Turbon AG — Earnings Release 2003

Aug 14, 2003

News Details

Ad-hoc | 14 August 2003 08:37

Turbon AG english

Turbon AG – Results in line with budget Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Turbon AG – Results in line with budget The significant changes in exchange rates for the Euro/US dollar and Euro/pound sterling in the first half of 2003 compared to the same period in the previous year have had major effects on consolidated sales. A total of 54.7% of group sales in the first six months were invoiced by our subsidiaries in the USA (37.4%) and Great Britain (17.3%). Negative currency effects on consolidated sales came to a total of Euro 7.3 million in the first half of 2003. Results have been affected to a much lesser extent because the subsidiaries also calculate their costs in the local currency and the lower dollar rate offers good opportunities for the purchasing of input materials. Consolidated sales for the first six months were Euro 68.6 million (previous year Euro 78.2 million). Growth in the non-impact sector continued (figures were compared in local currencies). The market-related decline in older printer technologies (impact) also persisted and was not entirely compensated for by growth in the non-impact sector. Sales were spread as follows: non-impact products (laser cartridges etc.) 71.7% (Euro 49.2 million, previous year 67.2%), impact products (ink ribbon cartridges, etc.) 25.1% (Euro 17.2 million; previous year 29.5%) and other products 3.2% (Euro 2.2 million; previous year 3.3%). Earnings before interest and taxes (EBIT) were Euro 4.0 million (previous year Euro 4.2 million). Interest expenses decreased to Euro 0.5 million (previous year Euro 0.9 million) so that the result from ordinary operations increased to Euro 3.5 million (previous year Euro 3.3 million). Net income of Euro 2.3 million was the same as in 2002. There was a slight rise in earnings per share to Euro 0.65 (previous year Euro 0.64). The slight decline in sales based on the comparison in local currencies should be made good in the second half of the year, especially because of sales to new customers in the US from Sep./Oct. onwards. Based on these figures, the outlook for 2003 as presented at the shareholders’ meeting in June (consolidated sales of Euro 135.0 million and consolidated net income of Euro 4.0 million) remains valid. The full Interim Report for the first half of 2003 can be requested from Turbon AG (Secretariat, Ruhrdeich 10, 45525 Hattingen) or downloaded from our website www.turbon.de Hattingen, Aug. 14, 2003 Turbon AG end of ad-hoc-announcement (c)DGAP 14.08.2003 ——————————————————————————– WKN: 750450; ISIN: DE0007504508; Index: Listed: Geregelter Markt in Düsseldorf und Frankfurt (General Standard); Freiverkehr in Berlin-Bremen, Hamburg und Stuttgart 140837 Aug 03