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Neschen AG

euro adhoc: Neschen AG
Restructuring & Recapitalisations / World-wide restructuring programme for Neschen AG

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
The consolidated turnover of Neschen AG for the financial year 2004
was EUR 140 Mio., approximately the same level as 2003, and below the
budgeted level for 2004. This fact is reflecting the minimal
improvement in the graphics market during last year.
Neschen AG will return a net loss for the financial year 2004 of
approx. EUR 9,6 Mio. The Neschen Group will return a net loss, before
taxes, of approx. EUR 14,5 Mio. Accordingly, the equity ratio of
Neschen AG changes to 37%.
The operating loss before taxes of EUR 8,0 Mio., was due to the
dramatic change in the EUR/$ exchange rate, combined with increased
raw material prices, particularly in the third and fourth quarter.
The fact that the sales volume was below the annual goal, had an
impact on the book-value of intangible assets, associated inventories
and several financial investments. In total the extraordinary
expenses will result in an amount of approx. EUR 6,5 Mio..
The Members of the Executive and Supervisory Boards, immediately set
up a restructuring programme. This programme will greatly extend the
activities already in place since 2004. Significant action points
are: the reduction of employees by 20%, closing and pooling of
foreign activities, product range consolidation and the optimisation
of production capacities. All of these measures will be completed in
the current year and will result in an annual cost-saving of approx.
EUR 5,0 Mio. The financing of this programme has been guaranteed. The
estimated costs for the restructuring programme are EUR 6,4 Mio..
Based on a turnover similar to the previous year, the expected net
operative result (before costs for the restructuring programme) for
2005 will be EUR 1,0 Mio. From 2006 onwards, Neschen expects a
continuous positive annual result, with a medium-term EBIT-margin of
In the first two months of the current year the sales volume is at
the budgeted level. The consolidated turnover increased by approx. 5%
compared to the same period in 2004.
end of announcement                    euro adhoc 21.03.2005 16:41:39 

Further inquiry note:

Jan Marzinowski
Tel.: +49 (0) 5722 207 153

Branche: Process Industries
ISIN: DE0005021307
WKN: 502130
Index: General Standard, CDAX
Börsen: Berliner Wertpapierbörse / free trade
Hamburger Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Bremer Wertpapierbörse (BWB) / free trade
Frankfurter Wertpapierbörse / official dealing
Niedersächsische Börse zu Hannover / official dealing

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