EANS-Adhoc: BENE AG / Earnings of the first quarter of 2011/12.

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3-month report

22.06.2011

- Trend reversal confirmed
- Sales increase of 18.5 %
- Significant improvement in all key earnings figures
- Gross profit margin continued to rise

Vienna/Waidhofen an der Ybbs, June 22, 2011. After the positive trend
reversal in the second half-year of 2010/11, the Vienna Stock
Exchange listed Bene AG likewise continued the positive momentum in
the first quarter of 2011/12. Particularly in comparison with the
first quarter of the financial year 2010/11, the Austrian office
furniture supplier significantly increased the key earnings figures
and achieved considerable sales growth in almost all sales markets.
In the first three months of the current business year, total sales
reached EUR 44.3 million and thus were 18.5 % higher than the
reference value of the past year. As a result of the change in
strategy introduced by the Bene Group at the beginning of the year to
counteract the ongoing weak margin development in the home market,
Bene has consciously taken a decline in sales of 30.8 % to EUR 10.9
million in the Austria segment. (Q1 2010/11: EUR 15.7 million). By
this measure, in the medium term, Bene expects an expansion in sales
of medium- and small volume projects as well as a stronger market
penetration and thus an improvement in margins. In the Germany
segment, the positive macro-economic environment as well as the
efficiency and effectiveness measures implemented in the past year
resulted in a positive trend reversal in the sales development. In
the first three months of the current reporting period, sales
increased by 28.7 % to EUR 11.8 million (Q1 2010/11: EUR 9.1
million). In the UK segment, the Bene Group benefited from the
positive general economic environment and a clear recovery in demand
of the financial centre London and in comparison with the first
quarter of the prior year more than doubled sales by EUR 3.9 million
or 127.9 % to EUR 6.9 million (Q1 2010/11: EUR 3.0 million). For the
first time, the relaxation of the general economic environment in the
Russia segment led to a slight relaxation in the Russian office
furniture sector in the first quarter of 2011/12. Against this
background, in reporting period, Bene improved sales of the Russia
segment by 18.5 % to EUR 3.2 million (Q1 2010/11: EUR 2.7 million).
Likewise, in the first quarter of 2011/12 in the ,Other markets´
segment, the Austrian office furniture manufacturer continued the
positive momentum of the last quarters and realised several projects.
Total sales of this segment substantially increased by 71.1 % or EUR
4.8 million to EUR 11.5 million (Q1 2010/11: EUR 6.7 million).

The considerable rise in sales, the well-targeted control of the
product portfolio in the different sales markets, the further
expansion of own products and the focus on high-margin projects
reflected in the positive development of earnings in the first
quarter of 2011/12. The EBITDA of the first quarter of 2011/12
increased by EUR 1.8 million to EUR 0.9 million (Q1 2010/11: EUR -
0.9 million). The Bene Group likewise significantly improved the
EBIT, which with EUR - 1.3 million was still negative, however was
59.4 % higher than the reference value of the previous year. In the
same period, the gross profit margin (= revenue +/- inventory changes
- expenses for materials and supplies in relation to revenues)
reached 52.8 % and thus despite an expansion in sales was slightly
higher than the reference value of the prior year (Q1 2010/11: 52.7
%).

In comparison with the balance sheet date January 31, 2011, as of
April 30, 2011 the balance sheet total decreased by EUR 10.8 million
to EUR 138.4 million (January 31, 2011: EUR 149.2 million).
Accordingly, the equity ratio came to 26.3 % (January 31, 2011: 25.9
%).

Investments in replacements at the site in Waidhofen/Ybbs as well as
the expansion and the modernisation of the show room in London
primarily determined the investment volume of the first three months
of 2011/12, which with EUR 1.8 million (Q1 2010/11: EUR 1.4 million)
was slightly higher than the comparison value of the previous year.

On the reporting date April 30, 2011, the Bene Group occupied 1,280
employees in total and thus 47 persons or 3.8 % more than on April
30, 2010.

The Management of the Bene Group expects a further substantial
improvement in sales for the subsequent quarters of 2011/12, however,
it generally remains only carefully optimistic with regard to
estimates for the business year 2011/12; although a significant
global economic growth may be assumed, the markets and the price
levels will still remain very volatile. Hence, the Management Board
expects that the Bene Group may once again improve the earnings
situation for the financial year 2011/12, but will report a slightly
negative result for the overall business year 2011/12.

The Bene Group starts from a further strengthened market position
into the financial year 2011/12 and with its broad geographic spread,
the strategic right positioning in the growth markets and the market
proximity through the strong direct sales net, Bene offers key assets
and clear competitive advantages. The liquidity and financial
situation allows the Bene Group the necessary activities to
consolidate its market position and the active expansion of the
growth markets in Asia / Pacific.

On the basis of existing capacities, the Bene Group has a great
organic growth potential to exploit, provided that the markets
continue to develop positively. Particularly against the background
of the successful introduction of new and profitable product groups
in the last year.

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 Board, 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.

About Bene Bene is convinced that there is a clear connection between
the design of office and work environments, corporate culture and the
success of a company. Bene´s concepts, products, and services put
this philosophy into reality. Development, design, and production as
well as consulting and sales are covered under one roof. With 82
sites in 35 countries and 1,280 employees worldwide, Bene offers its
customers regional access to all of its services. In the business
year 2010/11, consolidated sales of the Bene Group amounted to EUR
170.8 million. Bene is market leader in Austria and number five in
Europe.

Further inquiry note:
Investor Relations:
Martina Vomela
Schwarzwiesenstraße 3
A-3340 Waidhofen/Ybbs
IR Hotline: +43-7442-500-3100
ir@bene.com

end of announcement euro adhoc
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issuer: BENE AG
Schwarzwiesenstrasse 3
A-3340 Waidhofen/Ybbs
phone: +43/7442/500-0
FAX: +43/7442/500-3380
mail: office@bene.com
WWW: www.bene.com
sector: Furnishings & Furniture
ISIN: AT00000BENE6
indexes: ATX Prime
stockmarkets: official market: Wien
language: English