2003 Half-yearly results

10/22/2003

 Sales: EUR 14.1 million, +4.4%
 at constant USD exchange rate

 Consolidated net income: EUR 0.90 million

In EUR millions as at June 30 2003 2002 Δ
Sales 14.1 15.32 -7.90%
Gross margin 58.20% 54.60%  
Gross operating surplus 2.28 2.51 -9.10%
Operating income 1.39 1.64 -15.10%
Recurrent income before tax 1.3 1.37 -5.20%
Consolidated net income 0.9 0.91 -0.80%
Net margin 6.40% 5.90%  
Group net income 0.85 0.88 -3.40%

Growth in sales: +4.4% at constant USD exchange rate

Over the first half of 2003, sales for Naturex stood at EUR 14.10 million, down 7.8% as a result of the sharp drop in the dollar (-20%). At constant exchange rates, sales for Naturex were in fact up 4.4% on June 30, 2002. The Brucia Plant Extracts activity is now fully integrated and has enabled the Group to strengthen its position in nutraceuticals which currently represent 40.4% of its consolidated activity. Sales realized outside France accounted for 87.8% of total sales. Naturex's gross margin increased almost 4 points to 58.2% of sales, reflecting the Group's sound management of raw materials purchasing. The company's income statement for the period highlights the limited impact of variations in the dollar on Naturex's net income.

Sales over the third quarter of 2003

Sales for the third quarter amounted to EUR 7.09 million as against EUR 7.29 million for the same period in 2002. At constant USD exchange rate, growth stood at 6.1% over the third quarter and at 4.9% for the first nine months of the year.

 

Quarter 2003 2002 on Δ 2002 Δ at constant USD exchange rate
Q1 7,118 7,287 -2.30% 9.90%
Q2 6,972 8,033 -13.20% -0.60%
Q3 7,094 7,289 -2.70% 6.10%
Full year 21,184 22,609 -6.30% 4.90%
USD rate 1.1228 0.9379    

Persistently strong growth prospects

Current market dynamics and Naturex's highperforming activities afford the Group major organic growth potential in the years to come (10 to 15% per year). In the shorter term, Naturex has set itself a growth target of between 5 and 8% at constant USD exchange rate for 2003 as well as a target net income of EUR 1.8 million (after amortization of the goodwill and business assets of Brucia for a total of EUR 0.4 million). Moreover, the company is actively seeking acquisition opportunities in the United States, the most buoyant market for its activities, and has accordingly engaged the services of a specialized consulting firm.

ISIN : FR0000054694-NRX
 Reuters : NATU.LN
 Bloomberg : NTRX

Contacts

NATUREX
 Thierry LAMBERT
 on +33 (0)4 90 23 96 89
ACTUS
 Marion Brossard
 on +33 (0)1 53 67 36 57
 
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