D.Logistics is a holding company whose subsidiaries offer logistics and logistics-related services that are largely provided on a customer- and project-specific basis.

URL : http://www.dlogistics.com

Sales up 5 % to € 80.3 million (prior-year: € 76.5 million) 
Operating earnings (EBIT) increased by 44% to € 3.1 million 
Income rose by 71% to € 1.2 million (prior-year: € 0.7 million) 
Net financial liabilities decreased by € 5.1 million to € 50.3 million

Hofheim, May 13, 2008
D.Logistics AG today published its interim accounts for Q1 2008 and continues the positive trend of the last year. 

Total sales up 5.0 %
Total sales in the first quarter of 2008 were at € 80.35 million 5.0 % above the same period in the previous year. Adjusted for changes to the consolidated group, the change in sales was – 0.3 %. If the currency fluctuation is taken into consideration, the change is an increase of 1.8 %. 

Operating result 44 % above previous year
The operating result (EBITA) in the first quarter was at € 3.15 million 44.1 % above the level for the same period in the previous year (€ 2.18 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) were at € 5.41 million 26.2 % higher than in the same quarter in the previous year. The EBITDA margin rose from 5.6 % in the first quarter of 2007 to 6.7 % in the quarter under review. Depreciation of property, plant and equipment and other intangible assets rose from € 2.11 million to € 2.27 million.
The individual segments performed as follows: Industrial goods packaging recorded a 34.0 % rise to € 2.48 million. In consumer goods packaging EBITA were negative at – € 0.77 million, particularly due to the weak trend in the US (previous year € 0.14 million). In warehouse logistics EBITA almost doubled, at € 1.91 million compared to the previous year (€ 0.96 million). This includes an accounting profit of € 0.9 million from the sale of the real estate in Zeithain. The EBITA loss of D.Logistics AG (Holding) was – € 0.48 million, compared to – € 0.77 million. Here it should be borne in mind that proceeds previously shown in consumer goods packaging of € 0.1 million per month are now reported in the holding. 
Relative to the same quarter in the previous year the financial result decreased from – € 0.46 to – € 1.14 million. This is mainly due to the finance costs, which increased by € 0.49 to € 1.69 million following the industrial goods packaging acquisitions. Financial income decreased from € 0.59 to € 0.35 million. The share of earnings accounted for by associates rose by € 0.06 million to € 0.20 million. After income tax expenses (€ 0.45 million) the result is € 1.55 million, compared to € 1.11 million in the first quarter of 2007.
After deduction of the third-party profit shares (€ 0.40 million), there is a net profit of € 1.15 million attributable to the shareholders of D.Logistics AG. The third-party profit shares include the pro rata accounting profit of € 0.22 million attributable to the minority shareholders resulting from the sale of the Zeithain property. The figure in the previous year was € 0.68 million.
Earnings per share in the first quarter were € 0.026 (previous year € 0.016). 

Financial Indebtedness Reduced
The first-quarter net cash provided by operating activities was € 3.06 million (previous year € 6.36 million). This decrease was mainly due to the strong cut-off date-related decrease in trade accounts payable (– € 3.95 million) and increased other receivables and other assets (+ € 2.1 million). 
The financial indebtedness of the D.Logistics Group decreased in the first three months of the fiscal year by € 1.9 million to € 77.4 million. As cash simultaneously increased (+ € 3.5 million) the net financial liabilities fell even more strongly, by € 5.1 million from € 55.4 million at the end of the year to € 50.3 million. The sale of the property in Zeithain was the key factor behind the higher liquidity.