Sharp fall in sales due to downturn in machine sales and restructuring costs lead to significant loss
Eede, Netherlands — 28 August 2009 8:00 AM — Punch Graphix nv (‘Punch Graphix’) publishes its half-yearly report 2009 today. Sales during the first half fell due to the global recession by 28% to EUR 56 million (H1-2008: EUR 78 million), mainly due to a sharp downturn in demand for machines. In order to bring the group’s cost structure into line with altered market conditions, the group carried out a restructuring exercise involving significant one-off costs (total non-recurring costs approximately EUR 11 million). The group’s operational cash flow (EBITDA) over the first half fell from EUR 21.5 million last year to EUR 4.9 million. The group share in the net loss for the first half was EUR 10.9 million; last year, a profit of EUR 6.4 million was reported. The group does not wish to issue any concrete forecasts for 2009 to the market, but is not expecting general market conditions to improve rapidly.
With effect from 1 October 2009, Wim Maes has been appointed CEO. This appointment shall be submitted for approval to a general meeting of shareholders to be held in the second half of September 2009. Wim Maes will start preparing for his new role in September. He replaces Herman olde Bolhaar, who was appointed interim CEO on 1 July 2009. Wim Maes (°1972) was appointed CEO of Punch Telematix, the listed developer and producer of transport management solutions for large and small businesses in the truck and transport sector, in July 2007. He started his career at Traficon, where he rose via various technical functions to the position of Technical Director. For the next six years he worked at Barco, where he was successively Sales Executive, Sales Director EMEA and Director Sales & Marketing for Barco Simulation. Wim Maes has a master’s degree in engineering science – electrical and mechanical engineering and mechatronics (K.U. Leuven, Belgium).
Herman olde Bolhaar: “We are delighted that Wim Maes has joined our management team, as he has experience not just in the field of sales and business development, but also in R&D and strategy. It is partly thanks to him that Punch Telematix has achieved a successful turnaround. We are therefore convinced that he has the right knowledge and experience to lead Punch Graphix in the years ahead.”
The Supervisory Board is very grateful to Mr olde Bolhaar for the way in which he has acquitted his task as interim CEO.
For further information, you can contact: Herman olde Bolhaar, interim CEO +31 (0)117 37 50 20 Peter Tytgadt, CFO +31 (0)117 37 50 20
Annex: half-yearly report 2009 (the full press release including the half-yearly report can be downloaded on the right of this page)
About Punch Graphix
Punch Graphix provides innovative, competitive and environmentally friendly imaging and printing solutions for the global graphics industry. Under the Xeikon brand name, Punch Graphix designs, develops and delivers high-end digital colour printing systems, software and consumables for the commercial, document printing and industrial markets. Under the basysPrint brand and as an OEM supplier, Punch Graphix designs, develops and delivers mid to high-end imaging systems for offset prepress commercial and newspaper markets. With a clear-minded focus on R&D, Punch Graphix is solely dedicated to customer satisfaction and aims to deliver cost-effective graphic excellence that goes beyond all expectations. Punch Graphix is listed on Euronext Amsterdam by NYSE Euronext (PGX). Website: www.punchgraphix.com.
Cautionary statement regarding forward-looking statements
This press release contains certain forward-looking statements. Any forward-looking statement applies only on the date of this press release. Such statements are based on current expectations and convictions and, by their nature, are subject to a number of known and unknown risks and uncertainties as a result of which the actual results and performance may differ substantially from expected future results or performance expressed or implied in the forward-looking statements. The information and views contained in this press release may change without prior notice, and Punch Graphix nv has neither the intention nor the obligation to update forward-looking statements in this communication, except insofar as it is obliged to do so by any applicable legislation or by the rules of any stock exchange on which its shares may be traded.
Half-yearly Report 2009 (English)