Qurius voorlopige resultaten 2009

29 January 2010 – In the fourth quarter of 2009, lower than expected sales, deteriorating payment performance of customers in Spain, and restructuring costs have led to an EBIT of EUR minus 3.2 million. Qurius the Netherlands, where the results of the previously taken cost saving measures became apparent, performed well. Qurius ends the year with a strong cash position.

In the fourth quarter, Qurius Spain was confronted with the consequences of deteriorating payment performance, following a further worsening of the economical circumstances. This has led to a provision for outstanding accounts receivable of EUR 0.7 million. Spain’s adjusted lower forecasts have also led to an impairment on goodwill of EUR 2 million and a charge off deferred tax assets for Spain of EUR 1 million.

Although the Dutch operation has reported lower net sales, this effect was amply compensated by substantially lower costs following earlier cost reductions and optimization of the services.  

Across all countries restructuring measures have resulted in a non-recurring charge of EUR 2.0 million, of which EUR 1.7 million was caused by redundancy plans.

The strong cash position enabled Qurius to meet its debt service obligations for the full year by the end of 2009. Qurius expects to be able to solve the effects of the disappointing fourth quarter performance on the covenants, in a constructive dialogue with its lender.

End of press release