Dr. Hönle AG
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Dr. Hönle AG: Economic Conditions Impact on Revenues and Earnings in 2002
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Dr. Hönle AG: Economic Conditions Impact on Revenues and Earnings in 2002
Munich, August 26, 2002. Hönle, a leading systems provider of industrial UV
technology, reported revenues of EUR 9.7 million in the first nine months of the
current financial year (9-month period 2000/2001: EUR 13.1 million). Third-
quarter revenues were at EUR 2.9 million (Q3 2001: EUR 4.1 million).The revenue
decrease was due to the weak economic conditions in all important industrial
nations; the signs of an economic upswing apparent in the spring of 2002 did not
materialise.
EBIT in the first nine months of the current financial year amounted to EUR -0.9
million after EBIT of EUR 2.3 million for the same period in the previous
year. The after-tax result was a loss of EUR -0.2 million compared to EUR 1.6
million reported in 2000/2001. In the third quarter of 2001/2002, EBIT was at
EUR -0.7 million (Q3 2000/2001: EUR 0.3 million) and the after-tax result was a
loss of EUR -0.4 million. (Q3 2000/2001: EUR 0.6 million). Despite declining
revenues the parent company, Dr. Hönle AG, continued to report positive results.
Earnings were influenced mainly by the formation and start-up costs for new
subsidiaries, with which Hönle is expanding its value chain into that of a
systems provider. Despite these investments the company is backed by solid
financing with securities, participating certificates and cash valued at EUR 16
million, or more than EUR 3 per share as of June 30, 2002. The equity ratio is
at 81.9 %.
The pile-up of investment projects, which is evident in all industries, impacted
on the business development in the first nine months of 2001/2002. A recovery
is no longer expected for the rest of the financial year. Due to the current
orders position Hönle expects a 25 to 30 percent revenue decrease compared with
the previous financial year. This decline and the setting up of new subsidiaries
are expected to result in a loss for the current financial year. In 2003 Hönle
expects an economic upswing, followed by perceptible growth in revenues and
significant profits from Dr. Hönle AG as well as the new subsidiaries. The UV-
lamps manufacturer Aladin already reached a monthly break even in July 2002,
only 9 months after the start of series production.
end of ad-hoc-announcement (c)DGAP 25.08.2002
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
The Hönle Group has been concentrating on organic growth through innovations and
the formation of subsidiaries since the autumn of 2001. Consequently, the
company increased its expenditures for research and development by 80.6 percent
in the current year, bringing the total R&D expenses to EUR 1.0 million.
With the addition of Aladin GmbH and Wellomer GmbH, a manufacturer of UV
adhesives, the company is systematically expanding its services spectrum into
that of a systems provider for UV technology. With Honle Spain S.A. and the
representation in Shanghai, China, opened in the third quarter of 2001/2002, the
company is continuing its course of cautious expansion of international sales
and marketing activities. Shanghai provides the basis for tapping into an East
Asian market, which is very interesting from the standpoint of UV products in
particular. Moreover, Hönle continues to watch the market and the competition
very carefully and does not exclude the possibility of acquisitions if these
would lead to a permanent increase in corporate value.
In all, Hönle is better prepared for the projected economic upswing in 2003 than
it has ever been in the past and consequently expects significant growth in
revenues for the future. The UV technology continues to offer significant
advantages over conventional methods, with the result that it can replace
existing production processes and simultaneously become permanently established
in new areas of application. These developments, in conjunction with the
improved earnings situation at the new subsidiaries, will ensure that Hönle
again realises significant profits in a more optimistic economic environment.
Further information is available under: http://www.hoenle.de,
contact: Dr. Hönle AG, Peter Weinert, Investor Relations Manager,
Lochhamer Schlag 1, 82166 Gräfelfing/Munich, Tel.: 089-85 608-173,
Fax: 089-85 608-101, E-Mail: ir@hoenle.de
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WKN: 515710; ISIN: DE0005157101; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Düsseldorf, Hamburg,
Hannover, München und Stuttgart
260130 Aug 02
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