Paris, 20 March 2009

 

2008 consolidated results

 

€ million - IFRS                                               2007              2008              Change

Sales                                                             160.9             163.4             +1.6 %

   Gross margin (as % of sales)                            69%            70%

Current operating income                           16.33             16.05             -1.7%

    As % of sales                                                10.1%              9.8 %

Operating profit                                           16.20             13.25             -18.2%

    As % of sales                                                10.1%            8.1%

Net income before minority interests           11.31             8.63               -23.7%

Net income                                                  11.24             9.04               -19.6%

    As % of sales                                                 7.0%               5.5%

Operating cash flow                                    15.8               19.2               +21.5%

 

Consolidated net sales registered marginal growth over last year of 1.6% to €163.4 million despite a downturn in the fourth quarter that was particularly important in France and in the B-to-C segment.

Sales from international operations accounted for 2/3 of consolidated revenue.

 

Stable current operating income

Current operating income remained stable in relation to the prior year. Operating profit that declined 18.2% was impacted by a €2.7 million depreciation expense (goodwill and  tangible assets) reflecting the significant increase in risk premiums.

Net income declined to €9.04 million from €11.24 million in 2007 whereas operating cash flow expanded 21.5% to €19.2 million.

Earnings per share were in consequence €3.66 compared with €4.32 in 2007.

 

A solid balance sheet

At 31 December 2008, the Group had shareholders’ equity of €70.6 million and virtually no net debt.

 

Outlook

For fiscal 2009, the Group will focus on consolidating margins in anticipation of a contraction in sales of between 10% and 15% reflecting the uncertain economic environment.

 

2008 dividends

Zone de Texte: The Board of Directors will ask the General Meeting to be held in Paris on 28 May 2009 to approve payment of a net dividend per share of €0.80, unchanged in relation to the prior year.

 

Upcoming events: 2009 first-quarter sales - end of May, 7 2009

 

A presentation of results can be consulted at www.securidev.com

Euronext Paris Compartment C - ISIN FR0000052839 - Reuters SECF.PA – Bloomberg SEC

 

Contacts:

SECURIDEV       Pierre-Paul Fini                      Tel: +33 (0)1 46 22 09 00     

Asset Com       Laurence Costes                   Tel: +33 (0)1 41 22 90 95

Securidev is a leading European specialist in locking systems and equipment with three core businesses: access control systems, locking devices for equipment and building locking systems.