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Recession-induced downturn in revenues leads to decrease in earnings

In the first half of fiscal 2009, the Kardex Group, with its two divisions Kardex (KRM) (60% share) and Stow (40% share), achieved consolidated revenues of EUR 177.7 million, representing a year-on-year decline of 20.0%. Adjusted for currency factors, revenues were 19.5% lower than in the previous year. The operating result before interest and taxes (EBIT) totalled EUR 4.9 million, down 76.3% on the prior-year result. EBIT for the first half of fiscal 2009 includes special and one-off effects mainly for reorganizational measures totalling EUR 2.8 million. The EBIT margin came to 2.8% or, factoring out the special and one-off effects, 4.3%, as against 9.3% in the first half of fiscal 2008. The result for the period came to EUR 1.2 million, compared with EUR 13.8 million the previous year. The free cash flow of EUR 4.5 million was lower than the previous year’s result of EUR 8.4 million. This allowed a further reduction in net debt to EUR 23.2 million. The equity ratio increased to 39.8%.

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