029 Group SE

Earnings Release • Nov 6, 2002

News Details

Ad-hoc | 6 November 2002 08:52

Phoenix AG english

Third-quarter revenues for the current year were up a year ago Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Quarterly Report of Phoenix AG for the period ended Sept. 30, 2002. Third- quarter revenues for the current year were up from the comparable figure a year ago Consolidated revenues for the first nine months of the year were up 2.3% to EUR851.4 million from the comparable figure of EUR832.1 million a year earlier. earnings before interest and taxation (EBIT) came to EUR25.3 million for the first three quarters of the year as compared with EUR27.2 million a year earlier, which represented an EBIT return of 3.0% for the first nine months of the current year.Segmental information:Comfort Systems: Revenues EUR402.3 million (+8.1%), EBIT EUR9.8 million (-2.0%)of which Comfort Systems Automotive: Revenues EUR341.1 million (+8.5%)of which Comfort Systems Traffic Technology: Revenues EUR61.2 million (+6.3%).Fluid Handling: Revenues EUR249.0 million (- 2.5%), EBIT EUR20.8 million (+7.8%)of which Fluid Handling Automotive: Revenues EUR161.6 million (+1.6%)of which Fluid Handling Industry: Revenues EUR87.4 million (-9.4%).Conveyor Systems: Revenues EUR101.5 million (0%), EBIT EUR7.3 million (+5.8%).Other Business Units: Revenues EUR98.6 million (-4.4%), EBIT – EUR4.8 million.Holding expenses came to EUR7.8 million (Previous year: EUR6.75 million).Outlook: Expectations for the German economy are very conservative. However, according to the VDA, the automobile industry will continue to play a stabilizing role in the fourth quarter, which means Phoenix is not faced with any discernible risks in this area. Due to the company’s good position in its industrial markets, revenues will continue to show encouraging development in the final three months of the year. Phoenix AG expects that it will be possible to achieve its target, which is to equal the previous year’s revenue performance. EBIT is now expected to amount to approximately EUR28 million. In order to achieve further sustainable improvement in earnings, management has decided to introduce an extensive series of new restructuring measures. The concomitant expenses will have a negative impact upon operating EBIT and consequently have an effect upon the results for the year. Due to the coalition agreement of October 2002, management also expects earnings for the year 2002 to be unfavorably impacted. As a result, given the present situation, that possibility of a slight loss for the year cannot be excluded. end of ad-hoc-announcement (c)DGAP 06.11.2002 ——————————————————————————– WKN: 603100; ISIN: DE0006031008; Index: MDAX Listed: Amtlicher Markt in Frankfurt, Berlin, Hamburg, Düsseldorf und München; Geregelter Markt in Bremen; Freiverkehr in Stuttgart 060852 Nov 02