Vivanco Gruppe AG

Report Publication Announcement • May 7, 2003

News Details

Ad-hoc | 7 May 2003 22:31

Vivanco Gruppe AG english

Vivanco is Going to Tighten Internal Structure Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Vivanco is Going to Tighten Internal Structure to Compensate Poor Market Conditions Ahrensburg, 7 May 2003: Vivanco, one of the leading European providers of CE-, IT- and TC-accessories, has announced further measures designed to strengthen the company with a restructuring concept developed together with Roland Berger Strategy Consultants. The move was generally approved by the Supervisory Board and basically affects the company’s sites at Ahrensburg and Trappenkamp. Essentially, the Vivanco Group will continue with the restructuring process started in 2002 by transferring several company functions to its head office in Ahrensburg and to other suppliers. Until early 2004 some 100 layoffs will have to take place. Overall cost cuttings will amount to about 12.6 million EUR. Investors also agreed to be prepared to support the company’s restructuring process by waiving claims totalling up to 23.6 million EUR. These measures are designed to compensate the weak market conditions in the first three months 2003 and the current negative market expectations for the full year 2003. Weaker than expected market conditions in 2002 led to a decrease in sales in some product categories and a negative EBIT. Due to the effects of the restructuring concept there will be amendments in the 2002 year end results which are currently calculated. Also a business plan until 2004 will be established. end of ad-hoc-announcement (c)DGAP 07.05.2003 ——————————————————————————– WKN: 760290; ISIN: DE0007602906; Index: Listed: Amtlicher Markt in Frankfurt (General Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, München und Stuttgart 072231 Mai 03