- Half year turnover decreases with 13% mainly as a consequence of lower product turnover compared to a strong volume last year
- Half year REBIT drops to minus €15m, as a consequence of a non-cash impairment on the goodwill of international subsidiaries, one time management restructuring costs and weaker operational performance
- Solid financial structure reflected by a positive net cash situation
- Back to normal for the second semester of the financial year.
Marc De Keersmaecker, General Manager of RealDolmen, commented:
“This first semester of 2012 is a transition half in which several negative impacts have come together. Our Belgian Services continued to enjoy a healthy turnover growth but demonstrated a lower productivity. Our international operations suffered a slowdown in their Services activity impacting both turnover and margins. Products turnover was also lower than last year, especially in the light of an exceptional volume last year, which lead to a decline in profitability. Additionally we took several substantial onetime costs including leaving indemnities following a management restructuring and an impairment on the goodwill of our international subsidiaries.
For the second half of this year we expect turnover to be higher and margins to be close to, if not better than the same period last year even if we remain cautious in light of the versatile economic environment. Based on the current visibility, we see improving turnover and productivity both in our Belgian and international operations.
We stick to our single source strategy as our integrated offering is demonstrating success on the market. During this year we are taking measures to improve excellence in execution and efficiency. This includes a change of the organization of the company to bring it better in line with our single source offering. This impacts short term profit but should substantially improve the margins going forward. I am confident the company is on a right track for the medium and long term, even if the financial year’s results will be under pressure as a consequence of this first semester.”
