Vivanco Gruppe AG

Earnings Release • Mar 11, 2002

News Details

Ad-hoc | 11 March 2002 18:13

Vivanco Gruppe AG english

Vivanco implements rigorous cost-cutting programme Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Balanced result planned in 2002 2001 burdened by special depreciations According to preliminary figures, Vivanco Gruppe AG, Ahrensburg achieved turnover growth of 2.4 % to EUR 172.3 (168.3) million in the 2001 financial year. In a declining market, turnover fell behind the previous year and plan, particularly in the last months of the financial year. Seen overall, Vivanco has a preliminary operational EBIT of EUR -0.3 million. As an improvement in the market situation is not to be expected before the 2nd half of 2002 at the earliest, the Board of Management has resolutely intensified the restructuring programme begun in the spring of 2001. Already at the end of 2001, unprofitable product areas and model variants were dropped due to the sharp market decline in the telecom sector and stagnation in the IT accessories market. This additionally burdens the operational EBIT by non-recurring special depreciations on remaining inventories as well as further expenditure due to restructuring amounting to approximately EUR 6.0 million. The second stage of the cost-cutting programme will already appreciably improve the operational cost/income ration in the 2002 financial year and thereby adapt the cost structure lastingly to the difficult market situation. Among other things, the programme is designed to increase efficiency significantly in distribution by ensuring more consistent alignment to sales channels as well as to lower personnel costs, particularly in production and central functions. One of the main measures undertaken is the short-term relocation of partial areas of production to existing sites abroad, including the Czech Republic. Altogether, the staff is being reduced by more than 200 employees, for whom a social plan has been agreed. The measures package will effectively reduce costs by around EUR 5.0 million in 2002 and by around EUR 8.0 million an 2003. Thanks to these measures it will also be possible to achieve a balanced result in the 2002 financial year with almost unchanged turnover. The figures for January 2002 show significantly increasing contribution margins with lower turnover as expected. Combined with the initial effects of the cost measures, the result achieved was decidedly more positive than in the previous year. Ahrensburg, 11th March 2002 end of ad-hoc-announcement (c)DGAP 11.03.2002 ——————————————————————————– WKN: 760290; ISIN: DE0007602906; Index: SDAX Listed: Amtlicher Handel in Frankfurt (SMAX); Freiverkehr in Berlin, Düsseldorf, Hamburg, München und Stuttgart 111813 Mär 02