Dor Publishes Trespaphan Results at Watchdog's Behest

NIS 1.5 billion in annual sales, scrawny profits

Dor Chemicals announced yesterday the 2002 financial results of Trespaphan, which it bought for 200 million euro from the Celanese group of companies.

Dor is announcing the results at the unprecedented behest of the Israel Securities Authority, which called the deal substantial, given that the acquired company's scope of activity is about the same level as the buyer's. Dor is the only Dankner-owned firm getting any succor from the Tel Aviv Stock Exchange, with investor confidence boosting it into the TA-100 recently.

Dor says Trespaphan - a maker of polypropylene sheeting - netted 2.5 million euro in the first 11 months of 2002, compared with a loss of 11.8 million euro throughout the whole of 2001.

Its revenues during those 11 months totaled 272.8 million euro. For the whole year, its revenues will probably surpass those of 2001, for which it posted revenues of 278.9 million euro. But if Trespaphan's results are adjusted to Israeli accounting rules, then its net for the first 11 months of 2002 is only NIS 5 million.

Trespaphan's shareholders equity on November 30, 2002, stood at 83.7 million euro - comprising 34 percent of its balance sheet. Its liabilities at that time totaled 144.8 million euro, of which 87.8 million euro were short-term liabilities to affiliates.

Trespaphan's cash at the end of November 2002 was 8.3 million euro, Dor reported.

Dor completed the acquisition of Trespaphan in December 2002 for a sum of 240 million euro, through subsidiary Dor Film International, which allocated 49 percent of its shares to the global investment group, Bain Capital. Most of the financing for the acquisition came from a consortium led by JP Morgan and Bear Stearns.

Trespaphan employs 1,400 people in four plants located in Germany, France, Mexico and South Africa. Its annual sales total about 280 million euro. The consolidated Dor group has production capacity of over 250,000 tons of polypropylene a year made by 10 plants.