Buderus AG
Buderus unimpressed by challenging economic environment in 2003
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Growth focus remains abroad
Wetzlar, March 30, 2004 Buderus AG, a subsidiary of Robert Bosch GmbH, was able
to post a satisfactory result and accelerate its growth in 2003 despite the weak
overall economy in Germany. According to the companys statements at todays
accounts press conference in Frankfurt, Group sales rose by 6 percent to EUR
1,964 million. The most important growth contributions were once again provided
by the international business (+21 percent) of the Heating Products Division.
All in all the Buderus Group grew its non-German business by 12 percent to EUR
791 million. Even on the domestic side, Buderus was able to grow sales by 2
percent to EUR 1,173 million.
Earnings before taxes on income rose by 13 percent to EUR 183 million compared
to EUR 162 million in the previous year. This increase reflected a EUR 33
million profit from the sale of the cement business to HeidelbergCement AG.
Adjusted for this effect, Group earnings before taxes on income amounted to EUR
150 million, 7 percent down on the previous year. Apart from higher
depreciation, profitability was affected by higher prices for steel scrap and
alloys as well as electricity.
Solid return on sales
Buderus nevertheless continued to generate an above-average profit and was able
to post a solid return on sales, said Andreas Nobis, the Chairman of the
Management Board of Buderus AG, on the occasion of the presentation of the
annual accounts.
The consolidated net profit for the year 2003 amounted to EUR 121 million, which
translates into EUR 1.92 earnings per share. This represents an increase of 3
percent (2002: EUR 1.86). Subject to the approval of the Annual General Meeting
of May 13, 2004, Buderus will pay out an unchanged dividend of EUR 0.70 per
share.
The number of the Buderus Groups employees largely remained stable in 2003, even
though the ongoing internationalisation resulted in certain geographic shifts.
Accordingly, the share of people employed outside Germany rose by 14 percent to
2,227, i.e. 23 percent of the total headcount. The number of domestic employees
declined by 4 percent to 7,421 due to the sale of Buderus Guss GmbHs cement
activities and ongoing rationalisation.
Good start to the financial year 2004
Buderus had a good start to the financial year 2004. Group sales in the first
two months of the year rose by 3 percent year-on-year, with foreign demand
showing a particularly gratifying increase.
Plans for the current year include a restructuring of the Bosch Groups heating
activities. Specifically, the Thermotechnology Division of Robert Bosch GmbH is
to be integrated into Buderus Heiztechnik GmbH. Subject to the approval of the
Annual General Meeting of Buderus AG of May 13, 2004, the integration is to take
retroactive effect from January 1, 2004. Buderus Heiztechnik GmbH is planned to
be renamed BBT Thermotechnik GmbH before the end of this year. The renamed
company is to have its head office in Wetzlar.
BBT Thermotechnik will be a new driving force
The future BBT Thermotechnik will be a new driving force in the heating
equipment market, said Dr.-Ing. Joachim Berner, member of the Managing Board of
Buderus AG and Chairman of the Managing Board of Buderus Heiztechnik GmbH at
todays press conference. The planned merger puts us in a position to be
instrumental in the ongoing concentration of the European market. As a combined
entity, we will benefit from better opportunities.
The new BBT Thermotechnik will initially concentrate on pushing ahead its
business in the European markets outside Germany. The expanded market presence
will enable the company to make better use of growth potential in the expanding
Eastern European markets as well as in Britain. In addition, Joachim Berner sees
good prospects for medium-term growth also outside Europe. The Bosch Group has
a worldwide infrastructure in place, meaning that we will benefit from lower
market entry costs as we move into promising new markets outside Europe.
The planned merger will make BBT Thermotechnik the leading manufacturer of
heating products in Europe. With the clearly expanded product range now
including everything from floor-standing and wall-hung boilers to complete solar
systems and hot water boilers, the company will be able to offer complete
heating and hot water solutions for all needs and applications from a single
source.
end of message, (c)DGAP 30.03.2004
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WKN: 527800; ISIN: DE0005278006; Index:
Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (General
Standard), Hamburg und München; Freiverkehr in Hannover und Stuttgart
300704 Mär 04
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