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KROMI Logistik AG publishes 2013/2014 annual report

DGAP-News: KROMI Logistik AG / Key word(s): Final Results/Forecast
KROMI Logistik AG publishes 2013/2014 annual report

10.09.2014 / 07:56

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KROMI Logistik AG publishes 2013/2014 annual report

- Revenue up 2.3% to EUR 61,287 thousand

- Marked improvement in operating profit (EBIT) to EUR 1,252 thousand
(previous year: EUR 972 thousand)

- Company targets further profitable revenue growth for FY 2014/2015

Hamburg, September 10, 2014 - KROMI Logistik AG, the provider of end-to-end
tool logistics solutions for manufacturing companies, has today published
its complete report for the 2013/2014 fiscal year (as of June 30, 2014).
The company grew its revenue further to EUR 61,287 thousand in the fiscal
year elapsed (previous year: EUR 59,923 thousand). KROMI benefited from
constantly high production levels at a customer base that is diversified
across several sectors and regions. Profitability was also boosted further:
operating profit (EBIT) grew by 28.8% to EUR 1,252 thousand.

Changes to the customer base affected business trends during the period
under review. In the automotive area, a supply agreement with a large
customer of many years' standing was discontinued. The fall in revenue with
this customer was nevertheless more than offset by the commencement of
supplies to a Spanish machining company, and the optimisation of the
existing customer base. Uwe Pfeiffer, CFO of KROMI Logistik, commented as
follows: "Although margins are not yet at their target level during this
start-up phase, with these measures we have nevertheless not only
intensified our international orientation, but also created the foundation
for higher-margin business in the future."

As a result of this change, and significant production outsourcing by an
important customer, the cost of materials increased from EUR 45,274
thousand to EUR 46,673 thousand. The gross profit margin of 23.8% was also
consequently below the previous year's level (24.4%) other operating
expenses of EUR 5,242 thousand were 9.8% lower than in the prior-year
period (EUR 5,813 thousand). In particular, expenses arising from currency
translation in connection with the Brazilian subsidiary of EUR 151 thousand
were markedly below the previous year's EUR 556 thousand.

KROMI Logistik reported earnings before taxes (EBT) of EUR 975 thousand
(previous year: EUR 675 thousand). After deducting EUR 528 of income taxes,
consolidated net income stood at EUR 447 thousand, compared with EUR 100 in
the previous year.

"KROMI reported further growth in both revenue and EBIT in the 2013/2014