Phoenix announces strong growth in sales, profits

Hamburg, Germany--Phoenix AG has announced strong growth in both earnings and sales for the 12 months to December 2004. The company said consolidated turnover of the Phoenix Group came to €1022.7m, 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. The company said sales to the Automotive sector were 7.8 percent ahead of the previous year's figure, while technical goods sales were 4.1 percent ahead of 2003.

Phoenix saw a high net income in the 2004 financial year despite a negative extraordinary result in the amount Phoenix Group turnover: + 6.0% 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.

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Press release from Phoenix