English - Siegfried

More documents

Recommendations

Info

Key Figures1 st Half-Year 2002 1 st Half-Year 2001 Difference Change in %Net sales (CHF m.) 203.7 162.0 41.7 25.74Net income (CHF m.) 25.9 11.1 14.8 133.35Operating income before impairment and sale of companies (CHF m.) 36.8 15.9 20.9 131.45Net cash flow from operations (CHF m.) 28.2 1.9 26.3 1 384.21Capital expenditure (CHF m.) 32.8 26.7 6.1 22.85Personnel expenditure (CHF m.) 60.3 56.4 3.9 6.91Employees 1 (Number) 1 012 1 005 7.0 0.70June 30, 2002 December 31, 2001Equity (CHF m.) 350.5 341.3 9.2 2.70Total assets (CHF m.) 570.8 557.7 13.1 2.35Shareholder’s equity (Percent) 61 61 0.0 0.341Half-yearly average2Siegfried GroupSiegfried Group is a worldwide pharmaceutical and naturalproducts company with production sites in Switzerland, Germanyand the United States. As per year-end 2001, Siegfried had1 000 employees and reached net sales of 352.6 million Swissfrancs. Siegfried Holding AG is listed on the Swiss Stock Exchange(SWX: SFZN). The Siegfried Division provides pharmaceuticalfine chemicals and services and operates in four distinctbusiness areas: Siegfried Exclusives provides custom synthesisof patented active pharmaceutical ingredients for multinationalpharmaceutical companies – Siegfried Ventures offers integratedchemical, pharmaceutical and related services for newventure life science companies – Siegfried Generics developsand produces sophisticated Generics – Siegfried Actives focuseson attractive niche products. The Sidroga Division is mainlyactive in development, marketing and sales of high-quality naturalproducts, especially medicinal and herbal teas under the brandof Sidroga.
Siegfried increased operating income in first half-yearThe Siegfried Group, based in Zofingen, Switzerland, reportssales of CHF 203.7 million for the first half-year 2002 representingan increase of more than 25 % when compared to thesame period in the previous year (CHF 162.0 million). Operatingincome grew by 69.6 % during the first six months of 2002to CHF 36.8 million (CHF 21.7 million the previous year). Siegfriedreports a net profit of CHF 25.9 million, compared to CHF 11.1million in 2001. The satisfactory results for the first half-year aredue mainly to the continuing strong orders for the SiegfriedDivision which has strengthened its position as a leading supplierof Active Pharmaceutical Ingredients (API).The Siegfried Group in the first half-year 2002Siegfried DivisionSales of the companies combined in the Siegfried Division,namely Siegfried Ltd (Zofingen) and Siegfried (USA), Inc.(Pennsville, NJ), grew by 29.3 % to CHF 181.4 million. On thisbasis, operating income increased by 89.1 % to CHF 36.3million (adjusted amount the previous year: CHF 19.2 million).Siegfried Ltd in Zofingen again reported very good results.In particular, custom manufacturing (Siegfried Exclusives) andbusiness activity in generics (Siegfried Generics, SiegfriedActives) continued to develop positively. The newest businessarea, Siegfried Ventures, currently in the development phase,has achieved its targets.Growth of the Siegfried Division during the period under reviewis reported at a clearly higher level than for the first half-year2001, due mainly to the following non-recurring special factors:• In 2001 Zofingen focused on expanding capacity: in additionto structural measures, production in all key areas wasconverted to 7-day/24-hour operations. This resulted in ahigher production output as of the second half-year of 2001.• In the USA, Siegfried (USA), Inc. (formerly Ganes ChemicalsInc.) remained regulatory restrictions until June 2001, when ithas been able to return to unrestricted production.Sidroga DivisionIn the first half-year 2002, the Sidroga Division reported salesof CHF 22.3 million (+10.4 %) and operating income of CHF 0.5million (compared to an operating loss of CHF 3.3 million theprevious year). At the end of February Siegfried reacted to thecontinuing price decreases in the German food retail marketcaused by considerable over-capacity. and withdrew from thetea filling business by closing its plant in Bremen, Germany.Starting 1 July 2002, Siegfried’s Sidroga medicinal and wellnessteas are being packaged by a specialised company.In its core business, namely developing and marketing highqualitymedication with a natural basis and a focus on medicinalteas, Sidroga was able to win additional market share.OutlookBased on the satisfactory order outlook, the Siegfried Divisionexpects sales and operating income for the second half-year2002 to remain at a comparable level to the first half-year. Operatingprocesses are constantly adapted to the increasedbusiness volumes.The Sidroga Division will report considerably lower sales owingto its withdrawal from the tea filling business. The operatingincome situation of the Sidroga Division for the whole year willimprove significantly but will remain unsatisfactory.The necessary measures have been taken to limit the short-termeffects of the group exposure to foreign currencies, especiallythe US-Dollar.In general, the Group expects a very good result for the 2002financial year.3
Page 1: Half-Year Report 2002
Page 5 and 6: Consolidated Cash Flow StatementIn
Page 7: 7Publisher’s NotesThis Half-Year

English - Siegfried

Create successful ePaper yourself

Delete template?

Save as template?