Süd-Chemie well positioned for the upswing
02-Jul-2002
In 2001, Süd-Chemie AG mastered a difficult, but also a very eventful year. In a rapidly-changing environment, we recognised the necessity and the opportunity for change within the Group and resolutely tackled the relevant tasks," said Dr. Jürgen F. Kammer, Chairman of the Managing Board of Süd-Chemie AG, Munich, at today´s Annual Press Conference.
A weak global economy, falling demand and high prices for raw materials, especially during the first half the year, not to mention the events of 11 September, were reflected in the sales and earnings figures for the Group. Sales of EUR 786.1 million were 4.2 percent lower than the level of the previous year, the operating result falling to EUR 28.7million. Reaching EUR 4.1 million, net profit was considerably lower than expected.
In spite of the difficulties posed by global economic conditions, Süd-Chemie AG was able to maintain sales at the same level as 2000, closing the year with a turnover of EUR 234.6 million. Manufacturing costs decreased by 1.5% at Süd-Chemie AG compared with the previous year, showing a slight recovery as a result of falling prices for raw materials and energy during the second half of the year. Gross profits reached EUR 64.8 million, 2.7% higher than the previous year. Sales and marketing costs were reduced by 1.9%. These also included freight costs, which showed an overall decrease of 5.8%. This led to an improved operating result of EUR 3.3 million, which exceeded the figure for the previous year. Due to higher income from equity investments, the financial result increased to EUR 10.9 million, leading to a profit on ordinary operations of EUR 14.3 million. In 2001, Süd-Chemie AG earned a net profit of EUR 13.8 million, 31.2% more than the previous year.
In view of the positive results achieved by Süd-Chemie AG and in anticipation of an economic recovery during 2002, the Managing Board will be proposing to the Annual General Meeting on 28 June 2002 that the dividend distribution for 2001 remains unchanged against the previous year at EUR 0.62 per share. This represents a total dividend of EUR 7.3 million.
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