Hella confirms positive result for fiscal year 2008-2009
Article of 23.11.2009
Lippstadt, November 23, 2009. On the occasion of its shareholders'
meeting last Friday Hella KGaA Hueck & Co. announced its final results for
fiscal year 2008-2009 (June 1, 2008 to May 31, 2009). According to the figures
released, the automotive supplier's sales were down 17 percent to 3.285 billion
euros. Despite the strong falloff in demand Hella achieved an operating profit
(EBIT) of 49 million euros and a positive net result after tax of 7 million euros.
Dr. Jürgen Behrend, the company's chairman and president, described the result
as satisfactory considering that almost the whole of Hella's fiscal year was affected
by the global financial and economic crisis that emerged in October 2008.
For the current fiscal year 2009-2010 it is expected that the markets should stabilize
at a low level. In the first five months of the year sales have normalized at
a reduced volume and, like earnings, too, are up to target. Even though the crisis
should have touched bottom meanwhile Dr. Jürgen Behrend still sees many factors
of uncertainty for the further market outlook, especially in the first half of
2010. In order to be able to react adequately the arrangements for short-time
working with the employee representatives at Hella's German locations were
extended prematurely until fall 2010. In addition, the company's financial
flexibility has been increased and firmly secured for the coming years by a timely
bank refinancing and the issuance of a first corporate bond.
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