Turbon AG — Earnings Release 2003

Apr 14, 2004

News Details

Ad-hoc | 14 April 2004 08:32

Turbon successful in 2003

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Turbon successful in 2003 Group sales were Euro 133.6 million in 2003 after Euro 148.0 million in the previous year. When making this comparison, however, it must be kept in mind that 55.5 percent of the sales of the Turbon group in 2003 were achieved by subsidiaries in the USA, Great Britain and Thailand, in the relevant local currencies. The fluctuations in exchange rates as compared to the previous year against the stronger Euro have had a negative impact on the Euro consolidation of group sales totaling Euro 12.3 million. Sales of non-impact products (laser cartridges, ink jet etc.) amounted to Euro 97.4 million (p.y.: Euro 101.3 million). This represents a decline of Euro 3.9 million or 3.8 percent, but compared in local currencies, i.e. adjusted by currency effects, we see a 4.7 percent increase. This growth can be attributed to the steadily rising sales of our main product, laser cartridges. Sales in laser cartridges rose from Euro 72.2 million in 2002 to Euro 74.6 million in 2003, which represents a 3.3 percent increase. Taking local currencies as the basis, sales rose significantly by 12.1 percent. The market-related decline in sales of impact products (ink ribbons) continued in 2003 as anticipated. Sales in this area totaled Euro 32.7 million (p.y. Euro 42.1 million). This represents a decline of 22.3 percent or 13.8 percent compared in local currencies. Overall group sales in 2003 are broken down as follows: non-impact products Euro 97.4 million (72.9 percent, p.y. 68.4 percent); impact products Euro 32.7 million (24.5 percent, p.y. 28.5 percent) and other products Euro 3.5 million (2.6 percent, p.y. 3.1 percent). Earnings before interest and taxes (EBIT) amounted to Euro 6.7 million (p.y. Euro 7.1 million). Due to the steady reduction of liabilities due to banks we were able to lower net interest expenses from Euro 1.5 million in 2002 to below Euro 1.0 million in 2003. The result from ordinary operations in 2003 amounted to Euro 5.7 million, as compared to Euro 5.6 million in 2002, while group net income amounted to Euro 4.0 million in 2003, as compared to Euro 4.1 million in the previous year. Earnings per share were Euro 1.12 (p.y. Euro 1.13). The Annual Report 2003 will be available from April 23, 2004 either by mail from Turbon AG (Secretariat, Ruhrdeich 10, 45525 Hattingen) or on our website http://www.turbon.de . Hattingen, April 14, 2004 Turbon AG end of ad-hoc-announcement (c)DGAP 14.04.2004 ——————————————————————————– WKN: 750450; ISIN: DE0007504508; Index: Listed: Geregelter Markt in Düsseldorf und Frankfurt (General Standard); Freiverkehr in Berlin-Bremen, Hamburg und Stuttgart 140832 Apr 04