Vivanco Gruppe AG

Earnings Release • Nov 15, 2001

News Details

Ad-hoc | 15 November 2001 07:35

Vivanco Gruppe AG english

Negative market development slows down turnover growth Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Negative market development slows down turnover growth Adjusted EBIT reduced to 2.6 million DM Positive result target for 2002 reaffirmed The very negative development of the market, particularly in the third quarter, has led to a noticeable levelling out of the previously two-figure growth at Vivanco Gruppe AG, Ahrensburg. In the first 9 months, the turnover of Europe’s leading IT/TC accessories specialist increased by 4.7% to 237.6 (previous year 226.9) million DM. This still positive development compared to market trends and competitors was supported by market share gains in the specialist retail trade as well as with department stores and mail order companies. Foreign business grew by around 23%, attaining a share of almost 45%. In a 3rd quarter that was extremely poor for the entire market, turnover at 68.7 (76.9) million DM was around 10% lower than the previous year. While the information technology (+24%) and consumer electronics (+11%) segments still recorded growth, telecommunications saw a decrease of around 17%. For 2001, given that Christmas business is satisfactory, Vivanco is assuming slight turnover growth as compared to the previous year (329.2 million DM). Characterised by turnover growth falling short of target, the EBIT, adjusted by reorganisation expenses of 5.9 (2.9) million DM, fell to 2.6 (5.2) million DM. The consolidated result for the first nine months amounts to -7.8 million DM (-8.1 million DM). Despite continued burdens due to the US dollar exchange rate, which increased by an average of 5% compared to the 4th quarter of 2000, the gross margin of around 50% was maintained. Given the clearly declining development of the market and the lastingly poor consumer mood, the Board of Management is expecting a manifestly negative result for 2001. As a result of improved margins and initial positive cost and productivity effects due to reorganisation the Board of Management expects the Company to be back in the black in 2002. At the beginning of the year, further price increases and more favourable cost prices with suppliers will be put into practice. In conjunction with already successfully introduced price increases, further range streamlining and a stable dollar exchange rate this should ensure that the gross margin will increase to well over 50%. Ahrensburg, 15 November 2001 end of ad-hoc-announcement (c)DGAP 15.11.2001 ——————————————————————————– WKN: 760290; Index: SDAX Listed: Amtlicher Handel in Frankfurt (SMAX); Freiverkehr in Berlin, Düsseldorf, Hamburg, München und Stuttgart 150735 Nov 01