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[June 2004]
Sanitec Interim Report
Sanitec's interim report for the first quarter of 2004 has been published. The net sales figure, at €252.9 million, improved significantly over the same quarter in 2003, by €11 million or 4.5%, driven by increased volumes and good average selling price performance.
EBITDA improved by €7.1 million (18.9%) to €44.6 million - 17.6% of net sales. This was the result of higher sales and a leaner cost structure. Operating profit increased substantially by €8.8 million (58.3%) to €23.9 million compared to €15.1 million in Q1 2003, underpinned by improved sales and efficiency.
Total capital expenditure reduced to €4.5 million compared to €5.2 million in Q1 2003. Cash flow was €700,000 better than in Q1 2003 and the cash position improved considerably by €19.8 million. Sanitec's revolving credit facility of €50 million remained undrawn and the group said it was in full compliance with its loan covenants.
ENDS