Phoenix AG
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
Aktuelle News
Aktuelle Berichte
Anstehende Events
Keine Events gefunden
Webcasts
Keine Webcasts gefunden