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Neschen AG

euro adhoc: Neschen AG
Earnings
Neschen AG releases its annual earnings report (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
The Neschen AG recorded, in the fiscal year 2003, a turnover of
140.9M EUR, 12% less than the previous year (160,1M EUR). Despite the
turnover decrease of 19.2M EUR, the EBITDA sank only 1.7M EUR to 8.7M
EUR and therefore only 16.4% less than the previous year (10.4M EUR).
The EBIT fell from 5.5M EUR to 1.9M EUR.
The turnover decrease was caused by a reduced demand in the
advertising sector, as well as a 4.9M EUR reduction due to currency
exchanges. Despite the reduction in turnover, the raw yield margin
increased to 46.5% (45.5%). A cost-reduction programme (with the
exception of Research and Development) was implemented in reaction to
the unusually strong turnover fluctuation evident at the end of the
first quarter 2003, and a savings of 5.6M EUR was realised in 2003
with additional savings coming in 2004.
Currency exchange losses amounting to 1.1M EUR were due to production
of American products in Europe (33% of the group turnover). These
exchange consequences are by and large eliminated now due to the
creation of production capabilities in the USA.
The cash-flow decreased from 6.3M EUR in 2003 by 33% to 4.2M EUR.
The first quarter of the current fiscal year shows a marked
improvement of the market situation and bodes an improvement of the
turnover and yield situation in relation to the previous two
quarters.
A capital increase of 25% was carried out in February to strengthen
the capital resources ratio. In addition, a restructuring of the
company through the selling of the hard foam-board branch, which lies
outside of Neschen’s core business, is being carried out.
end of announcement        euro adhoc 23.04.2004

Further inquiry note:

Jan Marzinowski
Tel.: +49 (0) 5722 207 153
E-Mail: j.marzinowski@neschen.de

Branche: Process Industries
ISIN: DE0005021307
WKN: 502130
Index: CDAX, General Standard
Börsen: Frankfurter Wertpapierbörse / official dealing
Berliner Wertpapierbörse / free trade
Bayerische Börse / free trade
Hamburger Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Baden-Württembergische Wertpapierbörse / free trade

Plus de actualités: Neschen AG
Plus de actualités: Neschen AG