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12.05.2004 – 08:38

Westag & Getalit AG

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 AG’s 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 year’s 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,
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 AG’s 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
end of announcement        euro adhoc 12.05.2004

Further inquiry note:

Felix Huisgen
Tel.: +49 (0)5242 17 5350

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