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Sartorius AG

euro adhoc: Sartorius AG
Quarterly or Semiannual Financial Statements
Negative first-quarter earnings due to restructuring expenses
Earnings adjusted for restructuring expenses positive
Net cash flow substantially increased
Cost-cutting measure

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
Earnings for the first quarter of 2003 developed moderately in line
with the decrease in sales revenue development, which was caused by
the weak economic activity and the impact of foreign exchange rate
fluctuations (-4.0%; 2.7% when adjusted for the impact of foreign
exchange rate fluctuations). Earnings before interest, taxes,
depreciation and amortization, EBITDA, fell from 5.7 million euros to
2.6 million euros. Earnings before interest and taxes, EBIT, dropped
from -0.3 million euros to -2.9 million euros. However, these figures
contain restructuring expenses of approx. 5 million euros associated
with the cost-cutting measures designed to sustainably increase
profitability. Adjusted for these restructuring expenses,
first-quarter Group EBIT at 2.1 million euros and EBITDA at 7.6
million euros are up from the figures posted for the year-earlier
While the Biotechnology Division could report slightly positive
earnings at 0.3 million euros (previous year: 0.9 million euros), the
Mechatronics Division had to accept a loss of 2.8 million euros
(previous year: -0.9 million euros). As anticipated, the
Environmental Technology Division contributed -0.4 million euros
(previous year: -0.4 million euros) to earnings.
Net cash flow could be substantially increased from 2.5 to 6.9
million euros. As a result, net debt could be reduced from that
reported on December 31, 2002, as scheduled.
The cost-cutting measures initiated will lead to noticeable relief
even during the current financial year. For this reason, the
Executive Board expects the earnings situation to improve
substantially during the course of the year and, for the time being,
adheres to its forecast for fiscal 2003. This forecast predicts a
growth in sales and earnings.
end of announcement        euro adhoc 13.05.2003

Further inquiry note:

Rainer Lehmann Tel.: +49 (0) 551 308 4034 E-Mail:

Branche: Biotechnology
ISIN: DE0007165607
WKN: 716560
Börsen: Niedersächsische Börse zu Hannover / official dealing
Frankfurter Wertpapierbörse / official dealing
Berliner Wertpapierbörse / free trade
Bayerische Börse / free trade
Hamburger Wertpapierbörse / free trade
Bremer Wertpapierbörse (BWB) / free trade
Börse Düsseldorf / free trade
Baden-Württembergische Wertpapierbörse / free trade

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