With its companies combined in EMS-CHEMIE HOLDING AG, the EMS Group with global activities in the fields of Performance Polymers, Fine Chemicals and Engineering was able to strengthen its balance sheet structure even further in the year 2001 - in the face of a highly unfavourable market situation.
With its companies combined in EMS-CHEMIE HOLDING AG, the EMS Group with global activities in the fields of Performance Polymers, Fine Chemicals and Engineering was able to strengthen its balance sheet structure even further in the year 2001 - in the face of a highly unfavourable market situation.
To avoid any future ambiguity in respect of goodwill assessment, EMS writes down to zero the entire goodwill of the EMS Group (CHF 37 million) in the 2001 profit & loss account.
In addition, the extraordinary restructuring costs incurred by the Fine Chemicals business field have also been fully written off in the profit & loss account.
Despite the fact that these complete write-downs were taken into account, shareholders' equity was again boosted, by 12.6 % to CHF 1'317 million. At the same time, external finance has been reduced by CHF 165 million to CHF 1'283 million. The new equity ratio is hence 50.7 %. The non-operational short-term disposable resources exceed the interest-bearing external finance. EMS is thus extremely well equipped to face the uncertainties of the current year 2002.
Although net sales revenues increased by 7.9 % to CHF 1'252 (1'160) and by 12.5 % in local currency, the record showing of the previous year was not able to be repeated. However, the results are better than was expected as late as autumn last year. EBITDA amounted to CHF 258 million (- 6.6 %). In comparison with the previous year, operating income EBIT dropped by 9.3 % to CHF 193 million (213) against the previous year. This decline in EBIT can be attributed on the one hand to the marked economic slowdown, on the other hand to the substantial restructuring costs in the Fine Chemicals field.
The financial markets were hit by virtually historic crashes. Viewed in this light, the finance income of CHF 66 million (102) - which covers only such income from securities and investment that was actually realised (i.e. without book profits) may be termed particularly satisfactory. Net profit after taxes, after write-down of the entire goodwill and the one-time restructuring costs, hence amounts to CHF 176 million (- 30.2 %). The return on equity is 13.4 %, whereby the average for the past five years amounts to 21.9 %.may be termed particularly satisfactory. Net profit after taxes, after write-down of the entire goodwill and the one-time restructuring costs, hence amounts to CHF 176 million (- 30.2 %). The return on equity is 13.4 %, whereby the average for the past five years amounts to 21.9 %.
