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February 06, 2004 12:00 AM

ERJ Financial File

ERJ Staff
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    Updated summary of financial reports from groups with major involvement

    in the global rubber industry. Compiled by Patrick Raleigh ERJ On-line

    news editor:  

    Financial results scheduled:

    February

    —11:   DSM (annual 2003)

    —12:   Michelin (2003 Sales)

                Nokian

    (financial bulletin)

    —13:   Rhodia  (annual 2003)

    —19:   Pirelli SpA (2003 preliminary)

    —20:   Bridgestone (annual 2003)

    —24:   Michelin (annual 2003)

    —tba:  Goodyear (annual 2003)

    Final results 25/3/04March

    —1:     British Vita plc   (2003 preliminary)

    —9:     Degussa AG      (annual

    2003)

    —17:   BASF AG         

    (annual 2003)

    —18:   Bayer AG         

    (annual 2003)

    —25:   Pirelli SpA          (annual 2003)

    —29:   Nokian             

    (annual 2003/“at latest” date)

    —30:   Continental       

    (annual 2003)

    Date announced
    Company
    Type
    *(see ERJ report)
    Sales (c/f prior yr period) Earnings (c/f prior yr period). Operating profit unless stated. Notes
    4/2/04
    PolyOne Elastomers &Performance Addtvs.
    FY 03 (to 31 Dec)
    $347.9m (down 4.4%)
    $13.9m (down 44%)

    Margin 4%
    N/a
    2/2/04
    Crompton Polymer additives segment
    FY 03 (to 31 Dec)
    $1232m (up 9.8%)
    $24.4m (down 69%)

    Margin 2%
    Rubber additives sales fell 3% in Q4 on lower selling prices. Urethane additive sales down 1% in Q4.
    2/2/04
    Crompton Polymer  segment
    FY 03 (to 31 Dec)
    $286m (up 5.2%)
    $28.0m (down 32%)

    Margin 9.8%
    Urethanes sales up 8% in Q4 on currency, higher unit vols and selling prices. Q4 EPDM sales  up 20%, but selling prices down. 
    29/1/04
    Columbian Chemicals* Co. (Phelps Dodge Corp.'s carbon black business)
    FY 03 (to 31 Dec)
    $644.2m (up 17.4%)
    $51.1m (up 8.7)
    Margin 7.9%
    Sales up in N. America, better margins Europe and S America on currency, stronger pricing in Europe. Utility, deprec'n costs rise.
    28/1/04
    GenCorp's GDX Automotive unit
    FY 03 (to 31 Dec)
    $786m (down 3%)
    $8m (down 65%)
    Margin 1%
    Earnings hit by pricing concessions, higher raw mats., labour costs
    22/1/04
    Cabot Corp. Chemical Business (mainly carbon black)
    Q1 04 (to 31 Dec 2003)
    $351m (up 14%)
    $27m (up 12.5%)
    Margin 7.7%
    Better product mix, lower fixed costs and currency factor gains
    16/1/04
    Sika AG (adhesive, sealant products )
    FY 03 (to 31 Dec)
    SwissFr2270m (up 6.9%)
    N/a
    Sales advance in eastern and southernEurope, Switzerland and Latin America.
    4/12/03
    Avon Rubber plc
    FY 03 (to 30 Sept)*
    £248.5m (down 0.8%)
    £11.2m (up 0.9%)
    Margin 4.5%
    Tech. product gains offset losses in Europe
    automotive sector 
    20/11/03
    Goodyear Tire & Rubber Co.
    Q3 03 (to 30 Sept)* Subject to restatement.
    $3900m (up 10.9%)
    $105.9m loss ($32.7m profit)
    Margin -2.7%
    N Am. tyre lost $31.8m, rationalis'n costs $46.3m, raw mats. up $96m.
    13/11/03
    Yokohama Rubber Co. tyre division
    H1 04 (to 30 Sept)
    Yen127 100m (down 0.8%)
    Yen2000m (down 27.5%)
    Margin 1.6%
    Japan replacmt. mkt. down sharply. OE sales flat. Exports advance.
    12/11/03
    Toyo tyre division
    H1 04 (to 30 Sept)
    Yen74 946m (up 0.6%)
    Yen6258m (up 275%)
    Margin 8.4%
    N/a
    11/11/03
    Pirelli Tyre division
    Q3 03 (to 30 Sept)
    Euro741m (up 11%)
    Euro47m (up 21%)
    Margin 6.3%
    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%)
    Margin 11%
    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%)
    Margin 11.4%
    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%)
    Margin 5.5%

    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%)
    Margin 11%
    Strong car tyre business, esp in Europe, winter tyres.
    29/10/03
    ContiTech
    Q3 03 (to 30 Sept)
    Euro438m (up1.8%)
    Euro32m (down 3%)
    Margin 7.3%
    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
    Groupe Michelin
    Q3 03
    Euro3801m (down 1.7%)
    N/A
    Currency moves (-6.2%) offset bettervols (2.6%), price/mix (2.1%). Car tyre sales up in Europe, but not US.
    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 Polymerssegment
    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 ($5mprofit)
    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 fromraw 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 PolymersAG
    (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%.
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    European Rubber Journal is published bi-monthly by NUERJ Ltd.

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