Press release BoxID: 146585 (CeoTronics AG Audio Video Data Communication)
  • CeoTronics AG Audio Video Data Communication
  • Adam-Opel-Straße 6
  • 63322 Rödermark
  • Contact person
  • Thomas Stamm
  • +49 (6074) 8751-724

Ad hoc disclosure in accordance with section 15 WpHG (German Securities Trading Act)

Consolidated Interim Report for H1 2007/2008

(PresseBox) (Rödermark, ) Revenues +13.3% / EBITDA +14.1% / EBIT +21.5% / H1 profit after tax +36.0% / order backlog +68.8% / 2007/2008 revenue target: approx. €21.0 million / 2007/2008 EBIT target: approx. €2.6 million / 2007/2008 profit target: approx. €1.7 million.

CeoTronics AG Audio Video Data Communication (ISIN: DE0005407407), Adam-Opel-Strasse 6, 63322 Rödermark, Germany, listed in Frankfurt Stock Exchange’s Prime Standard segment and included in the Technology All Share Index, recorded consolidated H1 revenues of €10,568 thousand in accordance with IFRSs. This figure exceeds the previous year’s record revenues (€9,331 thousand) by 13.3%.

The consolidated order backlog was up 68.8% as of November 30, 2007.

EBITDA (Earnings before Interest, Taxes, Depreciation and goodwill Amortization/impairment) rose by €220 thousand compared with the prior-year period, from €1,563 thousand to €1,783 thousand. EBIT improved by €270 thousand in the same period, from €1,256 thousand to €1,526 thousand, while profit after tax for H1 rose by €258 thousand, from €716 thousand in the previous year to €974 thousand.

Gross cash flow increased by €208 thousand year-on-year in the six-month period under review, from €1,023 thousand to €1,231 thousand.

Earnings per share improved by €0.12 to €0.44, compared to €0.32 for the same period last year.

Consolidated equity as of November 30, 2007 amounted to €12,055 thousand, while the equity ratio was 61.0% (previous year: 65.1%).

Revenues, EBITDA, EBIT and profit before and after tax all improved significantly as well in Q2 fiscal year 2007/2008 as against the prior-year figures.

CeoTronics U.S.A.’s business performance and results improved significantly year-on-year.
In the first six months, its operating loss before currency translation adjustments and interest amounted to USD 14 thousand (previous year: operating loss of USD 99 thousand). The company generated an operating profit of USD 36 thousand in the second quarter (previous year: operating profit of USD 8 thousand).

The number of employees in the Group (including trainees) increased to 145 as of November 30, 2007 (November 30, 2006: 142). All new jobs were created in Germany.

At +14.8%, CeoTronics' share price performed positively in the period under review (June 1 to November 30, 2007). For fiscal year 2007/2008, CeoTronics is aiming to generate revenues of approx. €21.0 million, EBIT of €2.6 million, and a profit for the year of approx. €1.7 million.

Assuming that business continues to develop positively and the revenue and earnings targets are met, the Board of Management plans to propose a dividend for the fifth consecutive time.

Issuer’s information and explanatory remarks on this ad hoc disclosure:

This year-on-year improvement in revenues is due in particular to revenue growth at CeoTronics Germany of 54.9%, from €3,480 thousand to €5,390 thousand. This was mainly driven by the delivery and invoicing of the first batch of the major order for CTDECT JetCom systems from the German Armed Forces, worth approx. €2,190 thousand.

Expressed in euros, revenues also increased – in some cases substantially – at CeoTronics Switzerland (+9.8%), CeoTronics France (12.9%), and CeoTronics U.S.A.(+40.8%).

As expected, CeoTronics Spain was unable to match the previous year’s very high level of revenues (-20.9%), but continues to make the largest contribution to revenues after CeoTronics Germany. CeoTronics Poland’s decline in revenues is offset by the very high order backlog.

On account of these developments, the share of revenues generated outside Germany fell to 58.6% in the first half of fiscal year 2007/2008 (previous year: 73.2%). In line with this, the proportion accounted for by Germany increased correspondingly to 41.4% (previous year: 26.8%).

As of November 30, 2007, the order backlog was up 68.8% as against the prior-year period. This growth was driven in particular by CeoTronics Germany (+228%), CeoTronics Switzerland (+210%), and CeoTronics Poland (+371%). The other companies recorded declines in their order backlog, although in some cases these were only minor.

Following a renewed analysis of the location factors at the Lodz location, the Board of Management has decided to discontinue production in Poland in favor of the company’s German sites, and particularly Lutherstadt Eisleben.

Thomas H. Günther, Chairman of the Board of Management: "We are extremely satisfied with the results for the first half of fiscal year 2007/2008 and the outlook is positive."