029 Group SE

Earnings Release • May 12, 2004

News Details

Ad-hoc | 12 May 2004 08:40

Phoenix AG and a good start to the year 2004

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Phoenix AG and a good start to the year 2004 The turnover of the Phoenix Group in the first three months of the current financial year amounted to EUR 249.3 mill. thus increasing by 5.8 percent on the previous year (EUR 235.6 mill.). Without currency effects and corrected for the sale of the Malaysian hydraulic hose activities carried out in the previous year, the Phoenix Group’s turnover growth would have been at 6.7 percent. The EBIT was doubled in comparison to that of the previous year and was at EUR 13.5 mill. (+110.9 percent). Therefore the EBIT rate of return amounts to 5.4 percent after 2.7 percent in the previous year. The profit from the period of the first three months could have risen to EUR 7.6 mill. after EUR 0.8 mill. in the previous year. Since the first quarter of the current financial year, the reporting practice of the Phoenix Group has been changed over from HGB (German Commercial Code) to the International Financial Reporting Standards (IAS/IFRS). Furthermore since the beginning of the year, the business unit Comfort Systems Vibracoustic (50:50 Joint Venture with the Freudenberg Group) has consolidated on the “At-equity” method. In Detail: Comfort Systems: Turnover EUR 90.9 mill. (+7.3 %), EBIT EUR 2.3 mill. (+4.5 %) of that Comfort Systems Automotive: turnover EUR 69.3 mill. (+12.0 %) of that Comfort Systems Traffic Technology: turnover EUR 21.7 mill. (-4.8 %). Fluid Handling: turnover: EUR 83.8 mill. (-0.1 %), EBIT EUR 9.9 mill. (+10.0 %) of that Fluid Handling Automotive: turnover EUR 62.2 mill. (+6.5 %) of that Fluid Handling Industry: turnover EUR 22.2 mill. (-15.3 %). Conveyor Belt Systems: turnover EUR 36.2 mill. (+10.4 %), EBIT EUR 2.1 mill. (+110.0 %). Remaining business units: turnover EUR 66.5 mill. (+2.9 %), EBIT EUR -0.2 mill. Prospects: The prospects for the remainder of the financial year depend essentially on further development of the global economy. The developments within raw material prices and exchange rates will continue to influence the Phoenix Group’s earnings development. Provided these two influencing factors remain at the level of the first quarter, Phoenix anticipates further turnover growth for the financial year 2004 and significantly improved earnings. Further details are to be found in the press release or from the quarterly report via the internet at http://www.phoenix-ag.com under the links “News” and “Investor Relations” respectively. end of ad-hoc-announcement (c)DGAP 12.05.2004 ——————————————————————————– WKN: 603100; ISIN: DE0006031008; Index: SDAX Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime Standard), Hamburg und München; Freiverkehr in Stuttgart 120840 Mai 04