november AG
november AG Consolidated Financial Report 2003: Success in times of change
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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november AG Consolidated Financial Report 2003: Success in times of change
Erlangen, 24 March 2004. In the past financial year, november AG through
uncompromising development was able to significantly rise the company value.
Examples for this are the expansion of the diagnostic cooperation with Siemens
Medical Solutions into a full strategic partnership, including the option to
form a joint company, as well as the development of a new security feature for
banknotes together with Hueck Folien GmbH (Austria). This positive development
has continued in the beginning of the year as demonstrated by the extended use
of DNA codes by Bristol-Myers Squibb (Germany) that was recently announced.
The operative developments are supported by restructuring of the entire company
into a holding. With nearing market readiness and to respond even faster and
react more flexibly to the needs of their market segments and their customers,
the previous business units product security/brand protection and diagnostics
were spun off in December 2003 into wholly owned subsidiaries.
In the year under review, total sales revenues of the companies included in
consolidation, i.e. november AG, identif GmbH, directif GmbH and PEQLAB
Biotechnologie GmbH, amounted to EUR 4.4 million (previous year: EUR 3.9
million), equivalent to an increase of 15 percent. Gross profit increased over
the previous year by 21 percent (2002: TEUR 1,724). Research and development
costs fell significantly by 45 percent to EUR 3.4 million (previous year: EUR
6.2 million). This was largely due to the management buyout of the therapy
division with effect as from 1-1-2003 which also strongly effected the number of
employees that was reduced from an average of 88 to 63 (full time basis).
The group operating result (EBIT) for the financial year 2003 amounted to EUR –
4.4 million and was thus 54 percent better than the previous year’s figure of
EUR -9.7 million. The consolidated net result in the year under review amounted
to around EUR -2.8 million and was thus significantly better than previous
year’s figure of EUR -5.9 million. At EUR -0.41, the earnings per share (IAS 33)
also saw a substantial improvement (previous year: EUR -0.87, IAS 33). The
accumulated deficit increased by the consolidated net loss to EUR 24.2 million
(previous year: EUR 21.4 million).
On 31 December 2003, the consolidated balance sheet total stood at EUR 28.6
million (previous year: EUR 29.6 million). Due to the capital increase
successfully carried out in December 2003, total liquidity, including
investments, was further improved amounting to EUR 12.5 million at the end of
the year (previous year: EUR 15.9 million). Also due to the capital increase the
subscribed capital has increased to EUR 7,468,320 (previous year: EUR
6,811,200). Including the consolidated net loss of EUR 2.8 million,
shareholders’ equity amounted to EUR 26.5 million (previous year: EUR 26.1
million); the equity ratio was therefore 93 percent (previous year: 88 percent).
november AG
Dr. Peer Nils Schröder
Tel.: +49 (0)9131-75088868
E-Mail: schroeder@november.de
end of ad-hoc-announcement (c)DGAP 24.03.2004
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WKN: 676290; ISIN: DE0006762909; Index:
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hannover, München und Stuttgart
240800 Mär 04
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