Turbon AG — Earnings Release 2003

Nov 19, 2003

News Details

Ad-hoc | 19 November 2003 07:56

Turbon AG – Figures for nine months

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Turbon AG – Figures for nine months Business of the Turbon Group developed overall according to plan in the first nine months of 2003. Nevertheless, necessary accounting adjustments at a US subsidiary – the details of which are contained in the interim report – have been reflected in the figures to a small extent. Sales were Euro 99.6 million (previous year Euro 113.1 million). 55.0 percent of sales were invoiced by subsidiaries in the US and in the UK. Due to the strong Euro against US Dollar and Pound Sterling, there was a negative currency effect of Euro 9.4 million. Sales of non-impact products continue to be high. This product sector accounted for a share of 71.7 percent (Euro 71.4 million; p.y. 67.6 percent). Impact products accounted for 25.3 percent (Euro 25.2 million; p.y. 29.2 percent) and other products for 3.0 percent (Euro 3.0 million; p.y. 3.2 percent). Significant growth in sales is expected for the 4th quarter compared to the p.y.. October was the month with the highest sales in 2003. We anticipate a similar course of business for November and December because, among other things, we will be making and billing the first delivery in the US and Europe to a new major account for laser cartridges. For this reason, we expect to achieve our sales target of Euro 135.0 million in 2003. The results are affected by the value adjustments mentioned above. Earnings before interest and taxes were Euro 5.0 million after Euro 6.1 million in the p.y.. Taking account of interest expenses reduced to Euro 0.7 million (p.y. Euro 1.2 million), income from ordinary operations works out at Euro 4.3 million (p.y. Euro 4.9 million). Consolidated net income was Euro 3.0 million (p.y. Euro 3.5 million). Earnings per share are Euro 0.83 (p.y. Euro 0.96). We assume that the increase in sales in the 4th quarter will also be reflected in a significant improvement in results compared to the same period of the previous year. For this reason, we remain confident that we will achieve our consolidated net income target of Euro 4.0 million for the year 2003 as a whole. The Interim Report can be obtained from Turbon AG (Secretariat, Ruhrdeich 10, 45525 Hattingen) or at http://www.turbon.de . Hattingen, November 18, 2003 Turbon AG end of ad-hoc-announcement (c)DGAP 19.11.2003 ——————————————————————————– WKN: 750450; ISIN: DE0007504508; Index: Listed: Geregelter Markt in Düsseldorf und Frankfurt (General Standard); Freiverkehr in Berlin-Bremen, Hamburg und Stuttgart 190756 Nov 03