Consolidated data 1st half 2008 1st half 2009 Change
(in EUR 000's) 2009/2008
Sales 109,775 91,665 - 16.5 %
Operating profit 10,363 4,022 - 61.2 %
Operating profit as % in sales 9.4 % 4.4 %
Net income from continuing operations 5,658 1,354 - 76.1 %
Net income 5,540 1,354 - 75.6 %
Consolidated net income 5,171 1,300 - 74.9 %
Cash flow (*) 13,714 9.977 - 27.2 %
(*) consolidated earnings + depreciation
PSB Industries posted sales of EUR91.7 million, down 16.5% or 23.3% on a
constant currency and scope basis.
In spite of this lower sales volume, the cost savings programs launched in 2008
successfully minimized the impact of this drop on operating profit, which
reached EUR4.0 million, or 4.4% of sales. Cash flow from operating activities
(10.9% of sales) showed resilience and contributed, along with the reduction in
working capital requirements, to a decrease in net debt.
We believe that the sales have bottomed out during the first half. Based on the
few signs of recovery observed recently, business is expected to rally in H2
2009, albeit any unforeseen events, to a level close to H2 2008. Second-half
operating profit should at least equal the operating profit posted in the first
half of 2009.