029 Group SE

Earnings Release • Jul 9, 2004

News Details

Ad-hoc | 9 July 2004 08:00

Phoenix Records Strong Second Quarter

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Phoenix Records Strong Second Quarter Phoenix AG announced the unaudited results for second-quarter 2004 at the company’s Annual Shareholders’ Meeting in Hamburg. Hamburg-headquartered Phoenix AG reported that second-quarter results equaled the good performance of the first quarter. Second-quarter revenues came to approximately 250 million EUR. Earnings for the second quarter of the current financial year were up from the 7.6 million EUR posted for the first quarter (PY: 3.0 million EUR as of June 30). Net borrowings decreased again in the second quarter to approximately 275 million EUR. As a result, net borrowings as of June 30 were down approximately 63 million EUR from the comparable year-ago figure. Due to positive development with respect to both net borrowings and shareholders’ equity, the gearing ratio once again showed improvement as of the end of the second quarter. Outlook Having posted a strong first half, Phoenix is confident that the company will end the current financial year with significant improvement in both revenues and earnings as compared with the previous year’s performance. Net borrowings will be further reduced. end of ad-hoc-announcement (c)DGAP 09.07.2004 ——————————————————————————– WKN: 603100; ISIN: DE0006031008; Index: SDAX Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime Standard), Hamburg und München; Freiverkehr in Stuttgart 090800 Jul 04