Foreword from the Management BoardWe made good progress with cost reductions and efficiency improvements in the first half year. This means that the impact of the dramatic drop in demand was not entirely felt in earnings: despite a sales decline in the Group of 53.4% to EUR 213.3 million as compared to the same period in the previous year, adjusted earnings before interest and taxes of EUR -1.3 million was nearly at the break-even level. more |
Overview of Business DevelopmentThe economic situation weakened further in the second quarter of 2009. Governments in the most important industrial countries stabilized the financial sector, but the billions spent on economic stimulus programs have had little effect to date. At the same time unemployment, in Germany and in the USA for example, is rising. more
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Supplementary Labor AgreementIn July 2009, SAF-HOLLAND reached a supplementary labor agreement with IG Metall in Germany. As a result, we will save an amount in the single-digit million range in this and next year. The agreement essentially calls for reductions in holiday and Christmas bonuses. Location and employment guarantees until mid 2013 respectively 2014 were granted in return. more
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Key Figures H1 2009
Sales: Euro 213.3m |
Consolidated Interim Financial Statements
Consolidated Statement Of Comprehensive Income |
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