029 Group SE

Earnings Release • Mar 25, 2002

News Details

Ad-hoc | 25 March 2002 07:59

GFN AG english

GFN aims to return to profitability during 2002 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Restructuring to steer GFN back to success following a weak 2001 GFN aims to return to profitability during 2002 Stuttgart, March 25, 2002. The Stuttgart-based GFN AG, which is listed on the German stock exchange’s Neuer Markt, has responded to the disappointing fiscal year 2001 by adopting an extensive restructuring program. After failing to achieve its own targets for 2001, the IT training specialist aims to reestablish its profitability during 2002 when the first positive effects of the company’s restructuring plan are expected to be felt. A generally depressed IT market – and public spending cuts in particular – slashed GFN Group sales by 14 percent in 2001 to EUR 34 million (previous year EUR 39.5 million). This drop in sales also reduced the company’s EBITDA from plus EUR 1.1 million to minus EUR 3.5 million. During 2001 the company disclosed non-scheduled goodwill amortization charges of EUR 6.5 million on businesses acquired in previous years. Operating results consequently fell to minus EUR 13.6 million (previous year: minus EUR 3.3 million). The Group’s net loss amounts to EUR 15 million (previous year: EUR 3.8 million), tantamount to minus EUR 2.76 per share (previous year: minus EUR 0.7). On the reporting date, GFN disclosed liquid funds of EUR 4.9 million (previous year: EUR 8.2 million). end of ad-hoc-announcement (c)DGAP 25.03.2002 ——————————————————————————– WKN: 587980; ISIN: DE0005879803; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, und Stuttgart 250759 Mär 02