Oct. 28, 2009 (Hugin AS) --
Third-quarter 2009 results
Signs of recovery in early cyclical sectors
Almere, 28 October 2009, 07:00 a.m. CET
Key points of third quarter 2009
* Revenue was down 27% from last year but improved with
respect to the previous quarter when
revenue was down by 31%
* The decline in the gross margin stabilised after a sharp
fall in the first six months of the year
* The underlying operational expenses fell to ¤ 140 million
(third quarter 2008: ¤ 182 million)
* The underlying EBITA came to ¤ 24 million (third quarter
2008: ¤ 68 million)
* The operational cash flow came to ¤ 88 million (third
quarter 2008: ¤ 102 million)
* Bank debt fell by ¤ 77 million to ¤ 256 million; The
senior leverage ratio came to 2.2 at the end of the third
quarter and the interest coverage ratio came to 4.2
* An additional sale of trade receivables in the amount of
approximately ¤ 60 million will take place in the
fourth quarter of 2009
* International brand policy will be optimised in 2010 and
2011
* Activities in Czech Republic and Slovakia will be divested
in the fourth quarter
Key figures
Underlying 3rd 3rd
results Quarter Quarter
(in ¤ 2009 2008 Growth
millions)
Revenue 779
1,069 -27%
Gross 171
result 258 -34%
Operating 140
expenses 182 -23%
EBITDA
31 76 -59%
EBITA
24 68 -65%
Net income
4 33 -88%
Gross 21.9% 24.1%
margin
EBITA 3.1%
margin 6.4%
EPS ¤ 0.05 ¤
0.50
* excluding ¤ 2 million severance payments in the third quarter of
2009
"The market conditions seem to show continuing positive development
after stabilising in the previous quarter," said Rob Zandbergen, CFO
and interim CEO of USG (NYSE:USG) People.
