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DORMA grows by  8.1 percent to 663 million Euro

Düsseldorf/Ennepetal. Despite the sustained weakness of its markets worldwide, the DORMA Group succeeded in increasing sales during fiscal 2002/2003 (June 30) by 8.1 percent to €663.1m (previous year: €613.3m). This was announced by Dr. Michael Schädlich, Chief Executive Officer of the DORMA Group, during the Düsseldorf press briefing on the company's financial year. The increase in revenues was largely due to a contribution to sales of around €74m emanating from the acquisitions of the previous year. In organic terms, DORMA grew by 0.3 percent. "The weakness of the global market continues to hold us tethered. Yet despite this and the fact that DORMA also had to absorb exceptional charges arising from its 'Fit for Future' restructuring programme and integration of the new Movable Walls division - as well as the negative affects of foreign exchange fluctuations - we have succeed in holding our course towards further growth," emphasised the CEO. "Once again we have had to deal with what amounts to a further 15-percent revaluation of the euro in relation to the dollar," Dr. Schädlich continued. Against this background, earnings before taxes (EBT) rose by 6.5 percent to €27.7m (previous year:€26m). At 4.2 percent, the return on sales thus remained unchanged. The figure for cash flow remained strong at €58.1m.