PRISMAFLEX INTERNATIONAL : Results 31st March 2009
|In M (non audited)||2008/2009||2007/2008||Variation
|Current Operating Profit||0.75||4.82||-4.06|
|Net earnings before sold activities & GW and EM loss results|
|Sold activities result loss of GW EM activity share||-0.20||-0.06||-0.13|
|Net consolidated result||-0.72||1.82||-2.53|
|Consolidated equity capital (group)||14.79||18.07||-3.27|
The trend observed in the third quarter (September-December 2008) worsened during the fourth quarter with international economy situation. Sales dropped by 14.8% (10.6% at constant currency). At constant currency, Sales would have been higher by 2.6 M to stand at 55.6 M.
Although down 2.8% (at constant currency), the printing activity continues to resist while home décor continues to stand strong. However, due to the sharp decrease in advertising investment for the Group's key advertising customers, hardware activity is hard hit.
The results for 2008/2009 reflect the impact of the global economic downturn on the Group's activity, the plan to refocus on its core activity and return to breakeven point for its street furniture activity, which is now complete. Street furniture activity shows, during this year, an operating loss of 1.33 M (in line with forecasts). However, as announced, operating profit remains positive at 0.73 M.
Excluding the situation concerning the Street Furniture division and the creation of the Australian subsidiary, operating profit would stand at 2.23 M.
Debt cost is down compared to the previous year (0.82 M against 0.91 in March 2008). Following foreign exchange gains of 0.37 M (receivables from subsidiaries denominated in ) compared to an exchange loss of 0.82 M last year, the financial result stands at 0.47 M against 1.75 M on March 31st 2008.
The Group's decision not to activate the year's retained losses means tax is at 0.74 M.
Net consolidated result is negative at 0.72 M.
The working capital need is evolving positively compared to the slowdown in activity (principally due to hardware activity) and represents 7.3 M or 12% of total sales compared to 16% in March 2008.
Development investment is at 2.3 M (but includes the cost of repatriating the street furniture activity).
Consolidated equity capital at 14.79 M suffered from the reduced translation differential of 2 M on the Goodwill of Prismaflex AB due to the negative movement of the Swedish krona.
A net debt of 10.62 M against 11.90 M gives a gearing ratio of 0.72 compared to 0.66 for the previous year.
In an extremely precarious and unpredictable international economic situation, the Group remains cautious, despite some positive signs:Since April 2009, orders for hardware are once again on the up, thanks to efforts made in new geographical regions, but this has yet to be confirmed. Despite the current situation, printing appears to be resisting in the countries of operation. The continued efforts to remain competitive implemented in the second half of the period should allow to reduce the Group's breakeven point by at least 3.5 M. This plan is now nearing completion.
The Group's priority for the current year is to improve profitability. Objectives will be fine-tuned during the coming period. Despite an extremely difficult economic context, Prismaflex International are confident they can improve results while maintaining their technological edge over the competition with the new Prismatronic (LED sign) and by profiting from the success following the launch of the new GRAPH'IT product range (an innovative dry posting system for advertising displays).
Prismaflex International results will be presented on June 24th, 2009 , at the Hôtel Jolly Lotti , 7, rue de Castiglione, Paris 1er, at 10.00.16 July 2009: 1st quarter sales figures (June 2009) Financial reporting calendar will be published shortly
Outdoor Advertising solutions manufacturer and large format digital printing
ISIN : FR0004044600-PRS - Reuters : PRS.PA Bloomberg : PRS FP
Eurolist by Euronext Paris Compartiment C
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