|Ad-hoc Announcement, 20 March 2003
Thanks to the well-proven business model MEDION boosted sales 24.1 percent on the prior year from EUR 2,117 million to EUR 2,627 million despite of the very tough overall conditions.
High speed expansion in Europe and the United States
In the year under review, we posted 30.4 percent of sales or EUR 798 million outside Germany, an increase of more than 60 percent on the previous year. In Europe, we recorded total sales of EUR 739 million, up from EUR 487 million the previous year. In the United States, sales rose by a factor of almost five from EUR 10 million to EUR 57 million. Here we strengthened staff levels, recruiting experienced managers and making a number of very promising new contacts.
Earnings per share rise 29.5 percent
EBIT has been improved by more than 26 percent from EUR 121.3 million in 2001 to EUR 152.9 million in 2002. Earnings per share even rose by 29.5 percent from EUR 1.46 to EUR 1.89. For the business year 2002 a dividend of EUR 0.60 per share will be proposed.
||Superb finances |
Cash flow from operating activities increased from EUR 50.0 million in 2001 to EUR 61.9 million in 2002.
Thanks to MEDION's international focus, its high flexible product line, and its prime purchasing and procurement network, even during tough economic conditions we have a strong base. We are therefore confident that in 2003 MEDION will post growth rates of 15-20 percent on both the sales and earnings fronts. The favorable course of business in the first quarter 2003 shores up this assessment.