Metris 09Q1 trading update: Progressing as planned, confirming 2009 outlook
Leuven, May 13th 2009 - Metris, leading innovator in the metrology industry, today issues its Q1 2009 qualitative trading update. The group will announce its H1 2009 results on August 27th, 2009.
During Q1 09, sales came in on plan realizing double digit sales growth compared to Q1 08, despite the continuing recession. Investments in optical metrology systems serving productivity and process optimization proved more recession resilient than the investments in classical mechanical measuring equipment to increase measurement capacity.
Metris expects a sales seasonality between H1 and H2 for 2009 that is more back-end weighted than during 2008 when the usual sales seasonality (H1/H2: 40/60) was distorted by the start of the recession in H2 08 (08 H1/H2: 55/45). During 2009 an inverse distortion of seasonality can be expected as the economy starts recovering from recession in H2 09.
The rest of world territory, including Asia, performed the weakest in Q1 09, while Europe realized growth as planned and North America showed substantial growth, supported by the strong adoption of large scale metrology products in the more recession resilient aerospace segment. During Q1 2009, the product mix has further shifted in the favorable direction of higher margin products: the optical business continues to grow as a result of increasing adoption of new technologies while the mechanical business declines as a result of recession.
Besides Sales and EBITDA also cash flow, cash and debt realized according to plan or slightly better than plan in Q1 09.
Based on the current Metris sales forecasting data, 2009 sales are estimated at a similar level as during 2008 and 2007, within +10% to -10%. While this forecast declined during H2 08, it has no longer been declining during Q1 09. The cost reduction plans executed in 08 and Q1 09, have brought operational cash expenses for 2009 back in line with the 2007 level. The earlier announced investment stop and working capital programs further enable Metris to generate in 2009 a free cash flow of 15% to 20% of sales. This free cash flow will be used to reduce the net debt position.
Contact: Renaat Van Cauter - marketing@metris.com - Tel +32 16 74 01 00 - Mob +32 486 64 24 33
During Q1 09, sales came in on plan realizing double digit sales growth compared to Q1 08, despite the continuing recession. Investments in optical metrology systems serving productivity and process optimization proved more recession resilient than the investments in classical mechanical measuring equipment to increase measurement capacity.
Metris expects a sales seasonality between H1 and H2 for 2009 that is more back-end weighted than during 2008 when the usual sales seasonality (H1/H2: 40/60) was distorted by the start of the recession in H2 08 (08 H1/H2: 55/45). During 2009 an inverse distortion of seasonality can be expected as the economy starts recovering from recession in H2 09.
The rest of world territory, including Asia, performed the weakest in Q1 09, while Europe realized growth as planned and North America showed substantial growth, supported by the strong adoption of large scale metrology products in the more recession resilient aerospace segment. During Q1 2009, the product mix has further shifted in the favorable direction of higher margin products: the optical business continues to grow as a result of increasing adoption of new technologies while the mechanical business declines as a result of recession.
Besides Sales and EBITDA also cash flow, cash and debt realized according to plan or slightly better than plan in Q1 09.
Based on the current Metris sales forecasting data, 2009 sales are estimated at a similar level as during 2008 and 2007, within +10% to -10%. While this forecast declined during H2 08, it has no longer been declining during Q1 09. The cost reduction plans executed in 08 and Q1 09, have brought operational cash expenses for 2009 back in line with the 2007 level. The earlier announced investment stop and working capital programs further enable Metris to generate in 2009 a free cash flow of 15% to 20% of sales. This free cash flow will be used to reduce the net debt position.
Contact: Renaat Van Cauter - marketing@metris.com - Tel +32 16 74 01 00 - Mob +32 486 64 24 33
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