Buderus AG
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Financial statements for 2002 and Q1 2003 (provisional)
Corporate-news announcement sent by DGAP.
The sender is solely responsible for the contents of this announcement.
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-2002: EBT margin 9% / Net profit margin 6%
-Q1/2003 (provisional): Sales up 5%
-Outlook on 2003: Rising sales / EBT at previous years level
Wetzlar, April 23, 2003 Following the presentation of the financial statements
for 2002, Buderus has confirmed the figures announced at the end of January. A
profit margin of 9% before taxes and 6% after taxes means Buderus was able to
maintain its high profitability in a very weak market environment.
Buderus generated earnings before taxes on income of EUR 162 million (2001: EUR
186 million) on Group sales of EUR 1,860 million (2001: EUR 1,928 million).
Valuation changes resulted in additional extra-ordinary income of Euro 120
million. Accordingly, earnings after taxes and earnings per share improved
noticeably to EUR 237 million and EUR 3.77, respectively. Adjusted for
extraordinary income, they amounted to EUR 117 million (2001: EUR 116 million)
and EUR 1.86 (2001: EUR 1.85). The equity ratio reached 50%. Subject to the
approval of the Annual General Meeting of June 11, 2003, Buderus will pay out an
un-changed dividend of EUR 0.70 per share.
March 2003 saw Group sales rise by a gratifying 7% over the previous year, so
that total first-quarter sales were up 5% to EUR 404 million. At EUR 10 million,
provisional earnings before income taxes were down EUR 2 million on the
previous year. Higher electricity and scrap prices, in particular, put a damper
on first-quarter earnings. Due to the highly sea-sonal character of the business
activities in the Heating Products and Castings Divisions, the figures for the
first quarter cannot be extrapolated to the full year.
Buderus expects 2003 Group sales to increase over the previous year. The Heating
Products Division will probably reach its external growth target of 5%. From
todays point of view, the Heating Products Divisions internal growth target of
5% will probably be exceeded abroad. The de-velopment of domestic sales is still
uncertain. Sales in the Castings Divi-sion are expected to be on par with the
previous year on a like-for-like basis. Following the increase in first-quarter
sales, the Special Steel Pro-ducts Division expects full-year sales to be up on
the previous year, too.
From todays point of view, earnings before taxes on income will reach the
previous years level. The development of the scrap price is a major factor of
uncertainty. Should scrap procurement prices stay at their high level and
Germany slide into a recession, earnings might come under pressure.
Given that domestic business will remain weak, Buderus will continue to focus on
expansion into foreign markets. The company is about to con-clude negotiations
about the acquisition of another European heating equipment company similar in
size to Boulter and Isisan.
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 resi-dential 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.
This press release and other Buderus information are available at
www.buderus.de.
end of message, (c)DGAP 23.04.2003
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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
230659 Apr 03
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