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Clariant

euro adhoc: Clariant International Ltd.
Annual Reports
Clariant Post Profit, Announces Major Job Cuts and Plans Capital Increase (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
MUTTENZ, Switzerland - Feb. 24, 2004 -- Clariant AG showed a
resilient performance amid tough market conditions in 2003, posting a
1% rise in turnover measured in local currency terms and holding
margins steady. The company recorded a net profit of CHF 161 million
and substantially reduced net debt, to CHF 2.9 billion.
At the same time, Clariant announced that its Transformation Program
is well on-track. The asset sales process is proceeding according to
schedule, including the sale of Electronic Materials, in which
negotiations are well advanced. The Transformation Program will
result in the company eliminating 4,000 jobs over the next two years.
Clariant also announced that the Board of Directors will propose at
the Annual General Meeting on April 2nd a capital increase amounting
to approximately CHF 920 million.
Positive Results in a Difficult Environment
For the year ending Dec. 31, 2003, sales totaled CHF 8.5 billion in
local currency terms, up 1% compared to 2002. In Swiss franc terms,
sales were down 3% from a year earlier. Net profit for the year was
CHF 161 million compared to a net loss of CHF 648 million in 2002.
Four of Clariant’s five divisions recorded sales gains in local
currency terms, with Life Sciences & Electronic Chemicals being the
exception.
Measures initiated in 2003 improved working capital management,
resulting in significantly improved cash flow in the second half of
the year.
Net debt was reduced from CHF 3.7 billion in the middle of the year
to CHF 2.9 billion by year-end. Shareholders’ equity increased by CHF
200 million to total approximately CHF 1.2 billion, lifting the
equity ratio to approximately 15%. The Board of Directors will
propose a gross dividend of CHF 0.20 per share.
"Our efforts to improve the company’s results have paid off, but we
still have a lot of work ahead of us," said Clariant Chief Executive
Roland Loesser.
Transformation Program On-Track
In mid 2003, Clariant initiated a Transformation Program designed to
create a substantially more competitive company. It includes the sale
of non-core assets as well as a wide range of measures to improve
performance.
The sale of the Cellulose Ethers business unit was successfully
completed at the end of 2003. Negotiations to sell Electronic
Materials are well advanced. In addition, two other units are now
ready for sale.
Clariant successfully implemented projects to improve efficiency in
the areas of purchasing, logistics and production in selected parts
of the company in the second half of 2003 and these will now be
extended throughout the group. In addition, measures to improve the
efficiency of the organizational structure and of business processes
will lead to the reduction of 4,000 jobs worldwide over the next two
years. The main areas affected are general administration,
infrastructure, production and the supply chain. The areas of sales
and client service will be unaffected. Various functions previously
carried out elsewhere will henceforth be concentrated in the Muttenz
headquarters.
"These jobs cuts are painful, but unfortunately they are unavoidable
given the need to ensure Clariant’s long-term strength," Mr. Loesser
said. "We must be highly efficient in all our operations in order to
retain a competitive advantage."
Capital Increase Planned
Clariant’s Board will propose at the next Annual General Meeting a
capital increase of approximately CHF 920 million. The requested
capital increase is fully underwritten by a banking syndicate led by
Citigroup and UBS.
"The capital increase is aimed at strengthening our balance sheet and
therefore the long-term competitiveness of the company," Mr. Loesser
said. "It will facilitate the execution of the Transformation Program
and give the business greater flexibility."
Board Changes
Long-time board member Pierre Borgeaud has reached the statutory
retirement age and will step down from the Board at the next meeting.
Two new members have been proposed: The Swiss lawyer Peter R. Isler,
a partner at the Zurich law firm Niederer, Kraft & Frey and the
Frankfurt-based businessman Dr. Kajo Neukirchen.
Outlook
Regarding the current business year, Mr. Loesser said: "For the time
being, I do not see a sustainable improvement in demand, but I am
more optimistic than three months ago. I am off course even more
positive about Clariant given the measures we have put in place." In
addition, Mr. Loesser confirmed the company’s target, announced in
August 2003, to achieve CHF 100 million in cost savings this year,
deliver an EBIT improvement of CHF 400 million within the next three
years and reduce working capital by CHF 600 million over the same
period.
The main terms of the Capital Increase are as follows
Issuance of up to 92 064 000 fully paid registered shares
representing aggregate proceeds of approx. CHF 920 million.
•	the issued shares will be entitled to dividends for the 2004
financial year.
•	the detailed terms will be announced at the AGM of April 2, 2004.
The pre-emptive rights (Bezugsrechte) of existing shareholders shall
be granted. They shall be traded between April 13, 2004 and April 20,
2004 and shall be exercisable from April 13, 2004 until noon CET on
April 21, 2004.
Pre-emptive rights not exercised during the exercise period shall be
placed or taken up by the underwriting syndicate.
Resumes of Proposed New Board Members
Dr. Peter R. Isler, born in 1946, studied law at the universities of
Zurich and Harvard. Since 1977 he has been with the law firm Niederer
Kraft & Frey, becoming a partner in 1981. Dr. Isler also teaches
trade and commercial law at the University of Zurich.
Dr. Kajo Neukirchen, born in 1941, studied physics and economics. He
served as chief executive of several German corporations, most
recently at Metallgesellschaft (now MG Technologies), a specialty
chemical, building technologies and machinery group.
Key Financial Group Figures 2003 (in CHF mn)
like-for-like
~
Full Year           2003         2002              Change  %
                                 (like-for-like)   2003  compared
                                                   with 2002
                                                   (like-for-like)
                                                   CHF          LC
Sales               8516         8824              -3           +1
Gross profit        2729         2898              -6           -3
Margin              32%          32.8%
EBITDA              1119         1125
Margin              13.1%        12.7%             -1           +5
EBIT before
restructuring,
impairment,
disposals and
amortisation
of goodwill         611          640
Margin              7.2%         7.3%               -           -
EBIT                559          -250
Margin              6.6%         -                  -           -
Net income          161          -693               -           -
as per              Dec. 02      June 03      Dec. 03
Net debt            3476         3686         2905
Equity              914          1061         1176
4th quarter         2003         2002         Change  %
                           (like-for-like)1   2003  compared with
                                              2002 (like-for-like) 1
                                              CHF
Sales               2114         2097         +1
Gross profit        667          635
Margin              31.6%        30.3%        +5
EBITDA              423          290
Margin              20.0%        13.8%        +46
EBIT before
restructuring,
impairment and
disposals           98          -702
Margin              4.6%                       -
EBIT                262         -721           -
Margin              12.4%
Net income          172         -835           -
~
1 The numbers for 2002 were like-for-like to account for the
disposals of business activities in 2002. Disposals in 2002: Emulsion
business of Division Textile, Leather and Paper. Hydrosulfite
business in North America of Division Textile, Leather and Paper.
Emulsion businesses Portugal of Division Textile, Leather and Paper.
All activities were sold effective as per the end of 2002.
Calendar of Corporate Events
April 2, 2004							Annual General Meeting
April 7, 2004							Ex-Dividend Date
May 4, 2004							First Quarter 2004 Results
August 5, 2004						First Half Year 2004 Results
November 9, 2004						Third Quarter 2004 Results
Your Clariant Contacts
Media Relations
Christoph Hafner           Tel.      +41 61 469 67 46
Rainer Weihofen            Tel.      +41 61 469 67 42
		Fax                +41 61 469 65 66
Investor Relations		Tel.      +41 61 469 67 48
		Fax                +41 61 469 67 67
Holger Schimanke		Tel.	 +41 61 469 67 45
Daniel Leuthardt		Tel. 	 +41 61 469 67 49
Clariant - Exactly your chemistry.
Clariant is a global leader in the field of specialty chemicals.
Strong business relationships,  commitment to outstanding service and
wide-ranging application know-how make Clariant a preferred partner
for its customers.
Clariant, which is represented on five continents with over 100 group
companies, employs about 27,000 people. Headquartered in Muttenz near
Basel, it generated sales of around CHF 8.5 billion in 2003.
Clariant’s businesses are organized in five divisions: Textile,
Leather & Paper Chemicals, Pigments & Additives, Masterbatches,
Functional Chemicals and Life Science & Electronic Chemicals.
Clariant’s innovative products play a key role in its customers’
manufacturing and treatment processes or else add value to their end
products. The company’s success is based on the know-how of its
people and their ability to identify new customer needs at an early
stage and to work together with customers to develop innovative,
efficient solutions.
Clariant is committed to sustainable growth springing from its own
innovative strength. Our objective is to generate 30% of sales with
products and services that are no more than five years old.
www.clariant.com
end of announcement        euro adhoc 24.02.2004

Further inquiry note:

Media Relations
Christoph Hafner Tel. +41 61 469 67 46
Rainer Weihofen Tel. +41 61 469 67 42
Fax +41 61 469 65 66

Investor Relations Tel. +41 61 469 67 48
Fax +41 61 469 67 67
Holger Schimanke Tel. +41 61 469 67 45
Daniel Leuthardt Tel. +41 61 469 67 49

Branche: Chemicals
ISIN: CH0012142631
WKN:
Index: General Standard, SMI
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