Complementary Business Segments

Variance analysis in %Q1/10
Change in revenues + 14.1
- volume + 12.4
- structure –
- prices + 1.7
- exchange rates –
- consolidation –
   
Waste Management and Recycling + 13.9
Logistics + 23.3
Animal Hygiene Products + 6.0
Trading + 29.6
€ millionQ1/10Q1/09%
Revenues 33.2 29.1 + 14.1
Earnings before interest, taxes,
depreciation & amortisation (EBITDA)		 7.9 3.6 + 119.4
Operating earnings (EBIT I) 6.4 2.0 + 220.0
Capital expenditure 0.4 1.1 (63.6)
Employees as of 31 March (number) 280 283 (1.1)

Revenues

In the first quarter, revenues of the Complementary Business Segments with third parties stood at € 33.2 million and were thus 14 % up on the previous year (€ 29.1 million). Including internal revenues, total revenues amounted to € 42.6 million (Q1/09: € 37.3 million).

Revenues by product group Jan. – March 2010
in %; previous year’s figures in italics

It proved possible to increase revenues in all assigned areas, in some cases significantly. In particular in the trade business, growth of 30 % to € 3.5 million was achieved. As a result of a higher volume of transport in connection with rising demand for fertilizers, logistics revenues increased by 23 % to € 3.7 million. Furthermore, revenues in the Waste Management and Recycling area grew by 14 % to € 17.2 million due to volume, structural and price factors, while volume factors boosted revenues of the Animal Hygiene Products area by 6 % to € 8.8 million.

Revenues by Region Jan. – March 2010
in %; previous year’s figures in italics

Development of earnings

First quarter operating earnings totalled € 6.4 million after having been € 2.0 million in the previous year. In the Logistics segment, this increase is particularly the result of higher volumes being handled at the Hamburg “Kalikai”, while in the Waste Management and Recycling segment it can particularly be attributed to the positive development of the recycling business for the secondary aluminium industry. In the trade sector, the newly launched nitric acid made a positive earnings contribution; it also proved possible to grow earnings in the Animal Hygiene Products segment.

At € 7.9 million (Q1/09: € 3.6 million), EBITDA reflected this earnings trend, due to an almost constant depreciation and amortisation level.

Outlook

In the Complementary Business Segments we expect a slight increase in revenues. The Waste Management and Recycling and the Logistics segments in particular should manage to bring about growth. For operating earnings, we expect a strong increase compared with the previous year, which primarily should result from the higher contributions to earnings deriving from Waste Management and Logistics.