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Abonner W.O.M. World of Medicine AG

W.O.M. World of Medicine AG

euro adhoc: W.O.M. World of Medicine AG
Restructuring & Recapitalisations
WORLD OF MEDICINE focuses on its profitable core business, which grew by 11% in 2004, and completes strategic restructuring with revaluation of assets/ Declaration of intent on

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
08.03.2005
(Berlin, March 8, 2005) Medical technology device manufacturer WORLD
OF MEDICINE today signed a declaration of intent regarding the sale
of its industrial laser division.
WORLD OF MEDICINE will be focusing on its core business, Minimally
Invasive Surgery (MIS®), as previously announced. Over the last 2 ½
years, cost savings were achieved in MIS®, sales and marketing were
reorganized, and additional measures aimed at improving margins have
been implemented. WORLD OF MEDICINE has concluded a strategic
restructuring plan, and positioned MIS® for sustainable
profitability. 
Based on preliminary figures, sales in MIS® grew in 2004 by a
substantial 11%, to EUR30.8 million, despite the sharp rise in the
euro against the U.S. dollar (currency-adjusted: 22%).  MIS®
generated a positive contribution to earnings in 2004, prior to
adjustments for special effects (last year negative). In the course
of the industrial laser division divestiture, the Management Board
today in the evening resolved to significantly increase its risk
provisions in the 2004 annual financial statement for W.O.M. WORLD OF
MEDICINE AG, and in the consolidated financial statement.  The
resulting devaluation of assets held at IB Laser, the industrial
laser division, amounts to EUR 2.9 million after tax impact
considerations. As an additional risk provision, inventories for
medical device production were adjusted. This one-time asset
revaluation will not lead to a drain on liquidity.  It will reduce
the consolidated net earnings in 2004 for WORLD OF MEDICINE. Despite
the one-time special effects, the Management Board expects the equity
ratio for the Group to reach at least 64% in the end of 2004.
By taking this step, WORLD OF MEDICINE is addressing all identifiable
risks in order to facilitate its ability to pay dividends by 2006.
For 2005, WORLD OF MEDICINE estimates a level of growth in euro-based
sales in the middle single-digits calculated in percentage, and a
definitive improvement in earnings.
If the sale of the industrial laser division will be executed
according to the declaration of intent earnings from the repayment
from debts, and from a future profit participation would provide for
future extraordinary income.
The complete Annual Financial Statement will be presented by the
Company, as planned, on March 30, 2005.
The Management Board
end of announcement                    euro adhoc 08.03.2005 21:31:34 

Further inquiry note:

Stefanie Gehrke
Tel.: +49 (0)30 39981 566
E-Mail: stefanie.gehrke@womcorp.com

Branche: Pharmaceuticals
ISIN: DE0006637390
WKN: 663739
Index: Prime Standard, CDAX, Prime All Share, Technologie All Share
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Berliner Wertpapierbörse / free trade
Hamburger Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Niedersächsische Börse zu Hannover / free trade
Bayerische Börse / free trade
Bremer Wertpapierbörse (BWB) / free trade

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