SNPE Announces Results 2000

Apr 03, 2001, 01:00 ET from SNPE

    PARIS, April 3 /PRNewswire/ -- Following three years of sustained growth,
 SNPE's results slipped last year due to three major factors:
 
     -- Both chemicals and defense business sales were impacted by various
        developments: the unsuccessful launch of several medications, the
        cancellation of new missile programs, and delayed orders for military
        explosives and propellants.
 
     -- Production-related expenditures increased, due to the huge storms that
        hit France in December 1999, technical difficulties during the
        construction of the new plant in Houston, Texas, and an accident at
        the Sorgues plant this past summer.
 
     -- The widespread, extensive increase in the price of raw materials,
        energy and transportation could not be fully passed on in sales
        prices, which significantly drove down margins.
 
     SNPE consolidated sales of 822 million euros in 2000, 2.6 percent less
 than in 1999.  However, at constant size and excluding one-time billings,
 sales rose 3.6 percent.
     Earnings before exceptional items and taxes were 14.8 million euros, down
 64 percent on 1999.
     Net income came to 6.4 million euros, compared with 26 million euros in
 1999, although the latter figure included a large capital gain on a
 divestment.
     SNPE expects sales to exceed 900 million euros in 2001, with a significant
 rise in both chemicals and defense-space business earnings.
 
 

SOURCE SNPE
    PARIS, April 3 /PRNewswire/ -- Following three years of sustained growth,
 SNPE's results slipped last year due to three major factors:
 
     -- Both chemicals and defense business sales were impacted by various
        developments: the unsuccessful launch of several medications, the
        cancellation of new missile programs, and delayed orders for military
        explosives and propellants.
 
     -- Production-related expenditures increased, due to the huge storms that
        hit France in December 1999, technical difficulties during the
        construction of the new plant in Houston, Texas, and an accident at
        the Sorgues plant this past summer.
 
     -- The widespread, extensive increase in the price of raw materials,
        energy and transportation could not be fully passed on in sales
        prices, which significantly drove down margins.
 
     SNPE consolidated sales of 822 million euros in 2000, 2.6 percent less
 than in 1999.  However, at constant size and excluding one-time billings,
 sales rose 3.6 percent.
     Earnings before exceptional items and taxes were 14.8 million euros, down
 64 percent on 1999.
     Net income came to 6.4 million euros, compared with 26 million euros in
 1999, although the latter figure included a large capital gain on a
 divestment.
     SNPE expects sales to exceed 900 million euros in 2001, with a significant
 rise in both chemicals and defense-space business earnings.
 
 SOURCE  SNPE