Balda Aktiengesellschaft

ots Ad hoc-Service: BALDA AG The company reports excellent results

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    Bad Oeynhausen (ots Ad hoc-Service) -      

    Operating performance more than doubled once again / Results in full accordance with plans / Continued above-average growth potential

    In the first nine months of the current business year (Sept. 30), Balda AG increased its total operating performance to 108.4 million euro, as against 43.6 million euro in the same period of 1999. This represents an increase of 64.8 million euro, and a growth rate of 148 percent. As a systems supplier of mobile-phone equipment, the company increased its pre-tax earnings in this period by a factor of almost seven, from 1.8 million euro to 12.5 million euro. The adjusted net operating margin (pre-tax earnings in comparison to total operating performance) has thus more than trebled, from 4.1 percent to 13.5 percent. At the end of the third quarter, Balda's total operating performance has exceeded targets, with earnings fully in accordance with plans. Continuing dynamic growth in the mobile-phone market gives Balda excellent opportunities and further potential for the 2001 business year.

    In the third quarter itself, (July 1 to September 30), total operating performance increased from 16.3 million euro to 56.3 million euro in comparison to the same period of 1999 - growth of 40 million euro at a factor of around two and a half. In comparison to the second quarter of the present business year, Balda's total operating performance again rose markedly, from 29.2 million euro to 56.3 million euro - an increase of 27.1 million euro or 93 percent.

    Net earnings per share increased strongly at the end of the third quarter of 2000, by 600 percent, from 0.029 cent to 0.2 cent. This takes account of the capital increase of stock options (100,000 individual share certificates) carried out in the meantime and with legal effect as of October 2. Net earnings per share are calculated on the basis of 33.5 million shares. Earnings before interest, income taxes, depreciations and amortizations (EBITDA) increased from 6.7 million euro to 21.9 million euro, a rise of 15.2 million euro or 225 percent. The operating result (EBIT) increased in even greater measure, from 3.2 million euro to around 14.1 million euro, and thus by 341 percent.

    The dramatic increase in total operating performance in the third quarter of this year is attributable in particular to two factors. On the one hand, sales were increased by purchases of "margin-neutral" electronic components, an item formerly not included in sales plans. In the second instance, one-off, unplanned sales were derived from the phasing-out of non- telecommunications activities in the course of the takeover of Kendrion-Heinze. The total value of these additional "margin- neutral" sales is 15.3 million euro.

    As a result of these additional sales, and in expectation of a further unplanned sales revenue of approximately 5.0 million euro from electronic components in the fourth quarter of this year, the company is increasing its total sales plans for the year 2000 to 153 million euro.

    With assembly of these electronic components, Balda has strengthened and extended its portfolio as systems supplier to the global market leaders in the mobile-phone industry. Integration of Balda-Heinze (formerly Kendrion-Heinze), and expansion of the company's own production capacities, are proceeding apace and on schedule. The number of employees increased from 787 as of June 30 to 1,298 as of September 30 (593 one year previously).

    According to the forecasts of leading market-research institutes (Dataquest, Forrester), the worldwide sales market for mobile phones will grow from its 1999 volume of 275 million units to between 1.3 and 1.4 billion units by the year 2004. Balda sees this extremely dynamic development as a guarantee of continuing above-average growth in its own business. In the estimation of the Board of Management, introduction of the new UMTS technology in the year 2003 will also play its part. Although the current development of business already in part exceeds the targets set, and although orders received now extend into the year 2002, Balda's Board of Management continues to proceed with caution, and is not increasing the earnings target of around 200 million euro for the year 2001. The annual round of discussions with customers yet remains to be concluded.

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