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Sidel,
Octeville-sur-mer, October, 03.2002
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The Sidel Group
confirms it´s Sales growth and returns to Profits
Sales growth
Consolidated sales on a comparable basis for the six
months to June 30, 2002 rose 6% to 513.3 million euros,
from 484.4 million euros at the end of June 2001. On a
constant exchange rate basis, the increase was 6.3%.
Core business operations, dedicated to the packaging of
beverages and which account for 80% of sales, grew more
vigorously year-on-year, with an aggregate increase of
7.9%.
Improvement in results
 | Turnaround in
operating income
Against a backdrop of growing sales, all of the
Group's industrial divisions gained in operating
profitability in the course of the first half. Among
the core businesses, the turnaround was particularly
pronounced for blow molding and complete lines,
while filling continues to be weighed down by heavy
R&D expenses for the development of aseptic
filling technology. Operating margin was 6.4% for
first-half 2002, up from 1.6% for the year-earlier
period. |
| Net income of 12.8
million euros
Thanks to a reduction in interest expense
combined with a sharp drop in non-operating charges
and goodwill amortization costs, the Group returned
to profit with net income of 12.8 million euros,
representing net margin of 2.5%. This was achieved
despite the ensuing significant increase in tax
expense.
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Changes in scope of
consolidation
At the end of July, the Group bought out the minority
interests in Alsim, its Italian subsidiary specialized
in filling machines for still and carbonated beverages,
gaining full ownership. The Group also took steps to
dispose of its operations in the fields of health and
beauty, overwrapping and powder dispensing, which it
considers as outside its core business.
Outlook for the full year 2002: return to growth and
profitability
For the full year 2002, sales should continue to
increase in relation to the prior-year figure, although
not as high as for the first half. Performance in terms
of operating income for the second half should be in
line with the expected sales trend.
| (in
millions of Euro) |
H1
2002 |
% |
H1
2001 |
% |
Change
H1 2002/2001 |
|
| Sales |
513.3 |
100 |
484.4 |
100 |
+
6% |
| Opertating
income |
32.8 |
6.4 |
7.8 |
1.6 |
+320% |
| Net
income / (loss) |
12.8 |
2.5 |
(21.3) |
(4.4) |
NA |
|
Source:
Sidel News Release
>>
Sidel Group
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Sidel
Group returns to Profits
