Olympia Flexgroup halfjaarcijfers 2008

Olympia FlexGroup AG

28 augustus 2008

Olympia FlexGroup AG heeft gister in een persbericht de halfjaarcijfers voor 2008 bekend gemaakt:

– First four franchise branches in Germany get off to a successful start
– Strong growth continues in core market Netherlands
– Consolidated sales almost unchanged at EUR 187.3 million
– Q2 EBIT shows improvement on Q1/2008 and on previous year
– Positive outlook for full year

Olympia Flexgroup AG’s consolidated sales in the first half of 2008 were stable at EUR 187.3 million (H1 2007: EUR 187.6 million). Revenues were increased in the Netherlands, Italy, Poland and Switzerland.

Netherlands successful, Spain fall in revenues
In the Netherlands, Olympia Flexgroup’s largest and most successful market, Olympia reported record first-half results, with sales up 8.1% to EUR 111.4 million. In Spain the negative economic trend led to a fall in revenues.
Consolidated earnings before interest and taxes (EBIT) fell by 17.3 % to EUR 5.2 million in the first half of 2008. EBIT in the second quarter, however, showed an improvement on Q1 2008 and was also higher than in Q2 2007.

Declining sales Germany
The EBIT margin fell by 0.5 percentage points to 2.8% of Group sales. It was adversely affected by lower sales in Spain and Germany and by the lower gross yield margin in Germany in the first quarter of 2008.
Olympia Flexgroup CEO Marcel Slaghekke said that “in spite of a downturn in the overall Dutch market for temporary employment we succeeded in boosting sales in our core market and in gaining further market share in the Netherlands. In Germany we are continuing to optimise our front- and back-office processes. The sales decline in Germany partly resulted from the loss of a major customer who has transferred production to Eastern Europe. The result in Germany was further burdened by the implementation to the BZA wage agreement at the beginning of 2008.”

Rebranding completed
Preparations for rebranding were completed in the first half of 2008, and as of 1 July Olympia Flexgroup presents itself in the European market as a large, strong temporary employment brand with a uniform corporate identity. In addition, the Olympia franchise concept was adjusted to national statutory requirements in Spain, Italy and Poland. Measures to improve efficiency were initiated in all countries.

Network of branches across Europe grows to a total of 195
Olympia Flexgroup opened eight new branches in the first half of 2008. In Germany four new branches were opened, of which three by franchisees. In Poland the Group was further strengthened with the opening of a new branch in Wroclaw and another in Poznan. The first franchise contracts were signed in Spain. New branches will be opening accordingly in the second half of the year. In Italy and Poland Olympia will start in the third quarter with the recruitment of franchisees.

Slight increase in equity
Boosted by earnings the company’s equity capital rose by EUR 1.4 million to EUR 46.8 million compared with 31 December 2007. As of 30 June 2008, equity capital amounted to 29.4% of total assets (31.12.2007: 29.8%).

Olympia Flexgroup will continue in the second half of 2008 to concentrate on implementing its corporate strategy, which along with improved customer orientation will involve implementing the franchise concept by recruiting more franchisees. In spite of cyclical uncertainties Olympia expects a positive business development for the financial year and an operating result at least equal to last year.

About Olympia Flexgroup AG
Olympia Flexgroup is a European temporary work company with activities in seven countries, around 200 branches and over 18,000 employees. Our services comprise general temporary employment as well as in-house services. Olympia Flexgroup has special know-how in logistics, production, telecommunications, call centre services and waste management, facility management, finance and administration. With the entrepreneurial spirit derived from its franchise concept, Olympia Flexgroup is a dedicated partner for their employees and customers. Our aim is to become one of the fastest organically growing temporary employment agencies in Europe.

Bron: Olympia Flexgroup AG, 27 augustus 2008

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