Mecalux closed the first quarter of 2009 with a turnover of 101.8 million euros, which represents a fall of 33.5% over the same period for the previous year. Net profits stood at 7.7 million euros, representing a decline of 32.9%. Mecalux attributes this drop in sales to the reduced global economic activity and the delay on the part of many companies in deciding to invest in facilities. In contrast, the takeover of Interlake has resulted in an increase in orders of 24.1% with regards to the same period for the previous financial year, with a rise of 25.2 million euros. The NAFTA area now represents 18% of the Group’s sales. New investments are enabling Mecalux to position itself strategically and, in particular, to gain a poll position for when economic activity begins to pick up.
Sales by geographical areas
In the markets of Southern Europe (Spain, France, Italy and Portugal), invoicing was down by 37.1% over the same period for the previous year. In Mercosur the fall was 14.3%, with 12.2% of the Group’s sales coming from this area.
Takeover of Interlake
Mecalux has completed the takeover of Interlake in this first period of the year. The company has begun the process of assessing the fair value of the assets purchased and the liabilities assumed. Mecalux has provisionally valued Interlake’s assets at 11.8 million euros above the purchase price. The process is not complete, and, if necessary, Mecalux will make any opportune corrections in accordance with accountancy regulations.
On a different point, EBITDA stood at 1.7 million euros in the first quarter of 2009, representing a drop of 93% as a result of the fall in business activity. Mecalux has also begun a process of cost reduction which will be reflected in the coming months .
Profitability and debt ratios
It should also be noted that net debt has been reduced by 85.7% in the same period of this year, falling to 24 million euros in comparison with the 168 million euros for the same period of the previous year, even when taking into account the purchases made by the Group. The company’s net worth has risen sharply by 70%, reaching 392.4 million euros, in comparison with the 230.8 million euros for the previous year.
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