029 Group SE

Earnings Release • Jan 21, 2002

News Details

Ad-hoc | 21 January 2002 09:41

Phoenix AG english

Revenues top the billion-euro mark for the first time Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Revenues top the billion-euro mark for the first time At a press conference held today, Hamburg-based Phoenix AG presented preliminary consolidated financial results for fiscal 2001 as well as the company’s plans for the year 2002. Consolidated revenues for 2001 were up 13.3% from EUR 971 million to EUR 1,100 million. Restated to eliminate the effect of acquisitions, revenues increased 8.6% to EUR 1,054 million. On the other hand, earnings remained at the previous year’s level. The reasons for this performance were primarily the substantial increase in price of raw materials, which could not be passed on to clients in their entirety, development expense and disappointing earnings in various markets. Segmental data: Comfort Systems (CS): Revenues EUR 488 million / +4.9% of which CS Automotive: Revenues EUR 414 million / +5.0% of which CS Traffic Technology: Revenues EUR 74 million / +4.7% Fluid Handling (FH): Revenues EUR 336 million / +27.3% of which FH Industry: Revenues EUR 127 million / 24.5% of which FH Automotive: Revenues EUR 209 million / 29.0% Conveyor Belt Systems: Revenues EUR 143 million / +17.7% Other Business Units: Revenues EUR 133 million / +10.7% Outlook for 2002: Going into the year 2002, Phoenix management is relatively optimistic. Phoenix is involved in production for several car models that are likely to sell well on the basis of past experience, including, for example, the new VW Polo, the Mercedes-Benz E Class and the Jaguar XJ. In addition, strong industrial markets are also likely to generate an increase in revenues. Management now assumes that it will be possible to achieve last year’s record revenue level again this year and a slump is not expected. Completion of the restructuring plan and the resultant cost-efficiencies at the production level are likely to have a positive effect upon earnings. In addition, a costreduction plan introduced in the year 2002 will reduce overhead costs even more. end of ad-hoc-announcement (c)DGAP 21.01.2002 ——————————————————————————– WKN: 603100; ISIN: DE0006031008; Index: MDAX Listed: Amtlicher Handel in Frankfurt, Berlin, Hamburg, Düsseldorf und München; Geregelter Markt in Bremen; Freiverkehr in Stuttgart 210941 Jän 02