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Eybl International AG

euro adhoc: Eybl International AG
Annual Reports
Eybl International announces results for the 2003/04 financial year (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
Eybl International announces results for the 2003/04 financial year
•	Transformation process successfully concluded
•	Sustainable improvement in profits
•	Record order intake and backlog
•	Further increase in earnings expected in 2004/05
Krems, 29 June 2004 - Following a consolidation phase the Eybl Group
completed the transformation of its business in financial 2003/04,
successfully repositioning itself as an innovative European
automotive industry developer/supplier.
As part of this strategic realignment Eybl systematically streamlined
its product portfolio and eliminated low-margin contracts during its
2003/04 financial year. Despite rationalisation of its product range
and customer base, and the adverse situation in its end-markets,
Eybl’s results for financial 2003/04 were within its target corridor,
and sales revenue was up from EUR 305.0 million (m) in 2002 (adjusted
for discontinued products) to EUR 342.2m. The company’s textile
production business accounted for EUR 76.9m or 22.5%, its fabrication
segment for EUR 227.4m or 66.4%, and its interiors operation for EUR
37.4m or 10.9% of total revenue.
Despite the harsh trading environment earnings grew significantly in
financial 2003/04, due to optimisation of the company’s production
and logistics processes, increased productivity in its fabrication
and interiors businesses, and reorganisation of its warp knitting
operations. Earnings before interest, tax, depreciation and
amortisation (EBITDA) advanced by about 6% to EUR 21.0m, while
earnings before interest and tax (EBIT) climbed by some 14% to EUR
12.3m. Eybl’s strong profitability was demonstrated by the rise in
the EBIT margin from 2.7% to 3.6%.
At the same time profit on ordinary activities progressed from EUR
5.6m in financial 2002/03 to EUR 8.9m in 2003/04, and the company
moved into the black, recording a net profit for the year of EUR
9.0m.
Eybl’s stronger position with the motor manufacturers was also
reflected in record order intake and backlog. As of 31 March 2004
order backlog was EUR 1,124m. Order intake in 2003/04 was EUR 515m —
an 81% year-on-year increase.
The health of Eybl’s balance sheet was underlined by the increase in
the equity ratio to 29.1%. The debt situation has been transformed
since 2001, and the gearing ratio declined from 420% to 80% as of 31
March 2004. Return on capital employed (ROCE) was 11.8% at balance
sheet date, reflecting the positive earnings trend.
At balance sheet date Eybl International had 3,905 employees at its
13 sites.
In the light of current business forecasts, and global political and
economic developments, management does not anticipate major changes
in the trading environment in financial 2004/05. European motor
manufacturers do not expect any marked improvement in this year’s
production figures. However, orders for financial 2004/05 are equal
to a comfortable 90% of capacity, and management regards the
prospects for all Eybl’s businesses of winning shares in its core
West European automotive market as good. Management sees sales
revenue ranging between EUR 350-370m in financial 2004/05, and the
EBIT margin reaching about 4%.
About Eybl International
Vienna listed Eybl International AG is an internationally recognised
manufacturer of automotive interior parts. It specialises in
producing autotextiles; fabricating cloth, leather and combination
cloth/leather seat covers, and covering special interior trim parts.
Headquartered in Krems, Austria, the company employs some 3,900
people at 12 sites in Austria, Germany, Hungary, Romania, Slovakia
and Spain. Today, Eybl International is the largest Austrian
automotive component supplier, and the country’s leading textile
manufacturer in terms of revenue.
Contact
Claudia Müller-Stralz
Eybl International AG Press Office
ECC PUBLICO, Neulinggasse 37, A-1030 Vienna
Tel: +43 (0)1 71786 direct dial 107; fax: +43 (0)1 7178660
end of announcement        euro adhoc 29.06.2004

Further inquiry note:

Eybl International AG
Investor Relations
Robert Gabriel
Tel.: +43 (0) 2732 881-300
Fax: +43 (0) 2732 881-79
mailto:robert.gabriel@eybl-international.com

Branche: Textiles & Clothing
ISIN: AT0000908157
WKN:
Index: ATX Prime, WBI
Börsen: Wiener Börse AG / official dealing
Berliner Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Frankfurter Wertpapierbörse / free trade

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