EANS-Adhoc: BENE AG / Bene announces third quarter 2009/10

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quarterly report

16.12.2009

- Economic environment negatively impacts on sales and earnings
- Solid balance sheet structure and strong liquidity
- Cost-cutting programme implemented

Vienna/Waidhofen an der Ybbs, December 16, 2009. Also in the third
quarter of 2009/10, sales and earnings of the Bene Group were still
characterised by the difficult environment in all markets. In total,
sales dropped by 29.9 % to EUR 135.0 million (Q3 2008/09: EUR 192.5
million) in the first nine months of the business year 2009/10. In
Austria, sales decreased by 30.8 % in total to EUR 40.0 million (Q3
2008/09: EUR 57.9 million). Likewise in Germany, sales declined
compared to the previous period and with EUR 37.9 million were by
24.7 % lower than the prior year´s value (Q3 2008/09: EUR 50.3
million). The ongoing weak investment climate in the UK resulted also
in sales losses in this segment: Despite successfully implemented
major projects, sales dropped by 24.2 % to EUR 13.0 million (Q3
2008/09: EUR 17.2 million). In Russia, the still positive trend of
the first half-year could not be continued: In the first nine months
of 2009/10, sales fell by 22.0 % to EUR 20.1 million (Q3 2008/09: EUR
25.8 million). Compared to the third quarter of the preceding year,
the "other markets" segment had to record a decrease in sales by 42.0
% to EUR 24.0 million (Q3 2008/09: EUR 41.3 million).

The continuing weak economic environment as well as the increased
price competition for major projects in the individual markets in the
first nine months of 2009/10 led to a significant decline in the
earnings figures of the Bene Group compared to the reference period
of the prior year. Although this development was somewhat absorbed by
the personnel and material cost-cutting measures already initiated in
the first quarter of 2009/10, it could however not be fully offset.
The EBIT fell by EUR 19.6 million to EUR -8.8 million (Q3 2008/09:
EUR 10.8 million). The EBT decreased by EUR 21.3 million to EUR -10.9
million (Q3 2008/09: EUR 10.4 million). As a result of higher
interest charges from the bond issue and due to impairment losses,
the year-to-date financial result deteriorated by EUR 1.7 million to
EUR -2.1 million (Q3 2008/09: EUR -0.4 million).

Longer-term debt and the creation of strategic liquidity reserves
were and will still be essential for the financing structure of the
Bene Group. Both, the issue of a corporate bond as well as the
borrowing of a long-term investment credit subsidised by the ERP-fund
(European Recovery Programme) meet this requirement. At the end of
the third quarter, the equity ratio amounted to 32.6 % (January 31,
2009: 46.8 %); net gearing was 32.4 % (January 31, 2009: 11.9 %).

Additions to property, plant and equipment and to tangible assets
amounted to EUR 8.8 million in the first nine months of the current
business year 2009/10 (Q3 2008/09: EUR 16.6 million). As the most
important positions, the finalisation and the start-up of the
research and innovation centre at the site in Waidhofen an der Ybbs
and the modernisation of the distribution sites in Munich, Belgium
and Ljubljana have to be mentioned.

On the reference date October 31, 2009, the Bene Group employed 1,295
persons. Thus, compared to the previous period, the headcount
decreased by 222 employees or 14.6 %.

As late cyclical, the Bene Group is hit by both, positive and
negative developments only at a later stage than other market
participants. Towards the beginning of the third quarter of 2009/10,
Bene experienced a certain stabilisation in the demand, although at a
low level. Due to the still prevailing general uncertainty in the
markets, the Management of the Bene Group cannot make any reliable
estimation about a possible bottoming out in the relevant markets. As
a result of the fixed cost measures implemented and the flexile
work-time models, the cost situation is roughly adjusted to the
current sales and earnings level. However, from today´s perspective
still no reliable forecast for the overall year 2009/10 can be
provided.

Note. Among others, this report contains statements on potential
future developments, which were made on the basis of currently
available information. Such statements, which reflect the current
assessment of future developments by our Management, cannot be
construed as guarantees for future performance and bear unforeseeable
risks and uncertainties. There may be a variety of reasons for actual
results and conditions to diverge from the assumption, on which the
statements were based. The comprehensive quarterly report is
available under www.bene.com.

end of announcement euro adhoc
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ots Originaltext: BENE AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Investor Relations:

Frank Wiegmann

Chairman of the Management Board

Schwarzwiesenstraße 3, A-3340 Waidhofen/Ybbs

IR Hotline: +43-7442-500-3100

ir@bene.com

Public Relations:

Ursula Grabher

Head of Public Relations

Renngasse 6, A-1010 Wien

Tel. +43-1-534 26-1265

Branche: Furnishings & Furniture
ISIN: AT00000BENE6
WKN:
Index: ATX Prime
Börsen: Wien / official market