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| Zumtobel announces results for 2009/10 The 2009/2010 Financial Year for the Zumtobel Group was shaped by the effects of the global economic crisis, but the development of revenues stabilised gradually during the course of the year. This Austrian lighting group, which is based in Dornbirn / Vorarlberg, recorded revenues of EUR 1, 117.3 million for the reporting year (1 May 2009 to 30 April 2010). The decline in relation to the prior year (2008/09: EUR 1, 174 million) equalled 4.8%. An analysis by quarter shows a decrease of only 1.5% in the third quarter with revenues of EUR 255.3 million and renewed strong growth of 6% in the following period with revenues of EUR 290.0 million. In this economically difficult year, activities focused above all on cost efficiency and the protection of liquidity. Operating profit before special effects (adjusted EBIT) reached EUR 51.5 million (2008/09: EUR 78.9 million; - 34.7%). This represents an EBIT margin of 4.6% (2008/09: 6.7%). Free cash flow was clearly positive at EUR 39.2 million (2008/09: EUR 57.8 million), whereby this development was supported by steady and efficient inventory management as well as a reduction in investments. EBIT amounted to EUR -45.2 million (2008/09: EUR 57.0 million) and was influenced by high negative special effects in 2009/10 of EUR -96, 7 million (2008/09 EUR -21, 9 million). These special effects were related primarily to impairment charges of EUR 68.3 million to goodwill that reduced profit for the year but did not lead to cash outflows, as well as exceptional restructuring costs. These non-recurring negative effects were responsible for a loss of EUR 67.0 million for the reporting year. write your comments about the article :: © 2010 Construction News :: home page |