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Sales development of the Feed Technology Business Area in 2003 were primarily affected by the continued weakness of the North American feed market and the decline of the US dollar against the Euro. As a result, Sales declined by 8.5%, to 99.2 MEUR in 2003 (2002: 108.4 MEUR). Excluding the exchange rate effects, Sales are down by approx. 5%.
Despite the reduction in Sales, Earnings progressed favorably. EBITDA amounted to 7.4 MEUR in 2003, an improvement of 21.3% compared to 2002 (6.1 MEUR). This was due to successful restructuring measures, which had progressed as planned and are expected to be completed by mid-2004. Profitability (EBITDA margin) increased to 7.5% in 2003 (2002: 5.6%).
Order Intake in 2003 amounted to 102.0 MEUR, a decline of 2.6% compared to 2002 (104.7 MEUR). With the exception of North America, the Business Area recorded growth rates in every major sales region.
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