year against 0.25 M¤ positive impacts last year.
Profit before tax at 3.54 M¤ increased by 17%. The average tax rate was booked at 39% (33.8% last year).
Prismaflex International sold its 37% shareholding in London based Vistamount ltd. This operation had a 0.55 M¤ negative impact on net consolidated result.
With a cash flow at 3.74 M¤ (+ 14%) and a 1 M¤ limited increase of working capital in a sales steady growth context, cash flow from operations almost doubled at 2.75 M¤.
Debts reduction process has carried on over the period with net debt at 11.87 M¤ against 13.42 M¤ on March 06. Gearing ratio reached 0.7 this year (0.85 on March 06).
In 2007/2008 Prismaflex International results should again turn upwards. Sales should amount to 57 M¤ (+ 12%) with an operating profit increasing faster than sales improvement.
These targets are supported by:
- The renewal of a home decor contract projecting between 10 to 15 M¤ sales over 3 years ;
- Maintained high volumes for street furniture. Prismaflex International has just registered a 3.2 M¤ order for delivering series of 8 m2 scrollers to be installed in a large European capital.
- Steady printing activities;
- In total, the order backlog on June 1st 2007, amounted to 20 M¤ (vs 13 M¤ last year) increasing by 54%.
Prismaflex International results will be commented on June 27th 07 inParis Hôtel Meurice, 228 rue de Rivoli, Paris 1er at 11.30 am.
Outdoor Advertising solutions manufacturer
ISIN : FR0004044600-PRS - Reuters : RIGI.LN - Bloomberg : PRS
Eurolist by Euronext Paris - Compartiment C
Vincent Bès / Chief Financial Officer - Tel: + 33 4 74 70 68 00 - email@example.com
Amalia Naveira - Investors relation - Tel: + 33 4 72 18 04 92 - firstname.lastname@example.org
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