Buderus AG
Buderus AG english
Preliminary figures for the first quarter of 2003 confirmed
Corporate-news announcement sent by DGAP.
The sender is solely responsible for the contents of this announcement.
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-Heating products remain growth driver
Wetzlar, May 14, 2003 In the first quarter of 2003, the Buderus Group returned
to its growth path. In spite of the difficult market environment, Group sales
increased by 5% to Euro 405 million (previous year: Euro 387 million). Adjusted
for consolidation effects, Group sales rose by 4%. This favourable development
was achieved through the successful implementation of the European expansion
strategy in the heating equipment segment. Total international sales of the
Buderus Group were up 10%. The Groups domestic sales also increased slightly
thanks to higher orders for special steel products. Domestic heating product
sales stabilized, and the Group continued to expand its market position in this
important segment.
Due to significantly higher electricity and scrap prices, earnings before taxes
on income declined to Euro 10 million, down Euro 2 million on the same period of
the previous year. Because of the cyclical character of the heating products
business, the first quarter normally contributes less than 10% to the Groups
full-year results, which is why extrapolation to the full year is not possible.
For the full fiscal year 2003, Buderus expects a noticeable increase of Group
sales compared to the previous year and earnings before taxes on income at the
previous years level. This forecast is based on the assumption that the economic
environment in Germany will not deteriorate any further and that scrap prices
will normalize in the course of the year.
The complete quarterly report is available at www.buderus.de.
Buderus (ISIN: DE0005278006 // WKN: 527 800) is a leading European manufacturer
and wholesaler of heating products. Building on over 270 years of experience,
Buderus develops solutions which consistently optimize the energy utilization
ratio in the residential sector. Buderus continues to expand its leading
position in this growth market. The company is also a leading supplier of
castings and special steel products in attractive niche markets.
end of message, (c)DGAP 14.05.2003
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WKN: 527800; ISIN: DE0005278006; Index: MDAX
Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime
Standard), Hamburg und München; Freiverkehr in Hannover und Stuttgart
140731 Mai 03
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