ALSO Q1/2010: Good Start

19.04.2010

The ALSO Group increased quarterly net sales by 2% (4% in local currencies) to CHF 1’069 million compared with the same period last year and made a substantially higher net profit of CHF 6.6 million (2009: CHF 4.7 million). Compared with the end of 2009, total assets were down by 5% to CHF 772 million. The equity ratio rose to 25%. As things stand today, ALSO is expecting – excluding unforeseeable circumstances – a considerably improved result in 2010 compared with 2009.

Contacts

For media:
Nelly Keune
Chief Communications Officer
Tel. +41 41 445 30 60
corporate.communications@schindler.com

For investors & analysts:

Marco Knuchel
Head Investor Relations
Tel. +41 41 445 30 61
investor.relations@schindler.com

In Europe, the economic recovery that set in at the end of 2009 continued. In the first quarter of 2010, IT industry sales in most European PC markets showed their first slight increase in a long time. The market recovery was due primarily to higher demand from corporate users; private consumption remained pegged at the same level as last year.

In the first quarter of 2010, ALSO reported consolidated net sales of CHF 1’069 million, exceeding the first quarter in 2009 by 2% (4% in local currencies). Compared with the same period last year, operating profit (EBIT) was up by 12% to CHF 13.8 million. This encouraging result was achieved mainly thanks to measures introduced in 2009 to boost profitability. At CHF 6.6 million, net profit was likewise substantially higher than the previous year’s figure.

Developments in individual market segments

In the Switzerland/Germany segment, ALSO succeeded in pushing up net sales by 3% compared with the same period last year to CHF 746 million. At CHF 8.0 million, profit before tax was at practically the same level as in 2009.
In the Northern/Eastern Europe segment, ALSO’s net sales stood at CHF 323 million and, profit before tax was up substantially from CHF 0.5 million to CHF 2.4 million.

Outlook for 2010

ALSO assumes that the IT sector will improve slightly in the course of the year and, as things stand at present, expects net sales for 2010 to be at the same level as last year. It is still too early to make any reliable profit forecasts. Nevertheless, barring unforeseen circumstances, ALSO expects a considerably improved net profit compared with 2009.