Henkel KGaA

Henkel holds course

Düsseldorf (ots) - Henkel holds its course despite the weak economic situation. Sales in the first half-year amounted to EUR 6.7 billion, operating profit (EBIT) was at EUR 463 million and net earnings for the half-year at EUR 260 million. The positive development was due to the improved business performance compared to the first quarter. In the first half-year 2001, the Henkel Group generated sales of EUR 6.7 billion. This represents an 8.1 percent increase over the previous year's figure (EUR 6.2 billion). Organic growth accounted for 2.5 percent, foreign exchange factors contributed 1.1 percent to the rise in sales, and a net gain from acquisitions and divestments provided a plus of 4.5 percent. At EUR 463 million, operating profit (EBIT) remained at last year's level (EUR 462 million) despite a loss of EUR 28 million caused by the devaluation of the Turkish lira. The return on capital employed (ROCE) was 13.3 percent. Net earnings for the half-year amounted to EUR 260 million. This represents a 6.1 percent increase with respect to last year (EUR 245 million). Earnings per share rose 7.6 percent to EUR 1.69 (previous year: EUR 1.57). Regional developments All business sectors contributed to the increase in European sales including Africa and the Middle East. Operating profit for the region improved despite the economic crisis in Turkey. In the USA and Canada, sales increased above average due to the acquisitions of Dexter (Adhesives) and Atofina (Surface Technologies). The sales increase in Latin America resulted from the takeover of the heavy-duty detergents business of Colgate in Mexico. Sales growth achieved in Asia-Pacific was due to the acquisition of Dexter and good performance from Cosmetics. Development of business sectors The Adhesives business sector increased sales by 10.7 percent to EUR 1.6 billion. Operating profit decreased by 16.2 percent to EUR 109 million. This decrease has a number of causes, including the rather sluggish business situation in Germany, the crisis in Turkey, product forgeries in Brazil and the fall in demand in Japan. Sales of consumer and craftsmen adhesives remained at the previous year's level. Pritt and the adhesive tapes business (Manco) in the USA performed well. Sales of engineering adhesives rose 28.0 percent during the first half-year. This was primarily due to the acquisition of the specialty polymers business of Dexter. There was further organic growth in the existing businesses in Europe and Latin America. Industrial and packaging adhesives registered strong sales growth of 8.5 percent. Market share gains were achieved in North America and Asia with respect to adhesives for the graphic arts industry and laminating adhesives. Sales of the business sector Cosmetics/Toiletries increased by 7.4 percent to EUR 1.1 billion. Operating profit rose by 6.3 percent to EUR 68 million. Market shares were gained in Germany, Benelux, Italy, Russia and Latin America. The Yamahatsu acquisition, in Japan, contributed 1.1 percent to the rise in sales. The rise in operating profit came from very good performance of the businesses in Germany, Russia and Benelux. The brand-name products business produced a 7.1 percent increase in sales for the first half-year. Sales of hair cosmetics rose by 16.3 percent. The main growth drivers were colorants, which performed particularly well in Japan and continued along their upward growth curve in Europe. The styling and hair care segments likewise showed good sales growth thanks to the launch of further product lines. Sales in body care increased by 3.0 percent. The Fa brand was additionally strengthened by the launch of the Wellness series. Sales in facial care products were slightly higher than last year. Diadermine and Aok performed well as a result of new product launches. Sales in oral care matched the level of the previous year. The innovative tube product Theramed Perfekt was successfully introduced in a number of European countries. Hair Salon sales (Schwarzkopf Professional) grew 8.3 percent. The Laundry & Home Care business sector increased sales by 12.9 percent to EUR 1.5 billion in the first half-year. Operating profit rose by 9.4 percent to EUR 105 million. This positive development is due in particular to business performance in Germany, Italy and the Middle East. Sales growth (23.1 percent) was mainly driven by heavy-duty detergents, while sales in special detergents fell 1.7 percent with respect to last year. Household cleaners registered a sales increase of 3.1 percent and expanded their European market leadership. Of the 6.0 percent sales increase registered in Industrial and Institutional Hygiene/Surface Technologies, 3.0 percent were contributed by the acquisitions Atofina and Vagnone & Boeri. Operating profit decreased by 6.3 percent to EUR 75 million. This was mainly due to price increases for raw materials (Industrial and Institutional Hygiene) and the significant downturn in economic activitity in North America (Surface Technologies). Sales of Industrial and Institutional Hygiene increased by 4.3 percent with respect to last year. Sales of Surface Technologies were up 8.2 percent on the previous year. The Chemical Products business sector, now an independent legal entity under the name Cognis, increased sales by 4.0 percent to EUR 1.5 billion. Operating profit rose by 3.6 percent to EUR 116 million. The increase was achieved despite an appreciable downturn in economic activity, particularly in the USA. The rise in operating profit, achieved despite the restructuring program implemented in the USA (EUR 15 million) and the negative effects of the Turkish crisis, is particularly gratifying. Major participations Ecolab Inc., St. Paul, Minnesota, USA, in which Henkel holds a participating interest of 25.3 percent, registered a growth in sales of 7.3 percent to US$ 1,177 million in the first half of the year. Net earnings for the half-year rose 1.7 percent to US$ 93 million. The Clorox Company, Oakland, California, USA, in which Henkel holds a participating interest of 26.6 percent, reported sales for its 2000/2001 fiscal year of US$ 3,903 million, 2.2 percent down on the previous year. At US$ 323 million, net earnings dropped by 18 percent with respect to last year. Employees By June 30, 2001, the Henkel Group had close to 61,000 employees. The proportion of Henkel personnel working outside Germany was 74 percent. Major event In June 2001, Henkel announced a worldwide employee share program due to start in September. All employees of the Henkel Group will then be able to purchase Henkel preferred shares at favorable conditions. For every euro that an employee invests, Henkel will add another EUR 0.50. The shares must be held for a minimum of three years. Outlook The deterioration of the economic environment and the volatile currency situation in certain emerging countries make a forecast difficult. In view of the economic slowdown exhibited in virtually all regions, Henkel expects the business situation for Adhesives and Industrial and Institutional Hygiene/Surface Technologies to remain difficult in the second half of the year. Henkel anticipates, however, an improvement in sales and profits in its branded consumer businesses. Henkel is confident of achieving a respectable increase in sales for fiscal 2001 as a whole. Operating profit, net earnings for the year and earnings per share should either reach or slightly exceed the level of the previous year. ots Originaltext: Henkel Corporate Communications Internet: www.newsaktuell.ch Contact: Henkel Corporate Communications Ernst Primosch Fon: +49-211-797-3533 Fax: +49-211-798-2484 e-mail: ernst.primosch@henkel.com Lars Witteck Fon: +49-211-797-2606 Fax: +49-211-798-4040 e-mail: lars.witteck@henkel.com Internet: www.henkel.com

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