Siegfried
delivers solid results
The
Siegfried Group generated revenues of CHF 366.2 million in 2003 (prior year: CHF
399.0 million), a decrease of 4% in local currency and 8.2% in Swiss francs.
Operating income reached CHF 62.9 million. This was 16.5% lower than one year
earlier (CHF 75.4 million). Thanks in part to one-time factors, the Siegfried
Group earned net income of CHF 53.3 million (down 5.1% from 2002).
In
a performance approaching that of the record year 2002, when the operating
margin was 18.9%, the Siegfried Group again reached a solid margin of 17.2% last
year.
The
Siegfried Division posted sales of CHF 336.0 million (2002: CHF 362.4 million)
in 2003 and thus accounted for 92% of Group sales. This amounted to a decrease
of 2.4% in local currency and 7.3% in Swiss francs. The operating income of CHF
60.9 million was 16.8% lower than the prior year level. A business unit under
particular strain was Siegfried Actives (active pharmaceutical ingredients),
which has high exposure to the U.S. dollar. As well, this unit struggled with
the excess capacity existing worldwide. By contrast, the Siegfried Generics and
Siegfried Biologics business units performed well. A positive contribution also
came from the U.S. plant in Pennsville, New Jersey, where capacity utilization
was boosted substantially.
The
Sidroga Division recorded consolidated sales in 2003 of CHF 30.2 million (down
17.5% from the prior-year level of CHF 36.6 million) and operating income of CHF
2.0 million (compared to CHF 2.2 million in 2002). Adjusted for the sales of the
German tea packaging business that was closed in mid-2002, the division’s
sales last year represented an increase of 5.4%. This was driven partly by the
addition of fresh, innovative products in new formulations.
The
Board of Directors will proposes to the Annual Meeting of Shareholders to pay
out an unchanged dividend of CHF 5 per registered share.
Consolidated
income statement
In
thousands of CHF except earnings per share
|
|
2003
|
%
|
2002
|
%
|
|
Net
sales
|
366
269
|
100
|
399
059
|
100
|
|
Cost
of goods sold
|
-
240 533
|
|
-
250 503
|
|
|
Gross
profit
|
125
736
|
34.3
|
148
556
|
37.2
|
|
Other
operating income
|
13
143
|
|
5
478
|
|
|
Selling
expenses
|
-
26 814
|
|
-
24 934
|
|
|
Research
and development expenses
|
-
20 727
|
|
-
18 976
|
|
|
Administrative
and general expenses
|
-
28 406
|
|
-
34 721
|
|
|
Operating
income
|
62
932
|
17.2
|
75
403
|
18.9
|
|
Financial
expenses, net
|
-
3 713
|
|
-
6 221
|
|
|
Income
before taxes
|
59
219
|
|
69
182
|
|
|
Income
taxes
|
-
5 669
|
|
-
12 986
|
|
|
Income
after taxes before minority interests
|
53
550
|
|
56
196
|
|
|
Minority
interests
|
-212
|
|
-
|
|
|
Net
income
|
53
338
|
14.6
|
56
196
|
14.1
|
|
Earnings
per share (in CHF)
|
19.5
|
|
20.70
|
|
Zofingen, Switzerland, March
23, 2004
For
further information, please contact
Dr.
Richard Schindler
Chief
Financial Officer, Siegfried Group
Tel. +41 (0)62 746 11 11
Fax
+41 (0)62 746 11 04
richard.schindler@siegfried.ch
www.siegfried-holding.com
Siegfried
Division (pharmaceuticals) has new organizational structure
The Siegfried Group is a
global vendor of pharmaceuticals and natural products with locations in
Switzerland, Germany and the United States. At the end of 2003, Siegfried
employed about 1,000 people and had sales of CHF 366.2 million. Siegfried
Holding AG is listed on the Swiss Exchange (SWX: SFZN).
The Siegfried Division, which
comprises the Group’s pharmaceutical activities, was reorganized into three
business units with effect from January 1, 2004. The Siegfried Actives business
unit develops and manufactures active pharmaceutical ingredients, their
intermediates, and standard products. The Siegfried Generics business unit
produces generics. Siegfried Biologics develops and manufactures
biotechnology-based pharmaceutical active substances.
The Sidroga Division develops
and markets high-quality, plant-based natural medicines and wellness products,
particularly medicinal and wellness teas under the Sidroga brand.
| 