Car textiles producer Eybl posts revenue of EUR 294.1 mn
Eybl International AG an internationally respected manufacturer of components for automotive interiors, specialising in the production of car textiles and the manufacture of seat upholstery in fabric and leather, with around 4,100 employees at nine production locations in Austria,Hungary, Romania, Germany and Slovakia - has released its key accounting figures for the trading year 2007/08.
In the trading year 2007/08 Eybl posted revenue of EUR 294.1 million, corresponding to a drop of about 12% compared to the previous year (EUR 332.8 Mio.).
The key factor precipitating this decline was the uncertain financial situation of the company which let customers only restrainedly place orders. The largest decreases were registered in revenues generated by the following customers: VW/Audi (EUR -19.1 Mio.) and Daimler AG (EUR -13.9 Mio.).
Breaking down revenue according to technology shows minor shifts in a year-on-year comparison with manufacturing accounting for 63.3% (previous year: 65.7%), textile surfaces 24.2% (previous year: 23.5%) and interiors 12.5% (previous year: 10.8%).
The difficult financial situation of the company starting from the end of 2007 resulted repeatedly in key suppliers imposing suspensions of delivery, which impacted negatively on the company's just-in-time production and supply processes.
Consequently, significant costs (approximately EUR -11 million) were incurred due to the necessity of special trips and inefficiencies (productivity deviations, additional shifts) in order to meet supply obligations.
The sharp drop in revenues compared to the previous year (EUR -38.7 million) and the insufficient reduction of the company's fixed costs to offset the losses combined to put a considerable strain on the company´s balance sheet.
In addition, re-evaluations resulted in impairment losses in the company's working capital of around EUR 6.8 million (inventories: EUR 2.8 million, trade accounts receivable: EUR 2.5 million, trade accounts payable EUR 1.5 million).
EBIT from the 2007/08 trading year came to EUR -35.9 million, a significant decline from EUR 7.4 million in a year-on-year comparison. The EBIT margin amounted to -12.2%, also a clear shortfall in comparison to the previous year 2006/07 (2.2%).
Net losses for the 2007/08 trading year reached EUR -45.9 (compared to a net profit of EUR 1.5 million in the 2006/07 trading year).
The balance sheet total as at 31 March 2008, fell considerably due to the reduction of fixed assets from EUR 232.9 million (as at 31 March 2007) to EUR 228.1 million. Equity ratio came to 2.7% (previous year: 23.2%).
Success on the German automobile market
The Eybl Group's incoming orders in its 2007/08 trading year came to EUR 212 million. The negative development was chiefly attributable to the drop in prices on the market that Eybl could not pass on, at least in part, to its customers who for their part focused on significant cost-cutting measures as well.