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18.10.2000 – 07:58

Girindus AG i.L.

ots Ad hoc-Service: Girindus AG Girindus: Focus on API Production

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Girindus: Focus on API
Production
Girindus AG announced today that it is refocusing its strategy on
the more profitable business of process development, scale-up and the
manufacturing of Active Pharmaceutical Ingredients (API's). As a
result, the company is expecting a turnover of approx. DEM 26 million
for the current fiscal year. As compared to 1999, the reduction in
turnover of approx. DEM 9 million is due to the transfer of business
activities and to a weakened demand for intermediates. The shift in
focus on API's instead of on less profitable synthetic intermediates
and plain trading activities is expected to yield increases in
turnover and earnings which in the long term, will exceed previous
projections. A first success resulting from the strategic refocus is
demonstrated by an increase in API turnover which will amount to
approx. DEM 15 million during the current fiscal year and therefore
account for 60% of the total turnover.
An operative reorientation is attainable on short notice since the
company fulfills all conditions necessary in order to further capture
the lucrative API market successfully. In addition, valuable
resources will be freed by the reduction in plain trading activities,
most of which was not pharma-related. This includes a necessary and
already existent infrastructure, e.g. capacities for quality
assurance and quality control that can be employed in a more
profitable manner for the production of API's.
The Girindus API production facilities have been successfully
inspected by the FDA several times, thereby illustrating the high
standards of quality underlying its cGMP Production and Scale-up
Center. Completion of the construction of a new laboratory building
at the Künsebeck facility in Halle - Westphalia as well as the
current acquisition of development and pilot facilities from Aventis
in Cincinnati, Ohio, will further substantiate the major potential
for growth which in turn ,will help to increase the dynamics of the
Girindus API business starting in 2001.
The announced dip in turnover for the current fiscal year is the
result of longer and more complicate development and production lea
times for API's since they require complex analysis and comprehensive
technical processing. Numerous API-projects which were acquired in
2000 can only be invoiced in 2001. The turnover shortfall in the area
of intermediates and trading for 2000 will be partly compensated by
earnings stemming from API projects concluded in 2000. Due to a DEM 3
million increase in R & D spending Girindus will not be able to avoid
incurring a loss for 2000. The net loss for the year in accordance to
US-GAAP will amount to approx. DEM 5 million. Previous turnover and
earnings projections for the year 2000 will thus be applied to the
year 2001.
Girindus (Girindus AG: Neuer Markt, Frankfurt/Germany: GIR, Share
ID Number 588040) is a unique technology-driven company offering the
biopharmaceutical industry comprehensive skills including process
R&D, c-GMP complaint Scale- up and production facilities, as well as
regulatory assistance. The Girindus Scale -up and production center
at Halle-Kuensebeck in Westphalia, Germany, has already been
successfully inspected by the FDA several times. For more information
please visit www.Girindus.com Contact: Girindus AG Barbara Scharte,
Investor Relations Manager Telephone: ++49 2204 926 934 Email:
bscharte@girindus.com
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