euro adhoc: Sartorius AG
Quarterly or Semiannual Financial
Statements
Initial positive effects of our consolidation drive /
Second-quarter earnings (EBIT) slightly positive/ First-half net cash
flow in 2003 significantly increases
Group sales reven
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
In the first half of 2003, sales revenue of the Sartorius Group fell 6.7% to 217.0 million euros from 232.6 million euros a year earlier, whereas sales revenue adjusted for the impact of foreign exchange rates at 232.9 million euros reached the previous years level. The Biotechnology Division posted a 10.8% drop in first-half sales revenue (adjusted for the impact of foreign exchange rates: -3.7%) to 109.9 million euros from 123.2 million euros a year ago. First-half sales revenue for the Mechatronics Division slipped 2.1% (adjusted for the impact of foreign exchange rates: +4.4%) to 107.1 million euros from 109.4 million euros the year before. Order intake levels for the first half of the financial year 2003 slid from 238.9 million euros to 219.4 million euros (-8.2%; adjusted for the impact of foreign exchange rates: -2.0%). Order intake for the Biotechnology Division dropped by 9.1%; that of the Mechatronics Division, by 7.2%.
Declining sales revenue and restructuring expenses affected first-half earnings in 2003. However, at 9.1 million euros, first-half earnings before interest, taxes, depreciation and amortization, EBITDA, still remained constant (year earlier: 9.1 million euros). Despite additional special expenses incurred, we posted positive second-quarter earnings before interest and taxes, EBIT, at 0.8 million euros (previous year: -3.3 million euros). Thus, first-half EBIT is still negative at -2.1 million euros, but is indeed higher than the previous years level of -3.5 million euros.
In the first half of 2003, we were able to significantly increase net cash flow to 12.3 million euros from -3.5 million euros a year ago, and to use it to reduce our net debt from 133.1 million euros to 123.2 million euros (as of the reporting date of June 30, 2003, relative to December 31, 2002).
For the second half of 2003, we expect demand to pick up significantly, particularly for the Biotechnology Division. On this basis, second-half sales revenue should be a good 10% higher than that of the first half. However, an increase in full-year sales revenue over the previous years will be possible only if adjusted for the impact of foreign exchange rates. Against this backdrop, we continue to adhere to our earnings forecast of increasing EBIT over last years figure. Over the medium term, the consolidation drive we have launched will lead to a sustained increase in profitability.
end of announcement euro adhoc 01.08.2003
Further inquiry note:
Rainer Lehmann
Telefon +49.551.308 4034
rainer.lehmann@sartorius.com
Branche: Biotechnology
ISIN: DE0007165607
WKN: 716560
Index: CDAX, Prime All Share, Prime Standard, Technologie All Share
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