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Seattle, WA, USA--(Jobwerx)--APRIL 2, 2005--Phoenix AG, Hamburg is looking
back on an overall successful 2004 financial year.
The consolidated turnover of the Phoenix Group came to 1,022.7m, 6.0 percent
above the comparable figure of the previous year (2003: 964.9m). Adjusted
for the previous year‘s sale of the Malaysian hydraulic hose business,
the organic turnover growth alone amounted to 6.5 percent. Turnover developed
particularly dynamically with the automobile industry. It reached a plus
of 7.8 percent despite weak automobile business activities. Given this
result, Phoenix again emphasises its excellent market position as an automobile
supplier. In the technical markets turnover was 4.1 percent above the
previous year‘s level.
Record earnings in the 2004 financial year
The Phoenix Group saw a high net income in the 2004 financial year despite
a negative extraordinary result in the amount of 16.9m arising from
the impact of antitrust decisions. After a net income of 7.0m in the
previous year, the Group‘s net income for 2004 amounted to 22.3m. Over
the past year, the implemented extensive efficiency programme has unfolded
its full potential. The operative profit (EBIT) was even improved 108.3
percent from 33.1m to 69.1m. With this, the Phoenix Group clearly improved
its EBIT margin from 3.4 percent to 6.8 percent.
Overview of business segments
The Comfort Systems (CS, acoustic insulation) segment with its
Automotive (Stankiewicz) and Traffic Technology divisions increased
turnover by 6.1 percent to 377.4m from the previous year. The segment‘s
EBIT likewise showed a strong improvement to 24.0m and was 204.3 percent
above the previous year‘s level of 7.9m.
The CS Automotive (Stankiewicz) business segment emerged in
a positive light. Despite a weak German automobile market, turnover
showed a growth of 8.9 percent over the previous year (265.5m) with
289.2m. Numerous new models in the passenger car and commercial vehicle
segments as well as the presence of Stankiewicz products in current
2004 volume models were the main cause of the noticeable turnover increase.
The commercial vehicle business furthermore profited from the excellent
business activity of commercial vehicles over six tonnes. It is here
that Stankiewicz saw the ability to further develop its market position.
The division's earnings likewise improved against the previous year.
The CS Traffic Technology segment showed a turnover of 88.4m
(2003: 90.3m), 2.1 percent below the previous year. This was caused
by a processing change in a coupling business. Adjusted for the processing
change, turnover of CS Traffic Technology would have been 8.2 percent
higher than in the previous year. Earnings of the business segment was
clearly improved over the previous year.
Fluid Handling (FH; hose systems), a core business division composed
of the Automotive and Industry segments, increased its turnover by 2.5
percent to 337.1m (previous year: 328.8m). It increased its EBIT by
22.2 percent to 44.1m.
The Fluid Handling Automotive segment was 6.3 percent above the
previous year‘s level with 248.2m. All four product segments cooling/heating,
fuel, charged air and air conditioning contributed to the increase in
turnover. The charged air segment furthermore profited from the continuing
trend towards diesel vehicles and the good business cycle in the commercial
vehicle market. The Automotive segment likewise clearly improved earnings.
The Fluid Handling Industry segment in contrast registered a
turnover 6.8 percent below the previous year‘s ( 97.7m) with 91.1m.
This was caused by the sale of the Malaysian hydraulic hose business
as well as the weak business in excavator hoses. On the contrary, the
high-pressure exploration hoses for the oil industry proved to be positive.
The business division‘s earnings were likewise slightly below the level
of the previous year.
The core Conveyor Belt Systems (CBS, conveyor belts) business
segment was able to improve its turnover by 8.2 percent to 150.0m (previous
year: 138.7m). Businesses with the mining industry particularly in South
America and Asia emerged positively. Turnover in China nearly doubled
as a result of capacity expansions. The demands in the brown coal business
in India again reached a high level in 2004. The segment’s EBIT climbed
by 8.7 percent to .7.1m despite rising raw material prices and negative
currency effects.
The Other Business units increased their turnover by 5.2 percent
to 267.8m as compared to 254.7m in the previous year. Losses were reduced
from -5.6m in the previous year to -1.7m.
The Special Products business unit with the frames and profile
activities as well as gasket components achieved a turnover of 65.2m
compared to 61.3m in the previous year. Earnings were likewise improved
as a result of the initiated cost reduction and restructuring measures
in the financial year. However, one-time charges from the shutdown of
the French location and production shift of profiles to Thuringia were
a burden to profits.
The Compounds business unit was able to increase its turnover
by 13.0 percent to 171.7m from the previous year (152.0m). The business
with compounds profited particularly from the rising demand of the tyre
industry. EBIT likewise improved substantially over the previous year.
The Services business unit reported a decline in turnover of
9.6 percent to 78.0m.
Outlook
Future measures in the course of the Phoenix Group‘s integration into
ContiTech AG are not incorporated in the forecast of Phoenix Group’s
further business development for 2005. It is consequently a matter of
a stand-alone consideration.
With regard to the economic forecasts for important buyer industries,
Phoenix Group assumes a continuously positive business development.
For the 2005 financial year, the Phoenix Group expects a consolidated
turnover slightly above the previous year’s level as well as a higher
earnings level.
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