029 Group SE

Earnings Release • Feb 23, 2004

News Details

Ad-hoc | 23 February 2004 08:42

Phoenix AG exceeded its revenue and earnings targets for 2003

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Phoenix AG exceeded its revenue and earnings targets for 2003 Phoenix AG announced its unaudited results for FY 2003. 2003 revenues came to approximately EUR 1,153 million as compared with EUR 1,131.6 million for the previous year. Restated to eliminate the effect of the sale of the company”s hydraulic hose business and taking into account the effect of exchange rates, consolidated revenues reflected organic growth of approximately 5% for the reporting period. Operating EBIT was up from the EUR 31.5 million reported a year earlier. Net borrowings were down EUR 22.8 million from the previous year”s figure to EUR 277.1 million. The Phoenix group ended the year with a profit (the income statement of AG ended with a losses). Segmental Information (unaudited results): Comfort Systems (CS): Revenues EUR 549.8 million / +2.8% of which CS Automotive: Revenues EUR 467.6 million / +3.0% of which CS Traffic Technology: Revenues EUR 82.2 million / +2.0% Fluid Handling (FH): Revenues EUR 329.0 million / -1.9% of which FH Industry: Revenues EUR 96.8 million / -17.3% of which FH Automotive: Revenues EUR 232.2 million / +6.4% Conveyor Belt Systems: Revenues EUR 135.1 million / +4.6% Other Business Units: Revenues EUR 139.1 million / +5.0% of which Special products: Revenues EUR 61.0 million / -14.4% of which Compounds: Revenues EUR 61.9 million / +24.0% of which Services: Revenues EUR 16.2 million / +43.4% Outlook for 2004: Phoenix AG”s forecasts for 2004 are based on positive but conservative growth prospects for die German economy and an optimistic outlook for the German automobile industry. The company supplies the automobile industry with components and systems for various popular makes and models, especially in the growth segments that include premium class automobiles, SUVs, multi-vans and diesel-powered vehicles. In addition, orders on the books for products intended for other industries can be expected to produce an increase in revenues. The Phoenix group expects to end the current year with both revenues and earnings up from the previous year. Continued implementation of cost-reduction measures will also have a positive effect on earnings. For more detailed information, see the press release in the Internet under “News” at http://www.phoenix-ag.com . end of ad-hoc-announcement (c)DGAP 23.02.2004 ——————————————————————————– WKN: 603100; ISIN: DE0006031008; Index: SDAX Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime Standard), Hamburg und München; Freiverkehr in Stuttgart 230842 Feb 04