Quarterly Report • Oct 9, 2009
Quarterly Report
Open in ViewerOpens in native device viewer
Consolidated quarterly report of CeoTronics AG Fiscal year 2009/2010
| Q1 2009/2010 IFRS / € thousand |
Q1 2008/2009 IFRS / € thousand |
Change | |
|---|---|---|---|
| Revenues | 2,822 | 2,998 | -5.9 % |
| Capital expenditure | 391 | 280 | +39.6 % |
| R&D expenses | 380 | 338 | +12.4 % |
| EBITDA | -228 | 128 | T€ -356 |
| EBIT | -362 | 1 | T€ -363 |
| Loss before tax Loss for the period Profit attributable to shareholders of CeoTronics AG |
-396 -309 -306 |
-24 -17 -22 |
T€ -372 T€ -292 T€ -284 |
| Gross cash flow | -175 | 110 | T€ -285 |
| Cash and cash equivalents | 430 | 1,617 | T€ -1,187 |
| Trade receivables | 3,712 | 2,546 | T€ 1,166 |
| Total assets | 18,396 | 17,795 | +3.4 % |
| Equity | 12,847 | 12,908 | -0.5 % |
| Equity ratio (in %) | 69,8 | 72.5 | -2.7 % |
| Employees as of August 31 | 157 | 151 | +6 MA |
| Earnings per share (in €) | -0.05 | 0.00 | -0.05 |
| Gross cash flow per share (in €) | -0.03 | 0.02 | -0.05 |
Group Management Report as of August 31, 2009
Ladies and Gentlemen, Dear Shareholders,
in the first quarter of fiscal year 2009/2010 (the summer months of June, July, and August), the CeoTronics Group generated revenues of €2,822 thousand (previous year: €2,998 thousand).
The decline in revenues can be explained by the weak order intake in the fourth quarter of fiscal year 2008/2009. Low incoming orders in June and July also affected revenue development in the first quarter of fiscal year 2009/2010.
The decline in revenues meant that CeoTronics was unable to match the key earnings figures and financial indicators recorded in the same quarter of the previous year. The first quarter closed with EBIT of € 362 thousand, a loss before tax of €396 thousand, and a consolidated loss of €309 thousand. Gross cash flow amounted to €-175 thousand.
At €12,847 thousand, consolidated equity was virtually unchanged as against the previous year (€12,908 thousand). The equity ratio was 69.8% (previous year: 72.5%).
The order backlog fell, as expected, by 16.0% compared with the prior-year figure. The high order backlog for 2008/2009 was mainly due to the order for CT-DECT JetCom systems from the German Armed Forces, which has now been delivered and invoiced in full. Adjusted for the major order from the German Armed Forces, the order backlog as of August 31, 2009 is the highest in the Company's history at the end of a first quarter.
Incoming orders in the first quarter of fiscal year 2009/2010 were up 91.4% year-on-year and even increased 181.5% as against the fourth quarter of fiscal year 2008/2009. This growth clearly shows that incoming orders seem to have bucked the downward trend – mainly due to the worst global economic and financial crisis in 80 years. However, we do not expect the current order backlog to have a positive effect on revenue development before the third and fourth quarters of fiscal year 2009/2010.
CeoTronics increased its revenues year-on-year in Switzerland, France, Austria, the U.S.A., and the rest of Europe in the first quarter of 2009/2010, in some cases substantially. CT-Video GmbH also significantly increased quarterly revenues. CeoTronics' revenues in Germany, Spain, and Poland declined in the first quarter of 2009/2010.
As of the reporting date, the subsidiaries in Switzerland, the U.S.A., and France as well as CT-Video GmbH had a much higher order backlog in some cases.
In keeping with tradition, CeoTronics expects to issue its revenue and earnings forecasts for fiscal year 2009/2010 in January 2010, at the time of publication of its interim results for the first half of the year.
Despite the clear impact of the global economic and financial crisis, we are cautiously upbeat about fiscal year 2009/2010, given the moderate improvement in the economic climate in certain priority markets, the current high order backlog, the audio and video projects currently being prepared, and the fact that the switch to digital radio by security authorities and organizations in Germany has now started.
Rödermark, October 09, 2009
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.
As the key sentiment indicators have now turned and, in some cases, are far from their historic lows of spring 2009, the general consensus is that the recession will end in this calendar year. Incoming orders, especially in manufacturing industry, are on the rise again. The outlook for the last four months of 2009 and for 2010 has improved. A return to economic growth is expected in 2010. However, growth in the industrialized nations (CeoTronics' priority markets) will fall significantly short of previous upswings.
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. Many industrial companies are also investing again in new communication systems that accelerate work processes and increase workplace safety.
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 recorded sustained annual revenue increases, in part even more than doubling their revenues.
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 45,000 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 three months of fiscal year 2009/2010 (reporting date: August 31, 2009) were below the figure for the previous year due to the lower incoming orders in the fourth quarter of the previous year as well as the first half of the first quarter of the current fiscal year. Consolidated revenues fell by €176 thousand, or 5.9%, from €2,998 thousand to €2,819 thousand.
Expressed in euros, revenues increased – in some cases substantially – at CT-Video GmbH (+49.6%), CeoTronics Switzerland (+8.6%), CeoTronics France (+96.6%), and CeoTronics U.S.A. (+206.7%). As expected, CeoTronics Germany (-21.4%) and CeoTronics Spain (-29.3%) were unable to match the previous year's very high level of revenues. CeoTronics Poland's revenues fell significantly (83.4%).
The share of revenues generated outside Germany increased to 61.2% in the first three months of fiscal year 2009/2010 (previous year 56.4%). The proportion accounted for by Germany fell correspondingly to 38.8% (previous year: 43.6%).
CeoTronics recorded a significant rise in incoming orders from the middle of the first quarter. As a result, incoming orders in the first quarter of the current fiscal year were up 91.4% as against the figure for the prior-year period. The increase against the fourth quarter of 2008/2009 amounted to 181.5%.
Adjusted for the major order for CT-DECT JetCom systems from the German Armed Forces, the order backlog as of August 31, 2009 is the highest in the Company's history at the end of a first quarter. The "unadjusted" order backlog fell, as expected, by 16% compared with the prior-year figure, as the third batch of the major order from the German Armed Forces was contained in last year's order backlog and was only delivered and invoiced in the course of fiscal year 2008/2009.
The decline in revenues meant CeoTronics was unable to match the key earnings figures and financial indicators recorded in the same quarter of the previous year, which developed as follows:
| € thousand | Q1 / FY 2009/2010 |
Q1 / FY 2008/2009 |
|---|---|---|
| EBITDA | -228 | 128 |
| EBIT | -362 | 1 |
| Loss before tax | -396 | -24 |
| Loss for the period | -309 | -17 |
The share of the loss for the period attributable to shareholders of the parent amounted to €306 thousand for the first three months of fiscal year 2009/2010 (previous year: €22 thousand). This results in earnings per share of €-0.05 (previous year: €0.00).
Due to changes in the order structure, the cost of sales increased by 1.5%. Costs now account for 51.7% of revenues (previous year: 48.0%).
Operating expenses (excluding cost of materials) accounted for 23.5% of revenues. This figure is down slightly on the previous year (24.0%) despite the lower year-on-year revenues.
Selling and marketing expenses as a percentage of revenues amounted to 35.2% in the first three months of fiscal year 2009/2010 (previous year 33.9%). Absolute costs fell by 2.2% year-on-year.
General and administrative costs rose by 8.1% as against the prior-year level and accounted for 12.3% of revenues (previous year: 10.7%).
Research and development costs also rose year-on-year (+12.4%). The ratio of research and development costs to revenues is now 13.5% (previous year: 11.3%). This rise was primarily due to increased employee expenses for newly hired engineers.
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 three months of fiscal year 2009/2010 totaled €391 thousand, up 39.6% year-on-year.
Gross cash flow fell by €285 thousand year-on-year in the reporting period, from €110 thousand to € 175 thousand.
The Group's cash and cash equivalents fell by €1,187 thousand as against the prior-year period to €430 thousand. This decline corresponds to a €1,166 thousand rise in trade receivables.
At €12,847 thousand, equity as of August 31, 2009 was virtually unchanged as against the prior-year period (€12,908 thousand). The equity ratio fell to 69.8% (previous year: 72.5%) due to the increase in total assets.
The number of staff (including trainees) increased from 151 (previous year) to 157 as of August 31, 2009. All of the new jobs were created in Germany. The total trainee ratio at the German locations is 5.8%.
After CeoTronics' shares had turned on a distinctly negative performance in the course of fiscal year 2008/2009, at 35.3%, the trend reversed in the course of the first quarter of fiscal year 2009/2010. CeoTronics' share price rose by 28.0% between July 1 and August 31, 2009, thus outperforming benchmark indices such as the TECDAX (+11.0%), the Technology-AllShare (+13.3%), and the GEX (+2.6%).
The driving forces behind this good performance were in particular various CeoTronics announcements about important major orders in the second half of Q1.
Assuming that the General Meeting on November 6, 2009 approves the dividend proposal of €0.10 per share, the dividend yield will be 4.3%, measured in terms of the share price on October 08, 2009 (€2.35).
Source: DZ Bank
CeoTronics' business development could be negatively affected if the global financial and economic crisis were to continue, contrary to general expectations.
This applies especially to CeoTronics U.S.A. If CeoTronics U.S.A. does not meet its revenue and earnings forecasts, we cannot rule out that the carrying amount of goodwill at CeoTronics U.S.A. will decrease, that CeoTronics AG (Germany) will have to write down the value of its investment in CeoTronics U.S.A., and/or that CeoTronics AG (Germany) will have to recognize impairment losses on its receivables from CeoTronics U.S.A. North America is the market with the greatest potential for CeoTronics products.
Competitors, radio manufacturers and dealers, and importers are stepping up their efforts to penetrate CeoTronics' markets – especially Germany – using cheap products from Asia in order to win tenders during the switch to digital radio. CeoTronics will not leave the premium segment and will attempt to keep price acceptance and appreciation for its products and systems at a high level by offering value. The Company will also make greater use of its more cost-effective production location in Lutherstadt Eisleben (Saxony-Anhalt, Germany).
The switch to digital radio by the police, firefighters, and industrial enterprises in Germany, Northern Europe, Austria, and the Benelux countries will offer CeoTronics additional market potential for audio products for many years to come.
If CeoTronics does not participate to the desired extent in the switch to digital radio, this could have an 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, as well as by CT-Video GmbH's new product innovations.
The development and marketing of new audio and video products ensure the CeoTronics Group's market leadership and open up new markets – not only outside of the defined geographical priority markets in Europe and North America.
In keeping with tradition, CeoTronics expects to issue its revenue and earnings targets for fiscal year 2009/2010 in January 2010, at the time of publication of its interim results for the first half of the year.
Any greater lift for revenues from the switch to digital radio in Germany is not expected until fiscal year 2010/2011 at the earliest.
Despite the clear impact of the global economic and financial crisis, we are cautiously upbeat about fiscal year 2009/2010, given the moderate improvement in the economic climate in certain priority markets, the current high order backlog, the audio and video projects currently being prepared, and the fact that the switch to digital radio by security authorities and organizations in Germany has now started.
Rödermark, October 09, 2009
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
* CT-BluetoothAdapter: For the use of CeoTronics headsets for radios on any mobile phone with Bluetooth function.
[email protected] • Phone +49 6074 8751-0
| Assets in € thousand | Quarterly report (closing date of the current quarter) August 31, 2009 |
Annual Report (closing date of last annual report) May 31, 2009 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | 430 | 566 |
| Trade receivables | 3,387 | 3,577 |
| Inventories | 4,835 | 4,919 |
| Other current assets | 811 | 418 |
| Total current assets | 9,463 | 9,480 |
| Noncurrent assets | ||
| Property, plant, and equipment | 6,361 | 6,091 |
| Intangible assets | 341 | 355 |
| Goodwill | 1,259 | 1,269 |
| Trade receivables | 325 | 374 |
| Deferred tax assets | 647 | 572 |
| Total noncurrent assets | 8,933 | 8,661 |
| Total assets | 18,396 | 18,141 |
| Equity and liabilities in € thousand | Quarterly report (closing date of the current quarter) August 31, 2009 |
Annual Report (closing date of last annual report) May 31, 2009 |
|---|---|---|
| Current liabilities | ||
| Current financial liabilities | 1,445 | 260 |
| Trade payables | 349 | 682 |
| Advance payments received | 38 | 37 |
| Provisions | 779 | 1,177 |
| Current tax payables | 201 | 252 |
| Other current liabilities | 596 | 418 |
| Total current liabilities | 3,408 | 2,826 |
| Noncurrent liabilities | ||
| Noncurrent financial liabilities | 2,057 | 2,087 |
| Deferred tax liabilities | 84 | 84 |
| Total noncurrent liabilities | 2,141 | 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 | 854 | 1,160 |
| Equity attributable to shareholders of CeoTronics AG | 12,789 | 13,070 |
| Minority interest | 58 | 74 |
| Total equity | 12,847 | 13,144 |
| Total equity and liabilities | 18,396 | 18,141 |
| € thousand | Quarterly report (current quarter) June 1, 2009 - August 31, 2009 |
Quarterly report (comparative period of previous year) June 1, 2008- August 31, 2008 |
|---|---|---|
| Revenues | 2,822 | 2,998 |
| Cost of sales | -1,460 | -1,438 |
| Gross profit | 1,362 | 1,560 |
| Selling and marketing expenses | -993 | -1,015 |
| General and administrative expenses | -347 | -321 |
| Research and development expenses | -380 | -338 |
| Other operating income and expenses | -4 | 115 |
| Impairment of goodwill | 0 | 0 |
| Operating profit/loss (EBIT) | -362 | 1 |
| Interest income/expense | -34 | -25 |
| Loss before tax | -396 | -24 |
| Income tax expense | 87 | 7 |
| Loss for the period | -309 | -17 |
| Consolidated profit/loss attributable to: Minority interest |
-3 | 5 |
| Shareholders of CeoTronics AG | -306 | -22 |
| Earnings per share (basic) in € | -0.05 | -0.00 |
| Earnings per share (diluted) in € | -0.05 | -0.00 |
| Weighted average shares outstanding (basic) | 6,599,994 | 6,599,994 |
| Weighted average shares outstanding (diluted) | 6,599,994 | 6,599,994 |
| € thousand | Year-to-date (current fiscal year) June 1, 2009 - August 31, 2009 |
Year-to-date (comparative period of previous year) June 1, 2008 - August 31, 2008 |
|---|---|---|
| Cash flow from operating activities | ||
| Loss before tax | -396 | -24 |
| Income tax expense | 87 | 7 |
| Loss for the period | -309 | -17 |
| Depreciation, amortization, and impairment losses | 134 | 127 |
| Gross cash flow | -175 | 110 |
| Changes in assets and liabilities | ||
| Change in trade receivables | 239 | 4,050 |
| Change in inventories | 84 | -638 |
| Change in other assets | -393 | -296 |
| Change in trade payables | -333 | -202 |
| Change in advance payments received | 1 | 5 |
| Change in other provisions | -397 | -524 |
| Change in tax payables | -51 | -94 |
| Change in other current liabilities | 178 | -91 |
| Change in deferred tax assets | -75 | -4 |
| Total changes in assets and liabilities | -747 | 2,206 |
| Net cash provided by operating activities | -922 | 2,316 |
| Cash flow from investing activities | ||
| Payments to acquire intangible assets | -16 | -37 |
| Payments to acquire property, plant, and equipment | -375 | -243 |
| Change in foreign currency differences | 10 | -40 |
| Disposal of noncurrent assets (net carrying amounts) | 1 | 0 |
| Net cash used in investing activities | -380 | -320 |
| Cash flow from financing activities | ||
| Change in current financial liabilities | 1,184 | -1,218 |
| Change in noncurrent financial liabilities | -30 | -27 |
| Dividend payment to minority interest | 0 | 0 |
| Dividend payment to shareholders of CeoTronics AG | 0 | 0 |
| Net cash used in financing activities | 1,154 | -1,245 |
| Change in cash and cash equivalents | -148 | 751 |
| Effect of exchange rate changes on cash and cash equivalents | 12 | -42 |
| Cash and cash equivalents at beginning of period | 566 | 908 |
| Cash and cash equivalents at end of period | 430 | 1,617 |
| 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 expens |
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/loss for the period | -306 | -306 | -3 | -309 | ||||
| Dividend distribution | 0 | 0 | ||||||
| Currency translation adjustments | 25 | 25 | -13 | 12 | ||||
| Change in minority interest | 0 | 0 | ||||||
| Balance at August 31, 2009 | 6,600 | 4,471 | 886 | 854 | -22 | 12,789 | 58 | 12,847 |
| 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 | -22 | -22 | 5 | -17 | ||||
| Dividend distribution | 0 | 0 | ||||||
| Currency translation adjustments | -43 | -43 | 1 | -42 | ||||
| Change in minority interest | -15 | 0 | 0 | |||||
| Balance at August 31, 2008 | 6,600 | 4,471 | 886 | 876 | 9 | 12,842 | 66 | 12,908 |
The equity ratio of the CeoTronics Group was 69.8% as of August 31, 2009 (previous year 72.5%).
There were no material changes to equit compared with the last annual financial statements.
The unaudited consolidated quarterly report of CeoTronics AG as of August 31, 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.
Consolidated group structure and shareholdings 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 quarter of 2009/2010 and 2008/2009 are attributable as follows, broken down by country of origin (primary segment):
| € thousand | Q1 2009/2010 |
Q1 2008/2009 |
|---|---|---|
| Germany | 1,444 | 2,112 |
| Rest of Europe | 1,288 | 857 |
| Rest of World | 90 | 29 |
| Third-party revenues | 2,822 | 2,998 |
By customer country (secondary segment):
| € thousand | Q1 2009/2010 |
Q1 2008/2009 |
|---|---|---|
| Germany | 1,095 | 1,309 |
| Rest of Europe | 1,615 | 1,596 |
| Rest of World | 112 | 94 |
| Third-party revenues | 2,822 | 2,998 |
The profit or loss for the first quarter of 2009/2010 and 2008/2009 is attributable as follows to the subsidiaries in the various regions (primary segment):
| € thousand | Q1 2009/2010 |
Q1 2008/2009 |
|---|---|---|
| Germany | -212 | -50 |
| Rest of Europe | -38 | 13 |
| Rest of World | -59 | 20 |
| Loss for the period | -309 | -17 |
Segment assets are attributable as follows to the subsidiaries in the various regions (primary segment) as of August 31, 2009 and August 31, 2008:
| € thousand | August 31, 2009 |
August 31, 2008 |
|---|---|---|
| Germany | 12,410 | 12,966 |
| Rest of Europe | 4,089 | 3,225 |
| Rest of World | 1,897 | 1,604 |
| Total segment assets | 18,396 | 17,795 |
Segment liabilities are attributable as follows to the subsidiaries in the various regions (primary segment) as of August 31, 2009 and August 31, 2008:
| € thousand | August 31, 2009 |
August 31, 2008 |
|---|---|---|
| Germany | 5,046 | 4,356 |
| Rest of Europe | 387 | 516 |
| Rest of World | 32 | 15 |
| Total segment liabilities | 5,465 | 4,887 |
Noncurrent assets are attributable as follows to the subsidiaries in the various regions (primary segment) as of August 31, 2009 and August 31, 2008:
| € thousand | August 31, 2009 |
August 31, 2008 |
|---|---|---|
| Germany | 6,597 | 6,038 |
| Rest of Europe | 528 | 540 |
| Rest of World | 836 | 793 |
| Total noncurrent assets | 7,961 | 7,371 |
Depreciation, amortization, and impairment losses are attributable as follows to the subsidiaries in the various regions (primary segment) in the first quarter of 2009/2010 and 2008/2009:
| € thousand | Q1 2009/2010 |
Q1 2008/2009 |
|---|---|---|
| Germany | 124 | 116 |
| Rest of Europe | 7 | 9 |
| Rest of World | 3 | 2 |
| Total depreciation, amor tization, and impairment losses |
134 | 127 |
Investments in the first quarter of 2009/2010 and 2008/2009 are attributable to the subsidiaries in the various regions (primary segment) as follows:
| € thousand | Q1 2009/2010 |
Q1 2008/2009 |
|---|---|---|
| Germany | 391 | 274 |
| Rest of Europe | 0 | 2 |
| Rest of World | 0 | 4 |
| Total investments | 391 | 280 |
the first three months of 2009/2010.
Shareholdings of the members of the executive bodies as of August 31, 2009
| (ISIN DE0005407407/WKN 540740) | CeoTronics shares (quantity) |
|
|---|---|---|
| Board of Management |
||
| Chairman Deputy Chairman Chief Operating Officer |
Thomas H. Günther Berthold Hemer Günther Thoma |
28,494 513,150 18,066 |
| Supervisory Board Chairman Deputy Chairman Member |
Hans-Dieter Günther Horst Schöppner Stephan Haack |
1,113,600 655,410 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 three months of 2009/2010.
| General Meeting 2009 | 06.11.2009 |
|---|---|
| Report on 2nd quarter as of November 30, 2009 |
13.01.2010 |
| Report on 3rd quarter as of February 28, 2010 |
25.03.2010 |
| End of fiscal year 2009/2010 | 31.05.2010 |
| Annual report 2009/2010 | 13.08.2010 |
| Annual earnings press conference 2010 | 26.08.2010 |
| Analyst meeting 2010 | 26.08.2010 |
| Report on 1st quarter as of August 31, 2010 | 08.10.2010 |
| General Meeting 2010 | 05.11.2010 |
* (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.
CeoTronics was commissioned to supply CT-DECT communication systems and wireless video transmission systems worth approximately €1.7 million to a foreign special forces unit (bomb disposal).
CeoTronics plans to deliver and invoice most of these systems in fiscal year 2009/2010. The wireless video transmission systems will be produced and delivered by CT-Video GmbH, and the "CT-DECT" communication systems by CeoTronics AG, Germany.
The German Armed Forces placed two orders with CeoTronics for communication systems for CBRNE teams (including throat microphones), as well as in-ear-headsets (CT-ClipCom Digital) for special forces units.
The value of the two orders totals approximately €1.0 million. Delivery and invoicing of the individual batches is planned for the period between November 2009 and February 2010.
The federal state of Berlin has awarded CeoTronics a contract to equip its security authorities and organizations with communications accessories for the new TETRA digital radios.
The products offered and supplied as samples by CeoTronics comprise communications systems for firefighter and police helmets, hand microphones with ear pieces, semi- and fully covert communication systems, and communications systems to be integrated into police motorcycle helmets. A number of systems were also requested in ATEX-compliant versions, i.e., for use in explosion hazard zones.
A minimum purchasing quantity of approximately €550 thousand is guaranteed under the tender. The maximum total volume of the batches that can be called off is approximately €3.85 million. The communication systems for police forces, firefighters, and rescue services are to be delivered over 24 months. The tender allows for the deadline to be extended by a total of up to 18 months, if the maximum quantities have not been drawn down in time.
CeoTronics' customers once again confirmed its positioning in the premium segment. More than 99.2% of participants in the 2009 customer survey will recommend CeoTronics. The performance criteria received an overall grade of 1.84 on a scale of 1 (very good) to 6 (unsatisfactory). Customer service and advice and product quality were awarded the highest marks, with each receiving the grade 1.6.
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
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.