|MEDION AG, Essen (Germany)
Ad-hoc-Announcement, 13 August 2003
MEDION withstands difficult environment
Sales and earnings rise by a good 15 %
in the first half of 2003
We have been able to raise our turnover by 15 % from EUR 1,040.4 M to EUR 1,197.2 M in the first half of 2003. EBIT went up by 19 % from EUR 57.3 M to EUR 68.2 M. Tax expenditure has grown at a higher rate than sales. The latter was due to two factors: Firstly the German corporate tax rate has been lifted and - secondly - the tax credit, which was dependent upon the volume of paid-out dividends, has been postponed. Net earnings improved by 15.3 % from EUR 34.0 M to EUR 39.2 M compared to the year before, while earnings per share rose by EUR 0.11 from EUR 0.70 to EUR 0.81. Cash flow from ongoing business activities could be improved furthermore from EUR 125.5 M in the first half of 2002 to EUR 142.4 M this year.
Foreign markets: Sales rise by 43 %
Foreign sales rose by more than 43 % from EUR 275.6 M in the year before to EUR 395.9 M. In Europe we achieved sales of EUR 359.5 M (previous year: EUR 264.5 M) in the first six months of 2003. In the United States sales amounted to EUR 31.3 M in the first half of 2003, compared to EUR 11.1 M the year before.
We have entered into a licensing agreement with Disney Consumer Products for the development and distribution of consumer electronics under Disney brands in Europe. We expect the first foreseeable sales contributions of this new partnership at the beginning of next year. The solid results on the important European markets have shown, that we are very well positioned in these countries - not only by means of our multinational trading partners but also via our local subsidiaries. Our initial success with well-known US-retail companies increases our confidence for the further development of our US-business. This is why we remain confident to fulfil our sales and earnings growth forecasts of 15 to 20 %.