Buderus AG
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Buderus nine months results 2003
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Buderus Group grows by 4% in the first nine months of 2003
EBT remains at a high level (Euro 98 million)
Bosch Thermotechnik and Buderus plan to expand their global presence
Wetzlar, Nov. 12, 2003 In the first nine months of fiscal 2003, the Buderus
Group, a subsidiary of the Bosch Group, increased its sales by 4% to Euro 1,414
million (2002: Euro 1,364 million). This increase was once again primarily
attributable to the international business of the Heating Products Division
which grew by 18%. As a result, the overall share of international sales in the
Groups total sales rose from 37% in the same period of the previous year to 39%.
Earnings before taxes on income amounted to Euro 98 million, meaning that they
remained at a high level even though the company had to cope with higher
electricity and steel scrap prices than in the previous year as well as
increased depreciation as a result of the major investments made in the last
two years. In spite of continued cost-cutting measures, Group earnings before
taxes on income were therefore down 11% on the same period of the previous
year. Net profit for the year amounted to Euro 64 million, compared to Euro 73
million last year. Capital expenditure of the Buderus Group was reduced to the
average annual level and amounted to Euro 37 million in the first nine months
of 2003, after Euro 67 million in the same period of the previous year.
In the first nine months of 2003, sales in the Heating Products Division, the
biggest division of the Group, rose by 7% to Euro 924 million. This increase
was primarily attributable to the acquisition of Boulter Boilers and Isisan
last year as well as the first-time consolidation of the Czech subsidiary. On a
comparable basis, international sales increased by 2%. Thanks to a gratifying
third quarter with record sales in the month of September, domestic sales in
the first nine months of the year rose by a total of 1% to Euro 585 million
despite a subdued first half-year. Earnings before taxes on income in the
Heating Products Division were up 2% to Euro 74 million.
Coming in at Euro 235 million, sales in the Castings Division were down 8% on
the previous year. However, this decline was exclusively attributable to the
sale of the cement business. Adjusted for this effect, sales increased by 1%.
The dynamic growth of the brake disc business more than offset the market-
induced decline in demand for cast iron pipe systems and turbine casings.
Earnings in the Castings Division declined by Euro 4 million to Euro 13
million, partly reflecting the sale of the cement business; the profit from the
sale of the cement business will be included in the year-end earnings.
The Special Steel Products Division increased its sales by 6% to Euro 255
million in the first nine months of 2003. In Germany, Buderus benefited from
the high level of incoming orders at the beginning of the year, while
international sales fell by 3% due to continued fierce competition and the
strong US dollar. Increased expenses for scrap, energy and other input
materials were only partly passed on in the form of higher prices. As a result
earnings before taxes on income declined by Euro 10 million to Euro 12 million.
The Buderus Group and the Thermotechnology Division of Robert Bosch GmbH were
put under a joint umbrella in October of this year, with the separate
distribution and brand strategies of the two companies being maintained.
Andreas Nobis, Chairman of the Managing Board of Buderus AG, said: The
strategic advantages resulting from the merger of two complementary companies
have opened up new global opportunities for profitable growth.
After joining forces with Bosch Thermotechnologie, Buderus is excellently
positioned for the future, said Dr. Joachim Berner, the member of the Managing
Board of Buderus AG responsible for the heating business of the Bosch Group. By
putting the heating activities of Bosch Thermotechnologie and Buderus under a
joint umbrella, we have become by far the biggest European manufacturer of
heating products. This has opened up global opportunities for our business.
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. Buderus is a
company of the Bosch Group.
This press release is available at http://www.buderus.de .
end of message, (c)DGAP 12.11.2003
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WKN: 527800; ISIN: DE0005278006; Index:
Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime
Standard), Hamburg und München; Freiverkehr in Hannover und Stuttgart
120700 Nov 03
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