the impact of negative foreign exchange effects

A breakdown by segment reveals shifts in the patterns of growth in Q1. For the Components Segment there was the first return to growth in seven quarters. For the first time, growth in LED products more than offset the declining demand for magnetic and electronic ballasts. In all, segment revenues rose by 1.6% to EUR 99.7 million. Revenues in the Lighting Segment by contrast remained impacted by the disappointing development of the commercial construction sector. Segment revenues declined by 5.4% in the first quarter to EUR 229.9 million.

As a result of the substantial year-on-year downturn in the global economy, the Zumtobel Group recorded lower revenues in all regions during the reporting period, with the exception of Southern Europe. Revenues in Europe as a whole fell by 2.1% to EUR 246.0 million.The share of Group revenues accounted for by Europe reached 79.5% in the first quarter. Outside Europe too, revenues fell, with the Asia & Middle East region down 2.4%, America down 30% after dynamic growth in the previous quarters, and Australia & New Zealand down 15.1% under the impact of negative foreign exchange effects.


Despite the downturn in revenues, operating earnings adjusted for special effects showed a 40.7% rise year-on-year, reaching EUR 17.7 million.That equates to a return on sales of 5.7%. Both segments benefited from the restructuring measures implemented in the previous year, which focused on aligning cost structures with the lower level of revenues and on the ongoing development of the product portfolio. In addition, the company benefitted from reductions in the cost of materials. The exit from magnetics technology decided in June led to negative special effects of EUR 6.9 million being recognised in the first quarter of 2013/14. As a result, net profit for the period fell from EUR 8.6 million in the prior-year period to EUR 6.7 million.

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