Heinkel AG
HEINKEL AG: Loss in 2003 higher äs expected …
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Loss in 2003 higher äs expected –
Short-term program for cost reduction launched
Bietigheim-Bissingen, 22nd March 2004
During the preparation of the financial Statements of the HEINKEL AG and the
HEINKEL Group for the business year 2003 several unexpected effects occurred
which will considerably increase the already announced small loss.
After the declaration of the financial Statements of our American daughter
Company HEINKEL Filtering Systems Inc. we had to implement a subsequent
correction of sales and profit because the takeover of a high-value machine was
shifted by the customer to the business year 2004. Furthermore, the relative low
tumover in the new machine business of the HEINKEL AG entailed a low turn of
the stock material and therefore an additional depreciation with a considerable
amount.
The positive indicators in the 4th quarter for a revitalization of the capital
expenditures in the pharmaceutical industry have not yet resulted in an increase
of order intake at the years 2003 end – the backlog at 31st December achieved
3.8 Mio. Euro (previous year: 3.1 Mio. Euro). Beyond that an temporarily ongoing
reluctance in the Investment activity of our customers can be noticed at the
beginning of the year 2004.
On the basis of this background the CEO decided a short-term program for a
further restructuring and a comprehensive cost reduction. The focus in this
program is an outsourcing of activities and a short-term reduction of the human
resources to the lower business volume. The intention is to reduce the personnel
at the location Bietigheim-Bissingen by 33 employees down to 90 employees.
For the realization ofthe short-term program the CEO decided to place an accrual
with an amount of 1,1 Mio. EUR in the financial Statements for 2003. The
objective is to stabilize the difficult economic and financial Situation of the
HEINKEL AG in a short-term and to support a going concern and the future ofthe
Company.
Under consideration of all extraordinary effects the CEO reports the following
preliminary figures for the financial statement for the business year 2003:
HEINKELAG HEINKEL Group
2003 2002 2003 2002
Sales 12,0 Mio. EUR 21,7 Mio. EUR 15,8 Mio. EUR 26,4 Mio. EUR
Gross Performance 14,2 Mio. EUR 20,4 Mio. EUR 18,2 Mio. EUR 25,3 Mio. EUR
Result -1,9 Mio. EUR -4,9 Mio. EUR -3,9 Mio. EUR -4.9 Mio. EUR
But nevertheless HEINKEL proceeds on the assumption that after three years with
a deep recession in the investments ofthe pharmaceutical industry a stepwise
revitalisation ofthe capital expenditures will lead to an increase ofthe order
intake at HEINKEL during the year 2004 – latest in the year 2005. With a broader
product program and an improved global sales and service network HEINKEL will
gain significant advantages frorn this development. Then the considerably
improved cost position will offer the immediate return to the profitable zone.
The CEO Tel-07142-356-101
http://www.heinkel.de Fax-07142-356-109
end of ad-hoc-announcement (c)DGAP 22.03.2004
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WKN: 605900; ISIN: DE0006059009; Index:
Listed: Amtlicher Markt in Frankfurt (General Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hamburg und Stuttgart
221042 Mär 04
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