ALTANA AG Reports Excellent Business Year 2007Tuesday March 18 11:06 PMStrong growth in sales and earnings In the past business year, ALTANA achieved sales of EUR 1,380.4 million, which is an increase of about 7% on 2006. Adjusted for negative exchange rate effects of 3% as well as minor positive acquisition and divestment effects, operating sales growth was 9%. With a sales growth of 11% the Asian region posted the strongest growth, followed by Europe with a growth of 8%. About half of ALTANA's sales, namely EUR 678.0 million, were generated in Europe. Sales in Asia amounted to EUR 329.7 million, with EUR 149.8 million attributable to China. At EUR 330.6 million, sales in North and South America remained almost unchanged. At EUR 248.5 million, ALTANA's earnings before interest, taxes, depreciation and amortization (EBITDA) rose disproportionately to sales. This corresponds to an increase of 33% or EUR 62.3 million on the prior year. The EBITDA margin climbed from 14.4% to 18.0%, and was thus within the medium-term target corridor of 18% to 20% despite additional costs due to the two-tier holding structure which was maintained until mid-2007. All divisions were able to expand their EBITDA margins. The operating income (EBIT) totaled EUR 166.6 million, and thus increased by 68% as compared to the business year 2006. Income before taxes (EBT) amounted to EUR 214.3 million, up from EUR 93.2 million in the prior year. The 2007 figure includes an income of EUR 55 million from the investment of the proceeds related to the sale of ALTANA Pharma until the distribution to ALTANA's shareholders in May 2007. Net income (EAT) of the continued operations amounted to EUR 138.4 million, and therefore more than doubled compared to the prior year. As of December 31, 2007, the ALTANA Group employed 4,646 people, compared to 4,484 in the prior year. Investments in property, plant and equipment as well as intangible assets totaled EUR 91.4 million. Group-wide research and development expenses reached 4.9% of sales, whereas the industry average is about 2% to 3%. Approximately 16% of ALTANA's staff worldwide are employed in the area of R&D. Positive development in all divisions The BYK Additives & Instruments division achieved sales of EUR 445.1 million, up from EUR 409.1 million in the prior year. This translates as an increase of 9%. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose disproportionately to sales by 13%, up from EUR 117.8 million to EUR 132.6 million. The EBITDA margin was 29.8% (prior year: 28.8%). ECKART Effect Pigments posted an increase of 7%, with sales rising from EUR 338.8 million to EUR 362.9 million. The EBITDA grew disproportionately by 19 % to EUR 79.7 million (prior year: EUR 67.2 million). The EBITDA margin was 22.0% compared to 19.8% in the prior year. Sales of ELANTAS Electrical Insulation grew by 8% to EUR 350.8 million (prior year: EUR 325.7 million). The EBITDA grew disproportionately by 20% to EUR 53.1 million. This resulted in an EBITDA margin of 15.1% compared to 13.6% in 2006. Sales in the ACTEGA Coatings & Sealants division were up from EUR 220.7 million to EUR 221.6 million in the past business year. The increase in earnings was much more dynamic: The EBITDA climbed by 13%, rising from EUR 23.5 million in 2006 to EUR 26.7 million in 2007. The EBITDA margin rose accordingly from 10.7% to 12.0%. Shareholders benefit from positive business development ALTANA will enable its shareholders to participate appropriately in the company's success. Based on the excellent business year 2007, the Supervisory and Management Boards will propose to the Annual General Meeting on May 5, 2008, to distribute a regular dividend of EUR 0.25 per share for the past business year. This corresponds to a distribution rate of around 33% measured in terms of the EAT of the continued operations, adjusted for the income (net of tax) from the investment of the proceeds related to the sale of ALTANA Pharma (EUR 35 million). This will be distributed to the shareholders as a special dividend in the amount of EUR 0.26 per share. Provided the dividend proposal is approved, a total of EUR 69.4 million or EUR 0.51 per share will be distributed. Positive outlook for 2008 For the current business year, ALTANA expects continued positive demand for specialty chemicals products. However, the demand growth should be slower compared to 2007. Raw materials prices should remain at their current high level. On this basis, we expect from today's perspective for 2008 a mid-range single-digit organic growth in sales to a level between EUR 1.440 billion and EUR 1.490 billion and an EBITDA growth to a level between EUR 260 million and EUR 290 million. These expectations are based on a presumed U.S. Dollar rate of 1.45 per Euro on an annual average. The medium-range growth target is set at an average sales growth of about 10% annually (thereof about 6% organic growth) while maintaining an above-average profitability with an EBITDA margin of 18% to 20%.
ALTANA Group(1) 2007 2006 Change
in %
Sales - total (in EUR million) 1,380.4 1,294.3 7
Sales by division (in EUR million)
Additives & Instruments 445.1 409.1 9
Effect Pigments 362.9 338.8 7
Electrical Insulation 350.8 325.7 8
Coatings & Sealants 221.6 220.7 0
Sales by region (in EUR million)
Europe 678.0 627.4 8
thereof Germany 239.6 223.2 7
North and South America 330.6 330.5 0
thereof U.S. 222.5 242.6 - 8
Asia 329.7 297.3 11
thereof China 149.8 127.5 18
Other regions 42.1 39.1 8
EBITDA (in EUR million) 248.5 186.2 33
EBIT (in EUR million) 166.6 99.4 68
EBT (in EUR million) greater
than
214.3 93.2 100
EAT (in EUR million) greater
than
138.4 56.8 100
Headcount (Dec. 31)
(fortzufuhrende Bereiche)
BYK Additives & Instruments 1,140 1,052 8
ECKART Effect Pigments 1,893 1,802 5
ELANTAS Electrical Insulation 887 883 0
ACTEGA Coatings & Sealants 670 655 2
Holding 56 92 - 39
ALTANA total 4,646 4,484 4
1) The figures relate to the continuing operations. The Management Board will report in detail on ALTANA's annual financial statements at the press conference today at 11 a.m. (local time, CET) and at the analyst meeting at 2 p.m. (local time, CET). The meetings will take place at the Dusseldorf Hilton Hotel. Both meetings will be webcasted at www.altana.com. Date: The Annual General Meeting of ALTANA AG will take place on May 5, 2008, at the Congress Center Messe Frankfurt. This press release contains forward-looking statements, i.e. current estimates or expectations of future events or future results. These statements are based on beliefs of ALTANA as well as assumptions made by and information currently available to ALTANA. Forward-looking statements speak only as of the date they are made. ALTANA does not intend, and does not assume any obligation, to update forward-looking statements to reflect facts, circumstances or events that have occurred or changed after such statements have been made. About ALTANA: ALTANA develops and produces high-quality innovative products in the specialty chemicals business. The ALTANA Group, with headquarters in Wesel/Germany, is a genuine "global player" with 83% of its sales generated by international activities. The ALTANA Group has four divisions: BYK Additives & Instruments, ECKART Effect Pigments, ELANTAS Electrical Insulation, and ACTEGA Coatings & Sealants. All of these divisions occupy a leading position in their target markets with respect to quality, product solution expertise, innovation and service. ALTANA offers innovative, environmentally compatible solutions with the matching specialty products for coating manufactures, paint and plastic processors, the printing and cosmetic industries, and the electrical and electronic industry. The product range includes additives, special coatings and adhesives, effect pigments, sealants and compounds, impregnating resins & varnishes, and testing and measuring instruments. At present, the ALTANA Group has 32 production facilities and 46 service and research laboratories worldwide. Throughout the group about 4,600 people work to ensure the success of ALTANA worldwide. In 2007, ALTANA achieved sales of about 1.4 billion euros. Its impressive earning power and high growth rate make ALTANA one of the most successful and innovative chemical groups worldwide. Contact: Corporate Communications Achim Struchholz, Head of Corporate Communications Tel. +49 281 670-2460 or Sven Kremser, Head of External and Internal Relations Tel. +49 281 670-746 or Heike Dimkos, Corporate Communications Tel. +49 281 670-792 Fax. +49 281 670-1114 press@altana.com www.altana.com/press |
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