UR Holding S.p.A.
UR Holding S.p.A.:Publication of 2008 mid-term report
UR Holding S.p.A. / Half Year Results Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- UR Holding S.p.A. Publication of 2008 mid-term report Consolidated revenues of EUR 16,274 thousand International expansion of operating capacities not yet reflected in net Group income at EUR -352 thousand Temporary contractual arrangements and external factors impact earnings performance Milan, September 30, 2008: UR Holding S.p.A. today published its results for the first six months of 2008. In HY1, UR Holding S.p.A.’s business performance was characterised by the establishment of the internationally expanded Company structures, the optimised portfolio and a difficult market environment. In 2007, the Group’s operating capacities were significantly expanded through acquisitions and newly established companies in Israel (2B Tronics LTD.), Austria (BEST Electronics Distribution GmbH) and Latin America (UR Latam) and accessing Eastern European and Latin American growth markets. In the first six months of 2008, the new subsidiaries were established on the market and integrated into the Group structure. In addition, recently established partnerships and cooperative activities enabled UR to bring its manufacturer portfolio into line with the current demands and requirements of the electronic industry. As at 30 June 2008, consolidated revenues amounted to EUR 16,274 thousand (previous year: EUR 25,036 thousand). At the end of the reporting period, EBIT totalled EUR 143 thousand (previous year: EUR 683 thousand) with a net Group loss of EUR -352 thousand (previous year: net income of EUR 272 thousand). The increased revenues potential resulting from expansion of the Group structure on an international basis has not yet impacted the half-year result, whilst the Group equity situation continues to be stable. As at the balance sheet date, total assets amounted to EUR 17,919 thousand (31 December 2007: EUR 18,499 thousand). Equity of EUR 6,180 thousand (31 December 2007: EUR 6,648 thousand) resulted in a corresponding equity ratio of 34.5% (31 December 2007: 35.9%). At the end of the period under review, amounts due to banks totalled EUR 3,423 thousand (31 December 2007: EUR 3,154 thousand). As at 30 June 2008, cash and cash equivalents amounted to EUR 3,238 thousand (31 December 2007: EUR 4,118 thousand). 'The international Group structure, expanded in the 2007 financial year, was strengthened in the first six months of 2008 and our portfolio was complemented on a goal-orientated basis due to new partnerships. Even though the strategic success and the consequent increased revenues and sales potential are not yet reflected in the result, we are not dissatisfied with the Group’s overall performance. Despite continued consolidation and difficult market conditions, we succeeded in further growing our market presence and positioning our Company in the important Eastern European and South American growth markets. The development of revenues and results must also be viewed in a differentiated fashion. Due to the portfolio optimisation and the resulting initial cooperation on a commission basis, lower revenues are being generated despite stable business volume until the changeover to ‘buy & resell’ has taken place. At the same time, the difficult economic environment – a result of the financial crisis and darkened economic environment – has negatively impacted the Group’s earnings development. However, in view of the Group’s solid equity position and its cash and cash equivalents, we regard ourselves well positioned on a long-term basis. In the rest of the 2008 financial year as well as in 2009, the Group is focussing on leveraging existing potential and on expanding its market position. For this reason, we are targeting a significant growth in revenues and an improvement of the EBIT margin,' commented Stefan Haas, CFO for UR Holding S.p.A. The Management Board Company contact: UR Holding S.p.A. Viale Edison, 44 20090 Trezzano S/N – Milano Italy Phone: +39 02 48 40 15 8 - 0 Fax: +39 02 48 40 15 8 - 1 financials@ur-home.it www.ur-home.com Investor Relations: GFEI mbH Hamburger Allee 26-28 60486 Frankfurt am Main Germany Phone: +49 (0)69 - 743 037 – 0 Fax: +49 (0)69 - 743 037 – 22 ir-urgroup@gfei.de www.gfei.de 30.09.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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