euro adhoc: PANDATEL AG
Annual Reports
Pandatel presents the 2003
financial figures, which stand under the sign of investments in new
products and ongoing pressure on prices (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Hamburg, March 22, 2004. In financial 2003, Pandatel AG posted sales of EUR 20.1m, down 29% on the year. Given the ongoing price squeeze, dwindling order volumes in the telecom equipment provider market as well as additional investments in Sales and R&D, the company was forced to absorb a loss of EUR 5.7m, compared with one of EUR 1.4m one year before. The loss before interest and taxes came to EUR 8.2m compared with EBIT of EUR 3.8m a year earlier. It bears considering here that both demand and sales have picked up noticeably since Q2 2003. As at Dec. 31, 2003 Pandatels equity ratio ran at 94.3% as against 94.9% one year earlier. The company carries cash and cash equivalents of EUR 22.4 as compared with EUR 24.8m twelve months before, and reported a net cash outflow of 3.9m, contrasting with the 2002 inflow of EUR 129 thousand.
European business relatively stable, Asia and America significantly weaker Sales in the EMEA (Europe, Mid East, Africa) were only 7.8% down on the year, a satisfactory result given the political situation in the Near East. EMEA contributed EUR 13.7m in sales, with east Europe and Great Britain the main sales markets alongside Germany. US business was influenced by the restructuring of Pandatel Inc. The Asia Pacific region paid tribute to the weak dollar and the SARS outbreak. The two regions saw sales slump 48% and 50% respectively.
Cost-cutting agenda implemented and product drive launched Following massive investments in developing new products last year, in the current year Pandatel intends to optimally exploit all the cost-cutting potential available. The goal of the agenda termed ProVit 2004 is to slash costs by some EUR 2m, with a further EUR 1m being saved by enhancing planning and process efficiency. Key factors here: demand-driven streamlining of the product and service range, ongoing standardization of components production and optimisation of the logistics chain. In the current year, Pandatel is targeting a 10% increase in efficiency for the organization as a whole. That said, the company not only withes to make savings, it is also committed to boosting sales with newly developed products. The product offensive, featuring 15 new product launches thru July 2004, is expected to bring the overall sales potential to about EUR 30m in the course of the current business year, with the company breaking even in the process.
end of announcement euro adhoc 22.03.2004
Further inquiry note:
Pandatel AG
Dietlinde Bamberger
Investor Relations
Branche: Telecommunications Equipment
ISIN: DE0006916307
WKN: 691630
Index: Prime All Share, Prime Standard
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Niedersächsische Börse zu Hannover / free trade
Berliner Wertpapierbörse / free trade
Bayerische Börse / free trade
Hamburger Wertpapierbörse / free trade
Bremer Wertpapierbörse (BWB) / free trade
Börse Düsseldorf / free trade
Baden-Württembergische Wertpapierbörse / free trade