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| | ALTANA continues growth course over the first half-year of 2005 |
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date: Aug 7th 2005 12:34
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ALTANA Chemie achieved earnings (EBT) of €54 million in the first six months of 2005, 17% down on the prior year. The decrease in earnings can be attributed to one-off items in connection with the reorganization of the Coatings & Sealants business unit on the one hand, and on the other to the rise of raw materials prices. The latter however will be compensated for by price increases for 2005 as a whole. At 12.8% ALTANA Chemie’s return on sales remains an excellent figure compared to the industry as a whole. The operating margin, measured in terms of EBITDA, amounted to 18.0%.
Earnings forecast for 2005 increased
We expect the ALTANA Group’s positive business performance to continue. For 2005 as a whole we anticipate – excluding acquisition effects – growth in sales of 6 to 8%. Despite stronger increases in sales and marketing costs in our Pharmaceuticals business and higher R&D expenditure in connection with the development of Daxas®, we raise our earnings forecast for 2005 as a whole. Thanks to the excellent development of ALTANA Pharma, we now expect a growth in earnings (EBT) in the mid single-digit range. So far, our forecast was orientated at or slightly above prior year’s level. Its increase is solely due to operating results and not influenced by extraordinary effects.
ALTANA’s Pharmaceutical division forecasts a further positive development in 2005, with sales expected to rise by 8 to 10%. We also expect the worldwide sales as well as our own sales of our blockbuster Pantoprazole to grow by 8 to 10%. Despite the launch costs for Alvesco® and the increased R&D expenditure associated with the ongoing development of Daxas®, which we will now manage on our own, we expect ALTANA Pharma’s earnings (EBT) to finish substantially above last year’s figure.
ALTANA’s Chemicals division anticipates – excluding acquisition effects – further organic single-digit sales growth in 2005. Impediments could arise from a premature weakening of the economic situation in the chemical industry. Earnings (EBT) are expected to be at or slightly below prior year’s level. Nevertheless, the effects of portfolio optimizations will have a positive impact on the margins level, which is expected to be slightly higher than in 2004.
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