CEAG AG: Operative business returns to profit in the 4th quarter
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| 02/27/2003 |
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| CEAG AG: Operative business returns to profit in the 4th quarter |
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Preliminary year profit/loss burdened by one-time effects for restructuring
Ostbevern/Bad Homburg v. d. Hoehe, February 27, 2003
Restructuring measures and strategic refocussing of the SDAX listed CEAG AG, holding of the FRIWO Group, have already born fruit. With an EBIT of 0.7 mill. EUR (before restructuring), the company already reports operative positive figures for the 4th quarter. For the entire business year a preliminary EBIT of minus 16.1 mill. EUR (previous year -2.9 mill. EUR) is generated. It is mainly influenced by one-time costs of 12.9 mill. EUR for the groupwide refocussing and the split in two strategic business units and by their corresponding adjustments of capacities, locations and sales channels.
Inspite of unfavourable market conditions, CEAG was able to increase the sales by almost 14 percent to 123 mill. units. The core business with high-volume chargers and power supplies of the business unit FRIWO Mobile Power (FMP) climbed to a worldwide market share of almost 28 percent (previous year: 23.5 percent). With approx. six mill. units, the business unit FRIWO Power Solutions (FPS) with its low-volume products experienced declining development due to economic reasons.
The Group's turnover reads 191,4 mill. EUR and has dropped by 10 percent, currency rate by 6 percent, versus the previous year (213.8 mill. EUR). The positive sales development is not reflected in the turnover.
Due to sustained price pressure, mix and currency effects, FMP turnover dropped by 10 percent to 149.1 mill. EUR (previous year: 165.1 mill. EUR).
With 42 mill. EUR, FPS remained below previous year's turnover (47.0 mill. EUR) by 10 percent. This is mainly caused by the strong economy and demand dependency on power supplies. Nevertheless, with a turnover loss of nine percent the business unit FPS could hold up well against the average market losses in Europe of 28 percent (source: EURO PSS).
Thanks to the strategic restructuring and the successfully implemented cost saving offensive, CEAG holding believes to be in a good position for growth and profitability in 2003.
The final annual results will be published on April 16, 2003 during the balance press and analyst conference.
CEAG AG, Germany
With the brand FRIWO and a market share of over 24 per cent in 2001, the CEAG AG, holding of the FRIWO Group headquartered in Bad Homburg v. d. Hoehe, and headoffice in Ostbevern/Westfalen, Germany, is the worldwide leading supplier of chargers for mobile phones.
Along with the chargers and power supplies for high-volume telephone and IT technology markets (FRIWO Mobile Power, FMP) individual products are manufactured for IT & communication, power tools, automation and medical technology (FRIWO Power solutions, FPS) .The group's turnover amounted to 213.8 million EUR in the financial year 2001. Worldwide more than 8,500 people were employed. With modern R&D centers, production facilities and sales locations in Europe, Asia and America, CEAG is represented on all important markets of the world. Main shareholder is DELTON AG with almost 77 per cent of the capital stock.
DELTON AG
DELTON AG is a strategic management holding and manages value-generating business activities in the sectors of pharmaceuticals, household products, logistics and power supply. The company is engaged in clearly defined segments of promising high-growth markets in which it has already achieved or is actively targeting a leading market position on an international scale.
DELTON AG pools the business investments of its sole shareholder, Stefan Quandt. Following a major logistics acquisition in 2002, Delton AG expects to achieve revenues of EUR 2.5 billion in 2003 with a total workforce of 20,000 employees.
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