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ER - Rheinmetall boosting EBIT by EUR 57 million

Company: Rheinmetall AG Date: 2004-11-11 Language: English Register to download

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 News Details

Ad-hoc | 11 November 2004 08:30

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Rheinmetall boosting EBIT by EUR 57 million

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Rheinmetall boosting EBIT by EUR 57 million – Repurchase of treasury stock In the first nine months (3Q) of fiscal 2004, the Düsseldorf-based Rheinmetall Group generated earnings before interest and taxes (EBIT) of EUR 136 million. Despite the much smaller consolidation group, this represents a 72-percent surge over the year-earlier EUR 57 million. The 3Q EBIT margin advanced accordingly from 2.6 a year ago to 5.7 percent. Once again, the Automotive sector (Kolbenschmidt Pierburg) proved to be the earnings accelerator, raising its EBIT by around 70 percent to EUR 108 million. The Defence sector (Rheinmetall DeTec) achieved a 3Q/2004 EBIT of EUR 23 million, up EUR 2 million. At group level, a EUR 57 million EBIT increase combines with a net interest expense down by EUR 6 million. As a consequence, 3-quarter EBT has risen by EUR 63 million, up from EUR 24 million in 2003 to EUR 87 million for 2004. The Rheinmetall Group generated 3Q/2004 sales of EUR 2,403 million which, adjusted for consolidation group changes and parity effects, translates into 4.0 percent actual growth. This year’s 3Q figures cannot be compared with the year-earlier EUR 3,102 million due to the extensive divestments. For all of fiscal 2004, the Rheinmetall Group is counting on a sales volume of around EUR 3.5 billion which reflects an organic growth that outpaces the relevant automotive and defence markets. In view of this year’s performance trend, Rheinmetall fully reaffirms its earlier forecast of an improved EBIT margin. All nine divisions making up the Automotive and Defence sectors will for the first time deliver profit contributions. Moreover, the net interest expense will be slashed by a double-digit million euro amount. The EBIT margin boost and the more efficient deployment of capital combine to once again raise ROCE. Given the sustained improvement of financial position and earnings in the first three quarters of 2004 and the promising outlook, Rheinmetall AG’s Executive Board has decided to exercise the stock repurchase option resolved by the annual stockholders’ meeting of May 11, 2004. The treasury shares will be repurchased through the stock exchange. end of ad-hoc-announcement (c)DGAP 11.11.2004 ——————————————————————————– WKN: 703003; ISIN: DE0007030033; Index: MDAX Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime Standard) und Hamburg; Geregelter Markt in München und Stuttgart 110830 Nov 04