4 Business Development and Group Situation
Supported by the positive market development, in the 2005/2006 financial year SinnerSchrader achieved revenue growth of 10.5 % and an operating result of just under € 0.6 million, measured before interest, tax and depreciation effects from acquisitions (EBITA). The targets set for operating development at the beginning of the financial year – revenue growth of between 10 % and 15 % and an EBITA of € 0.3 million to € 0.5 million – were achieved or exceeded. This and the move to new, cheaper office premises at the main location in Hamburg, which was completed at the end of the financial year, mean that SinnerSchrader has taken an important step in the direction of appropriate profitability in the 2005/2006 financial year. Due to the good operating development, the net income in 2005/2006 rose to just over € 1 million, or € 0.10 per share. The development in the financial year was exclusively organic, so the Group’s financial and asset situation changed only very slightly. As of 31 August 2006 the liquidity reserve was € 10 million and the equity ratio amounted to a good 76 %. The development of the key indices for business development and the Group’s asset and financial situation in the period covered by the report will be described in the following.
Development of revenues according to quarters in € 000s