Winkler + Dünnebier AG

euro adhoc: Winkler + Dünnebier AG
Quarterly or Semiannual Financial Statements
H1: Cost situation needs further improvement (E)

--------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------- In H1 2003, the WINKLER+DÜNNEBIER Group (W+D), Neuwied, generated revenue of EUR65.2 million (2002: EUR63.7 million) and a loss from operations before goodwill amortization, interest and taxes (EBITA) of EUR3.4 million (2002: EUR-5.4 million). The net loss for the period amounted to EUR6.4 million, down from EUR 6.0 million in the same period of the previous year. Order levels at the W+D Group declined further in H1. At EUR46.5 million, the order intake fell year-on-year (EUR59.6 million). The Hygiene division was unable to match its order intake for Q1. In H1, its order intake was down significantly year-on-year from EUR15 million to EUR11.1 million. The order intake in the Paper division dropped to EUR35.4 million (2002: EUR44.6 million) as a result of the continuing low level of investment. At the reporting date, the order backlog fell to EUR42.6 million (2002: EUR67.9 million). The high surplus capacity on the envelope market and the resulting price pressure are keeping demand at a continuing low level. Customers’ willingness to invest also declined again in the Hygiene division. W+D will also continue to systematically implement its consolidation process beyond 2003. Due to the continuing difficult market environment, the Managing Board expects the Company to fall short of its revenue target for 2003 of EUR140 million in spite of the tremendous efforts made. Given this situation, a positive EBITA this year is therefore no longer a possibility. As a result of the continuing slump on W+D’s core markets, product development is now a priority, in addition to further improving the Company’s cost situation. For its current product portfolio, W+D is expecting a lower level of revenue in the medium term, but is also pushing ahead with its strategic reorientation in attractive markets where it can leverage its own technological strengths. This will provide additional support for the return to sustained profitability. In 2004, W+D will present a large number of new products at DRUPA, the most important trade fair for the Paper division - including products for customers outside the envelope area. Key year-on-year financial data for the W+D Group: Accounting standards: IFRSs ~ H1 2003 H1 2002 % change Employees (average for the year) 1,206 1,408 -28.7 Revenue (EURm) 65.2 63.7 2.4 Paper division 38.8 47.3 -18.0 Hygiene division 26.4 16.4 +61.0 Order intake (EURm) 46.5 59.6 -22.0 Paper division 35.4 44.6 -20.6 Hygiene division 11.1 15.0 -26.0 Order backlog (EURm) 42.6 67.9 -37.3 Paper division 30.2 51.3 -41.1 Hygiene division 12.4 16.6 -25.3 EBITDA (EURm) -1.4 -3.0 +53.3 EBITA (EURm) -3.4 -5.4 +37.0 EBIT (EURm) -6.5 -8.5 +23.5 Net loss for the period (EURm) -6.4 -6.0 -6.7 Earnings per share (EUR)* -1.04 -0.97 -7.2 Gross cash flow (EURm) -1.5 -0.7 -114.3 Net debt (EURm)** 34.6 35.5 -2.5 Cash and cash equivalents (EURm) 7.6 11.6 -34.5 ~ * In accordance with IAS 33 ** Total of bank borrowings and provisions for pensions less cash and cash equivalents end of announcement euro adhoc 12.08.2003 --------------------------------------------------------------------- Further inquiry note: Silvia Puderbach Assistentin des Vorstands Tel.: +49(0)2631-84287 E-Mail: silvia.puderbach@w-d.de Branche: Machine Manufacturing ISIN: DE0007790008 WKN: 779000 Index: CDAX, Midcap Market Index, Prime All Share, Prime Standard, Technologie All Share Börsen: Börse Düsseldorf / official dealing Frankfurter Wertpapierbörse / official dealing Berliner Wertpapierbörse / free trade Bayerische Börse / free trade Hamburger Wertpapierbörse / free trade Baden-Württembergische Wertpapierbörse / free trade

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