Renk Aktiengesellschaft

ots Ad hoc-Service: Renk AG

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    Augsburg (ots Ad hoc-Service) -

    Profits remain strong Headquartered in Augsburg, Germany, RENK AG is the world's leading manufacturer of large-sized gear units and propulsion components. The majority of the company's equity is held by the MAN Group. For RENK and its participations, the first half of 1999/2000 brought a setting forth of the strong performance turned in during the previous financial year. RENK secured new orders worth DM 249 million during the first half of the current financial year. This 8 % drop - on a year-to-year basis - was mainly attributable to the sale of a subsidiary (SEE), which had been consolidated in the previous financial year's accounts. Overcoming this change in the line-up of companies consolidated in RENK's accounts, corporate sales rose 2%, to DM 217 million. As of December 31, 1999, RENK had orders on hand worth DM 692 million, up 18% over the previous year's figure. Earnings before taxes on income climbed 15%, to DM 15 million. Earnings are expected to remain high throughout the rest of the year. Taken into the account that RENK completely paid back the moneys advanced to it by MAN Aktiengesellschaft, the Executive Board will recommand a substantial dividend increase.

    Renk Aktiengesellschaft DER VORSTAND

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