Smith & Nephew Plc -- SNN (NYSE) die konservative Biotech-Aktie - 500 Beiträge pro Seite

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Hallo Freunde

Was haltet Ihr von dieser Biotechperle????

Innerhalb 5 Jahre immerhin 100%

http://markets.usatoday.com/custom/usatoday-com/html-quote.a…

Meinungen erwünscht

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Web Pages
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Smith & Nephew - http://www.smith-nephew.com/
Repair and care of the body`s principle tissues - skin, bone, joints and soft tissue.

ConvaTec - http://www.convatec.com/
Manufacturer of ostomy care and modern wound care products and a leading maker of skin care and continence care products; based in Skillman, New Jersey.

FibroGen, Inc. - http://www.fibrogen.com/
Developing recombinant collagen & gelatin for medical devices & pharmaceutical uses, as well as other therapeutics for scarring, fibrosis, wound healing, regeneration, & tissue engineering.

Derma Sciences, Inc. - http://www.dermasciences.com/menu.html
Wound management products offered along with the company`s skin care products and wound closure and tubing/catheter fasteners.

Smith & Nephew, Inc. - http://www.snwmd.com/
The Wound Management Division combines its own innovative lines of wound management systems, catheter dressings, and skin care products manufactured in its Largo, Florida facilities with products manufactured in the Center of Excellence facilities in Hull, England.

TG Eakin, Ltd., Northern Ireland - http://www.eakin.co.uk/
Ostomy and wound care products around the world.

Montreal Ostomy Center, Inc. - http://www.montrealostomy.com/
All resource guide for all discount ostomy supplies: colostomy, ileostomy, urostomy.

ReJuveness Pharmaceuticals, Inc. - http://www.rejuveness.com/
A soft, durable medical grade silicone sheeting, clinically proven effective in the management of existing hypertrophic and keloid scars. ReJuveness softens, smoothes and flattens scars, and restores skin to a more normal texture and color.

Tianjin Supply, Ltd. - http://www.lightsmedical.com/
Manufactures Alcohol Prep Pads, swabs, wipes, PVP Prep Pads, and other surgical and first aid supplies.

Premier Therapeutics, Inc. - http://www.premiertherapeutics.com/
Provides cost saving hydrolavage systems as well as Proxiderm wound closure devices. Topical dressing protocols, staff training, and reimbursement assistance are all part of our overall service.

Dansac Australia - http://www.dansac.com.au/
Service to those of you with a stoma, and others who wish to know more about the Dansac products.

Marlen Manufacturing and Development - http://www.marlenmfg.com/
Leaders and innovators in ostomy oroducts for ileostomies, colostomies, and urostomies since 1952.

Incutech, Inc. - http://www.incutech.com/inourcom.html
Samples for Ostomates: Ostomy/Ileostomy/Colostomy order Dansac products direct from Incutech. Preemie Pouch and Neutra Skin neonatal / pediatric ostomy products.

Beiersdorf-Jobst, Inc. - http://www.jobst-usa.com
Manufacturer of the Jobst brand of gradient compression stockings, Jobskin burn scar garments, Jobst plastic surgery garments, and Coverlet adhesive bandages.

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RAiDAR alerts Learn More About RAiDAR-LT


08/15/2003 (03:19 ET) Centerpulse Board Recommends Zimmer Offer - PR Newswire



08/13/2003 (16:33 ET) Majority of Zimmer shareholders approve takeover of Centerpulse - AFX News Asia



08/13/2003 (16:33 ET) Majority of Zimmer shareholders approve takeover of Centerpulse - AFX News Europe



08/07/2003 (06:45 ET) MEDIA: Today`s Wall Street Journal Mentions SNN - Knobias



08/07/2003 (06:26 ET) MEDIA: Today`s IBD Mentions SNN, ZMH and CEP - Knobias



08/07/2003 (06:19 ET) MEDIA: Today`s Wall Street Journal Europe Mentions SNN - Knobias



08/07/2003 (03:50 ET) LSE opening - Smith & Nephew up on bid speculation - AFX News UK



08/06/2003 (23:30 ET) Centerpulse Says Investor Choice Clear - Associated Press Online



08/06/2003 (20:38 ET) OFFERS FOR CENTERPULSE REMAIN UNCHANGED - AsiaPulse Pte. Ltd.



08/06/2003 (17:41 ET) Wall Street - European ADRs Alstom declines on bailout, Smith & Nephew soars - AFX News Asia



08/06/2003 (17:41 ET) Wall Street - European ADRs Alstom declines on bailout, Smith & Nephew soars - AFX News Europe



08/06/2003 (17:41 ET) Wall Street - European ADRs Alstom declines on bailout, Smith & Nephew soars - AFX News UK



08/06/2003 (12:32 ET) Centerpulse Says Takeover Choice Clear - Associated Press Online



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08/06/2003 (10:48 ET) VOLUME(+): SNN Volume 16% > 20-adsv, Stock +7.56% - Knobias



08/06/2003 (10:07 ET) Centerpulse: choice is clear after Smith & Nephew rules out raised takeover bid - Associated Press Worldstream



08/06/2003 (10:01 ET) London shares - feature movements at 3.00 pm - AFX News UK



08/06/2003 (09:44 ET) Zimmer Responds to Smith & Nephew Announcement - PR Newswire



08/06/2003 (09:26 ET) Centerpulse: choice is clear after Smith & Nephew rules out raised takeover bid - Associated Press Worldstream



08/06/2003 (08:04 ET) The Offers for Centerpulse Remain Unchanged - PR Newswire



08/06/2003 (07:44 ET) The offers for Centerpulse remain unchanged - Canada NewsWire



08/06/2003 (07:10 ET) London shares - feature movements at midday - AFX News UK



08/06/2003 (06:50 ET) Centerpulse says to issue recommendation on rival bids before Aug 27 deadline - AFX News UK



08/06/2003 (06:50 ET) Centerpulse says to issue recommendation on rival bids before Aug 27 deadline - AFX News Europe



08/06/2003 (05:09 ET) London shares - feature movements at 10.00 am - AFX News UK

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Orthopaedics Drives Strong Performance at Smith & Nephew
Orthopaedics Drives Strong Performance at Smith & Nephew


BW5829 JUL 31,2003 23:47 PACIFIC 02:47 EASTERN



( BW)(SMITH-&-NEPHEW)(SNN) Orthopaedics Drives Strong Performance atSmith & Nephew

Business Editors/Health/Medical Writers

LONDON--(BUSINESS WIRE)--July 31, 2003--Smith & Nephew plc, theglobal medical devices company, announces its interim results for thehalf year ending June 28, 2003.

Key Points:



--
Underlying sales growth 11%

--
Margin targets again achieved

--
EPS growth 11% before goodwill amortization and exceptional items

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Excellent performance in Orthopaedics

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Outlook remains positive

Dudley Eustace, Chairman, said: "Smith & Nephew continues todeliver a strong performance in attractive long-term growth markets.We are particularly pleased with the excellent results achieved by ourOrthopaedics business, where our innovative technologies enabled usonce again to make market share gains. We are confident that we candeliver sustainable sales growth and achieve our financial targets."
A presentation for analysts will be held at the City PresentationCentre, 4 Chiswell Street, Finsbury Square, London EC1Y 4UP at 9:30amGMT today. The meeting will be webcast live and will be available ondemand shortly after the close of the meetings athttp://www.smith-nephew.com/interims." target="_blank" rel="nofollow ugc noopener">http://www.smith-nephew.com/interims. The presentation may also beheard by dialing [phone] (for Europe); [phone] (forUS). The presentation can be found on our website:http://www.smith-nephew.com/interims." target="_blank" rel="nofollow ugc noopener">http://www.smith-nephew.com/interims. High resolution photographs areavailable to the media free of charge at www.newscast.co.uk.
Smith & Nephew is a global advanced medical devices company with ahighly successful track record in developing, manufacturing andmarketing a wide variety of innovative and technologically advancedtissue repair products. These products are primarily in the areas ofbone, joints, skin and other soft tissue. Smith & Nephew has extensivemarketing and distribution capabilities, with established sales inmore than 90 countries.
Smith & Nephew ADRs, each equivalent to ten ordinary shares, tradeon the New York Stock Exchange under the symbol SNN. Smith & Nephewordinary shares trade on the London Stock Exchange. Shares are quotedon the SEAQ System, and prices may be accessed on the Reuter Equities2000 Service under the symbol SMN.L, on Bloomberg under the symbolSNN, and on Quotron under the symbol SMU.EU. For further information,visit Smith & Nephew´s website at http://www.smith-nephew.com.

Trading results

In the first half of 2003 Smith & Nephew continued to achievedouble-digit underlying sales growth and turned in a particularlystrong performance in its largest and fastest-growing business,Orthopaedics. Advanced Wound Management and Endoscopy experienced aslower start to the year but both businesses have gained momentum atthe half year - a trend we expect to continue.
Underlying sales growth for the half-year was 11%, with anadditional 1% of sales arising from acquisitions, less 3% of adversecurrency translation. This growth was fueled by the company´scontinued commitment to developing innovative new products andtechniques that help the surgeon and clinical community get peopleback to their normal lives faster.
Among operational highlights in the first half, the Orthopaedicsbusiness formed two separate divisions - Reconstructive Implants andTrauma. The Endoscopy business completed the integration of the radiofrequency business, ORATEC Interventions, acquired last year. AdvancedWound Management integrated the Dermagraft venture acquired fromAdvanced Tissue Sciences, Inc., ("ATS") at the end of last year.
Profit before goodwill amortization, exceptional items and taxamounted to GBP112m for the half-year, a 10% increase over first half2002. This comprised GBP103m of operating profit before goodwillamortization, GBP13m profit from our interests in BSN Medical andAbilityOne, less GBP4m of interest costs.
EBITA margins before exceptional items were maintained at 17.9%despite the increased cost of funding the pension deficit and thecosts of Dermagraft, following the acquisition of ATS´s half sharelast year. These two expenses impacted margins by 0.7% and 0.8%respectively.
Orthopaedics improved its operating margins by leveraging itssales growth together with operational improvements. Endoscopyproduced a substantial improvement in its operating margins byaccelerating the integration of ORATEC and a focus on expense controlsas sales growth slowed in the US. Wound Management´s margins wereadversely impacted by the acquisition of the additional half of theDermagraft joint venture and a disproportionate share of the increasedpension funding.

EPS, tax, exceptional items and cash flow

After an ordinary tax charge of 29%, earnings per share beforegoodwill amortization and exceptional items were 8.59p, an increase onfirst half 2002 of 11%.
Exceptional costs of GBP5m were incurred in the half year,principally on integrating ORATEC´s production and developmentfacilities.
Operating cash flow was GBP53m, which is a profit to cashconversion ratio of 56% before rationalization and integrationexpenditure, compared to 49% a year ago. Net debt closed at GBP289m.

Dividend

To conform with the terms of our offers for Centerpulse AG andInCentive Capital AG, we have brought forward the record and paymentdate of our interim dividend. An interim dividend of 1.85p per share(2002: 1.80p) will be paid on September 12, 2003 to shareholders onthe register at the close of business on August 15, 2003. Shareholdersmay participate in the company´s dividend reinvestment plan.

Offers for Centerpulse and InCentive Capital

During the first half, we announced a recommended offer to combineour business with that of Centerpulse AG, along with a parallel offerto acquire its largest shareholder, InCentive Capital AG. CombiningSmith & Nephew, one of the fastest growing and most innovative medicaldevices companies, with Centerpulse, the European leader, would createthe world´s No. 3 orthopaedic implant company. Zimmer Holdings Inc.has also made offers to acquire Centerpulse and InCentive Capital, andthe two companies´ offers are running concurrently. Smith & Nephewremains convinced it is the best partner for Centerpulse and itsshareholders and is currently reviewing its options.

Operating review

Orthopaedics

Orthopaedics sales rose by an underlying 16%, and its growthcontinued to be among the best in the industry, with 26% of salescoming from new products. The divisionalization of the Orthopaedicsbusiness, announced earlier this year, is progressing smoothly and hasenabled us to take further advantage of the opportunities within thereconstructive and trauma marketplaces. By the end of the year, wewill have in place a dedicated trauma sales force of more than 60 tofocus on key trauma centers in the United States.
Reconstructive sales grew by an impressive 20% boosted by a strongperformance by Oxinium products, where we continue to take both kneeand hip market share. Knee sales are growing at 23% and hip sales 14%.Trauma sales grew 11% in the first half driven by external fixationdevices and the Exogen ultrasound bone healing and TriGen nailproducts.
Response to our unique Oxinium range of products continues to beexceptional, with the use of Oxinium components in the US reaching 36%penetration of our sales in knees and 24% in hips, the latter onlyintroduced in February. The unicompartmental knee incorporatingOxinium is being introduced this week and we are in the process oflaunching a dynamic direct-to-consumer marketing campaign for Oxiniumimplants in the US.
We have also launched Accuris instrumentation for theunicompartmental knee, as well as instrumentation for minimallyinvasive surgery for total knee replacement. We continue to makeprogress in the area of computer assisted surgery, and have partneredwith GE Medical Systems to develop applications for reconstructive andtrauma surgeries.

Endoscopy

Strong sales growth of 14% outside the Americas allowed us toachieve underlying sales growth of 5% in the first half of the year -despite flat sales in the US. The acquisition of ORATEC last yearadded to this a further 5% of sales.
The resection blades business in the US has suffered a 4% salesdecline in the first half due to a rise in the number of hospitalsusing reprocessed blades. Endoscopy sales to HealthSouth, both ofconsumables and capital equipment, were also disrupted as a result ofits financial difficulties. US blade sales will continue to experiencesome pressure in the second half; however, new product launches areexpected to improve overall Endoscopy sales growth.
While there is already a high level of penetration in the USmarket for arthroscopic knee surgery, shoulder arthroscopic proceduresand overall business growth outside the US remain robust. Ouroutstanding developments in cartilage and ligament repair for bothshoulders and knees continue to drive double digit growth globally forthese products.

Advanced Wound Management

Sales of Advanced Wound Management products grew an underlying 8%.The US grew strongly despite production start up delays, which havenow been overcome. Europe had a slower start to the year, principallydue to reimbursement changes in Germany. We have now fully integratedthe Dermagraft La Jolla, California, facility into the business.
Our lead product Allevyn has again maintained strong sales growthof 18% and we are expanding its production in the US. Sales ofActicoat, the silver-based dressing, are up 50% and the productcontinues to gain acceptance globally. We are encouraged by the firsthalf performance of Dermagraft, our bioengineered skin replacement fordiabetic foot ulcers, as well as TransCyte, used to treat burnpatients. Reimbursement coverage for Dermagraft in the US is nowvirtually complete.

BSN Medical

BSN again improved operating margins as the program ofmanufacturing rationalization continues.

New corporate brand

Smith & Nephew is today introducing a new corporate brand,modernizing the previous identity which has been unchanged for overtwenty years. The new brand reflects the energy and vitality intoday´s Smith & Nephew that has come with the transformation of thecompany over the past four years. Adoption of the new Smith & Nephewbrand identity throughout the group will result in heightenedvisibility and awareness of the company in the marketplace andincrease the value of the Smith & Nephew brand.

Outlook

Smith & Nephew has again delivered a strong overall performance inattractive long-term growth markets. Our margin improvement programscontinue to deliver positive results.
Looking forward to the remainder of the year, we are confidentthat our innovative product technologies will allow us to sustain ourstrong growth rate in Orthopaedics. In Endoscopy, new product launchesand stronger international sales are expected increasingly to offsetweakening sales in the US blades market. Advanced Wound Management hasthe momentum to deliver improved growth in the second half.
Management will continue to focus on its successful marginimprovement programs and we remain on track to achieve our financialtargets.

United States of America

The offer for Centerpulse shares is being made in the UnitedStates only through a prospectus/offer to exchange, which is part of aregistration statement filed with the SEC by Smith & Nephew Group.Centerpulse shareholders who are US persons or are located in theUnited States are urged to read the registration statement, includingthe prospectus/offer to exchange included therein, and the otherdocuments filed, or to be filed, with the SEC by Smith & Nephew Groupor Centerpulse relating to the Centerpulse offer, because they containimportant information about the Centerpulse offer. You may obtain afree copy of these documents from the SEC´s Web site at www.sec.gov.You may also obtain this information from Morrow & Co., Inc., the USinformation agent for the Centerpulse offer, at [phone], or bye-mail at [e-mail]


SMITH & NEPHEW plc
2003 INTERIM RESULTS continued
Unaudited Group Profit and Loss Account
for the Half Year Ended June 28, 2003

Year 2002 2003 2002 GBPm Notes GBPm GBPm Turnover 1 1,083.7 Continuing operations 577.3 531.9 26.2 Discontinued operations 2 - 26.2----------- ------------------ 1,109.9 Group turnover 577.3 558.1 155.0 Share of joint venture 81.0 79.3----------- ------------------ 1,264.9 658.3 637.4=========== ================== Operating profit 1 Continuing operations - before goodwill amortization and 196.0 exceptional items 103.1 95.2 (17.5) - goodwill amortization* (9.4) (8.1) (29.9) - exceptional items* 3 (4.3) (15.3)----------- ------------------ 148.6 89.4 71.8 2.1 Discontinued operations 2 - 2.1----------- ------------------ 150.7 89.4 73.9 Share of operating profit of the joint venture 19.6 - before exceptional items 9.9 9.4 (2.6) - exceptional items* 4 (0.6) (1.3)----------- ------------------ 167.7 98.7 82.0 Share of operating profit of the 4.9 associated undertaking 3.4 1.4----------- ------------------ 172.6 102.1 83.4 Discontinued operations - net profit 18.0 on disposals* 2 - 19.0----------- ------------------ Profit on ordinary activities before 190.6 interest 102.1 102.4 (12.7)Interest payable 5 (4.0) (6.3)----------- ------------------ Profit on ordinary activities before 177.9 taxation 98.1 96.1 65.8 Taxation 6 30.9 45.5----------- ------------------ 112.1 Attributable profit 67.2 50.6 44.6 Ordinary dividends 7 17.2 16.7----------- ------------------ 67.5 Retained profit 50.0 33.9=========== ================== 12.11p Basic earnings per ordinary share 8 7.23p 5.46p 12.02p Diluted earnings per ordinary share 8 7.19p 5.42p *Results before goodwill amortization and exceptional itemsGBP209.9m Profit before taxation 9 GBP112.4mGBP101.8m Adjusted basic earnings per ordinary 16.02p share 8 8.59p 7.76p Adjusted diluted earnings per 15.89p ordinary share 8 8.54p 7.71p

SMITH & NEPHEW plc
2003 INTERIM RESULTS continued
Abridged Group Balance Sheet as at June 28, 2003

Year 2002 2002 2003 Restated(B) GBPm GBPm GBPm 317.2 Intangible assets 304.1 332.8 255.8 Tangible assets 259.5 248.9 115.0 Investment in joint venture(A) 120.9 112.4 8.5 Investment in associated undertaking 10.6 7.5 8.2 Investments 5.7 17.7---------- -------------------- 704.7 700.8 719.3---------- -------------------- 229.5 Stocks 241.4 241.6 280.7 Debtors 327.7 293.4 22.5 Cash 36.4 56.2 (315.9)Creditors (295.9) (333.5)---------- -------------------- 216.8 309.6 257.7 (316.1)Borrowings (348.7) (407.1) (56.0)Provisions - deferred taxation (59.1) (54.8) (32.1) - other (30.1) (37.2)---------- -------------------- 517.3 Shareholders´ funds 572.5 477.9========== ==================== (A) Investment in joint venture comprises goodwill GBP71.6 million, share of gross tangible assets GBP109.5 million less share of gross liabilities GBP60.2 million. (B) Half year 2002 comparative figures have been restated for the reclassification of currency swap assets and liabilities from cash and borrowings to debtors and creditors respectively. Abridged Movement in Shareholders´ Funds for the Half Year Ended June 28, 2003 ------------------------------------------------- Year 2002 2003 2002 GBPm GBPm GBPm 404.6 Opening shareholders´ funds 517.3 404.6 112.1 Attributable profit 67.2 50.6 (44.6)Dividends (17.2) (16.7) 9.1 Exchange adjustments 2.9 6.0 30.0 Goodwill on disposals - 30.0 (2.3)Movements relating to the QUEST - (0.4) 8.4 Issue of shares 2.3 3.8---------- ---------------------- 517.3 Closing shareholders´ funds 572.5 477.9========== ======================

SMITH & NEPHEW plc
2003 INTERIM RESULTS continued
Abridged Group Cash Flow for the Half Year Ended June 28, 2003

Year 2002 2003 2002 GBPm GBPm GBPm 150.7 Operating profit 89.4 73.9 94.4 Depreciation and amortization(C) 37.2 43.9 (35.8)Working capital and provisions (44.7) (38.9)----------- -------------------- Net cash inflow from operating 209.3 activities(D) 81.9 78.9 Capital expenditure and financial (86.1) investment (29.2) (41.2)----------- -------------------- 123.2 Operating cash flow 52.7 37.7 3.9 Joint venture dividend 2.7 2.2 (10.2)Interest (2.6) (5.2) (52.3)Taxation (23.3) (29.7) (43.5)Dividends (27.9) (26.8) (206.3)Acquisitions (3.6) (193.5) - Centerpulse transaction costs (15.6) - 71.8 Disposals - 71.8 5.7 Joint venture formation - 5.7 6.1 Issues of ordinary share capital 2.3 3.4----------- -------------------- (101.6)Net cash outflow (15.3) (134.4) 68.2 Exchange adjustments 3.7 27.8 (243.5)Opening net debt (276.9) (243.5)----------- -------------------- (276.9)Closing net debt (288.5) (350.1)=========== ==================== 54% Gearing 50% 73% (C) Comparative figures include GBP8.0 million exceptional write- down of the group´s equity investment in Advanced Tissue Sciences, Inc. at the half year and GBP17.5 million for full year 2002. (D) After GBP5.3 million (GBP9.1 million at the half year and GBP19.3 million for full year 2002) of outgoings on rationalization, acquisition integration and divestment costs. Net debt includes GBP23.8 million of net currency swap assets(GBP0.8 million at the half year and GBP16.7 million for full year2002).

Statement of Total Recognized Gains and Losses
for the Half Year Ended June 28, 2003

Year 2002 2003 2002 GBPm GBPm GBPm 112.1 Attributable profit 67.2 50.6 Currency translation differences on 9.1 foreign currency net investments 2.9 6.0------------ --------------------- 121.2 Total recognized gains and losses 70.1 56.6============ =====================

SMITH & NEPHEW plc
NOTES TO THE 2003 INTERIM RESULTS

Segmental performance for the half year ended June 28,1. 2003 was as follows: Group turnover by business segment Year 2002 2003 2002 Underlying GBPm GBPm GBPm sales growth 470.2 Orthopaedics 260.0 235.8 16% 291.8 Endoscopy 148.8 141.7 5% 321.7 Advanced Wound Management 168.5 154.4 8% ----------- ------------------------------ 1,083.7 Continuing operations 577.3 531.9 11% =========== ==============================


Group operating profit by business segment Year 2002 2003 2002 GBPm GBPm GBPm 98.2 Orthopaedics 58.4 51.2 53.8 Endoscopy 27.9 21.4 44.0 Advanced Wound Management 16.8 22.6---------- ------------------------ 196.0 103.1 95.2 (17.5) Goodwill amortization (9.4) (8.1) (29.9) Exceptional items (4.3) (15.3)---------- ------------------------ 148.6 Continuing operations 89.4 71.8========== ========================


Group turnover by geographic market Year 2002 2003 2002 Underlying GBPm GBPm GBPm sales growth 318.7 Europe(1) 182.0 155.6 9% 610.5 America 312.6 303.1 12% 154.5 Africa, Asia and Australasia 82.7 73.2 11%------------ ----------------------------- 1,083.7 Continuing operations 577.3 531.9 11%============ =============================

(1) Includes United Kingdom sales of GBP46.2 million (GBP40.8
million at the half year and GBP87.3 million for full year
2002). Underlying sales growth is sales growth adjusted to
eliminate the effects of translational currency,
acquisitions and disposals.

SMITH & NEPHEW plc

NOTES TO THE 2003 INTERIM RESULTS continued

2. Discontinued operations in 2002 represent the results and net
profit on disposal of the rehabilitation business to
AbilityOne.

3. Operating exceptional items within continuing operations
comprise GBP4.3 million of acquisition integration costs (2002
half year GBP4.2 million; full year GBP8.4 million) and in
half year 2002 GBP8.0 million write down against the group´s
equity investment in Advanced Tissue Sciences, Inc. (full year
GBP17.5 million) and GBP3.1 million costs of rationalization
consequent on the contribution of businesses to BSN Medical
and manufacturing rationalization (full year GBP4.0 million).

4. The group´s share of exceptional items of the joint venture
relates to manufacturing rationalization costs of BSN Medical.

5. Interest includes GBP0.9 million (2002 half year GBP0.8
million; full year GBP1.6 million) in respect of the group´s
share of the net interest charge of BSN Medical and GBP0.5
million (2002 half year GBP0.3 million; full year GBP0.9
million) in respect of the group´s share of the net interest
charge of AbilityOne.

6. Taxation of GBP32.6 million (2002 half year GBP29.9 million;
full year GBP61.6 million) arises on the profit before
goodwill amortization and exceptional items, an estimated
effective rate of 29% on the full year´s results before
exceptional items and goodwill amortization and a credit of
GBP1.7 million arises in respect of the net exceptional items.
Of the total, GBP32.3 million relates to overseas taxation,
GBP2.5 million relates to the group´s share of the tax of BSN
Medical and GBP1.2 million relates to the group´s share of the
tax of AbilityOne.

7. An interim dividend of 1.85 pence per ordinary share (2002 -
1.80 pence per ordinary share) will be paid on September 12,
2003 to all shareholders on the register at the close of
business on 15 August 2003. Shareholders may participate in
the dividend reinvestment plan.

8. The basic average number of ordinary shares in issue was 929
million (2002 - 926 million). The diluted average number of
ordinary shares in issue was 934 million (2002 - 933 million).

9. Results before goodwill amortisation and exceptional items
states profit on ordinary activities before taxation before
charging goodwill amortization and exceptional items and
before the net profit on the disposal of discontinued
operations. Earnings per ordinary share before goodwill
amortization and exceptional items is based on the
attributable profit before accounting for these items and
taxation on the exceptional items.

10. On 23 June 2003 the 5 1/2% GBP1.00 cumulative preference
shares in Smith & Nephew plc were cancelled resulting in a
reduction in share capital of GBP268,501. In consideration,
preference shareholders were paid GBP1.38 per share on 7 July
2003.

11. The interim financial information has been prepared on the
basis of the accounting policies set out in the full annual
accounts of the group for the year ended December 31, 2002.
The financial information contained in this interim statement
does not constitute statutory accounts as defined in Section
240 of the Companies Act 1985.

12. The financial information for the year ended December 31, 2002
has been extracted from the full annual accounts of the group
which have been filed with the Registrar of Companies. The
auditors´ report on those accounts was unqualified.

SMITH & NEPHEW plc
NOTES TO THE 2003 INTERIM RESULTS continued

13. In April 2003, Smith & Nephew made a public offer to purchase
Centerpulse AG, a listed medical devices company incorporated
under the laws of Switzerland, along with a parallel offer to
acquire its largest shareholder, InCentive Capital AG. In June
2003, Zimmer Holdings Inc. made counter offers to purchase
Centerpulse AG and InCentive Capital AG. The offers and
counter offers are still open. Until the offers are resolved
transaction costs relating to the offers to acquire
Centerpulse AG and InCentive Capital AG will be included in
debtors. As at June 28, 2003 the amount was GBP15.6 million.

Independent Review Report to Smith & Nephew plc

Introduction

We have been instructed by the company to review the financialinformation for the six months ended June 28, 2003 which comprises theGroup Profit and Loss Account, Abridged Group Balance Sheet, AbridgedMovement in Shareholders´ Funds, Abridged Group Cash Flow Statement,Statement of Total Recognized Gains and Losses and the related notes 1to 13. We have read the other information contained in the interimreport and considered whether it contains any apparent misstatementsor material inconsistencies with the financial information.
This report is made solely to the company in accordance withguidance contained in Bulletin 1999/4 ´Review of interim financialinformation´ issued by the Auditing Practices Board. To the fullestextent permitted by the law, we do not accept or assume responsibilityto anyone other than the company, for our work, for this report, orfor the conclusions we have formed.

Directors´ Responsibilities

The interim report, including the financial information containedtherein, is the responsibility of, and has been approved by thedirectors. The directors are responsible for preparing the interimreport in accordance with the Listing Rules of the Financial ServicesAuthority which require that the accounting policies and presentationapplied to the interim figures should be consistent with those appliedin preparing the preceding annual accounts except where any changes,and the reasons for them, are disclosed.

Review Work Performed

We conducted our review in accordance with guidance contained inBulletin 1999/4 ´Review of interim financial information´ issued bythe Auditing Practices Board for use in the United Kingdom. A reviewconsists principally of making enquiries of group management andapplying analytical procedures to the financial information andunderlying financial data, and based thereon, assessing whether theaccounting policies and presentation have been consistently applied,unless otherwise disclosed. A review excludes audit procedures such astests of controls and verification of assets, liabilities andtransactions. It is substantially less in scope than an auditperformed in accordance with United Kingdom Auditing Standards andtherefore provides a lower level of assurance than an audit.Accordingly we do not express an audit opinion on the financialinformation.

Review Conclusion

On the basis of our review we are not aware of any materialmodifications that should be made to the financial information aspresented for the six months ended June 28, 2003.

Ernst & Young LLP
London
July 31, 2003

--30--FAP/ny* CONTACT: Smith & Nephew plc Angie Craig, 011-44-207-401-7646 or Taylor Rafferty Brian Rafferty, 212/889-4350 KEYWORD: UNITED KINGDOM INTERNATIONAL EUROPE INDUSTRY KEYWORD: MEDICAL DEVICES CONFERENCE CALLS EARNINGS SOURCE: Smith & Nephew plc

(c) 2003 Business Wire. All reproduction, other than for an individual user`s reference, is prohibited without prior written permission.

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Von Gestern

SNN
SMITH & NEPHEW PLC
64.740
-0.210 -0.32%


Daily Commentary
HOLD

Our system recommends HOLD as of today. Previous BUY recommendation was made on 7/29/2003 (17) days ago, when the stock price was 59.150. Since then the stock gained 9.45% .

Today the stock closed lower, close to its high (sign of strength) with a lower high and a lower low. The volume is extremely low. The security price is trending sideways.

Candlestick Analysis

Today’s Candlestick Patterns:
Short Black Candlestick

Today a Short Black Candlestick formed. There was a limited price change that may represent consolidation

Stock Quote
Last 64.740
Previous Close 64.950
Change -0.210
% Change -0.32%
Volume 6,100
Stock Activity
Open 64.800
Day`s High 64.800
Day`s Low 64.300
52 Week High 69.340
52 Week Low 53.600

Stock Price History
3 Month % Change -2.06
6 Month % Change 14.58
12 Month % Change 9.45
Stock Statistics
50 Day Close MA 61.306
200 Day Close MA 60.916
65 Day Volume MA 41,478

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08/18/2003 (12:15 ET) London shares - late feature movements - AFX News UK
08/18/2003 (08:21 ET) Smith & Nephew Announces Disposal of 21 1/2% Interest in AbilityOne - Business Wire
08/18/2003 (08:03 ET) Smith & Nephew to sell stake in AbilityOne for 49 mln stg cash - AFX News Europe
08/18/2003 (06:43 ET) MEDIA: Today`s IBD Mentions ZMH, SNN and CEP - Knobias
08/15/2003 (03:19 ET) Centerpulse Board Recommends Zimmer Offer - PR Newswire

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London shares - late feature movements

Monday , August 18, 2003 12:15 ET

Aug 18, 2003 (AFX-UK via COMTEX) -- FTSE 100 risers

Smith & Nephew 410 up 10-1/4

Sells AbilityOne stake for 49 mln stg

Friends Provident 138 up 3-1/2

Firmer market trend

BHP Billiton 407 up 8

UBS raises price target

Rio Tinto 1327 up 28

Goldman Sachs reiterates `outperform`

Anglo American 1181 up 29-1/2

Goldman Sachs lifts estimates

Scottish & Southern 635-1/2 down 10-1/2

Bounce-back from Friday`s heavy losses

Vodafone 123-3/4 up 1

Sale of fixed-line Japanese operation reportedly imminent

GKN 244 up 4-3/4

Goldman Sachs pushes cyclical stocks

FTSE 100 fallers

BT Group 190 down 3-1/2

CSFB `underperform`

BAT 635 down 7

Reportedly considering 2 bln stg bid for Turkish tobacco business

Tomkins 266-1/2 down 1-1/4

Results next week

Standard Chartered 850-1/2 down 1-1/2

Morgan Stanley downgrades to `equal-weight`

Granada 107 down 1/2

Still no news on Carlton

FTSE 250 risers

Psion 77-3/4 up 9-3/4

First-half results due this Thursday

Michael Page 160-1/2 up 13-1/2

Better-than-expected interims

Avis Europe 104-1/2 up 4-1/4

CSFB upgrade to `outperform`, hikes price target

Invensys 29-1/2 up 1-1/2

Reportedly close to selling its US water metering business

Pilkington 85 up 3-1/4

JP Morgan downgrades to `underweight`

Crest Nicholson 318-1/2 up 9-1/2

Heron hikes state in co to 4.18 pct

Headlam Group 317 up 9-1/2

Robust first-half results, upbeat outlook

Berkeley 863 up 21

Renewed construction sector consolidation talk

Manchester United 166 up 1-3/4

Kicks off Premiership defence with 4-0 home win

FTSE 250 fallers

EMI 156 down 3-3/4

Seen bidding for Warner Music

Celltech 368 up 3/4

H1 results tomorrow

Colt Telecom 95 down 1-1/2

Morgan Stanley downgrades to `equal-weight`

BPB 333-1/4 down 3/4

JP Morgan downgrade to `underweight` from `overweight`

Other risers

Emerald Energy 0.61 up 0.22

Refinancing completed following EGM approval Friday; Waterford stake hike

Computer Software 4.12 up 1.75

Narrower full year losses

NMT Group 2.70 up 0.58

Sunday Express `buy`

Top Ten Holdings 12.75 up 2.50

Investors Chronicle `buy` advice on Friday

Knowledge Technology 11.37 up 2.00

Sunday Telegraph `buy`

Bidtimes 3.25 up 0.50

Directors` annual remuneration cut by 40 pct; chairman to retire

ElectricWord 9.62 up 1.25

Sunday Times `Shares in the Boardroom` comment

Enneurope 15-1/2 up 2

Receives acceptances for 42.93 pct of NOIT, extends offer to Aug 22

First Calgary 160 up 15

Third successful gas well located on Ledjmet Block 405b in Algeria

Bioprojects International 4.00 up 0.38

Significant board changes at Vialogy Corp, in which co owns 47.6 pct stake

Other fallers

Merivale Moore 99-1/2 down 77

Ex-dividend; Nest Egg offer recently went unconditional

World Travel 0.22 down 0.08

Suspension lifted as results published; needs to raise funds by Oct 31

Orbis 1.25 down 0.37

Record date for deferred share repurchase tomorrow

Newcastle United 38 down 1-1/2

New Premiership campaign begins with 2-2 draw at Leeds United

sd/slm/


Copyright 2003. AFX News Ltd. All rights reserved.


-0-


KEYWORD: United Kingdom
SUBJECT CODE: Stocks
Closing Market



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08/21/2003 (17:19 ET) SNN: Short Interest DN 24.3% to 69.4K in Aug 2003 - Knobias
08/21/2003 (02:31 ET) Smith & Nephew has no comment on SEC probe into Centerpulse`s accounting - AFX News UK
08/21/2003 (02:31 ET) Smith & Nephew has no comment on SEC probe into Centerpulse`s accounting - AFX News Europe
08/18/2003 (12:15 ET) London shares - late feature movements - AFX News UK
08/18/2003 (08:21 ET) Smith & Nephew Announces Disposal of 21 1/2% Interest in AbilityOne - Business Wire

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08/28/2003 (09:46 ET) RATING(=): Merrill Lynch Reiterates SNN Rating @ Buy - Knobias
08/28/2003 (06:51 ET) Smith & Nephew offer for Centerpulse lapses - AFX News Europe
08/28/2003 (06:51 ET) Smith & Nephew offer for Centerpulse lapses - AFX News UK
08/25/2003 (06:51 ET) MEDIA: Latest Barron`s Publication Mentions SNN - Knobias
08/25/2003 (06:37 ET) MEDIA: Latest Barron`s Publication Mentions SNN - Knobias

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08/29/2003 (11:46 ET) Zimmer close to sealing Centerpulse takeover - Associated Press Worldstream
08/28/2003 (12:16 ET) Smith & Nephew plc Announces Expiration of Tender Offers for Centerpulse and InCentive Capital - Business Wire
08/28/2003 (09:46 ET) RATING(=): Merrill Lynch Reiterates SNN Rating @ Buy - Knobias
08/28/2003 (06:51 ET) Smith & Nephew offer for Centerpulse lapses - AFX News Europe
08/28/2003 (06:51 ET) Smith & Nephew offer for Centerpulse lapses - AFX News UK

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MEDIA: Today`s Wall Street Journal Europe Mentions SNN

Wednesday, September 03, 2003 06:54 ET

The following article appears in today`s Wall Street Journal Europe(tm) discussing Smith & Nephew PLC:

"Orthopedic Firms Latch Together To Boost Profit"

(NYSE: SNN) last traded at $65.24, up $0.27 (0.42%), on 92,200 shares.

OTHER STOCK(S) MENTIONED:
-- Centerpulse Ltd. (NYSE: CEP)
-- Zimmer Holdings Inc. (NYSE: ZMH)

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11/19/2003 (06:50 ET) TABLE: Unconfirmed Earnings Expected Wednesday, Nov 19 - Knobias
11/14/2003 (10:20 ET) ABT to Assume Marketing of Collagenase SANTYL(R) - Knobias
11/12/2003 (08:35 ET) Smith & Nephew Introduces Enhanced Surgical Image Management System - PR Newswire
11/05/2003 (08:42 ET) Smith & Nephew Launches New Advanced Wound Management Product - PR Newswire
11/05/2003 (08:13 ET) RATING(-): Merrill Lynch Cuts SNN to Neutral from Buy; Analyst Notes - Knobias

Last Trade: 77.500 Change: 0.100 (+0.129%)
Previous Close: 77.400 Volume: 10,100
Bid: N/A Ask: N/A
Today`s Open: 77.260 # of Trades: 31


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RAiDAR alerts Learn More About RAiDAR-LT


02/06/2004 (10:26 ET) SNN: New 52-Wk High @ $46.800 up 1.83% - Knobias



02/06/2004 (06:50 ET) TABLE: Unconfirmed Earnings Expected Friday, Feb 6 - Knobias



02/05/2004 (10:45 ET) Smith & Nephew pleases with on target profits, bullish outlook - AFX News Europe



02/05/2004 (10:45 ET) Smith & Nephew pleases with on target profits, bullish outlook - AFX News UK



02/05/2004 (10:06 ET) SNN: New 52-Wk High @ $45.990 up 2.96% - Knobias



02/05/2004 (08:21 ET) Smith & Nephew CEO says may exit BSN jv in 2006/2007 - AFX News UK



02/05/2004 (08:21 ET) Smith & Nephew CEO says may exit BSN jv in 2006/2007 - AFX News Europe



02/05/2004 (07:49 ET) Smith & Nephew FY profits hit target; gives bullish 2004 guidance UPDATE - AFX News Europe



02/05/2004 (07:49 ET) Smith & Nephew FY profits hit target; gives bullish 2004 guidance UPDATE - AFX News UK



02/05/2004 (07:31 ET) Smith & Nephew FY profits hit target; gives bullish 2004 guidance - AFX News UK



02/05/2004 (07:31 ET) Smith & Nephew FY profits hit target; gives bullish 2004 guidance - AFX News Europe



02/05/2004 (07:25 ET) Today`s UK company results - UPDATE - AFX News UK



02/05/2004 (07:24 ET) Smith & Nephew FY pretax pre-ex pre-goodwill 242.2 mln stg vs 209.9 mln - AFX News UK



02/05/2004 (07:23 ET) Smith & Nephew FY pretax pre-ex pre-goodwill 242.2 mln stg vs 209.9 mln - AFX News Europe



02/05/2004 (07:09 ET) Smith & Nephew plc announces its unaudited preliminary results for the year ended 31 December 2003 - PrimeZone Media Network, Inc.



02/05/2004 (02:20 ET) First-Alert: 10 a.m. Investrend / Bestcalls - Investrend - Financial Wire



02/03/2004 (09:18 ET) REMEDY: Remedy expands customer base with Vanco win - M2 Communications



02/03/2004 (08:02 ET) SNN: To Present At ML Healthcare Conference @ 08:45 ET - Knobias



02/02/2004 (12:10 ET) SNN: Volume Spike; 50% > 20-adsv, Stock -1.44% - Knobias



01/28/2004 (11:15 ET) SNN: Volume Spike; 75% > 20-adsv, Stock +3.34% - Knobias



01/28/2004 (11:10 ET) SNN: New 52-Wk High @ $45.080 up 3.06% - Knobias



01/26/2004 (08:19 ET) INDUSTRY: Merrill Previews Qtr for Medical Technology Co`s - Knobias



01/23/2004 (08:20 ET) Smith & Nephew buys Versajet wound debrider from HydroCision for 5 mln usd - AFX News UK



01/23/2004 (08:20 ET) Smith & Nephew buys Versajet wound debrider from HydroCision for 5 mln usd - AFX News Europe



01/23/2004 (08:13 ET) Smith & Nephew Acquires Wound Debrider From HydroCision Inc - PrimeZone Media Network, Inc.

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05/20/2004 (17:02 ET) SNN: Short Interest UP 22.4% to 259.0K in May 2004 - Knobias
05/12/2004 (15:40 ET) RATING(1): Susquehanna Starts SNN Rating @ Net Neutral - Knobias
05/07/2004 (12:36 ET) London shares - closing features - AFX News - UK
05/07/2004 (10:55 ET) SNN: Volume Spike; 14% > 20-adsv, Stock +1.93% - Knobias
05/07/2004 (10:26 ET) London shares - midafternoon features - AFX News - UK

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11/18/2004 (18:02 ET) Evening Standard, London, market report column - Knight Ridder/Tribune Business News
11/18/2004 (04:00 ET) Smith & Nephew Signs Quadrant Visual Solutions Subsidiary as European Digital O.R. Partner - PR Newswire
11/17/2004 (15:47 ET) SNN: Filed New Form 6-K, Foreign Material Event Report - Knobias
11/17/2004 (09:32 ET) SNN: To Present At Merrill Lynch Med Conference @ 11:15 ET - Knobias
11/17/2004 (07:32 ET) SNN: To Present At Merrill Lynch Med Conference @ 09:15 ET - Knobias

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11/22/2004 (06:58 ET) SNN: $0.175 Cash Dividend Payable Today - Knobias
11/18/2004 (18:02 ET) Evening Standard, London, market report column - Knight Ridder/Tribune Business News
11/18/2004 (04:00 ET) Smith & Nephew Signs Quadrant Visual Solutions Subsidiary as European Digital O.R. Partner - PR Newswire
11/17/2004 (15:47 ET) SNN: Filed New Form 6-K, Foreign Material Event Report - Knobias
11/17/2004 (09:32 ET) SNN: To Present At Merrill Lynch Med Conference @ 11:15 ET - Knobias