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November 28, 2003 12:00 AM

ERJ FINANCIAL FILE

ERJ Staff
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    This table summarises recent financial results of various companies involved in the rubber sector.


    Date announced
    Company
    Type
    *(see ERJ report)
    Sales (c/f prior yr period) Earnings (c/f prior yr period). Operating profit unless stated. Notes
    20/11/03
    Goodyear
    Q3 03 (to 30 Sept)
    $3900m (up 10.9%)
    $105.9m loss ($32.7m profit)
    N Am. tyre lost $31.8m, rationalis'n costs $46.3m, raw mats. up $96m.
    11/11/03
    Pirelli Tyre division
    Q3 03 (to 30 Sept)
    Euro741m (up 11%)
    Euro47m (up 21%)
    Good performance and winter tyre business. Vols. up, better sales mix.
    6/11/03

    Degussa Coatings & Advanced Fillers (incl. carbon black, silicas)
    Q3 03 (to 30 Sept)
    Euro518m (down 1%)
    Euro57m (down28%)
    Earnings hit by currency moves, some raw material cost rises.
    30/10/03
    JSR Corp.
    H1 04 (to 30 Sept)
    Yen132 532m (up 12.4%)
    Yen15 080m (up 55.3%)
    Elastomers, emulsions 50% of sales approx
    29/10/03
    Columbian Chemicals Co. (Phelps Dodge Corp.'s carbon black business)
    Q3 03 (to 30 Sept)
    $152.0m (up 10%)
    $8.4m (down31%)
    Sales up on better prices Europe, Brazil. Earnings hit by lower vols Europe ($2m), turnarounds, utility costs.
    29/10/03
    Continental AG tyre business
    Q3 03 (to 30 Sept)
    Euro1310m (up1.7%)
    Euro144m (up 45%)
    Strong car tyre business, esp in Europe, winter tyres.
    29/10/03
    ContiTech
    Q3 03 (to 30 Sept)
    Euro438m (up1.8%)
    Euro32m (down 3%)
    N/a
    29/10/03
    PolyOne Elastomers Performance Addtvs
    Q3 03 (to 30 Sept)
    $84.6m (down 11%)
    $0.1m (down 98%)
    Decline in automotive demand.
    27/10/03
    DSM Elastomers
    Q3 03 (to 30 Sept)
    N/a
    "Clearly negative"
    Slow take up from new 80-ktpa EPDM plant. Margins well down.
    22/10/03
    Cabot Chemical Business (mostly carbon black)
    Fiscal 03 (to 30 Sept)
    $1371m (up 12.7%)
    $88m (down 13%)
    Higher raw mat. costs, weak pricing, low capacity utilis'n.
    22/10/03
    Crompton Polymer additives segment
    Q3 03 (to 30 Sept)
    $311.2m (up 9%)
    $4.9m (down 81%)
    Costs up, pricing down, incl 13% dip in rubber addtv sales on lower vols and pricing.
    22/10/03
    Crompton Polymers segment
    Q3 03 (to 30 Sept)
    $74.7m (up 11%)
    $6.4m (down 40%)
    Earnings hit by lower EPDM prices, higher raw mat./energy costs
    16/10/03
    Cooper Tire & Rubber Co.-Tire Group
    Q3 03 (to 30 Sept)
    $526m (up 13%)
    $34m (up 26%)
    Higher sales, prod'n vols and better product mix offset raw mats., labour, rebate, freight cost rises.
    16/10/03
    Cooper Tire & Rubber Co. -Auto parts group
    Q3 03 (to 30 Sept)
    $392m (up 3%)
    $16m (down 45%)
    Lower prod'n vols., pricing concessions, and higher scrap rates in sealing ops.
    6/10/03
    GDX Automotive
    Q3 03 (to 30 Sept)
    $174m (down 8%)
    $14m loss ($5m profit)
    Sales fall, lower pricing and higher launch costs on new platforms. Taking steps to restore profits in Q4.
    9/9/03
    Yule Catto plc Polymer Chemicals Division
    H1 03 (to 30 June)*
    £148.1m (up 11.9%)
    £14.5m (down 31.6%)
    Margins under pressure from raw materials costs, weak global mkts. Raw mats. prices now softening.
    8/8/03 Nokian Tyres plc H1 03 (to 30 June)* $234.3 million (up 9.1%) $18.6 million (nearly double) Strong demand in Scandinavia, E. Europe,  Russia. Concerned by weak $, raw material costs.
    8/8/03 Bridgestone Corp. H1 03 (to 30 June)* $9284m (up 1.7%)
    Tyres $7381m (up 2%)
    $550m (up 18.3%)
    Tyres $458m (down 3%)
    Tyre profit down on higher raw mats, pension costs. Sales up on new products, marketing.
    6/8/03 Bayer Polymers AG
    (Rubber sales circa 20%)
    Q2 03 (to 30 June)* Euro2500m (down 8%) EBIT Euro69m (up 460%) Weak economy in second quarter. Little scope for price increases in rest of year."
    4/8/03 JSR Corp. 
    Elastomers division
    Q1 04 (to 30 June) Yen20 850m (n/a) Yen1410m (n/a) Gen, purpose rubber sales (eg SBR, BR)  up on stronger tyre sector demand, both in Japan and overseas. 
    31/7/03 Pirelli SpA 
    Tyre Division
    H1 03 (to 30 June)* Euro1509m (up 1.4%) Euro127m (up 14.1%) Sales up 14.4 % excl currency effect (vols 8%, price/mix 6.4%). Higher vols, efficiencies offset unit cost rise, currency. More growth forecast.
    31/7/03 Crompton Polymers Q2 03 (to 30 June) $70.3m (down 3%)  $4.9m (down 61%) Earnings hit by EPDM overcapacity, raw material costs and lower PU vols.  EPDM sales down 2%. 
    31/7/03 Crompton Polymer Additives Q2 03 (to 30 June) $294.6m (up 2%) $6.9m (down 72%) Profit hit by raw material cost rises, lower prices. Rubber addtv sales down 15%.
    31/7/03 Continental AG H1 03 (to 30 June)* $6270m (down 1%) $443m (up 14.9%) Car tyre earnings up 33% despite US losses. 
    FY earnings forecast at $775m.
    30/7/03 GDX Automotive, pt of GenCorp Q2 03 (to 30 June)* $214m (up 2%) $16m (up 14%) Efficiencies and currency factors offset lower prices and volumes.
    30/7/03 Federal-Mogul Corp. Q2 03 (to 30 June)* $1450m (up 3.6%) Net loss of $5m (Net income of $16m). 
    Op income $48m (-20%)
    N/a
    30/7/03 Goodyear H1 03 (to 30 June)* $7300m (up 7.6%)
    Tyres circa $6460m
    Net loss of $236.9m (Net loss of $34.3m) Currency factors add $308m to sales but little effect on earnings. Raw material costs up by $186m.
    30/7/03 Goodyear Q2 03 (to 30 June)* $3800m (up 8%)
    Tyres circa $3340m
    Net loss of $73.6m (Net income of $28.9m) Raw material costs up $124m. Currency factors add $169m to sales.
    30/7/03 Elementis plc's Specialty Rubber div. (Linatex) Materials handling equipmt. H1 03 (to 30 June)* £21.2m (up 8%) Breakeven (up from loss of £0.9m) Strong sales growth. 
    Earnings gains also linked to restructuring initiatives
    29/7/03 Groupe Michelin H1 03 (to 30 June)* Net sales  Euro7348.2m (down 6.1%, but up 4.4% excl currency effects). Euro578.3m (up1.5%). Net income incl. restructure Euro165.5m (down 34.9%) Op. margins 7.9% (7.3%) 
    Mkts stable. Raw mats costs up sharply. Outlook stable at best.
    28/7/03 Bekaert SA Steelcord division (supplies reinforcement for tyres, hose, conveyor belts and transmission belts) H1 03 (to 30 June) Euro308m (+0.8%) No data given Margins helped by "high activity level in steelcord, particularly. in China"
    25/7/03 DSM Elastomers Q2 03 (to 30 June) Sales down 
    No data given
    Negative result. No data given Pressure on volumes and prices and a margin squeeze. To close EPDM plant in Addis, US by mid-2004
    24/7/03 Cabot Chemical Businesses Segment Q3/'03 (to 30 June)* $366m (up15%) $30m (up11%) Some gains currency-related. Carbon black vols down. Concern over rising costs and pressure on margins for carbon black business.
    24/7/03 Noveon Inc.'s Specialty Materials business Q2/03 (to 30 June) * $110.8m (up 5%) $28.7m (down 7%) Higher raw material and utility costs offset rise in TPU volumes.
    16/7/03 Rogers Corp. Q2/2003 $49.2m (down14%)
    $2.8m (up14%) 
    Sales of High Perf. Foams div. $17.1m 
    (down 4%)  Double-digit growth at Rogers Inoac JV due to sales of PU foam seals, shock absorb pts in mobile phones. 
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