Stinnes AG
Ad hoc-Service: Stinnes AG Interim Report
Ad-hoc Mitteilung übermittelt durch die DGAP.
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Teil 2
Interim Report 1 January 2000 to 31 March 2000
Performance of the Stinnes Group as of March
1 January to 31 2000 Actual 1999 Actual +/- in percent
March 2000 in Euro in Euro vs. prev. year
(in millions)
External sales 2,991.7 2,776.5 +7.8
Earnings before 51.1 28.0 +82.3
interest and
taxes(EBIT)
Net interest -19.7 -19.7 -0.2
expenses
Consolidated in- 31.3 8.3 +276.3
ternal operating
profit
Net book gains 18.4 6.3 +192.1
Expenses for re- 0.0 -2.0 +100.0
structuring and
cost management
Other non- -13.2 -2.2 -500.0
operating expenses
Consolidated ear- 36.5 10.4 +249.6
nings before income
taxes
Income taxes -11.5 -3.2 -259.4
Earnings after 25.0 7.2 +245.3
income taxes
Minority -2.3 -0.4 -475.0
interests
Consolidated 22.7 6.8 +231.8
net income
Stinnes continues its rapid earnings growth
External sales of the Stinnes Group were 7.8 percent higher than
in the first quarter of the previous year. This increase was
mainly due to the strong performance of our Chemicals Division and
of our Air & Sea Freight activities.
The increase in our internal operating profit relative to the
first quarter of the previous year was particularly rapid (+276.3
percent). This substantial improvement was primarily due to two
factors: First of all, the performance of nearly all divisions was
commendable. In particular, European Land Transportation, Air and
Sea Freight, as well as Chemicals achieved internal operating
profits which were much higher than in the same quarter of the
previous year. Secondly, our performance in the first quarter of
the previous year was still burdened by the negative result of the
Car Service activities which we sold in April 1999.
Consolidated earnings before income taxes increased nearly as
rapid (+249.6 percent) as our internal operating profit. This
growth was due to, inter alia, the positive non-operating income
resulting from the book gain on the sale of an equity holding of
the Materials Division. Other non-operating expenses have to be
offset against this gain.
Relative to the same quarter in the previous year, our
consolidated net income increased by +231.8 percent to Euro 22.7
million. Earnings per share amounted to Euro 0.30 in the first
quarter, as compared to Euro 1.26 at year-end.
Outlook
We expect that the Stinnes Group will continue to show a strong
performance in the remaining three quarters of 2000, although
growth rates will be considerably lower. The portfolio
adjustments, as well as the restructuring measures and the ongoing
cost-cutting program will lead to a much higher internal operating
profit.
In addition, due to the portfolio adjustments mentioned above, our
consolidated earnings before taxes will also surpass the level
achieved in the previous year.
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Ende der Mitteilung
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