W.O.M. World of Medicine AG

euro adhoc: W.O.M. World of Medicine AG
Annual Reports
WORLD OF MEDICINE Annual Figures for 2003: Sales Goal of EUR 31.3 Million Achieved (Last Year: EUR 30.9 Million)
EBIT Improved by Increased Profitability in Core Business of Minimally Invasiv

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(Berlin,  March 10, 2004)

WORLD OF MEDCINE has achieved its targeted goal of sales stability through a slight increase in sales to EUR 31.3 million (last year: EUR 30.9 million).  The core business, Flow&FluidWORLD® , improved its operating earnings before interest and taxes to EUR 1.9 million (last year: EUR 1.0 million).  Improved profitability in all divisions of the core business in Minimally Invasive Surgery (MIS®) led to an improvement in EBIT to EUR -1.5 million (last year:  EUR -1.9 million).

The operative turnaround goal, however,  has not yet been reached. This can be attributed specifically to the fourth quarter performance of the IB Laser subsidiary, which clearly fell below expectations. The Chairman of IB Laser, Dr. Peter Wolff, has stepped down.  Michael Ott, CFO for WORLD OF MEDICINE, will again assume increased responsibility for the management of IB Laser until its is sold as planned, or a sustainable turnaround is accomplished.  As CEO of IB Laser, he had led the business into the profit zone as recently as 2002.

WORLD OF MEDICINE revenues after interest and taxes of EUR -3.7 million (last year:  EUR -2.1 million) were negatively impacted by extraordinary expenditures amounting to EUR 1.9 million.  These include costs generated by the closing of VisionWORLD production in Gröbenzell/Munich.    In addition, as a precautionary measure to cover risk at IB Laser, accruals on accounts receivable were charged off in the amount of EUR 0.7 million.

The annual savings of EUR 3.5 million garnered from the cost reduction program implemented in mid-2002 will take full effect as of 2004, as planned.  A higher volume of orders at EUR 9.1 million (last year:  EUR 8.4 million), a 3% increase in orders filled in 2003, as well as general contract agreements concluded for existing and new products are all indicators of the continued upswing in demand. Management is anticipating an operative turnaround and a continued increase in sales volume for the current year.

WORLD OF MEDICINE is issuing its Annual Report on March 25, 2004, as scheduled.  

The Management Board

end of announcement            euro adhoc 10.03.2004

Further inquiry note: Stefanie Gehrke, tel.:  +49 (0) 30 399 81 566, 0172-402 67 40, stefanie.gehrke@womcorp.com

Branche: Pharmaceuticals
ISIN:      DE0006637390
WKN:        663739
Index:    CDAX, Prime All Share, Prime Standard, Technologie All Share
Börsen:  Frankfurter Wertpapierbörse / regulated dealing
              Niedersächsische Börse zu Hannover / free trade
              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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