CEAG AG presents quarterly figures
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| 11/14/2002 |
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| CEAG AG presents quarterly figures |
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Positive sales, restructuring successfully implemented, negative nine months' EBIT
Ostbevern/Bad Homburg v.d. Hoehe, November 14, 2002
The SDax listed CEAG AG (WKN 620110) finalizes the first nine months of the business year as follows:
With 88.3 mill. pieces the enterprise increased the sale of FRIWO products by 19.4 percent versus the previous year (73.9 mill. units).
Bestsellers were the high-volume power supplies and chargers for mobile phones of the FMP (FRIWO Mobile Power) business unit. A quantity of 83.4 mill. pieces represents a considerable increase (previous year: 67.9 mill.) and helped to expand the worldwide market share of this business unit to about 28 percent.
A loss of approx. 19 percent was suffered by FPS (FRIWO Power Solutions). This unit combines power supplies for IT and communications, power tools, automation and medical technology. The inherent market of these segments is fragmented and strongly economy-dependent which is why the continuing weak economy and reduced demand have left their corresponding traces. Sales dropped from 6.1 mill. units (2001) to 4.9 mill. pieces and seriously influenced the factory loading of Ostbevern.
With 143.1 mill. Euro, the company group's turnover turned out 6.6 percent lower versus the previous year (153.2 mill. Euro). Overseas sales remained with 104.7 mill. EUR almost at last year's level (104.0 mill. EUR) but national sales shrunk by 22 percent to 38.4 mill. EUR (2001: 49.1 mill. EUR). Inspite of positive sales, FMP generated a 6 percent lower turnover. Continuing price pressure, combined with the tendency towards low price products blocked a positive turnover development.
Successful cost reductions partly helped to compensate margin impacts.
FPS sales dropped by 8 percent to 32.6 mill. EUR (previous year: 35.7 mill. EUR), also caused by the extremely weak ambient market. In Europe, the entire power supply market experienced a 30 percent inherent drop.
With minus 13.7 mill. EUR, the cumulated nine months' EBIT remained beyond the expectations. Currency losses resulting from the devaluation of the Brazilian Real of 0.8 mill. EUR led to a negative EBIT of 0.6 mill. EUR in the third quarter.
After the third quarter, the company reports a deficit of 19.5 mill. EUR. This includes, among others, income tax of 4.6 mill. EUR originating from the reasessment of deferred tax in accordance with IAS 12.
Against the background of the worldwide still unstable economy, precise forecasts are impossible. The development of the currency exchange markets which has a considerable influence on the CEAG result, offers chances as well as risks.
The write-offs in form of charges for restructuring, stock depreciations, currency losses due to currency fluctuations and the FPS weakness are the main reasons why the company will not achieve a positive EBIT in the second half of the year.
Thanks to the ongoing successful restructuring with main focus on Chinese production, the FMP business unit shows a positive development and returns to profitable areas. FPS with its much more fragmented market and its strong dependency on the overall economy still needs to focus on product platforms and specific applications.
Short portraits
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 telephones.
Along with the chargers and power supplies for high-volume telephone- and IT-technology-markets individual products are manufactured for IT & communication, power tools, automation and medical technology. 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
The DELTON AG, Bad Homburg, bundles entrepreneurial investments of its sole shareholder Stefan Quandt. As a strategic management holding DELTON leads apart of the CEAG AG (power supply) value creating entrepreneurial activities in business sectors logistics, drugs, and household products. Thus the enterprise commits itself in clearly defined segments of future oriented growth markets, in which on a global scale a market leading position is already achieved or targeted.
After a large logistics acquisition in the current financial year, the group expects a sales volume of approximately 2.5 billion EUR in 2003 with worldwide more than 10,000 employees.
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