Ad-hoc | 6 August 2002 07:49

Renk AG english

RENK weathering well the rough economic climate Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Renk AG: Interim report on the six months ended June 30, 2002 Augsburg-based RENK AG, world market leader and specialist in large transmissions and drive elements, continued, along with its subsidiaries, to pursue its successful business policy. In the first six-month period (H1) of 2002 and amid an unchanged tough economic environment, RENK’s sound order intake and sales (at year-earlier level) laid the cornerstone for a semiannual profit. Order intake from January to June 2002 added up to EUR 132 million and net sales to EUR 110 million, while earnings before taxes (EBT) ranged around EUR 8 million, corresponding to a pretax return on sales of 7%. Although order intake in certain segments has been hurt by the general sluggishness, we look forward, cushioned by the solid order backlog, to generating sales in the second half that will bring the entire year’s total to the prior-year magnitude, i.e., about EUR 250 million. The ongoing good results of operations will be affected by the current situation at Vehicle Transmissions where series start-ups not only depress revenues temporarily but also entail brief expense hikes. We therefore expect 2002 to produce an EBT below EUR 20 million (2001: EUR 24 million). RENK Aktiengesellschaft The Executive Board end of ad-hoc-announcement (c)DGAP 06.08.2002 ——————————————————————————– WKN: 785000; ISIN: DE0007850000; Index: Listed: Amtlicher Markt in München, Freiverkehr in Frankfurt, Berlin 060749 Aug 02