Phoenix AG
Phoenix AG and a good start to the year 2004
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Phoenix AG and a good start to the year 2004
The turnover of the Phoenix Group in the first three months of the current
financial year amounted to EUR 249.3 mill. thus increasing by 5.8 percent on the
previous year
(EUR 235.6 mill.). Without currency effects and corrected for the sale of the
Malaysian hydraulic hose activities carried out in the previous year, the
Phoenix Group’s turnover growth would have been at 6.7 percent. The EBIT was
doubled in comparison to that of the previous year and was at EUR 13.5 mill.
(+110.9 percent). Therefore the EBIT rate of return amounts to 5.4 percent
after 2.7 percent in the previous year. The profit from the period of the first
three months could have risen to EUR 7.6 mill. after EUR 0.8 mill. in the
previous year. Since the first quarter of the current financial year, the
reporting practice of the Phoenix Group has been changed over from HGB (German
Commercial Code) to the International Financial Reporting Standards (IAS/IFRS).
Furthermore since the beginning of the year, the business unit Comfort Systems
Vibracoustic (50:50 Joint Venture with the Freudenberg Group) has consolidated
on the “At-equity” method.
In Detail:
Comfort Systems: Turnover EUR 90.9 mill. (+7.3 %), EBIT EUR 2.3 mill. (+4.5 %)
of that Comfort Systems Automotive: turnover EUR 69.3 mill. (+12.0 %)
of that Comfort Systems Traffic Technology: turnover EUR 21.7 mill. (-4.8 %).
Fluid Handling: turnover: EUR 83.8 mill. (-0.1 %), EBIT EUR 9.9 mill. (+10.0 %)
of that Fluid Handling Automotive: turnover EUR 62.2 mill. (+6.5 %)
of that Fluid Handling Industry: turnover EUR 22.2 mill. (-15.3 %).
Conveyor Belt Systems: turnover EUR 36.2 mill. (+10.4 %), EBIT EUR 2.1 mill.
(+110.0 %).
Remaining business units: turnover EUR 66.5 mill. (+2.9 %), EBIT EUR -0.2 mill.
Prospects:
The prospects for the remainder of the financial year depend essentially on
further development of the global economy. The developments within raw material
prices and exchange rates will continue to influence the Phoenix Group’s
earnings development. Provided these two influencing factors remain at the level
of the first quarter, Phoenix anticipates further turnover growth for the
financial year 2004 and significantly improved earnings.
Further details are to be found in the press release or from the quarterly
report via the internet at http://www.phoenix-ag.com under the links “News” and
“Investor Relations” respectively.
end of ad-hoc-announcement (c)DGAP 12.05.2004
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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
120840 Mai 04
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