and taxes of €56m (2007: €138m) and sharply reduced net income of €5m (€86m).
Leoni say sales and earnings were on target in all the key markets of both divisions until September 2008 with most production facilities running at virtually full capacity.
The supplier responded to the downturn with a cost reduction programme in the final quarter of 2008 that they have continued into the 2009 financial year. Along with restricting spending on investment and assets, the focus is on adjusting production capacity.
Group employees at 31 December numbered 51,000, up from 37,000 the previous year due to absorbing the LWSF workforce. In the months ahead, Leoni expect the demand situation to gradually and partially recover.
Leoni have dismissed rumours that Valeo are planning to take a stake. A spokesman told told Dow Jones Newswires Leoni have not been approached by any company.
