Interim / Quarterly Report • Jan 13, 2010
Interim / Quarterly Report
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Q2 Half-yearly Financial Report of CeoTronics AG for Fiscal Year 2009/2010
| H1 2009/2010 IFRS / € thousand |
H1 2008/2009 IFRS / € thousand |
Change | |
|---|---|---|---|
| Revenues | 6.745 | 10.193 | -33,8% |
| Investments | 513 | 458 | +12,0% |
| R&D expenses | 893 | 796 | +12,2% |
| EBITDA | -191 | 1.809 | T€ -2.000 |
| EBIT | -468 | 1.549 | T€ -2.017 |
| Profit before tax Profit for the period Profit attributable to shareholders of CeoTronics AG |
-536 -468 -461 |
1.512 1.170 1.150 |
T€ -2.048 T€ -1.638 T€ -1.611 |
| Gross cash flow | -191 | 1.430 | T€ -1.621 |
| Cash and cash equivalents | 1.707 | 546 | +212,6% |
| Total assets | 19.655 | 21.655 | -9,2% |
| Equity | 12.072 | 12.926 | -6,6% |
| Equity ratio (%) | 61,4 | 59,7 | +1,7% |
| Employees as of November 30 | 157 | 154 | +3 |
| Earnings per share (in €) | -0,07 | 0,17 | -0,24 |
| Gross cash flow per share (in €) | -0,03 | 0,22 | -0,25 |
Ladies and Gentlemen, Dear Shareholders,
In the first half of fiscal year 2009/2010 (June 1 to November 30, 2009), the CeoTronics Group generated revenues of €6,745 thousand (previous year: €10,193 thousand).
The decline in revenues towards the end of the first half of the year is due, among other things, to the last of the batch of the major order from the German Armed Forces worth over €3.1 million being delivered and invoiced in Q2 last year. Furthermore, the effects of the worst global economic and financial crisis in 80 years impacted the course of business at CeoTronics, despite the obvious investment bottleneck and customers having to make up ground in communications technology. Moreover, weak order intake in the past quarter and in the fourth quarter of fiscal year 2008/2009, as well as the delays to the switch to digital radio by security authorities and organizations in Germany and Northern Europe, had an adverse effect on revenue and order backlog development.
CeoTronics increased consolidated revenues in euros by 235.4% in the U.S.A. and 140.8% in Switzerland. CT-Video GmbH also increased its consolidated revenues by 14.0% and its order backlog after the first six months by 221.3%. However, these successes were unable to compensate for the negative revenue figures in the other markets.
The significant decline in revenues meant that CeoTronics was unable to match the key earnings figures and financial indicators recorded in the prior-year period. The first half of the year closed with EBIT of €-468 thousand, a loss before tax of €536 thousand, and a consolidated loss of €468 thousand. Gross cash flow amounted to €-191 thousand.
Consolidated equity fell by €854 thousand year-on-year in the reporting period, from €12,926 thousand to €12,072 thousand. The equity ratio was 61.4% (previous year: 59.7%).
The order backlog fell by 20.0% compared with the prior-year figure. However, this satisfactory order backlog also contains master orders whose production lots are not expected to be called in the next three months.
Due to the continual weak order intake (-5.3% in H1, -49.6% in Q2) and the as yet unreleased orders for the tender for digital radio accessories we won from the federal state of Berlin, the Board of Management resolved to introduce short-time working for some departments at the production location in Rödermark from December 2009. Short-time working was expanded from January 2010. Previously, CeoTronics reacted to the declining production capacity utilization with the reduction of overtime and holiday entitlements, and the exploitation of potentials of flexible working time models.
Short-time working will be lifted once the switch to digital radio by security authorities and organizations in Germany and Northern Europe leads to further contracts/awards and released orders for CeoTronics, or orders pick up and capacity utilization rates improve.
CeoTronics will master the more difficult fiscal year thanks to its adequate cash funds and credit lines, high equity ratio (61.4%), expert and dedicated employees, and strong sales structure and product quality. We are currently focusing on cost management and on developing new products and new sales markets in order to have a good head-start when the economic crisis is over.
Consolidated revenues of approximately €16.0 million, consolidated EBIT of approximately €300 thousand, and consolidated profit of approximately €100 thousand are predicted for fiscal year 2009/2010, a year that has been impacted by the global economic and financial crisis.
In subsequent fiscal years, CeoTronics should achieve significantly higher revenues and earnings figures due, among other things, to the economic recovery and the switch to digital radio by governments and industry in Germany and Northern Europe.
We are looking to the future with optimism! Rödermark, January 13, 2010
Thomas H. Günther Chairman of the Board of Management
CeoTronics specializes in high-end communications under difficult conditions, and develops, produces, and sells audio, video, and data communications solutions. The primary requirement in this niche market is to ensure clear and precise interaction: in noisy or hazardous areas, while wearing protective helmets or protective clothing, in explosion hazard zones, in undercover operations, and in hands-free communication.
Our broad range of products for extremely diverse applications meets the toughest demands and focuses in particular on endto-end system solutions in addition to traditional headsets and other communication systems for connecting to analog and digital radio systems. For example, mobile or fixed digital radio networks that can be set up in seconds and used on the move.
Our customer base includes well-known companies in industry, the service sector and sports, airlines, airports, and ground handling service companies as well as firefighters, civil defense, and rescue services.
A particular strength of CeoTronics AG is the development and supply of custom communications solutions for the German State and Federal Police, customs authorities, and the army, navy, and air force. A wide range of systems is available in this field. Fully and partially covert communication systems as well as miniature radio cameras are used for the wireless digital transfer of video images during undercover investigations and for preserving evidence.
All of CeoTronics' priority markets were dominated by the worst global economic and financial crisis in 80 years during the H1 2009/2010 reporting period.
Many priority markets still need to increase their budgets, which have been reduced over the course of many years, i.e., to adjust them for necessary investments and staffing requirements. Better communication systems enable industrial enterprises to accelerate their workflows and increase occupational safety at the same time.
The global threat posed by international terrorism has not waned. Accordingly, government security and law enforcement agencies must upgrade their equipment in order to maintain the highest degree of security for citizens, as well as to protect freedom and democracy.
Government security and law enforcement agencies in a number of priority European markets already began switching from analog to digital radio many years ago.As a result, CeoTronics' subsidiaries in Spain, France, and Switzerland have significantly increased their revenues in recent years.
Preparations are being made for the switch in several other priority European markets. CeoTronics expects large investments in Germany on the part of security authorities and organizations (BOS – Behörden und Organisationen mit Sicherheitsaufgaben), the Armed Forces, firefighters, and industry. Those responsible for Germany's switch to digital radio at the federal and state levels are projecting 500,000 BOS digital radio users and plan to invest a total of over €4.5 billion. Additionally, CeoTronics expects to see its revenues grow through the switch to digital radio in industry and by firefighters.
As CeoTronics has produced and sold over 50,000 systems for connection to the new digital TETRA/TETRAPOL radios since 1999, the Company has a pool of experience that is certainly a major competitive advantage.
CeoTronics' revenues in the first 6 months of fiscal year 2009/2010 (June 1 to November 30, 2009) were below the figure for the previous year. Consolidated revenues fell by €3,448 thousand (or 33.8%), from €10,193 thousand to €6,745 thousand.
Expressed in euros after consolidation, revenues in some cases increased substantially at CeoTronics Switzerland (+140.8%), CeoTronics U.S.A. (+235.4%), and CT-Video (+14.0%). As expected, CeoTronics Spain (-28.9%), CeoTronics France (-7.8%), and CeoTronics Germany (-47.2%) were unable to match the previous year's very high level of revenues. From a low level CeoTronics Poland lost 87.9% of the previous year's turnover
The share of revenues generated outside Germany increased to 50.5% in the first six months of fiscal year 2009/2010 (previous year 32.8%). The proportion accounted for by Germany fell correspondingly to 49.5% (previous year: 67.2%).
While CeoTronics recorded a significant rise in incoming orders in the first quarter of the current fiscal year, they remained behind expectations in the second quarter at a year-on-year decline of 49.6%. Overall, incoming orders in the first half of the year were down 5.3% on the previous year.
As of November 30, 2009, the order backlog contracted by 20.0% as against the prior-year.
The decline in revenues meant that CeoTronics was unable to match the key earnings figures and financial indicators recorded in the same half of the previous year, which developed as follows:
| € thousand | H1 2009/2010 |
H1 2008/2009 |
|---|---|---|
| EBITDA | -191 | 1.809 |
| EBIT | -468 | 1.549 |
| Result before tax | -536 | 1.512 |
| Result for the period | -468 | 1.170 |
The share of profit for the period attributable to shareholders of the parent amounted to €-461 thousand for the first half of fiscal year 2009/2010 (previous year: €1,150 thousand). Earnings per share (after tax) were €-0.07, down from €0.17 in the prioryear period.
The cost of sales fell by 3.5% from 51.8% in the previous year to 48.3% despite lower revenues due to changes in the order structure.
Operating expenses (excluding cost of materials) accounted for 20.3% of revenues, up from 15.9% in the previous year due to the significantly lower revenues.
Selling and marketing expenses as a percentage of revenues amounted to 32.8% in the first six months of fiscal year 2009/2010 (previous year 21.7%). Absolute costs (€2,212 thousand) were virtually unchanged as against the prior-year period (€2,215 thousand).
General and administrative expenses fell by 8.5%. The savings were mainly the result of lower employee expenses. These costs now account for 11.3% of revenues (previous year: 8.2%).
Research and development costs increased year-on-year, climbing by 12.2%. The ratio of research and development costs to revenues is now 13.2% (previous year: 7.8%).
CeoTronics has prepared itself in good time to meet future challenges by investing in employee capacity, markets, technologies, developments, and production technologies and processes.
Investments in the first six months of fiscal year 2009/2010 totaled €531 thousand, up 12.0% year-on-year (T€ 458).
Gross cash flow fell year-on-year in the reporting period, from €1,430 thousand to € -191 thousand.
Cash and cash equivalents increased by €1,161 thousand as against the prior-year period to €1,707 thousand.
As of November 30, 2009, equity fell by €854 thousand, from €12,926 thousand to €12,072 thousand. The equity ratio rose to 61.4% (previous year: 59.7%) due to the decline in total assets.
The number of employees in the Group (including trainees) increased to 157 as of November 30, 2009 (November 30, 2009: 154), of whom two work in Research and Development. The increase in the workforce related solely to the Company's German locations in Rödermark and Lutherstadt Eisleben (currently 142 staff). This reflects our clear commitment to Germany.
Despite poorer revenues and earnings figures in H1 2009/2010, CeoTronics' share price rose by 6.8% in the reporting period.
Nevertheless, CeoTronics' shares underperformed the benchmark indices. The TECDAX rose by 23.9%, the Technology All Share by 24.8%, and the GEX by 14.2%.
Source: DZ Bank
It became clear in the course of 2009 that the current global financial and economic crisis has significantly exceeded all economic crises of the past decades in terms of both its duration and its severity. This negative development also impacted the course of business at CeoTronics.
CeoTronics is focusing on developing new products and new sales markets, as well as on cost management, in order to be ideally positioned once the economic crisis is over.
Competitors, radio manufacturers and dealers, and importers are stepping up their efforts to penetrate CeoTronics' markets – especially Germany – using components from Asia, among other things, in order to win tenders during the switch to digital radio. CeoTronics will not leave the premium segment and will continue to attempt to keep price acceptance and appreciation for its products and systems at a high level by offering outstanding quality and performance.
The switch to digital radio by the police, firefighters, and industrial enterprises in Germany, Northern Europe, and Austria offers CeoTronics attractive market potential for audio products. However, if CeoTronics does not participate to the desired extent in the switch to digital radio in the above-mentioned markets and in the continuation of the switch in Switzerland and Spain, or if the switch is delayed further in Germany and Northern Europe, this could have a more adverse effect on CeoTronics AG's revenues and earnings development.
CT video systems will play an even more important role in fighting crime and terrorism in future. The CeoTronics Group's long-term revenue growth will be boosted by authorities investing in monitoring areas at risk – especially those temporarily at risk – and in securing video evidence and trial monitoring, as well as by CT-Video GmbH's new product innovations.
The development and marketing of new products ensure CeoTronics' market leadership and open up new markets. This also applies to markets outside of the defined geographical priority markets in Europe and North America.
Consolidated revenues of approximately €16.0 million, consolidated EBIT of approximately €300 thousand, and consolidated profit of approximately €100 thousand are predicted for fiscal year 2009/2010, a year that has been impacted by the global economic and financial crisis.
In the following fiscal years, CeoTronics should achieve significantly higher revenues and corresponding positive earnings figures due, among other things, to the economic recovery and the switch to digital radio by governments and industry in Germany and Northern Europe.
Rödermark, January 13, 2010
CeoTronics AG
Thomas H. Günther Chairman of the Board of Management, CEO
Berthold Hemer Deputy Chairman of the Board of Management, CTO
Günther Thoma
Chief Operating Officer, COO
[email protected] • Phone +49 6074 87510
| Assets in € thousand | Half-yearly report (closing date of the current quarter) November 30, 2009 |
Annual report (closing date of last annual report) May 31, 2009 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | 1,707 | 566 |
| Trade receivables | 2,948 | 3,577 |
| Inventories | 5,503 | 4,919 |
| Other current assets | 672 | 418 |
| Total current assets | 10,830 | 9,480 |
| Noncurrent assets | ||
| Proberty, plant, and equipment | 6,360 | 6,091 |
| Intangible assets | 320 | 355 |
| Goodwill | 1,223 | 1,269 |
| Trade receivables | 276 | 374 |
| Deferred tax assets | 646 | 572 |
| Total noncurrent assets | 8,825 | 8,661 |
| Total assets | 19,655 | 18,141 |
| Equity and liabilities in € thousand | Half-yearly report (closing date of the current quarter) November 30, 2009 |
Annual Report (closing date of last annual report) May 31, 2009 |
|---|---|---|
| Current liabilities | ||
| Current financial liabilities | 2,988 | 260 |
| Trade payables | 727 | 682 |
| Advance payments received | 218 | 37 |
| Provisions | 523 | 1,177 |
| Current tax payables | 123 | 252 |
| Other current liabilities | 506 | 418 |
| Total current liabilities | 5,085 | 2,826 |
| Noncurrent liabilities | ||
| Noncurrent financial liabilities | 2,414 | 2,087 |
| Deferred tax liabilities | 84 | 84 |
| Total noncurrent liabilities | 2,498 | 2,171 |
| Equity | ||
| Subscribed capital | 6,600 | 6,600 |
| Capital reserves | 4,471 | 4,471 |
| Retained earnings | 886 | 886 |
| Cumulative other recognized income and expense | 22 | -47 |
| Net retained profit | 39 | 1,160 |
| Equity attributable to shareholders of CeoTronics AG | 12,018 | 13,070 |
| Minority interest | 54 | 74 |
| Total equity | 12,072 | 13,144 |
| Total equity and liabilities | 19,655 | 18,141 |
| € thousand | September 1, 2009 - November 30, 2009 Quarterly figures (current quarter) |
September 1, 2008 - November 30, 2008 Quarterly figures previous year |
November 30, 2009 Year-to-date (cur rent fiscal year) June 1, 2009 - |
Year-to-date (previ November 30, 2008 June 1, 2008 - ous year) |
|---|---|---|---|---|
| Revenues | 3,923 | 7,195 | 6,745 | 10,193 |
| Cost of sale | -1,796 | -3,846 | -3,256 | -5,284 |
| Gross profit | 2,127 | 3,349 | 3,489 | 4,909 |
| Selling and marketing expenses | -1,219 | -1,200 | -2,212 | -2,215 |
| General and administrative expenses | -416 | -513 | -763 | -834 |
| Research and development expenses | -513 | -458 | -893 | -796 |
| Other operating income and expenses | -85 | 370 | -89 | 485 |
| Operating profit (EBIT) | -106 | 1,548 | -468 | 1,549 |
| Interest income/expense | -34 | -12 | -68 | -37 |
| Profit before tax | -140 | 1,536 | -536 | 1,512 |
| Income tax expense | -19 | -349 | 68 | -342 |
| Profit for the period | -159 | 1,187 | -468 | 1,170 |
| Consolidated profit/loss attributable to: Minority interest |
-4 | 15 | -7 | 20 |
| Shareholders of CeoTronics AG | -155 | 1,172 | -461 | 1,150 |
| Earnings per share (basic) in € | -0.02 | 0.18 | -0.07 | 0.17 |
| Earnings per share (diluted) in € | -0.02 | 0.18 | -0.07 | 0.17 |
| Weighted average shares outstanding (basic) |
6,599,994 | 6,599,994 | 6,599,994 | 6,599,994 |
| Weighted average shares outstanding (diluted) |
6,599,994 | 6,599,994 | 6,599,994 | 6,599,994 |
| € thousand | Year-to-date (current fiscal year) June 1, 2009 - November 30, 2009 |
Year-to-date (previous year) June 1, 2008 - November 30, 2008 |
|---|---|---|
| Cash flow from operating activities | ||
| Profit before tax | -536 | 1,512 |
| Income tax expense | 68 | -342 |
| Profit for the period | -468 | 1,170 |
| Dereciation, amortization, and impairment losses | 277 | 260 |
| Gross cash flow | -191 | 1,430 |
| Changes in assets and liabilities | ||
| Change in trade receivables | 629 | -1,390 |
| Change in inventories | -584 | -313 |
| Change in other assets | -254 | 80 |
| Change in trade payables | 45 | 42 |
| Change in advance payments received | 181 | 487 |
| Change in other provisions | -654 | -495 |
| Change in tax payables | -129 | 159 |
| Change in other current liabilities | 88 | 383 |
| Change in deferred tax assets | -74 | -23 |
| Total changes in assets and liabilities | -752 | -1,070 |
| Net cash provided by/used in operating activities | -943 | 360 |
| Cash flow from investing activities | ||
| Payments to acquire intangible assets | -27 | -105 |
| Payments to acquire property, plant, and equipment | -488 | -353 |
| Change in foreign currency differences | 48 | -167 |
| Disposal of noncurrent assets (net carrying amounts) | 3 | 0 |
| Net cash uses in investing activities | -464 | -625 |
| Cash flow from financing activities | ||
| Change in current financial liabilities | 2,728 | 1,142 |
| Change in noncurrent financial liabilities | 424 | -27 |
| Dividend payment to minority interest | 0 | -16 |
| Dividend payment to shareholders of CeoTronics AG | -660 | -990 |
| Net cash provided by financing activities | 2,492 | 109 |
| Change in cash and cash equivalents | 1,085 | -156 |
| Effect of exchange rate changes on cash and cash equivalents | 56 | -206 |
| Cash and cash equivalents at beginning of period | 566 | 908 |
| Cash and cash equivalents at end of period | 1,707 | 546 |
| Equity attributable to shareholders of CeoTronics AG | ||||||||
|---|---|---|---|---|---|---|---|---|
| € thousand | Subscribed capital |
Capital reserves | Retained earnings |
Net retained pro fit/net accumula ted losses |
recognized income Cumulative other and expense |
Total | Minority interest | Total equity |
| Current year Balance at May 31, 2009 |
6,600 | 4,471 | 886 | 1,160 | -47 | 13,070 | 74 | 13,144 |
| Profit for the period | -461 | -461 | -461 | |||||
| Dividend distribution | -660 | -660 | 0 | -660 | ||||
| Currency translation adjustments | 69 | 69 | 0 | 69 | ||||
| Change in minority interest | -20 | -20 | ||||||
| Balance at November 30, 2009 | 6,600 | 4,471 | 886 | 39 | 22 | 12,018 | 54 | 12,072 |
| Previous year´s figures for comparison Balance at May 31, 2008 |
6,600 | 4,471 | 886 | 898 | 52 | 12,907 | 60 | 12,967 |
| Profit/loss for the period | 1,150 | 1,150 | 20 | 1,170 | ||||
| Dividend distribution | -990 | -990 | -16 | -1,006 | ||||
| Currency translation adjustments | -207 | -207 | 1 | -206 | ||||
| Change in minority interest | -15 | -15 | 16 | 1 | ||||
| Balance at November 30, 2008 | 6,600 | 4,471 | 886 | 1,043 | -155 | 12,845 | 81 | 12,926 |
The equity ratio of the CeoTronics Group was 61.4% as of November 30, 2009 (previous year 59.7%).
There were no material changes to equity compared with the last annual financial statements.
The unaudited consolidated quarterly report of CeoTronics AG as of November 30, 2009 was prepared in accordance with the International Financial Reporting Standards (IFRSs). This interim report complies with IAS 34 Interim Financial Reporting.
The quarterly report was prepared using the accounting, measurement, and consolidation principles applied in the preparation of the consolidated annual financial statements as of May 31, 2009. Further details can be found in the Annual Report for fiscal year 2008/2009.
There were no changes in the consolidated Group structure in the first three months of fiscal year 2009/2010.
The following companies are included in the consolidated financial statements:
CeoTronics AG (Rotkreuz, Switzerland), CeoTronics S.A.R.L. (Brie Comte Robert, France), CeoTronics Ltd. (Aberdeen, United Kingdom), CeoTronics Inc. (Virginia Beach, U.S.A.) ,CeoTronics S.L (Madrid, Spain), CT-Video GmbH (Lutherstadt Eisleben, Germany), CeoTronics Sp. z o.o. (Lodz, Poland). Subsidiaries in which the parent directly or indirectly holds the majority of shares and hence of the voting power are consolidated in accordance with the principles of acquisition accounting under IFRSs.
We account for the 25% minority interest in CeoTronics Sp. z o.o. by deducting the minority interest and the resulting effects on profit or loss within equity in the balance sheet, in the income statement, the cash flow statement, and the statement of changes in equity.
The Company assesses the performance of the subsidiaries on the basis of their pre-tax profit. The accounting and reporting principles used for regional reporting comply with the group accounting principles. The subsidiaries in the individual countries are legally independent and have their own management teams.
The Company's product groups are comparable in terms of both the production process used and the marketing methods. Internal and external reporting primarily follows geographic criteria.
The information below is presented by region.
Revenues for the first six months of 2009/2010 and 2008/2009 are attributable as follows, broken down by country of origin (primary segment):
| € thousand | H1 2009/2010 |
H1 2008/2009 |
|---|---|---|
| Germany | 1,135 | 7,739 |
| Rest of Europe | 5,383 | 2,386 |
| Rest of world | 227 | 68 |
| Revenues | 6,745 | 10,193 |
By customer country (secondary segment):
| € thousand | H1 2009/2010 |
H1 2008/2009 |
|---|---|---|
| Germany | 3,340 | 6,852 |
| Rest of Europe | 3,091 | 3,169 |
| Rest of world | 314 | 172 |
| Revenues | 6,745 | 10,193 |
The profit or loss for the first six months 2009/2010 and 2008/2009 is attributable as follows to the subsidiaries in the various regions (primary segment):
| € thousand | H1 2009/2010 |
H1 2008/2009 |
|---|---|---|
| Germany | -290 | 798 |
| Rest of Europe | 8 | 92 |
| Rest of world | -186 | 280 |
| Consolidated profit for the period |
-468 | 1,170 |
Segment assets are attributable as follows to the subsidiaries in the various regions (primary segment) as of November 30, 2009 and November 30, 2008:
| € thousand | November 30, 2009 |
November 30, 2008 |
|---|---|---|
| Germany | 14,180 | 15,980 |
| Rest of Europe | 3,644 | 3,746 |
| Rest of world | 1,831 | 1,929 |
| Total segment assets | 19,655 | 21,655 |
Segment liabilities are attributable as follows to the subsidiaries in the various regions (primary segment) as of November 30, 2009 and November 30, 2008:
| € thousand | November 30, 2009 |
November 30, 2008 |
|---|---|---|
| Germany | 7,133 | 7,582 |
| Rest of Europe | 336 | 1,085 |
| Rest of world | 29 | 62 |
| Total segment liabilities | 7,498 | 8,729 |
Noncurrent assets are attributable as follows to the subsidiaries in the various regions (primary segment) as of November 30, 2009 and November 30, 2008:
| € thousand | November 30, 2009 |
November 30, 2008 |
|---|---|---|
| Germany | 6,586 | 6,060 |
| Rest of Europe | 523 | 533 |
| Rest of world | 794 | 951 |
| Total noncurrent assets | 7,903 | 7,544 |
Investments in the first six months of 2009/2010 and 2008/2009 are attributable to the subsidiaries in the various regions (primary segment) as follows:
| € thousand | H1 2009/2010 |
H1 2008/2009 |
|---|---|---|
| Germany | 512 | 417 |
| Rest of Europe | 1 | 4 |
| Rest of world | 0 | 37 |
| Total investments | 513 | 458 |
Depreciation, amortization, and impairment losses are attributable as follows to the subsidiaries in the various regions (primary segment) in the first six months of 2009/2010 and 2008/2009:
| € thousand | H1 2009/2010 |
H1 2008/2009 |
|---|---|---|
| Germany | 256 | 238 |
| Rest of Europe | 16 | 17 |
| Rest of world | 5 | 5 |
| Total depreciation, amor tization, and impairment losses |
277 | 260 |
There were no changes in the Company's executive bodies in the first six months of 2009/2010.
| (ISIN DE0005407407/WKN 540740) | CeoTronics shares (quantity) |
|
|---|---|---|
| Board of Management | ||
| Chairman | Thomas H. Günther | 28,494 |
| Deputy Chairman | Berthold Hemer | 513,150 |
| Chief Operating Officer |
Günther Thoma | 18,066 |
| Supervisory Board | ||
| Chairman | Hans-Dieter Günther | 1,113,600 |
| Deputy Chairman | Horst Schöppner | 655,410 |
| Member | Stephan Haack | 0 |
The total number of CeoTronics AG shares at the reporting date amounted to 6,599,994.
No significant related party transactions were conducted in the first six months of 2009/2010.
"To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the group, and the interim management report of the group includes a fair review of the development and perfomance of the business and the position of the group, together with a description of the principal opportunities and risks associated with the expected development of the group for the remaining months of the financial year."
Rödermark, January 13, 2010
CeoTronics AG
The Board of Management
| Publication of preliminary revenue and order backlog figures for the first 9 months of fiscal year 2009/2010 |
Calendar week 9, 2010 |
|---|---|
| Report on 3rd quarter as of February 28, 2010 |
March 25, 2010 |
| End of fiscal year 2009/2010 | May 31, 2010 |
| Publication of preliminary revenue and order backlog figures for the full fiscal year 2009/2010 |
Calendar week 22, 2010 |
| Annual report 2009/2010 | August 13, 2010 |
| Annual earnings press conference and Analyst meeting |
August 26, 2010 |
| Publication of preliminary revenue and order backlog figures for the first 3 months of the fiscal year 2010/2011 Calendar week 35, 2010 |
|
| Report on 1st quarter as of August 31, 2010 |
October 8, 2010 |
| General Meeting 2010 | November 5, 2010 |
* (Dates may change)
This quarterly report contains forward-looking statements that reflect the current views of CeoTronics AG's Board of Management. These statements are based on the Company's current plans, estimates, projections, and expectations and are therefore subject to risks and uncertainties that could cause actual results to differ from expected results. The forward-looking statements are only valid at the time of publication of this quarterly report and cannot be guaranteed. CeoTronics AG assumes no obligation to the public to update or correct forward-looking statements. This does not affect the Company's statutory obligation to fulfill its information and reporting duties.
CT-Video GmbH had a number of reasons to celebrate in November 2009: The move to the expanded production building and the Company's tenth anniversary were celebrated at a ceremony with employees and numerous guests from across Germany.
In addition to representatives from the Saxony-Anhalt state parliament, the Mansfeld-Südharz district council, the local lord mayor, and chamber of commerce officials, many companies involved in the building's construction also accepted the invitation from CT Video's management. The Supervisory Board and the Board of Management of the parent, CeoTronics AG, also took part in the ceremony. In his speech, Günther Thoma, Managing Director of CT-Video, emphasized the far-sighted attitudes of CeoTronics' Board of Management to establish a subsidiary for video communications. The subsidiary was profitable only three years after it was founded, and doubled revenues between 2004 and 2008; revenues rose by a further 20% in the last fiscal year. Management continues to expect double-digit growth for the current fiscal year.
Production capacity in Lutherstadt Eisleben was expanded by 650 m² to a total of approximately 1,900 m². CT-Video GmbH currently employees 41 people. The expansion will result in 65 people being employed locally. The expansion of capacities serves not only the development, production, and quality assurance of CT-Video products: the new premises are also intended to be used to manufacture standard audio products. Corresponding capacities for the production of audio accessories for radios are expected to be used here in connection with the switch to digital radio networks by the authorities in Germany, Austria, and Northern Europe.
With the introduction of the new corporate design the CT-News, the popular newsletter for customers and employees got a redesign. The relaunch puts emphasis on a more modern cover design and even more information in a large format magazine stile.
CT-News No. 40 for customers and interested parties will be available soon. On request it will be sent out by regular mail or e-mail. It can also be downloaded from our website.
Further information about CeoTronics you find in the internet:
www.ceotronics.com
www.ct-video.com
Audio • Video • Data Communication Adam-Opel-Str. 6 63322 Rödermark (Germany) Tel.: +49 6074 8751-722 Fax: +49 6074 8751-720 E-Mail: [email protected] Web: www.ceotronics.com
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