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CEAG AG: First quarter report
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| 05/15/2003 |
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| CEAG AG: First quarter report |
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CEAG AG returns to profit in the first quarter
Restructuring generates a visible success
Sales increase - revenue decrease
Ostbevern/Bad Homburg v.d. Hoehe, 15 May 2003
For the first quarter of 2003, the Prime Standard listed CEAG AG (ISIN DE0006021106) announces a return to the black. This is the company's signal of successfully having reached the turning point after last year's restructuring. Not solely the quarter's EBIT but also the distinctly lower break-even point underline the positive impact of the reorganization and the continuing cost saving program.
With a groupwide EBIT of more than 0.5 mill. EUR, CEAG achieved a clear plus versus last year's reporting period (previous year: -0.7 mill. EUR). Due to the strategic reorganisation with the constantly optimized cost structure as well as the ongoing cost leadership project, the break-even point was almost cut in half within a short time. "We have managed to return to the profit zone", says Rolf Endress, Chairman of the board of directors of CEAG AG.
Compared to last year's reporting period, the sales volume of FRIWO power supplies and chargers read 28.6 mill. units which represents an increase of 1.2 percent (previous year: 28.3 mill. units). The Group's revenue of 40.1 mill. EUR has dropped by almost 19 percent versus last year's reporting period (49.3 mill. EUR), of which 17 percentage points are caused by the currency exchange rate leverage.
For 2003, CEAG expects solid black figures. They are based on the results of the strategic reorganization with its significant break-even reduction and continuing cost leadership project. The positive forecasts of leading mobile phone manufacturers provide opportunities whereas the volatile foreign exchange markets, SARS and the instable economic situation are fraught with risk. Active projecting and a good order situation confirm the FPS' positive expectations for the second half of this business year.
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FRIWO