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 |