Ad-hoc | 26 July 2001 09:55

Phoenix AG english

Ad hoc announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Hamburg-based Phoenix AG reported a successful first six months of activity for 2001. Performance for the first six months of the current fiscal year once again exceeded expectations. Revenues were up 21.3% to EUR 564.4 million, and operating EBIT came to EUR 19.2 million for an EBIT margin of 3.4%, down from 4.0% a year ago. Earnings were negatively affected by costs still resulting from the company’s restructuring plan and strong increases in materials costs. Growth continued to be generated by the company’s core activities, which include Comfort Systems, Conveyor Systems and Fluid Handling. These activities generated revenues in the amount of EUR 494.5 million of total revenues, up 21.5% from the comparable period a year earlier. Comfort Systems: Revenues EUR 255.0 million (+11.5%), EBIT EUR 9.1 million (-8.1%) of which for Comfort Systems Automotive: Revenues EUR 215.6 million (+11.5%) of which for Comfort Systems Traffic Technology: Revenues EUR 39.4 million (+11.6%). Fluid Handling: Revenues EUR 173.2 million (+45.8%), EBIT EUR 11.4 million (+50.0%) of which for Fluid Handling Automotive: Revenues EUR 109.7 million (+40.5%) of which Fluid Handling Industry: Revenues EUR 63.5 million (+56.0%). Conveyor Systems: Revenues EUR 66.3 million (+11.2%), EBIT EUR 4.0 million (+42.9%). Other Business Units: Revenues EUR 69.9 million (+19.7%), EBIT EUR -0.8 million (-130.8%). Following a very good first half, Phoenix is optimistic about the remainder of the current year. The company’s restructuring plan has been successfully implemented and will produce the expected cost efficiencies in the second half of the year. Automobile production is not likely to remain at the same high level in the second half of the year, but this will not have a significant effect upon Phoenix. In addition, the company’s strong position in its industrial markets will continue to permit good performance. The impact of increases in the prices of raw materials, which resulted from higher oil prices and the high dollar exchange rate, was much greater than in the previous year, and it cannot be assumed that the situation will improve substantially in the second half of the year. It has not possible been to pass price increases on to customers to the extent planned. As a result, it will no longer be possible to achieve the 6 percent EBIT margin originally targeted in the second half of the year, and Phoenix expects to end the year with operating EBIT at about EUR 40 million, which will be roughly the same level as last year. For further information, please contact: Phoenix AG, Investor Relations Dept. Phone +49 (0) 40/7667-1521, Fax +49 (0) 40/7667-2577 Information on Phoenix AG is also available in the Internet at http://www.phoenix-ag.com end of ad hoc announcement (c) DGAP 26.07.2001 ——————————————————————————– WKN: 603100; Index: MDAX Listed: Amtlicher Handel in Frankfurt, Berlin, Hamburg, Düsseldorf und München; Geregelter Markt in Bremen; Freiverkehr in Stuttgart 260955 Jul 01