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Europe's Turbon Announces Losses And Adjustment Forecast For 2018.
(Google Translated)
The Executive Board of Turbon AG today (15 August 2018) preliminary half-yearly figures have been submitted. These are sales, earnings and balance sheet figures as well as other information in this context. The information submitted to the Management Board will be presented to the Supervisory Board of Turbon AG in the Supervisory Board meeting on Friday, August 17, 2018, along with the outlook for the second half of 2018 and the measures required by the Management Board based on the figures and information provided revealed, presented. The deviation of the full-year outlook for 2018 from the original outlook and the impact of the measures planned by the Board of Directors leads us to this announcement.
The original sales forecast was 82 to 93 million euros, with plans to generate 12 to 13 million euros in the Turbon Electric segment and 70 to 80 million euros in the Turbon Printing segment. While the sales trend in the Turbon Electric segment is fully on schedule and we continue to assume sales at the originally forecast range, we must reduce the forecast in the Turbon Printing segment to around EUR 65 million for the full 2018 year. The reason for this is once again significantly lower than planned sales in the business with laser cartridges. For the full year 2018, we are therefore reducing the sales forecast for the entire Group to approximately 77 million euros.
The achievement or the failure to meet sales targets is reflected accordingly in the earnings figures. In the Turbon Electric segment, we now plan to exceed the original forecast (more than 0.7 million euros) before taxes of more than 1.0 million euros. By contrast, for the Turbon Printing segment, we are forecasting earnings before taxes for the full year 2018 at a loss of approximately € 2.5 million. The reason for this loss is again high losses in the Laser Cartridge business, which are well above the good results in the Services / MPS business and the business acquired in Dubai at the end of last year. Overall, including expenses in the Holding and Other segment, These are further, intensified restructuring measures and, in this context, disposals of both long-term and short-term assets, including the disposal of loss-making business units. From today's perspective, the implementation of the planned measures will incur one-time expenses due to book losses on the sale of assets and amortization of intangible assets amounting to approximately € 5 million. We are therefore now planning for the full year 2018 in consolidated earnings before taxes with a loss of approximately € 7 million.
We expressly point out that the measures described above and the resulting book losses and impairment losses have no negative impact on our liquidity position. The scheduled repayment of bank debt commenced in the first half of the year can be continued as planned and reported. The extensive reduction of the debt still present in the Turbon Printing segment, and in particular in the business with laser cartridges, still has top priority. On the one hand, there are the continued and now significant reductions in inventories and, in particular, the sale of the investment property in Meerbusch, which was completed at the beginning of August 2018. This transaction alone led to a reduction in bank debt of € 5.3 million. The total bank debt remaining in the business with laser cartridges amounts today to 4.7 million euros, The cash inflows expected from the further reduction of inventories by the end of 2018 as well as planned asset disposals clearly outweigh the cash and cash equivalents needed to repay this remaining bank debt.
The Management Board is confident that the implementation of the restructuring measures, which inevitably will inevitably entail high one-off expenses, will significantly reduce the losses in laser cartridges business in 2019 and reduce them to profitable revenue opportunities. At that point in time, the entire Group, with the profitable growth segment Turbon Electric and equally profitable businesses in the Printing segment (Services / MPS and the business acquired in Dubai at the end of last year), should once again achieve clearly positive earnings figures.
In order to ensure that this overall objective of securing the future of the Group is achieved, the Management Board is additionally analyzing the further opportunities and risks of the business in view of the renewed deviations from the originally forecast earnings figures in the Laser Cartridge business as part of the work to finalize the half-yearly financial statements Have laser cartridges performed. This includes, on the one hand, the calculation of the effects of different sales scenarios on the expected earnings figures, capital commitment and the valuation of long-term asset components and, on the other, the overall review of all other balance sheet items associated with the laser cartridge business (eg The earnings figures stated in this announcement do not include any accounting-related deconsolidation effects, which do not reduce equity.) We plan to submit the final half-yearly financial statements immediately after the results of the above-mentioned audits, but in any case within the legal obligation before 30 September 2018.
https://www.finanzen.net/nachricht/aktien/dgap-adhoc-turbon-ag-anpassung-prognose-2018-6503577
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