PR Newswire/Les Echos/
PRESS RELEASE
Consolidated net loss for the first half of 2009: -EUR14.8 million
Sales to 30th September 2009: -5.9%
Renegotiation of the bank debt
Paris, 13th November 2009:
Groupe VIAL (FR0010340406), France's independent industrial joinery discount
group, announces its audited consolidated half-year results to 30th June 2009
and its sales for the 3rd quarter of 2009.
· Consolidated results for the 1st half of 2009
In millions of euros H1 2008 H1 2009 Var.(%) Var.(EURm)
IFRS
Sales 53.8 52.2 -2% -1.6
Gross margin 14.9 22.2 +49% +7.3
Recurring operating
profit / loss -10.9 -4.3 N.S. +6.6
Operating
profit / loss -11.1 -31.4 N.S. -20.3
Net profit /loss -8.8 -14.8 N.S. -6.0
The half-year financial report in French is available on Groupe VIAL's website:
www.groupe-vial.com, 'Documentation' / 'Rapports financiers'
The economic and property environment remained morose over the period, with
new housing starts tumbling more than 20%. Within this context, sales for
the first half of 2009 totalled EUR52.2 million, slipping 3%.
The gross margin was EUR22.2 million, representing 42.5% of sales. Although
it has yet to renew with the historic levels recorded prior to 2008, the
Group has erased the negative effects of the industrial disruption of 2008
relating to the installation of the ERP system.
The current operating loss was EUR4.3 million, and notably includes a
provision of EUR2.1 million for inventory depreciation.
The operating loss came to -EUR31.4 million, versus -EUR11.1 million for the
first half of 2008. This substantial deterioration can be explained by
goodwill depreciation of EUR27.6 million due to current market conditions,
the Group's poor visibility on an upturn in the property market and the
impairment tests carried out.
There was a financial profit of +EUR24.9 million, notably thanks to capital
gains of EUR27.7 million recorded from the purchase by VIAL Holding of some
of the OCEANE convertible bonds in March 2009.
Once a tax charge of EUR8.2 million is taken into account, the net loss for
the first half of 2009 was - EUR14.8 million, versus -EUR8.8 million a year
earlier.
· Financial structure and debt
In millions of euros 31.12.08 30.06.09
IFRS
ASSETS
Non-current assets 58.0 32.4
of which: goodwill 42.8 0
Current assets 131.5 112.3
Total 189.5 144.7
LIABILITIES
Shareholders' equity 35.9 21.0
Non-current liabilities 116.6 13.3
Current portion of long-term financial
debts and loans 8.3 84.0
Other
current liabilities 28.7 26.4
Total 189.5 144.7
The acquisition of the Bolivian company in 2008 led to the inclusion of EUR15
million of goodwill in accounts. This figure was written down, over the first
half 2009, as intangible assets consisting of stumpage fees and timber rights.
Subsequently, this goodwill has zero value after allocation and depreciation.
Consolidated shareholders' equity at 30th June 2009 totalled EUR21 million,
including the negative impact of first-half results, versus EUR36 million at
31st December 2008.
Because of the failure to meet some of the banking covenants at 30th June 2009,
all of the long-term financial debt (EUR84 million) has been written down as
current liabilities. This debt is thus deemed to be debt of less than a year.
Groupe VIAL is currently renegotiating its debt with its banking pool in order
to ensure its future and its development.
· Consolidated sales for the 3rd quarter of 2009
In millions of euros 2008 2009 Var.(%) Var.(EURm)
IFRS
1st quarter 25.6 24.4 -4.8% -1.2
2nd quarter 28.2 27.8 -1.2% -0.4
3rd quarter 26.1 23.0 -11.9% -3.1
9-month total 79.9 75.2 -5.9% -4.7
Consolidated sales for the third quarter to 30th September 2009 came to EUR23
million.
Over the first 9 months of the year, sales thus totalled EUR75.2 million, down
5.9% on 2008.
With no change in market conditions or the economic environment since last
half, third-quarter sales were thus in line with first half sales.
About Groupe VIAL (www.groupe-vial.com)
Listed on Euronext Paris of NYSE Euronext since December 2006, Groupe VIAL
manufactures and distributes aluminium, PVC and wood joinery products (doors,
windows, gates, stairs, etc.) offering unparalleled value for money through
tight control of supply lines; efficient, modern production facilities and its
vast distribution network that consisted, at 30th June 2009, of 72 stores
opened under the VIAL Menuiseries brand, including 6 in Spain and 1 in
Portugal.
Public site: www.vial-menuiseries.com
Compartment C of Euronext Paris, a NYSE Euronext Group market
Reuters: VIA.PA - Bloomberg: VIA FP
Contacts
Groupe VIAL NewCap.
Jean-François Buigues Financial Communications - Investor Relations
Chief Financial Officer Steve Grobet / Pierre Laurent
investisseurs@groupe-vial.com Tel: +33 (0)1 44 71 94 94
Fax: +33 (0)1 44 71 94 90
vial@newcap.fr
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