Altana FY EBIT up 10 pct to 745 mln eur, but misses expectations UPDATE

Altana FY EBIT up 10 pct to 745 mln eur, but misses expectations UPDATE

	Published : Thu, 15 Mar 2007 16:02 By : Agencies Print this Story

(updates to add comments from today's press conference)

BAD HOMBURG, Germany (AFX) - Altana AG said its full-year EBIT rose 10 pct to 745 mln eur from 676 mln eur thanks to strong sales growth in both its pharma and chemicals divisions.

However, the figure fell short of the 754 mln eur consensus of analysts estimates.

Altana reiterated that full-year sales reached 3.867 bln eur, up 19 pct from 3.272 bln.

Full-year net profit soared to 3.872 bln eur, up from 438 mln eur in 2005 thanks to the sale of its pharma division to Nycomed.

'The last business year of Altana in the constellation with two divisions was the most successful one in the Group's 30-year history,' chief executive Nikolaus Schweikart said in a statement.

'However, even after the Group's restructuring, Altana will remain on its profitable and sustained growth and success course,' he said.

For the current year, Altana said it expects sales of between 1.34-1.39 bln eur, and an EBITDA of 210-240 mln eur.

It also set a medium-term 10 pct sales growth target, with 6 pct of this accounted for by organic growth.

It also wants to achieve a medium-term EBITDA margin of 19-20 pct.

Board member Matthias Wolfgruber said on the margins of the company's annual press conference that Altana could make acquisitions of a similar magnitude to the 2005 purchase of Eckart Group for 630 mln eur.

Wolfgruber added that Altana could make acquisitions of up to 100 mln eur without having to borrow funds.

'We can use our own resources to make acquisitions of up to 100 mln eur,' the executive said.

For larger purchases, Altana would have to borrow funds or carry out a capital increase.

alfred.kueppers@afxnews.com

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