E_mg_GB_03_vorne-29_3_04

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18 Equity Research on mg: ABN Amro Bankhaus Lampe Bankhaus Metzler Bankgesellschaft Berlin Bayerische Landesbank Baden-Württembergische Bank Commerzbank Crédit Agricole Indosuez Chevreux Crédit Suisse First Boston Deutsche Bank Dresdner Kleinwort Wasserstein DZ Bank Delbrück Bethmann Maffei Helaba Trust HSBC Trinkaus & Burkhardt HypoVereinsbank ING BHF-Bank Independent Research Landesbank Baden Württemberg MainFirst M.M. Warburg Sal. Oppenheim UBS Warburg Vereins- und Westbank WestLB WGZ-Bank the buying and selling of their own company’s securities to the German Financial Supervisory Authority (BAFin) and to the company itself if the total dealings in these securities exceed the aggregate value of a25,000 within a 30-day period. Spouses, registered life partners and immediate relatives of executive and non-executive directors are also subject to these reporting requirements. If the company receives such a report pursuant to section 15 a WpHG, it is obliged to publish it immediately. mg complies with this obligation by publishing such dealings on its website at www.mg-technologies.com. Executive Board members of mg technologies ag held 10,000 shares (December 31, 2002: 43,717 shares) at December 31, 2003. At the same date they held 200,000 option rights to shares (December 31, 2002: 680,000). The Supervisory Board members held 40,074,371 shares (December 31, 2002: 1,500 shares). They held a total of 60,000 stock options (December 31, 2002: 60,000 options). Earnings per share Earnings per share – calculated as the net income for the year divided by the weightedaverage number of mg shares in issue – came to a loss of a1.02 before discontinued operations in 2003. Earnings per share on discontinued operations amounted to a loss of a0.36. No dividend paid due to one-off charges As a result of substantial one-off charges, which caused mg technologies ag to report a net loss for 2003, the company will not be paying a dividend for 2003. The reasons for these substantial one-off charges were the risk provisioning for pre-existing problem contracts, principally in the industrial plant engineering business; the settlement of long-running lawsuits; and the disposal or discontinuation of loss-making businesses. They are also due to the cost of restructuring the mg Group and streamlining its organizational structures. Investor relations activities strengthened mg technologies ag believes it is essential to maintain a continuous, highly transparent dialog with the capital market. Against the background of the strategic restructuring initiated by the Group during 2003, investor relations is one of the key functions of mg’s Executive Board. With the participation of its senior managers, the company conducted a number of road shows, conference calls and face-to-face meetings with representatives of the capital markets during the year under review. Furthermore, the company presented its activities and plans for strategic change at investors’ conferences and to representatives of banks’ equity trading departments. As in previous years, the regional focus of these events was on the financial centers of Frankfurt, London and New York. These activities helped win a number of new institutional investors for mg in the second half of 2003. mg’s stock is now closely analyzed and evaluated by a number of domestic and international financial analysts.
MANAGEMENT SHARE STRATEGY SPECIAL SECTION MANAGEMENT REPORT FINANCIAL STATEMENTS FURTHER INFORMATION In order to ensure that all shareholders are treated equally, mg technologies ag is stepping up its use of the internet as an integral part of its financial communications, particularly with private investors. All major company presentations and publications and all sharerelated information can be found at www.mg-technologies.com. Changes in bond ratings In October 2003, rating agencies Moody’s and Fitch adjusted their ratings of the bond issued by mg technologies finance B.V. After Moody’s had already switched its rating for mg 24 months previously to ‘negative outlook’, it then downgraded the company’s debt from Baa3 to Ba1. Nonetheless, Moody’s held out the prospect of an upgrade if mg manages to sell Dynamit Nobel successfully and makes headway with its planned cost-cutting program. Fitch also downgraded mg’s debt from BBB to BBB-. However, the bond still enjoys an investment-grade rating from Fitch. The downgrades’ adverse impact on mg’s cost of funds will be limited. The bond’s coupon, which matures in July 2005, rose from 6.75 percent to 7.25 percent owing to the agreed step-up when the company’s debt was downgraded. mg technologies ag continues to believe that in 2004 it will be able to swiftly implement the initiatives it adopted and has already initiated as part of its strategic refocus. It anticipates that the capital raised from these measures and the improvement in its operating business will enable its debt to be upgraded when its rating is reviewed. Key per-share figures 2003 2001/2002 Number of shares in absolute terms (in millions) 194.4 193.3 Average number of shares (in millions) 193.8 192.3 Share price at Dec. 31 and Sep. 30 (in s) 11.10 6.51 Share price: High (in s) 11.20 13.90 Share price: Low (in s) 4.95 6.00 Market capitalization at Dec. 31 and Sep. 30 (in s billion) 2.16 1.25 Earnings per share (in s) – 1.02 0.99 of which discontinued operations – 0.36 0.05 Price/earnings ratio: High – 10.98 14.04 Price/earnings ratio: Low – 4.85 6.06 Share price/shareholders’ equity ratio 1.30 1.31 Share price/cash flow ratio 0.71 0.93 Dividend (in s) – 0.25 19
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mg's mission is to ensure sustainab
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Key Figures for the mg Group RESULT
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