- Pressemitteilung BoxID 67365
Interim Results for the Period ended 30 June 2008
IFR Capital Plc ("IFR Capital" or the "Company"), the investment company focused on consolidation opportunities in the European food retail sector, today announces its interim results for the six months ended June 2008
- Strong growth in sales from acquisitions and organic growth
- Operating EBITDA (pre exceptional items) of € 15,5 million (2007: € 5,0 million) on revenue of € 374,0 million (2007: €164,3 million)
- Successful internationalisation of Nordsee franchise
- Integration of Homann / Hamker faster than expected
Operational and Financial Review
The results for the period include full 6 month contributions from Nordsee GmbH ("Nordsee"), Homann Chilled Food GmbH ("Homann"), Bastian's GmbH
("Bastian's") and a circa 5 month period for Hamker Lebensmittel Beteiligungs GmbH & Co. KG ("Hamker"). The Hamker acquisition was completed at the end of January 2008.
IFR Capital's revenues for the six months ended 30 June 2008 were €374,0 million (1H07 €164,3 million), while EBITDA before exceptional items amounted to €15,5 million (1H07 €5,0 million). Both sales and EBITDA are in line with the Board's expectations. Taking the seasonality of the business into account, the Board expects the Company to achieve sales of €763 million and an operating EBITDA of €52 million for the full year ending December 2008. The equity to total asset ratio at the end of the period was 29,4%.
Operational efficiencies at the Nordsee division in Germany and Austria improved EBITDA by €2 million to €8,6 million from €6,6 million. Divisional EBITDA margin increased from 4,3% to 5,6% in the first half year and, because of the seasonality of the business, is expected to increase to 9,3% by the end of 2008. Nordsee is expanding its international business to the Middle East and Eastern Europe with successful store openings in Budapest, Bukarest and Prague to date and a planned opening in Dubai in November this year. The division expects to enter the Turkish market in the near term.
The Homann / Hamker division for the period generated €209 million of sales and €6,8 million of EBITDA. Increased raw material prices put pressure on the operating performance, however the Company has negotiated to pass a substantial proportion of these additional costs onto retail customers, with effect from September. The integration process is being implemented faster than expected and will be finished by the end of 2008. Major projects include combined procurement, centralisation of warehousing functions, merger of logistic companies and the closure of the administrative operations of Hamker. €13 million of exceptional restructuring costs are expected to arise in 2008 (with net exceptional items of €2.1 million during the 6 month period) to achieve an anticipated €16 million of annual synergies. Another €5 million has been invested in a German TV campaign to strengthen the Homann brand in addition to the historic marketing budget.
Bastian's, the premium bakery concept has generated strong growth of 17% on like for like sales and a profitable performance in its new store in Cologne, opened at the end of 2007. The concept has proven a success and further locations are being investigated for future development and growth.
Heiner Kamps, the CEO and one of the main shareholders of IFR Capital, summarizes: "I am pleased with the development of the operating business during the six months ended 30 June 2008, in spite of price increases of raw materials and difficult negotiations with retail customers. We have established a good platform to realize our growth strategy."
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