Leading media service company reporting substantial profits accompanied by an improvement in key financial ratios
Edel AG in Hamburg has generated substantially increased profits and improved all main financial ratios according to its preliminary figures.
Consolidated sales in accordance with German GAAP (HGB) came to EUR 129.8 million in fiscal 2010 (October 1, 2009 - September 30, 2010), compared with EUR 135.0 million in the previous year. However, adjusted for the foreign subsidiaries (Italy, Finland, Scandinavia), which have since been deconsolidated, consolidated sales rose by 5.9% from EUR 122.6 million (adjusted) to EUR 129.8 million.
This was accompanied by EBIT of EUR 6.8 million, constituting an improvement of EUR 9.5 million over the previous year’s loss at the EBIT level of EUR 2.7 million. EBITDA rose threefold from EUR 4.4 million to EUR 13.5 million. Net consolidated profit for the year came to EUR 2.8 million, reversing the previous year’s loss of EUR 5.6 million.
At EUR 15.3 million, cash flow from operating activities was EUR 5.6 million up on the year-ago figure of EUR 9.7 million. Cashflow from investing activities climbed from EUR 1.4 million to EUR 3.3 million. Loan repayments before new investments, loans and debts were valued at EUR 15.8 million (previous year: EUR 7.9 million).
The equity ratio rose from 19% to 23%. Consolidated cash and cash equivalents stood at EUR 6.0 million on September 30, 2010 (September 30, 2009: EUR 4.6 million).
Following the change in stock market segment, Edel AG is preparing its annual financial statements in accordance with German accounting standards (HGB) as of fiscal 2009/2010.
In the previous fiscal year, Edel AG continued to pursue its strategy of evolving into a comprehensive media and services provider. One milestone in this connection was the acquisition in April 2010 of 75% of the capital of ZS Zabert Sandmann Verlag GmbH, Munich, one of the leading publishers of celebrity cookbooks, health books and guides.
Turning to fiscal 2010/2011, the management board of Edel AG expects the Group’s solid performance to continue. Given the general economic conditions, Edel AG will not be paying a dividend to its shareholders this year. The Company will be publishing its audited annual financial statements by March 31, 2011.