Heinkel AG
Consolidation of HEINKEL on effective course
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Consolidation of HEINKEL on effective course –
Operational loss significantly reduced at mid-year
Bietigheim-Bissingen, on 23rd August 2004
HEINKEL AG – worldwide leading supplier of process technology for high-grade
solid-liquid-separation in the Life Science Industry – shows up a positive
business development in the first half of 2004:
HEINKEL Group
01 – 06 / 2004 01 – 06 / 2003
Order Intake 10,8 Mio. EUR 7,0 Mio. EUR
Order Backlog 5,3 Mio. EUR 3,8 Mio. EUR
Sales Revenue 9,2 Mio. EUR 6,2 Mio. EUR
Gross Performance 9,0 Mio. EUR 7,2 Mio. EUR
Operational Loss -1,1 Mio. EUR -3,3 Mio. EUR
Employees 118 145
Order intake and turnover have clearly increased compared to the very weak
first half of the previous year. The business in Germany and Europe has
developed well based on projects in fine chemical and in general industrial
applications which could partly compensate the continuing noticeable retention
in capital expenditures of the pharmaceutical industry.
The initiated short-term plan to reduce costs and to consolidate the
corporation has already shown effective results. In particular the decisions
taken in spring 2004 to reduce labour costs and the additional cutting of 31
jobs in the factory Bietigheim-Bissingen will lead to significant cost savings
which however will have an effect during the second half of 2004 for the most
part.
As expected an operational loss of approx. 1,1 Mio. EUR still added up by
30.06.2004 – which yet could be reduced significantly compared to the first
half of the previous year and the end of 2003 respectively.
A stipulated outside financing in association with the implementation of
capital measures respolved at the Annual Shareholders Meeting on the 27th May
2004 puts the financing of the HEINKEL AG on a firm basis again.
An approved capital reduction at a ratio of 5:1 by merging five old shares to
one new share will at first reduce the capital stock to 1.250.000 EUR. The
following increase in capital stock by 2.500.000 EUR to a total capital stock
of 3.750.000 EUR will result in a significant financial strengthening of the
corporation’s equity. The increase of the capital stock will be car-ried out
by issuing 2.500.000 new shares with an issue price of 1,00 EUR per share.
These new shares will be offered to the shareholders at a ratio of 1:2.
The long-term Chinese sales partner of the HEINKEL AG, the Beijing Tianli
Cryogenic Process Equipment Co. Ltd. (TINALI Technology) located in Beijing,
has committed to subbscribe 1.443.250 new shares of the capital increase. The
required rights to subscribe those new shares will be exclusively transferred
by the CIK Vermögensverwaltung free of charge. In the meantime the Federal
Financial Supervisory Authority (Bundesanstalt für
Finanzdienstleistungsaufsicht – BaFin) has released the investor from the
obligation to announce take over of control and to make an obligatory offer
to all shareholders in accordance with section 35 of the German Securities
Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG)
in case that control of the HEINKEL AG will be obtained.
The Management of the HEINKEL AG has also committed to subscribe totally
200.000 new shares of the capital increase provided that the right to
subscribe those new shares will be assigned free of charge or provided that
non-subscribed shares will remain at the end of the purchase offer period.
HEINKEL AG has appointed the VEM Aktienbank AG in Munich to implement the
approved capital measures. The publication of the reference bid with a
purchase offer period of 2 weeks is planned for September 2004. The Executive
Board of the HEINKEL AG is asking all shareholders to support the adopted
strategy to restructure the company and to participate in the capital
increase.
The further business development in 2004 is difficult to predict in the light
of the uncertain progression of the world economy and the further continuing
existing global overcapacities in the manufacturing of active pharmaceutical
ingredients. A pronounced pick-up of investment activities in this very
important market segment of HEINKEL is not expected to take place before mid
of 2005.
The new strategic positioning of HEINKEL has well progressed. The broadened
range of products and services offers new fields of application and therefore
further growth potential. In the future HEINKEL will take advantage of an
advanced global sales and service network – and in particular of intensified
sales activities in China together with our sales partner TIANLI TECHNOLOGY.
At present day’s view the chances outbalance the risks. Various projects are
developed to an advanced stage and are expected to be decided within the
following months. HEINKEL still expects to achieve the break even in 2004.
The detailed semi-annual report is available at http://www.heinkel.de for
download.
The Executive Board Phone: 07142-356-101
Fax: 07142-356-109
end of ad-hoc-announcement (c)DGAP 23.08.2004
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WKN: 605900; ISIN: DE0006059009; Index:
Listed: Amtlicher Markt in Frankfurt (General Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hamburg und Stuttgart
230830 Aug 04
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