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Martes, 29 Noviembre 2011 09:12

FINANCIAL RESULTS 3Q 2011

The Group of Kleemann in the nine month period presented profitability, increase in its turnover, positive operating cash flows and further improvement of its performance in the international market.

At the same time, the Group’s presence in the international market is constantly improved, with exports amounting to 67% of total sales, from 54% in the relative last year period. Indeed, a significant increase of approximately 45% is presented in sales to “strong” – for Kleemann – markets of Russia, United Kingdom, Australia and Holland.

On another note, the Group’s subsidiaries are presenting significant increase in the global market, as the Turkish subsidiary is recording in the nine-month period increased sales by 10% in comparison with the relative previous year period (12,2 mln euros from 11,0 mln euros), as well as improved gross profit margin (23% from 20% in the relative period of 2010). Significant sales growth – by 35% – is also presented by the subsidiary in Serbia. More specifically, its turnover amounted to 2,6 mln euros, from 1,9 mln euros in the nine-month period of 2010.

Finally, the subsidiary in China is realizing at a high rate the investment of 2 mln euros regarding the creation of a production base in said country. Management expects production to begin in early 2012.

Regarding financial figures, turnover of the Group amounted to 66,8 mln euros from 66,5 mln euros in the nine-month period of 2010, showing an increase of 0,5%, while at the same time, operating cash flows amount to 6,5 mln euros.

The Group’s gross margin in the nine month period of 2011 amounts to 30,7% reduced in comparison with the relative last year period (34,6%). This reduction is due to higher raw material prices, as well as the intensification of efforts to penetrate foreign markets.

Similarly affected is the net profit margin, although for the Parent company it includes higher provisions for doubtful debtors amounting to 1,8 mln euros from 1,5 mln euros compared to the relative last year period. Moreover, the results are aggravated by one-off administrative expenses for the company’s growth, amounting to approximately 0,3 mln euros, from added expenses for training and education of the staff amounting to 0,1 mln euros, as well as high sales costs – approximately 0,3 mln euros – that were realized for the growth and strengthening of Kleemann representation offices abroad.

As a result, the consolidated profit before tax in the examined period amounted to 3,0 mln euros, reduced by 43,2% in comparison with then nine-month period of 2010. Earnings before interest, tax and amortization (EBITDA) totaled 5.5 mln euros, compared to 7,5 mln euros in the relevant period of 2010, reduced by 25,7% while Profit after tax and non controlling interests amounted to 1,1 mln euros, from 2,1 mln euros in 2010.

INTERLIFT 2011

In the meantime, Kleemann presented its new – high tech – products in the biggest international elevator exhibition, INTERLIFT 2011, which took place in Germany, from the 18th to the 21st of October and was attended by more than 18.700 visitors from 54 countries.

The “green” elevator “ATLAS” with an Energy Class A rating, operating without an engine-room, as well as LIFT TESTER, a special elevator monitoring application for the iPhone attracted the interest of hundreds of visitors.

It should be noted that LIFT TESTER is a global innovation from Kleemann, which offers the ability to both experts of the industry, as well as end users of elevators to get a clearer picture of its movement, by gathering data such as speed, acceleration, vibrations and noise through their mobile phone and then proceed to the improvement of the overall elevator operation.


PRESS RELEASE, Kilkis, November 29th 2011