euro adhoc: Westag & Getalit AG
Quarterly or Semiannual Financial
Statements
Significantly improved result in 2003 and a further
improvement in the first quarter of 2004 (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Key figures for 2003 - In 2003, incoming orders in the all-German structural engineering sector - one of the main indicators for Westag & Getalit AGs business trend - were down 13.2% on the previous year. Notwithstanding this difficult industry environment, Westag & Getalit AG was able to stabilise its sales at EUR 162.8 million, which is on par with the previous years level (EUR 162.7 million). A slight decline in domestic sales of 1,0% to EUR 137.4 million was compensated for by a steady increase in international sales to EUR 15.6 million (previous year: EUR 14.8 million). In 2003 we increased our result before taxes on income from EUR 1.2 million in the previous year to EUR 3.4 million. Almost all the restructuring measures launched already in 2002 took full bottom-line effect in 2003. The net income amounted to EUR 1.8 million (previous year: EUR 1.6 million). The 2003 DVFA/SG earnings per share amounted to EUR 0.32 (previous year: EUR 0.11). Our export share increased to 15.6% (previous year: 14.8%). The Management Board and the Supervisory Board will propose payment of a dividend of EUR 0.28 per ordinary share (no dividend paid in previous year) and of EUR 0.34 per preference share (previous year: EUR 0.12) to the Annual General Meeting scheduled to take place in Rheda-Wiedenbrück on August 12, 2004.
Key figures for the 1st Quarter 2004 - A noticeable recovery of the German construction sector is still not discernible. In the first quarter of 2004, Westag & Getalit AGs sales rose to EUR 42.4 million, up 4.4% on the previous year (EUR 40.7 million), in spite of the continued difficult environment. Increased foreign business enabled us to boost our international sales by 11.3% to EUR 6.8 million. All three divisions improved their international sales. Overall, our export share stood at 16.0%. Thanks to the gratifying sales development in all three divisions of our company and our strict cost management policy, our result before income taxes rose to a gratifying EUR 1,969 thousand in the first quarter of 2004 (previous year: EUR 349 thousand). Q1/2004 DVFA/SG earnings per share amounted to EUR 0.20 (previous year: EUR 0.03). At its meeting on May 11, 2004, the Supervisory Board decided to appoint Mr. Wilhelm Beckers who has been Head of the Doors/Frames division since December 2003 member of the Management Board with effect from June 1, 2004. The general economic environment in Germany remains characterised by uncertainty. While we expect only a slight sales increase in the domestic business, we see substantial growth potential on the export front. We will continue our aggressive cost management policy. However, the level of market prices in 2004, which will have a significant bearing on our result, remains an unknown quantity. The fierce competition among distributors and retailers obviously has implications for our prices. We are confident about the successful future development of our result provided we will be able to gain further market shares based on our significantly reduced production costs.
end of announcement euro adhoc 12.05.2004
Further inquiry note:
Felix Huisgen
Tel.: +49 (0)5242 17 5350
E-Mail: huisgen@westag-getalit.de
Branche: Building materials
ISIN: DE0007775207
WKN: 777520
Index: Prime All Share, Prime Standard
Börsen: Frankfurter Wertpapierbörse / official dealing
Berliner Wertpapierbörse / free trade
Bremer Wertpapierbörse (BWB) / free trade
Börse Düsseldorf / free trade
Baden-Württembergische Wertpapierbörse / free trade
Original content of: Westag & Getalit AG, transmitted by news aktuell