STINNES SURPASSES OWN TARGETS

Stinnes AG, the German logistics group, reports record figures for 2001, for a third consecutive year, and has surpassed its own targets. Discounting building materials activities, which have been sold off, turnover rose by 12 per cent to 12.3bn euros, Ebit by 26 per cent to 317m euros, the return on capital increased from 11.0 per cent to 11.9 per cent. Annual surplus slipped from 162.3m euros to 145.7m euros owing to tax factors and the lack of exceptional income. A dividend increase to 0.70 euros it to be proposed.

Turnover and profit were boosted, above all, by the consolidation of Holland Chemical International (HCI). The company is satisfied with its continued profitable growth in view of difficult economic conditions. The focus for foreign acquisitions is currently on the US market. Even without major acquisition, management expects Ebit to rise by 9 per cent in 2002, while analyst Rolf Geck expects earnings per share to rise from 1.80 euros to 2.14 euros. Parent group E.ON AG plans to sell its majority stake in Stinnes, possibly through a flotation.

Abstracted from Die Welt Copyright 2002