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Deufol: decreasing turnover and improving results

19.06.2019 − 

In the 2018 financial year Deufol recorded a decline in turnover whereas key results remained at, or even above, the preceding year’s level due to special effects and lower costs. According to the business report published on 30 April, turnover decreased by 7.9% to €265.1m, overall performance declined accordingly by 5.7% to €283.0m compared to the preceding year. At €157.8m, the majority of turnover was generated in Germany, followed by the rest of Europe at €65.2m and USA/rest of world at €41.9m. The export & industrial packaging business division achieved turnover of €206.0m, and the consumer & data packaging division generated €40.6m and in supplementary services €18.3m. This therefore clearly fell short of the turnover bracket of €275-290m originally aimed for and confirmed at the mid-year point, whereas results figures were in line with target.

At €18.8m the EBITDA was maintained at the previous year’s level, the margin increased to 6.7%. The EBIT and EBT increased by 5% to €9.8m and 2.5% to €8.1m respectively, and the margins accordingly improved slightly to 3.5% and 2.9%. In addition to lower material (-4.5%) and personnel costs (-9.0%), an increase in other operational profits by some 37% to €16.9m also had a stabilising effect on results. On the balance sheet in particular profits from the adjustment of real estate held as a financial investment to fair value amounting to some €8.2m are recorded. In specific terms, this refers to a commercial estate in the euro zone which was acquired during the business year after expiration of a finance lease contract and was thus booked at the purchase costs.

In 2018 Deufol also recorded profits from the divestment of fixed assets to the amount of €1.15m from sales of companies. Net earnings for the period, at €3.8m, remained significantly below the figure recorded in 2017 due to higher income tax payments - at €4.3m - from the occurrence or reversal of temporary differences.

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