Business News
Punch Graphix: Half-yearly report 2009 available
Friday 28. August 2009 - Sharp fall in sales due to downturn in machine sales and restructuring costs lead to significant loss
Punch Graphix nv (Punch Graphix) publishes its half-yearly report 2009 today. Sales during the first half fell due to the global recession by 28% to EUR 56 million (H1-2008: EUR 78 million), mainly due to a sharp downturn in demand for machines. In order to bring the groups cost structure into line with altered market conditions, the group carried out a restructuring exercise involving significant one-off costs (total non-recurring costs approximately EUR 11 million). The groups operational cash flow (EBITDA) over the first half fell from EUR 21.5 million last year to EUR 4.9 million. The group share in the net loss for the first half was EUR 10.9 million; last year, a profit of EUR 6.4 million was reported. The group does not wish to issue any concrete forecasts for 2009 to the market, but is not expecting general market conditions to improve rapidly.
With effect from 1 October 2009, Wim Maes has been appointed CEO. This appointment shall be submitted for approval to a general meeting of shareholders to be held in the second half of September 2009. Wim Maes will start preparing for his new role in September. He replaces Herman olde Bolhaar, who was appointed interim CEO on 1 July 2009. Wim Maes (°1972) was appointed CEO of Punch Telematix, the listed developer and producer of transport management solutions for large and small businesses in the truck and transport sector, in July 2007. He started his career at Traficon, where he rose via various technical functions to the position of Technical Director. For the next six years he worked at Barco, where he was successively Sales Executive, Sales Director EMEA and Director Sales & Marketing for Barco Simulation. Wim Maes has a masters degree in engineering science – electrical and mechanical engineering and mechatronics (K.U. Leuven, Belgium).
Herman olde Bolhaar: “We are delighted that Wim Maes has joined our management team, as he has experience not just in the field of sales and business development, but also in R&D and strategy. It is partly thanks to him that Punch Telematix has achieved a successful turnaround. We are therefore convinced that he has the right knowledge and experience to lead Punch Graphix in the years ahead.”
The Supervisory Board is very grateful to Mr olde Bolhaar for the way in which he has acquitted his task as interim CEO.