Phoenix AG
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.
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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
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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
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