Turbon AG — Earnings Release 2002

Mar 31, 2003

News Details

Ad-hoc | 31 March 2003 15:00

Turbon AG english

Turbon successful in 2002 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Turbon successful in 2002 The Consolidated Financial Statements as of Dec. 31, 2002 has been prepared in accordance with the regulations of the German Commercial Code (HGB) and no longer in accordance with IAS. Consolidated sales were Euro 148.0 million in 2002. Consolidated sales for the previous year were Euro 148.4 million. However, after allowing for the effects of currency on the consolidation of foreign currency sales totaling Euro 3.7 million, sales based on local currencies have risen by Euro 3.3 million after conversion. Growth in the sector of non-impact products continued. Sales of non-impact products in 2002 were Euro 101.3 million (a rise of Euro 9.2 million or 9.9% compared to 2001). Overall, sales were spread as follows: 68.4% (Euro 101.3 million; previous year: 62.1%) on non- impact products, 28.5% (Euro 42.1 million; previous year: 34.5%) on impact products and 3.1% (Euro 4.6 million; previous year: 3.4%) on other products. Rental income was not shown under sales (as IAS requires) but under other operating income in compliance with HGB. EBIT was Euro 7.1 million (previous year: Euro 6.8 million). Income from ordinary operations was Euro 5.6 million (previous year: Euro 4.3 million). Consolidated net income in 2002 rose to Euro 4.1 million (previous year: Euro 3.8 million). Under IAS, consolidated net income in 2002 would have been around Euro 3.5 million. Earnings per share in 2002 are Euro 1.13 (previous year: Euro 1.03). Our priority aim for 2003 is to increase sales in local currencies. This should be achieved through further growth in the area of non-impact products. Nevertheless, a decline in sales by approx. Euro 10.0 million would already arise after converting sales for 2002 at the current USD and GBP exchange rates. Such a difference cannot be compensated for by growth in the non-impact sector, especially because the market-based decline in sales is expected to continue. For this reason, consolidated sales of approx. Euro 140.0 million are planned for the year 2003. If we take this as the basis, we expect to at least repeat last year’s results in 2003, i.e. achieve consolidated net income of at least Euro 4.1 million. The provisional annual financial statements can now be downloaded from our website http://www.turbon.de. Hattingen, March 31, 2003 The Executive Board end of ad-hoc-announcement (c)DGAP 31.03.2003 ——————————————————————————– WKN: 750450; ISIN: DE0007504508; Index: Listed: Geregelter Markt in Düsseldorf und Frankfurt (General Standard); Freiverkehr in Berlin-Bremen, Hamburg und Stuttgart 311500 Mär 03