farmatic biotech energy ag
farmatic biot. energy ag english
Preliminary figures for 2002 / Turnaround initiated
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Preliminary figures for 2002 / Turnaround initiated
According to preliminary calculations the farmatic Group generated sales of
around EUR 38 million in 2002 (2001: EUR 35.1 million) on an operating result
(EBIT) of approximately EUR -30 million (2001: EUR 1.8 million). The main
reasons for the marked negative development of results were the follow-up costs
from old projects, as well as the consideration of ongoing and future losses
and risks from construction projects that had been incurred and had not been
adequately reflected to date. The operating result (EBIT) adjusted by all
special factors and depreciations will come in at around EUR -15 million (2001:
EUR -5.8; without consideration of sales of holdings).
Other negative effects have resulted especially from the considerably increased
project and personnel costs that arose within the context of the sizable
expansion of the company’s project portfolio. In anticipation of decidedly
positive demand developments, new construction projects and cost intensive
development projects were consistently pushed ahead well up to the middle of
2002. All these activities were geared to securing a leading competitive
position, occupying promising locations and opening up new operative markets.
The necessary adjustment and streamlining of the project portfolio within the
context of the initiated restructuring has resulted in high, exceptional
burdens that were still impacting performance in the course of the year 2002.
Apart from the discontinuation of less profitable and higher risk projects, the
substantial reduction of the workforce from 183 employees at the end of
September 2002 to 110 members of staff in the ongoing business year represents
a further efficiency enhancing step that will save operating costs in the
region of EUR 4 million. The shutdown of locations and strict cost controlling
will deliver an additional EUR 4 million in savings.
In addition, the new management team has implemented a new strategic
orientation of the Group to the biogas core competence area. The aim is to
achieve a considerable enhancement of performance, thereby securing the
successful turnaround.
Contact: Vibeke Dons, Corporate communication
farmatic biotech energy ag, Kolberger Strasse 13, D-24589 Nortorf
Tel.: +49 (4392) 9177-200, Fax: -197
dons@farmatic.com, http://www.farmatic.com
end of ad-hoc-announcement (c)DGAP 21.03.2003
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WKN: 605192 ; ISIN: DE0006051923; Index:
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart
212045 Mär 03
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