24 January 1994 00:00 [Source: ICB]
ELF AQUITAINE will post 1993 group consolidated income down 82.3% to FF1.1bn ($185m) from FF6.2bn, according to provisional results announced prior to the group's imminent privatisation. The 1993 figures include non-recurring charges totalling FF2bn, which to a large extent account for a 45.8% drop in the group's operating income to FF6.5bn from FF12bn. Consolidated full-year sales rose 4.7% to FF210bn from FF200.6bn.
The chemicals division - including Elf Atochem and Texasgulf - was pulled down by squeezed margins in commodity chemicals. Operating income showed a loss of FF800m, including non-recurring charges of FF600m. But Elf said overall results for the chemicals division 'show good resistance to the general conditions', mainly due to restructuring measures in petrochemicals and fertilisers.
Health division Elf Sanofi posted operating income down 5% to FF1.8bn from FF1.9bn. Excluding non-recurring items operating income was more or less unchanged. The company said a good second half compensated for a poor performance in the first half. Overall sales rose 10.2% to FF23.6bn from FF21.4bn. Excluding exceptional provisions of FF350m, net earnings will be up approximately 10% over the previous year. Including these provisions, net earnings will be around FF800m.
In Sanofi's human health sector, sales grew 3.4% to FF12.589bn from FF12.170bn. Sales of pharmaceuticals in Europe increased in volume terms except in Germany and Italy, where markets are still severely penalised by the healthcare measures implemented in 1993. Sales in Africa and the Middle East experienced a setback whereas Asia and Hungary benefited from the growth registered in domestic markets.
The bio-activities division posted sales down 2.3% to FF7.1bn from FF7.3bn in 1992. In the animal health sector there was satisfactory growth in the US market. In big-industries, the good performance of food texturising agents counterbalanced the downturn in sales of gelatine for non-food applications and flavours. Perfumes and beauty products sales climbed 97.7% to FF3.9bn from FF1.9bn. After a good second half, division sales achieved remarkable growth in a depressed market, due mainly to a good performance by Yves Saint Laurent, Van Cleef & Arpels and Oscar de la Renta. Yves Rocher's full-year performance was in line with forecasts for a strong increase in earnings.
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