Clariant International AG
Clariant AG english
Clariant improves operating performance
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Clariant improves operating performance – takes a net loss due to extraordinary
goodwill amortization in Life Sciences unit
– Sales up 4.7% in local currencies
– Operating margin (EBITA) lifted from 6.4% to 7.4%
– Free cash flow CHF 788 million
– Net financial debt reduced by CHF 806 million
– Net loss of CHF 648 million
Muttenz/Switzerland, February 11, 2003
2002 was marked by difficult business conditions. Despite the environment,
Clariant generated satisfactory sales growth of 4.7% in local currency terms
(-3.3% in Swiss francs). All divisions contributed to the sales growth.
Growth in the Life Sciences unit did not come up to our expectations, and the
improvements achieved were less than expected. Given the current market
situation, recovery is likely to continue to be slow in the medium term. Meeting
yesterday to approve the consolidated accounts, the Board of Directors therefore
decided that it would write off the entire goodwill of CHF 790 million remaining
in this Life Science unit from the acquisition of BTP and make a value
adjustment on property, plant & equipment amounting to CHF 100 million.
The company again substantially reduced its net financial debt to below CHF 3.5
billion. There were a number of contributory factors: a high operating cash
flow, a reduction in current assets, lower capital spending, proceeds from
disposals and the strong Swiss franc. The program to increase efficiency made a
positive contribution to this result.
The Board of Directors will propose to the Annual General Meeting to be held in
Basel on April 11, 2003 that no dividend be distributed.
Key financial ratios
in CHF millions 2002 2001 2001, Change in %
reported pro forma* compared with pro
forma
CHF LC
Sales 9330 9871 9652 -3.3 +4.7
Gross profit 3055 3084 2997 +1.9 +9.5
EBITDA 1112 1186 1139 -2.4 +6.1
EBITA** 690 631 597 +15.6 +27.6
Net income (loss) -648 -1242 – – –
Free cash flow 788 955 – – –
Capital expenditure 339 505 – – –
As per Dec. 2002 Dec. 2001
Net debt 3476 4282
* Various special effects from 2001 were included to ensure better comparability
of the key ratios: disposal of the PVA/PVB business, sale of the Cassella-
Offenbach plant and of the stake in Harlow Chemicals Company Ltd (UK). The
data represent the result from the ongoing businesses.
** Operating result prior to special effects and goodwill amortization.
The economic situation is expected to remain difficult in 2003. Cash flow
management and the reduction of net debt will continue to be of utmost
importance. Clariant will forge ahead with the programs to cut costs, increase
efficiency and reduce current assets.
Independently of these programs, the “Growth and Innovation” drive started in
2002 will be continued.
Further details about the annual figures will be reported, as planned, at the
Annual Media Conference to be held on February 25.
end of ad-hoc-announcement (c)DGAP 11.02.2003
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
Key dates:
– February 11-25, 2003 Silent period
– February 25, 2003 2002 results
Annual media conference/analysts’ meeting
– April 11, 2003 Annual General Meeting 2003
Your contact points at Clariant
Media Relations
Rainer Weihofen Tel. +41 61 469 67 42
Patrick Kaiser Tel. +41 61 469 67 40
Investor Relations
Iris Welten Tel. +41 61 469 67 47
Holger Schimanke Tel. +41 61 469 67 45
Daniel Leuthardt Tel. +41 61 469 67 49
Clariant – Exactly your chemistry.
Clariant is a leading global fine and specialty chemicals company with about
29,000 employees and annual sales of over CHF 9 billion. The Group operates
worldwide with over 100 companies on five continents. It is domiciled and
headquartered in Muttenz near Basel, Switzerland. The products and services of
the five divisions Textile, Leather & Paper Chemicals, Pigments & Additives,
Masterbatches, Functional Chemicals and Life Science & Electronic Chemicals are
based on innovative specialty chemicals. These play a key role in clients’
manufacturing processes and upgrade their end products.
http://www.clariant.com
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WKN: 895929; ISIN: CH0012142631; Index: SMI
Listed: Amtlicher Markt in Frankfurt; Freiverkehr in Berlin, Düsseldorf, München
und Stuttgart; Schweizer Börse (Hauptsegment); SEAQ-Handel in London;
110732 Feb 03
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