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| Ad hoc announcement dated April 7, 2004 |
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aap Implantate AG: Provisional figures for financial year 2003
Earnings burdened by special effects and risk provision
aap Implantate AG, a specialist in the field of artificial and biomedical implants for the muscular-skeletal organ system, after preliminary analysis reports consolidated sales of roughly EUR 11 million in the financial year 2003. However, this was 18% down on the previous year.
Before acquisition-related depreciation and stock options, the company's 2003 EBITDA was minus EUR 0.273 million (previous year: EUR 1.607 million). Adjusted for these factors, the operating result was minus EUR 3.183 million and was therefore down on the previous year's EUR 0.097 million. Without taking into account acquisition-related depreciation and stock options, DVFA/SG consolidated result in the review period totaled minus EUR 3.170 million (previous year: minus EUR 3.066 million) and DVFA/SG earnings per share were minus EUR 0.66 (previous year: minus EUR 0.64).
After taking into account acquisition-related depreciation and stock options, the figures were as follows: EBITDA minus EUR 0.273 million (previous year: EUR 1.027 million) and operating result minus EUR 4.645 million (previous year: minus EUR 1.944 million). DVFA/SG consolidated result amounted to minus EUR 4.180 million (previous year: minus EUR 4.429 million) and DVFA/SG earnings per share were minus EUR 0.87 (previous year: minus EUR 0.93).
In addition to acquisition-related depreciation, the results for financial year 2003 are burdened by other special effects and extensive risk provision totaling EUR 3 million. This is essentially attributable to the following factors: write down of receivables, reserves for the risks and costs of litigation, downward valuation adjustments of inventories, granting a rebate to the contributors of the Mebio/Coripharm group of companies, extraordinary depreciation of land and buildings, provisions for impending losses due mainly to currency risks in our foreign business, and consulting expenses for capital procurement.
Thanks to resolute implementation of the restructuring measures initiated, which also involve restructuring and strengthening the sales and marketing segment, there was already a positive trend in the first quarter of 2004. The goal is to achieve the turnaround in 2004. An important prerequisite for doing so is to secure the company's funding. To ensure this, we are currently engaged in discussions with our own banks and with potential financial investors. We expect to conclude these negotiations during the second quarter.
For further information, please contact:
| aap Implantate AG | | | Lorenzweg 5 | | | D-12099 Berlin | | | X | | Nanette Hüdepohl | | Investor & Public Relations | | Tel.: +49 30 75019 - 133 | | Fax: +49 30 75019 - 290 | | | X | | | WKN 506660, ISIN DE0005066609 | | | Prime Standard/Regulated Market | | | Traded at all German Stock Exchanges |
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