Form 20-F þ | Form 40-F o |
Yes o | No þ |
| Press Release of April 27th, 2006 | ||
| Quarterly Report as to March 31st, 2006 |
ALTANA Aktiengesellschaft |
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Dated: April 27th, 2006 | By: | /s/ Hermann Küllmer | ||
Name: | Dr. Hermann Küllmer | |||
Title: | Chief Financial Officer and Member of the Management Board |
|||
By: | /s/ Rudolf Pietzke | |||
Name: | Dr. Rudolf Pietzke | |||
Title: | General Counsel | |||
Press Release
|
ALTANA AG | |||
PO Box 1244 | ||||
61282 Bad Homburg v.d.H. | ||||
Herbert-Quandt-Haus | ||||
Corporate Communications | ||||
Am Pilgerrain 15 | ||||
61352 Bad Homburg v.d.H. | ||||
Germany | ||||
P +49 (0) 6172 1712-160 | ||||
F +49 (0) 6172 1712-158 | ||||
pr@altana.de | ||||
www.altana.com |
| Significant double-digit growth: Sales +28%, Net Income +25% | ||
| Optimistic outlook for 2006 confirmed |
January to | January to | |||||||||||
ALTANA Group | March 2006 | March 2005 | Change | |||||||||
in million | in million | in % | ||||||||||
Sales |
948 | 741 | + 28 | |||||||||
Earnings before interest, taxes,
depreciation and amortization (EBITDA) |
229 | 180 | + 27 | |||||||||
Earnings before interest and taxes (EBIT) |
185 | 150 | + 23 | |||||||||
Earnings before taxes (EBT) |
185 | 152 | + 22 | |||||||||
Return on sales (EBT) in % |
19.5 | 20.5 | ||||||||||
Net income (EAT) |
118 | 94 | + 25 | |||||||||
Earnings per share in |
0.87 | 0.70 | + 24 | |||||||||
Number of employees (March 31) |
13,436 | 10,759 | + 25 |
>>> GROWTH NEEDS MINDS | ||
Interim Report to March 31, 2006 |
Q1 | Q1 | |||||||||||
in million | 2006 | 2005 | D% | |||||||||
Sales |
948 | 741 | 28 | |||||||||
Earnings before interest, taxes, depreciation and amortization (EBITDA) |
229 | 180 | 27 | |||||||||
Earnings before interest and taxes (EBIT) |
185 | 150 | 23 | |||||||||
Earnings before taxes (EBT) |
185 | 152 | 22 | |||||||||
Net income (EAT) |
118 | 94 | 25 | |||||||||
Earnings per share (EPS, in ) |
0.87 | 0.70 | 24 | |||||||||
Employees (March 31) |
13,436 | 10,759 | 25 | |||||||||
Key performance indicators |
||||||||||||
(as % of sales) |
||||||||||||
EBITDA |
24.2 | 24.3 | ||||||||||
EBIT |
19.5 | 20.3 | ||||||||||
EBT |
19.5 | 20.5 | ||||||||||
EAT |
12.4 | 12.7 |
> | Groups nominal growth at 28%, operating growth at 12% | |
> | Main growth drivers: very good pharmaceuticals and chemicals business as well as chemical acquisitions | |
> | Highest growth rates achieved in North America and Latin America | |
With sales growing by 28% to 948 million, ALTANA got off to an excellent start in financial 2006. ALTANA slightly exceeded its own sales expectations. The pharmaceuticals business and the specialty chemicals business contributed to the satisfactory development. Adjusted for acquisition and divestment effects, primarily regarding ALTANA Chemie, sales were 16% up on the prior year. Positive exchange rate effects, particularly vis-à-vis the U.S. dollar and the Latin American currencies, supported sales growth with 4 percentage points. Group operating sales rose by 12% compared to the prior year. |
Q1 | Q1 | |||||||||||||||||||
in million | % | 2006 | 2005 | D% | ||||||||||||||||
Europe |
1 | 49 | 465 | 402 | 16 | |||||||||||||||
Germany |
17 | 159 | 139 | 14 | ||||||||||||||||
Europe excluding Germany |
32 | 306 | 263 | 16 | ||||||||||||||||
North America |
2 | 29 | 278 | 194 | 43 | |||||||||||||||
U.S. |
25 | 238 | 170 | 40 | ||||||||||||||||
Latin America |
3 | 10 | 99 | 66 | 51 | |||||||||||||||
Asia |
4 | 10 | 92 | 68 | 37 | |||||||||||||||
Other regions
|
5 | 2 | 14 | 11 | 24 | |||||||||||||||
Total |
100 | 948 | 741 | 28 | ||||||||||||||||
International sales |
83 | % | 81 | % |
> | Double-digit growth in earnings | |
> | Earnings per share: 0.87 | |
> | Net income: 118 million (+25%) | |
Group earnings before taxes (EBT) amounted to 185 million, exceeding the prior-year level by 22%. The earnings situation of the ALTANA Group is influenced by the excellent business performance of ALTANA Pharma and ALTANA Chemie. Operating earnings based on EBITDA grew by 27% to 229 million. High acquisition-related amortizations lower the growth rate of earnings before taxes to 22%. | ||
On account of a lower tax rate, the net income (EAT), at 25%, and earnings per share (EPS), at 24%, grew stronger than the EBT (+22%). The EAT amounted to 118 million in the first quarter, while the EPS totaled 0.87. |
Q1 2006 | Q1 2005 | |||||||||||||||||||
m | % | m | % | D% | ||||||||||||||||
Sales |
948 | 100 | 741 | 100 | 28 | |||||||||||||||
Gross profit |
612 | 64.6 | 492 | 66.3 | 25 | |||||||||||||||
Operating earnings (EBITDA) |
229 | 24.2 | 180 | 24.3 | 27 | |||||||||||||||
Earnings before interest
and taxes (EBIT) |
185 | 19.5 | 150 | 20.3 | 23 | |||||||||||||||
Earnings before taxes (EBT) |
185 | 19.5 | 152 | 20.5 | 22 | |||||||||||||||
Net income (EAT) |
118 | 12.4 | 94 | 12.7 | 25 | |||||||||||||||
Earnings per share (EPS, in ) |
0.87 | 0.70 | 24 |
> | ALTANA Pharma grows by 17% | |
> | Pantoprazole sales increase by 18% | |
> | Highest growth rates in North America and Latin America | |
ALTANA Pharma reported sales of 624 million in the first quarter. The increase of 17% on the prior year was primarily due to the continued high growth rates of Pantoprazole (PANTOZOL®/PROTONIX®). Adjusted for positive exchange rate effects (5 percentage points) primarily in North America and Latin America (U.S., Canada, Mexico, Brazil), as well as for acquisition and divestment effects (1 percentage point), ALTANA Pharma achieved operating growth of 13% in the first three months of 2006. | ||
The core Therapeutics business with Pantoprazole grew by 18% to 539 million. Therapeutics, prescription drugs, accounted for 86% of ALTANA Pharmas |
Q1 | Q1 | |||||||||||||||||||
in million | % | 2006 | 2005 | D% | ||||||||||||||||
Therapeutics |
1 | 86 | 539 | 457 | 18 | |||||||||||||||
OTC |
2 | 7 | 42 | 33 | 27 | |||||||||||||||
Imaging |
3 | 5 | 28 | 29 | -3 | |||||||||||||||
Other |
4 | 2 | 15 | 14 | 8 | |||||||||||||||
Total |
100 | 624 | 533 | 17 |
Q1 | Q1 | |||||||||||||||||||
in million | % | 2006 | 2005 | D% | ||||||||||||||||
Europe |
1 | 49 | 306 | 292 | 4 | |||||||||||||||
Germany |
17 | 103 | 107 | -4 | ||||||||||||||||
Europe excluding Germany |
32 | 203 | 185 | 9 | ||||||||||||||||
North America |
2 | 34 | 210 | 162 | 30 | |||||||||||||||
U.S. |
28 | 177 | 140 | 26 | ||||||||||||||||
Latin America |
3 | 13 | 83 | 56 | 49 | |||||||||||||||
Other regions |
4 | 4 | 25 | 23 | 10 | |||||||||||||||
Total |
100 | 624 | 533 | 17 | ||||||||||||||||
International sales |
83 | % | 80 | % |
> | Earnings before taxes up by 19% | |
> | Return on sales at 25% | |
Earnings before taxes (EBT) rose by 19% to 156 million, disproportionate to sales. The high growth rate reflects the ongoing dynamic sales performance, particularly of Pantoprazole. Currency effects also had a positive effect. Despite considerably higher expenses for marketing & sales (+20%) and research & development (+17%), ALTANA Pharma continues to record above-average returns. The return on sales amounted to 25.0% in the first quarter of 2006 (prior year: 24.6%), while the operating margin based on EBITDA accounted for 28.7% (prior year: 28.5%). | ||
PIPELINE NEWS | ||
In mid February additional approval was granted for our novel inhaled corticosteroid ALVESCO® (Ciclesonide). The metered-dose inhaler for the treatment of persistent asthma can now be prescribed for adolescent patients from the age of 12. The national market approval extensions take place, like the prior approval, within the framework of the European Mutual Recognition Variation Procedure. | ||
ALTANA Pharma submitted the nasal spray OMNAIR containing the substance Ciclesonide for approval to Health Canada and the U.S. Food and Drug Administration (FDA) for the treatment of nasal symptoms of seasonal and year-round allergic rhinitis. On account of their inflammation-inhibiting effects, intranasal corticosteroids are standard therapy for allergic rhinitis. The nasal symptoms are primarily inflammation related. |
> Chemicals sales reach a new level due to acquisitions |
> ALTANA Chemie posts operating growth of 10% |
> Demand accelerates significantly in all markets |
In the first three months of financial 2006 ALTANA Chemie achieved sales of 324 million, with 56% significantly up on the prior year. This was primarily due to recent acquisitions, particularly ECKART, as well as Kelstar and, since March 1, Rad-Cure. Adjusted for acquisition and divestment effects (43 percentage points) as well as for exchange rate fluctuations (3 percentage points), ALTANA Chemie reported operating growth of 10% thanks to a clear resurgent worldwide demand. |
Q1 | Q1 | |||||||||||||||||||
in million | % | 2006 | 2005 | D% | ||||||||||||||||
Additives & Instruments |
1 | 32 | 103 | 91 | 14 | |||||||||||||||
Effect Pigments |
2 | 25 | 82 | | | |||||||||||||||
Electrical Insulation |
3 | 26 | 84 | 73 | 15 | |||||||||||||||
Coatings & Sealants |
4 | 17 | 55 | 44 | 26 | |||||||||||||||
Total |
100 | 324 | 208 | 56 | ||||||||||||||||
Q1 | Q1 | |||||||||||||||||||
in million | % | 2006 | 2005 | D% | ||||||||||||||||
Europe |
1 | 49 | 159 | 110 | 45 | |||||||||||||||
Germany |
17 | 56 | 32 | 77 | ||||||||||||||||
Europe excluding Germany |
32 | 103 | 78 | 32 | ||||||||||||||||
North America |
2 | 21 | 68 | 32 | 112 | |||||||||||||||
U.S. |
19 | 61 | 30 | 106 | ||||||||||||||||
Latin America |
3 | 5 | 16 | 10 | 60 | |||||||||||||||
Asia |
4 | 22 | 72 | 50 | 46 | |||||||||||||||
Other regions |
5 | 3 | 9 | 6 | 41 | |||||||||||||||
Total |
100 | 324 | 208 | 56 | ||||||||||||||||
International sales |
83 | % | 85 | % |
ALTANA CHEMIE: EARNINGS TREND |
> | Positive earnings performance due to acquisitions and a favorable economic environment | |
> | EBITDA rises by 57% |
In the first three months of 2006 ALTANA Chemie improved its operating earnings (EBITDA) by 57%, slightly disproportionate to the sales performance. The new Effect Pigments division and the improved earnings level of Coatings & Sealants on account of portfolio measures contributed to this growth in earnings which was achieved in spite of special burdens within the framework of restructuring measures. The EBITDA margin rose, accordingly, to 18.5%. | ||
Earnings before taxes (EBT) amounted to 37 million and were 39% up on the prior year, despite high acquisition-related depreciation and amortization. The return on sales (EBT) fell as a result from 13.0% to 11.6% according to plan. |
ORGANIZATIONAL DEVELOPMENT | ||
As of March 1, 2006, ALTANA Chemie acquired the Rad-Cure Corporation, headquartered in Fairfield, New Jersey. The purchase of the specialist in the field of overprint UV curable coatings as well as adhesives for the paper and board packaging sector further expanded the prod- |
uct portfolio of the Coatings & Sealants division and at the same time its presence on the North American market. In 2005 Rad-Cure achieved sales of roughly U.S.$ 10 million. ALTANA Chemie takes over all of the packaging specialists employees and production facilities. | ||
ALTANA Chemie purchased the production for insulating resins in Cerquilho, Brazil, of the Italian company INVEX S.p.A. The new site now operates under the name ALTANA Isolantes Eléctricos do Brasil Ltda. With the transaction, which was completed on April 5, ALTANA Chemie has acquired a production site for its Electrical Insulation division at which it can now also manufacture products itself that it used to have fabricated on a contract basis. Initially Electrical Insulation will supply the Latin American market from this site. In the medium term the production site will provide further divisions with a basis for gaining a foothold in this market. | ||
Within the framework of an organization optimization, Electrical Insulation will integrate production of impregnating resins and casting compounds in Manchester (U.K.) and wire enamel production in Kempen (Germany) into existing production sites in Europe and China until the end of 2006. |
CAPITAL EXPENDITURE | ||
14 million was invested in property, plant and equipment in the first quarter (prior year: 8 million). | ||
EMPLOYEES | ||
4,405 people worldwide worked for ALTANA Chemie on March 31, 2006, 1,991 or 82% more than in the prior year. 1,956 new employees came to the company as a result of acquisitions. 1,879 ALTANA Chemie staff members, around 43% of the workforce, are employed by our foreign companies. 2,526 employees worked for German companies at the end of March. Most of the new jobs were created in the Additives & Instruments division (+5%). The number of employees in Coatings & Sealants increased by 14% due to acquisitions. |
in million | Pharmaceuticals | Chemicals | Holding | Group | ||||||||||||
Sales |
||||||||||||||||
Q1 2006 |
624 | 324 | | 948 | ||||||||||||
Q1 2005 |
533 | 208 | | 741 | ||||||||||||
Operating income (EBIT) |
||||||||||||||||
Q1 2006 |
155 | 40 | -10 | 185 | ||||||||||||
Q1 2005 |
132 | 28 | -10 | 150 | ||||||||||||
Earnings before taxes (EBT) |
||||||||||||||||
Q1 2006 |
156 | 37 | -8 | 185 | ||||||||||||
Q1 2005 |
131 | 27 | -6 | 152 | ||||||||||||
Capital expenditure1 |
||||||||||||||||
Q1 2006 |
35 | 14 | | 49 | ||||||||||||
Q1 2005 |
20 | 8 | | 28 | ||||||||||||
Employees |
||||||||||||||||
March 31, 2006 |
8,975 | 4,405 | 56 | 13,436 | ||||||||||||
March 31, 2005 |
8,283 | 2,414 | 62 | 10,759 |
1 | Capital expenditure on property, plant and equipment and intangible assets |
ASSET AND FINANCIAL POSITION OF THE ALTANA GROUP |
> | Sound balance sheet structure maintained | |
> | Current business activities provide a high cash flow |
Total assets of the ALTANA Group rose since the beginning of the year by 4% to 3,761 million. This growth is driven by the development of operating business. Inventories, trade accounts receivable, and cash and cash equivalents increased in total by 93 million, thus accounting for more than two-thirds of the growth. At 49 million, capital expenditure on intangible assets and property, plant and equipment exceeded the high depreciation and amortization, giving rise to a slight increase in fixed assets. Like the assets, the structure of liabilities remained for the most part unchanged since the beginning of the year. Shareholders equity amounting to 2,144 million covers 57% of the total assets. |
> ALTANA Group consolidated cash flow statement |
in million | Q1 2006 | Q1 2005 | ||||||
Cash flow from operating activities |
106 | 148 | ||||||
Cash flow used in investing activities |
-50 | -18 | ||||||
Cash flow used in financing activities |
-13 | 6 | ||||||
Effects of changes in companies
consolidated and in exchange rates
on cash and cash equivalents |
-4 | 3 | ||||||
Net change in cash and cash equivalents |
39 | 139 | ||||||
Cash and cash equivalents as of Jan. 1 |
470 | 317 | ||||||
Cash and cash equivalents as of March 31 |
509 | 456 |
The excellent earnings situation led to high operating cash flows. Totaling 106 million, the cash flow from operating activities still remained below the prior-year level, due to an increase in cash and cash equivalents tied to the working capital on account of higher amounts of receivables and inventories with a simultaneous reduction of liabilities. | ||
50 million was spent for investing activities in the first quarter, considerably more than in the prior year (18 million). With regard to cash flow used in financing activities, the reimbursement of long-term financial liabilities led to an outflow of liquidity of 13 million. Group liquidity, consisting of securities and cash and cash equivalents, increased by 40 million to 644 million since the beginning of the year. |
THE ALTANA SHARE |
> | ALTANA share with good price performance in the first quarter: +11.2 % | |
> | Market capitalization at the end of the first quarter: 7.2 billion |
Significant price increases characterized international stock market activity at the beginning of 2006. The DAX index hit the 5,500 point mark for the first time since 2001, and the Dow Jones index surmounted the 11,000 points threshold for the first time after four years. Neither interest-rate speculations nor ongoing geopolitical tensions nor oil prices rising again had lasting adverse effects on the mood of the stock markets. Positive economic data at the end of January gave fresh impetus to the markets, especially to the German stock market. Driven by a new wave of acquisitions in several industries, the DAX index continued to rise in February, climbing to nearly 5,900 points, a new five-year high. Robust global growth perspectives and a largely good earnings development in many companies triggered further price potential, boosting prices strongly again starting in the middle of March. As of March 31, the DAX closed at 5,970 points, an increase of 10.4% in the first three months. It considerably outperformed the Dow Jones index, which concluded the first quarter at 11,109 points only 3.7% higher than at the beginning of the year. | ||
In contrast to the DAX and Dow Jones indexes, the ALTANA share showed a restrained development at the beginning of the year. The first positive effects on the price were provided at the end of January with the publication of provisional figures for the 2005 business year |
and by the related announcement of a tenth record year and a planned double-digit dividend increase also the tenth in succession. In February two events had a stabilizing effect on the attitude towards the ALTANA share and thus on its price level: the additional E.U. approval of ALVESCO® for the treatment of adolescents and the application for approval of Ciclesonide nasal spray in the U.S. and Canada, both of which represented milestones in the development of the Ciclesonide franchise. Propelled by acquisition and consolidation scenarios in the pharmaceutical sector and a very positive outlook for financial 2006, the ALTANA share reached its high, 51.65, on March 24. The ALTANA share closed the |
> Comparative performance ALTANA/DAX
January 1 March 31, 2006 |
first quarter at 51.14, thus rising by 11.2% since the start of the year. As a result, it slightly outperformed the DAX reference index and substantially outperformed the Dow Jones reference index. Closing the quarter at U.S.$62.07, the ALTANA share climbed by 14.0% on the New York Stock Exchange, or by 11.1% expressed in euros. | ||
On March 31, 2006, the market capitalization of ALTANA AG amounted to 7.2 billion. On the DAX list issued by the German stock exchange, ALTANA AG ranked 33 (December 31, 2005: 30) in terms of market capitalization (free float) and 28 (December 31, 2005: 27) in terms of trading volume. |
> | Key figures ALTANA share* Frankfurt Stock Exchange (FWB, Xetra) |
in | Q1 2006 | Q4 2005 | D% | |||||||||
High |
51.65 | 48.60 | 6.3 | |||||||||
Low |
43.46 | 44.22 | -1.7 | |||||||||
Price at quarter end |
51.14 | 46.00 | 11.2 | |||||||||
Average trading |
||||||||||||
volume* (shares) |
709,954 | 738,438 | -3.9 | |||||||||
Ticker symbol | ALT |
|||||||||||
Security code number | ISIN DE0007600801 |
* | all German stock exchanges |
OUTLOOK |
ALTANA: OUTLOOK FOR RECORD YEAR 2006 CONFIRMED |
We expect our dynamic business performance to continue in the 2006 business year. On a Group level, we anticipate a growth in sales of around 20% with a business volume of almost 4 billion. We believe that earnings (EBT) will be 8% to 10% up on the prior year, despite the high research & development and marketing & sales expenses. | ||
Both corporate divisions expect to achieve double-digit sales growthALTANA Pharma in a range of 12% to 14%, and ALTANA Chemie well above 30% due to acquisitions. Thanks to the good development we expect ALTANA Pharma to post earnings growth (EBT) of 8% to 10%. We anticipate growth of our own sales of Panto-prazole to be well in the double-digit percentage area, and worldwide market sales including all sales partners to be in the high single-digit percentage range. We assume that the operating earnings (EBITDA) of ALTANA Chemie will develop in the same range as its sales. | ||
The process of the long-term further development of both divisions is underway. We aim at implementing both processes in the course of this year and will provide further information in due course. |
ALTANA GROUP FIRST QUARTER STATEMENT (ABRIDGED) |
ALTANA GROUP CONSOLIDATED BALANCE SHEET |
ASSETS | March 31, | Dec. 31, | ||||||
in million | 2006 | 2005 | ||||||
Intangible assets, net |
698 | 691 | ||||||
Property, plant and equipment, net |
1,047 | 1,048 | ||||||
Long-term investments |
65 | 57 | ||||||
Deferred tax assets |
119 | 103 | ||||||
Other long-term assets |
31 | 32 | ||||||
Total long-term assets |
1,960 | 1,931 | ||||||
Inventories |
427 | 405 | ||||||
Receivables and other assets (short-term) |
730 | 693 | ||||||
Marketable securities |
135 | 134 | ||||||
Cash and cash equivalents |
509 | 470 | ||||||
Total short-term assets |
1,801 | 1,702 | ||||||
Total assets |
3,761 | 3.633 | ||||||
LIABILITIES | March 31, | Dec. 31, | ||||||
in million | 2006 | 2005 | ||||||
Shareholders equity |
2,142 | 2,011 | ||||||
Minority interests |
2 | 2 | ||||||
Total equity |
2,144 | 2,013 | ||||||
Long-term debt |
45 | 67 | ||||||
Long-term provisions |
449 | 444 | ||||||
Deferred tax liabilities |
34 | 21 | ||||||
Other long-term liabilities |
15 | 18 | ||||||
Total long-term liabilities |
543 | 550 | ||||||
Short-term debt |
325 | 322 | ||||||
Short-term provisions |
308 | 291 | ||||||
Other short-term liabilities |
441 | 457 | ||||||
Total short-term liabilities |
1,074 | 1,070 | ||||||
Total liabilities |
3,761 | 3,633 | ||||||
ALTANA GROUP STATEMENT OF CHANGES IN EQUITY |
in million | Q1 2006 | Q1 2005 | ||||||
Shareholders equity (January 1) |
2,014 | 1,650 | ||||||
Net income |
118 | 94 | ||||||
Translation adjustments |
-10 | 16 | ||||||
Changes in treasury shares |
6 | 3 | ||||||
Change of revaluation reserve |
14 | -15 | ||||||
Capital contribution |
||||||||
stock-based compensation |
2 | 4 | ||||||
Total equity (March 31) |
2,144 | 1,752 | ||||||
ALTANA GROUP CONSOLIDATED INCOME STATEMENT |
in million | Q1 2006 | Q1 2005 | ||||||
Sales |
948 | 741 | ||||||
Cost of sales |
-336 | -249 | ||||||
Gross profit |
612 | 492 | ||||||
Selling and distribution expenses |
-252 | -205 | ||||||
Research and development expenses |
-129 | -107 | ||||||
General administrative expenses |
-52 | -36 | ||||||
Other operating income and expenses |
6 | 6 | ||||||
Operating income |
185 | 150 | ||||||
Financial income |
| 2 | ||||||
Income before taxes |
185 | 152 | ||||||
Income tax expense |
-67 | -58 | ||||||
Net income |
118 | 94 | ||||||
attributable to minority interests |
||||||||
attributable to ALTANA AG shareholders |
118 | 94 | ||||||
Earnings per share (in ) |
0.87 | 0.70 | ||||||
Weighted average shares outstanding |
||||||||
Jan. 1 March 31 (thousands) |
135,893 | 135,402 |
REMARKS ON THE FIRST QUARTER FINANCIAL STATEMENTS |
This report of the ALTANA Group for the first three months of 2006 complies with the International Accounting Standard 34. Basically, the same accounting policies and valuation principles have been applied as for the preparation of the 2005 consolidated annual financial statements. |
In connection with exercised options, ALTANA transferred 122,750 shares to employees at strike price in the period from January 1 to March 31, 2006. A further 493 shares were sold to employees under the ALTANA Investment Plan 2005 and 3,039 shares were transferred to members of the Supervisory Board as part of the Supervisory Board compensation. An additional 16,595 shares were sold via the stock exchange to cover employee share option gains (from the ALTANA Investment Plans). No Altana treasury shares were purchased in this period. | ||
This report is unaudited. |
DISCLAIMER FOR FORWARD-LOOKING STATEMENTS |
This interim report contains forward-looking statements, i.e. current estimates or expectations of future events or future results. The forward-looking statements appearing in this report include revenue and earnings projections for the ALTANA Group, the ALTANA Pharma and ALTANA Chemie divisions, our pharmaceutical product, Pantoprazole, ALTANAs plans for the further development of DAXAS® and further market launches of ALVESCO®, the organizational optimization in the Electrical Insulation division, as well as ALTANAs aim to implement the processes of the long-term further development of both divisions. These statements are based on beliefs of ALTANAs management as well as assumptions made by, and information currently available to, ALTANA. Many factors that ALTANA is unable to predict with accuracy could cause ALTANAs actual results, performance or achievements to be materially different from those that may be expressed or implied by such forward-looking statements. These factors include ALTANAs ability to develop and launch new and innovative pharmaceutical and chemical products, price regulations for pharmaceuticals and budgeting decisions of local governments and healthcare providers, the level of ALTANAs investment in pharmaceuticals related R&D, the sales and marketing methods used by ALTANA to distribute its pharmaceuticals, the composition of ALTANAs pharmaceuticals portfolio, ALTANAs ability to maintain close ties with its chemicals customers, the business cycles experienced by ALTANAs chemicals customers and the prices of the raw materials used in ALTANAs chemicals business. |
Forward-looking statements speak only as of the date they are made. ALTANA does not intend, and does not assume any obligation, to update forward-looking statements to reflect facts, circumstances or events that have occurred or changed after such statements have been made. |
If you have any queries or require further information, please contact ALTANA AG, Corporate Communications. |
> | Financial Calendar 2006 |
Annual General Meeting, Frankfurt |
May 2, 2006 | |
Report on Q2 2006 |
August 2, 2006 | |
Conference call |
August 2, 2006 | |
Report on Q3 2006 |
November 2, 2006 | |
Press conference |
November 2, 2006 | |
Analyst meeting |
November 2, 2006 |
Please note that the above-mentioned dates might be subject to changes. |