029 Group SE

Earnings Release • Apr 16, 2002

News Details

Ad-hoc | 16 April 2002 09:00

Phoenix AG english

Phoenix AG: Revenues Top the Billion-Euro Mark for the First Time Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Revenues Top the Billion-Euro Mark for the First Time Revenues of Phoenix AG topped the billion-euro mark for the first time in the company’s history. Revenues were up 16.8% to EUR 1,133.7 million (+11.6% to EUR 1,083 million after restatement to eliminate the effects of first-time consolidations). Phoenix had to absorb the impact of drastic increases in material prices in the course of the reporting year since it was possible to pass these increases on to customers only to a limited extent. As a result, operating income (EBIT) came to EUR 25.8 million, down from EUR 34.5 million EUR a year earlier. An increase in interest expense resulting from acquisitions and consolidation, one-time expenses such as restructuring costs and an increase in the company’s tax rate combined to produce a net loss in the amount of EUR 7.0 million EUR, down from a positive EUR 14.6 million for the preceding year. At EUR 83.3 million, EBITDA was down only EUR 6.3 million from the previous year. Segmental data: Comfort Systems (CS): Revenues EUR 505.0 million (+8.6%), EBIT 10.5 Mio. EUR (-45.9%) of which CS Automotive: Revenues EUR 429.8 million (+9.0%) of which CS Traffic Technology: Revenues EUR 75.2 million (+6.4%) Fluid Handling (FH): Revenues EUR 346.0 million (+31.1%), EBIT 27.0 Mio. EUR (+65.6%) of which FH Industry: Revenues EUR 124.9 million (+22.5%) of which FH Automotive: Revenues EUR 221.1 million (+36.5%) Conveyor Belt Systems: Revenues EUR 146.3 million (+20.4%), EBIT 8.1 Mio. EUR (+166.8%) Other activities: Revenues EUR 136.4 million (+13.6%), EBIT -11.1 Mio. EUR (-341.3%) Management will propose a dividend in the amount of EUR 0.30 per share at the Annual Shareholders’ Meeting. Outlook 2002 Phoenix AG expects revenues to remain stable in the year 2002 . On the basis of our present order backlog and the performance of the automotive industry, revenues are likely to increase and compensate for the decrease of EUR 39.4 million in resulting from the divestiture of business operations. Following substantial increases in the course of the reporting period, prices of materials, the primary driver behind costs for Phoenix, started to decline in fourth-quarter 2001 and, with some exceptions, are approaching the 2000 level again. Continuing restructuring measures have revealed further substantial potential for a sustainable increase of the operating results. A plan to increase efficiency that has already been implemented is expected to result in a significant reduction in direct costs and overhead and at the same time simplify processes. This will be primarily reflected in a new location strategy. Taking into account restructuring expenses at the operational level, an improvement in operating EBIT is expected for the current year on the basis of our current forecasts for the year 2002 and measures that have already been taken. end of ad-hoc-announcement (c)DGAP 16.04.2002 ——————————————————————————– WKN: 603100; ISIN: DE0006031008; Index: MDAX Listed: Amtlicher Handel in Frankfurt, Berlin, Hamburg, Düsseldorf und München; Geregelter Markt in Bremen; Freiverkehr in Stuttgart 160900 Apr 02