 |
 |
Possehl continues its successful course in 2007
Last year’s profit with 75.3 m Euro again surpassed
Increase in sales up to 1.522 bn Euro
Medium-sized companies again to be acquired in 2008
Lübeck, 17 March 2008 – In 2007 Possehl group has increased its result from ordinary operations up to 75.3 m Euro. Thereby the respective preceding years profits could be surpassed for the forth time in series. The profit of the business year 2007 is the best one in the more than 160 years of history of the traditional Lübeck company.
Every business unit within the Possehl group contributed to this profit with good results. Nearly all units could increase their results compared to last year. The profit of the business unit Electronics remains on a high level despite a decrease in results. This unit continues to be the most important performance pillar. Five of seven business units hit an historically all time high.
Net financial liabilities improved by 122.9 m Euro and attained the positive value of 6.1 m Euro. At the end of the business year 2007 Possehl group is therefore free from debt.
Sales revenues of the company group increased in the business year 2007 from 1.452 bn Euro to 1.522 bn Euro. Especially the business units Cleaning Machines, International Trading and Special-Purpose Construction grew organically, whereas sales of the business unit Elastomer-Processing increased by first consolidation of an acquisition. A decrease in sales could be stated for the business unit Electronics in the expired business year due to a weak dollar rate.
2007 Breathing space in case of acquisitions
After two extraordinary years of acquisitions Possehl could make a fill-in acquisition for its Elastomer-Processing unit in 2007. Possehl acquired the “Rubber & Plastics” division of the Italian company Techint and thereby strengthened the successful mixing room division of its subsidiary Harburg-Freudenberger Maschinenbau GmbH. Already in 2007 this new division contributed in a very positive way to sales and revenues and thereby confirmed itself as successful acquisition.
With effect of 1st October 2007 Possehl took over 100% of Hako group with headquarters in Bad Oldesloe, after having already acquired 56% of Hako in 2004 and 2006.
Apart from that Possehl renounced further acquisitions in 2007 due to high company prices.
Consolidation and internal strengthening of business units
In the business year 2007 the focus lay on the consolidation of the companies acquired during the previous two years. By implementing measures to improve efficiency and business structures an internal strengthening of the business units could be achieved. The necessary restructuring costs of approx. 10 m Euro are already taken into account in the result of the business year 2007. By initiating and implementing these measures a solid basis has been established, so that even in case of a possible economic slump or a deterioration of the market conditions the respective business units are in a position to further attain positive results.
Outlook for 2008
Also in 2008 Possehl will continue its successful course of business. Risks, however, are implied in the remaining uncertainty about the impacts of the US credit crisis, the future development of the US dollar rate and slight indications of an economic slump in several economic areas in which Possehl subsidiaries are operating. However, due to a high level of diversification Possehl as medium-sized conglomerate has the necessary balance and stability. Therefore, in 2008 Possehl intends to continue its profitable growth path and to make further acquisitions. Uwe Lüders, CEO of L. Possehl & Co. mbH: “The M&A market for medium-sized companies has been a highly competitive market in the last year. Very often, prices for companies were paid which we could not have justified out of economic reasons. Nevertheless, we adhere to our strategy to be a long-term and reliable subsequent owner for medium-sized companies. Our once more improved and altogether very solid capital resources are a sound basis to continue and implement our growth strategy in a consequent way.”
Contact:
Mario Schreiber
L. Possehl & Co. mbH
Director Human Resources / Real Estate /
Corporate Communications
Beckergrube 38-52
D-23552 Lübeck
Tel: +49 (4 51) 1 48-304
Fax: +49 (4 51) 1 48-207
e-mail: mschreiber@possehl.de
back
|
|
