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BERU AG: Revenue Decline in 2008 Due to Crisis - No Recovery Anticipated in 2009.

Article Excerpt
The BERU Group, Ludwigsburg, posted consolidated revenue of EUR 409.4 million in 2008 (2007: EUR 439.9 million) and thus achieved the updated forecast given in the last interim press release. The decline in revenue compared with the prior year was caused by the slump in unit sales in the automobile industry in the second half of the year. The result of ordinary activities (EBIT) was negatively affected by one-time special items, in particular by the transfer of the French companies to BorgWarner, and amounted to a loss of EUR 26.0 million. The net loss amounted to EUR 28.4 million. Adjusted for all special items, BERU achieved a profit from ordinary activities of EUR 21.0 million, equivalent to an adjusted margin of 5.1%. Earnings per share amounted to minus EUR 2.95 (EUR +2.98).

Dr. Thomas Waldhier, Chairman of the Executive Board of BERU AG, stated on the past financial year: 'BERU made a good start to the year 2008, but the second half was impacted by exceptional conditions. Due to the economic crisis, we were unable to achieve our original targets. But BERU's business operations are well positioned, due also to the efficiency-enhancing program that we started just over a year ago.'

Electronics and Sensors close to prior-year level

BERU's Electronics...