News (23.10.2019)

Business news for the stock market

Münster (pta028/23.10.2019/13:02) - - Group revenue totals EUR 17.3 million in first nine months
- EBITDA at EUR 1.7 million
- Order backlog in Germany rises by 52% to EUR 10.8 million

Muenster, 23 October 2019. United Labels AG recorded Group revenue of EUR 17.3 million (prev. year: EUR 20.1 million) in the first nine months of 2019. As outlined in the context of the first-half report, considerably more special-deal merchandise within the Key Account segment was placed for the important fourth quarter of the current financial year. This will result in a revenue shift towards the fourth quarter in this specific segment. Order backlog at Group level was up by 23% at EUR 4.8 million for the last quarter (prev. year: EUR 3.9 million). At the same time, revenue at the Spanish subsidiary fell by 31% to EUR 7.2 million (prev. year: EUR 10.4 million), which had an adverse effect on earnings.

Business developments in Spain have necessitated the closure of the local company in the form of insolvency proceedings. This was disclosed as part of a mandatory notification issued by the Group this week. As a result, the investment carrying amount reported in the separate financial statements of the parent company has been reduced in full, i.e. as a full impairment loss. Within the Group, impairment losses were recognised in respect of goodwill attributable to Iberica as well as associated deferred tax assets.

Group earnings before interest, taxes, depreciation and amortisation (EBITDA) for the first nine months remained largely unchanged year on year at EUR 1.7 million (prev. year: EUR 1.8 million).
Having accounted for one-time effects, Group earnings before interest and taxes (EBIT) amounted to EUR -1.6 million (prev. year: EUR 1.4 million).
Group earnings at the end of the period stood at EUR -2.7 million (prev. year: EUR 0.4 million). Of this figure, a total of EUR -2.6 million is attributable to goodwill impairment due to developments in Spain as well as an adjustment of EUR -1.1 million in respect of deferred tax assets. As part of deconsolidation at the end of the year, however, initial estimates point to the possibility of a positive consolidation effect of around EUR 1.5 million. No receivables are due from the Spanish entity in respect of the other United Labels companies.
The developments in Spain will have an adverse effect on annual guidance figures, the extent of which is currently being reviewed.

At the parent company, equity amounted to EUR 4.9 million (31 Dec. 2018: EUR 6.4 million), which corresponds to an equity ratio of 26.3% (31 Dec. 2018: 28.7%).

Substantial order intake in recent months led to an increase in order backlog (as at 30 Sept. 2019) in Germany, up by 52% to EUR 10.8 million (prev. year: EUR 7.1 million). For the Group as a whole order backlog was up by 20% at EUR 10.9 million (prev. year: EUR 9.1 million).

Net cash from operating activities rose to EUR 4.7 million (prev. year: EUR 2.1 million) as a result of exceptional effects.

Alongside a number of additional Key Account activities, the fourth quarter will see the shipment of new Special Retail collections centred around "Der kleine Rabe Socke", "Pummel & Friends", "Harry Potter" and "Tacheles".

The report issued by United Labels AG for the first nine months of 2019 can be downloaded from the company's website in the coming weeks:
http://www.unitedlabels.com/investor-relations/finanzberichte

Further information:
United Labels AG - Investor Relations -
Gildenstraße 6, 48157 Münster, Tel.: +49 (0) 251-3221-0, Fax: +49 (0) 251-3221-960
investorrelations@unitedlabels.com

(end)

emitter: United Labels AG
address: Gildenstraße 6, 48157 Münster
country: Germany
contact person: Investor Relations
phone: +49 251 3221-0
e-mail: investorrelations@unitedlabels.com
website: www.unitedlabels.com

ISIN(s): DE0005489561 (share)
stock exchanges: regulated market in Frankfurt; free market in Stuttgart, free market in Munich, free market in Hamburg, free market in Dusseldorf; open market in Berlin, Tradegate

[ source: http://www.pressetext.com/news/20191023028 ]


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