Can Romania Save Turbon's European Toner Business?

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Date: Thursday September 12, 2019 11:11:24 am
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    Can Romania Save
    Turbon's European Toner Business?

    Europe's Turbon Stays in the Red and Downgrades Forecast for 2019. 
    By 2020, Turbon expects the core hard core business to return to the black due to its focus on Romania. 
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    In the first six months of 2019, the companies of the Turbon Group generated consolidated sales of EUR 29.5 million (previous year: EUR 33.7 million). Of this amount, 22.9 million euros was attributable to the Printing segment (28.0 million euros), 6.2 million euros to the Electric Division (5.3 million euros) and 0.5 million euros to the Holding and Other segment (EUR 0.4 million). Within the Printing core business, sales amounted to € 11.9 million (previous year: € 16.8 million). For the full year 2019, Hattingen is forecasting consolidated sales of 58-60 million euros (Printing 45 million euros and Electric 13-15 million euros).
    The original forecast was based on consolidated revenue for the full year 2019 of 60-65 million euros. The deviation mainly results from decreases in the laser toner cartridge business.
    As a result of further weaker sales in the hardcopy core business and due to further one-time expenses, the earnings figures of the Turbon Group in the first half of 2019 are also lower than originally forecast: profit before taxes in the first half of 2019 was -2.5 million. Euro (previous year period: -5.3 million Euro). Excluding one-off expenses, earnings before taxes would have been -0.9 million euros. Looking at the individual subsections, the following picture emerges: Printing -2.1 million euros (-1.2 million euros), Electric +0.6 million euros (+0.5 million euros) and Holding -1, 0 million euros (-4.6 million euros).
    For the full year 2019, there are currently two forecast scenarios: in one of them, the consolidated net income should amount to -1.9 million euros (2018 -7.0 million euros), in the other group earnings due to the sale of real estate will amount to -1.4 million euros expected. The original forecast had been at + 0.5 to 1.5 million euros.
    Even though both new forecasts are below the original estimated earnings figures, they mean positive earnings figures for the second half of the year and thus – after three years of losses – the return to the black. For 2020, Turbon expects a further decline in Group sales to EUR 50-55 million. While the Electric segment is expected to grow significantly, further declines are expected in the Lasertoner core business. Nevertheless, in Hattingen from 2020 – due to the concentration of European hardcopy activities on the location of Romania and the associated savings – a positive result in the printing notch business is expected.
    The official semi-annual report is expected to be published on September 27.
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