Buderus AG
Buderus AG english
H1 2002:
Corporate-news announcement sent by DGAP.
The sender is solely responsible for the contents of this announcement.
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·Good international business in the Heating Products Division only
partially offsets weak domestic demand at Group level
·Expansion of cost-cutting initiatives
Wetzlar, August 14, 2002 Although the overall economic environment remained
difficult, Buderus was able to slow down the year-on-year decrease in sales
compared to the first quarter. First-half Group sales amounted to Euro 832
million (previous year: Euro 867 million), while earnings before taxes on income
reached Euro 45 million (previous year: Euro 56 million). It should be noted
that, for seasonal reasons, the first six months of the year typically
contribute less than one third to the Groups full-year results.
The Heating Products Division once again provided the strongest sales
stimulation. Despite the overall spending restraint, demand for new heating
systems replacing old ones remained relatively stable. Thanks to its strong
competitive position, the Division was able to increase second-quarter sales and
win market share in this segment. In the first half of the year as a whole,
however, increased international sales were unable to fully offset the weak
domestic demand.
The fact that the Groups sales and earnings were down on the first half of 2001
was mainly attributable to the situation in the construction and automotive
industries, which represent important output markets for the Castings and
Special Steel Products Divisions. The Group result was also affected by
increased raw material and energy prices as well as start-up costs for the new
brake disk plant and the Heating Product Divisions migration to SAP/R3. These
negative effects were only partially offset by additional cost-cutting measures.
The Buderus Group again expects to generate a profit margin before income taxes
of close to 10% in the current fiscal year. From todays point of view, ithas
become more difficult, however, to reach the previous years recordsales and
earnings levels again.
The full interim report is available at http://www.buderus.de.
end of message, (c)DGAP 14.08.2002
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WKN: 527800; ISIN: DE0005278006; Index: MDAX
Listed: Amtlicher Markt in Berlin, Düsseldorf, Frankfurt, Hamburg, München;
Freiverkehr in Bremen, Stuttgart, Hannover
140659 Aug 02
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