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Earnings Release • Aug 31, 2004

News Details

Ad-hoc | 31 August 2004 14:17

BOV AG Publishes Figures for the First Half Year of 2004

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– BOV AG Publishes Figures for the First Half Year of 2004 31 August 2004 Restructuring Completed; Business Development in Focus BOV AG has completed the restructuring efforts in almost all business units at the end of the first half year of 2004. With approval of the major shareholders will a new strategy of moving foreward with business development succeed the phase of consolidation. As a part of this strategy the company hired another experienced manager as member of the managing board. This will give the other senior management additional capacities for pre-sales, sales and marketing activities. The business development of the first six months has two different faces, resulting in two different quarters: the positive development of the operating business in the first quarter and the consequences of the cancellation of the VISTA-contract in switzerland in the second quarter. In the first quarter total output increased again. Both output and profits were above the business plan. Each month within the first quarter brought a continuous improvement of the results. In march a profit based on EBITDA was for the first time achieved. The second quarter was shadowed by the cancellation of the VISTA-contract in switzerland which has completely distorted the picture of the operative business. The cancellation of the contract became necessary after the detail concept has indicated a clearly higher expenditure in the following phases of the realization and the roll-out. The BOV group, and in particular the Swiss subsidiary Glance AG, would have suffered significant losses here with retention of the fixed-price contract. The agreement with the client hits BOV Group with a one time loss through write-offs, work without invoicing and missing backlog for the BOV business units Solutions and Training. Altogether with a total output in the amount of EUR8.9m this leads to an EBITDA in the amount of -EUR1.4m and a result in the amount of -EUR3.0m for the first half of 2004. Cash funds decreased by the amount of EUR2.9m to the amount of EUR2.7m which are used by a larger part as deposits. Leaving the VISTA-effect out, a positive development in the business development can be seen. The strong order intake of July in the amount of EUR3.5m as well as the positive EBITDA of July are additional signs for this. Based on this an almost balanced result is forecasted for the second half of 2004 based on EBITDA. The complete half-year report is published on today’s 31 August 2004. ——————————————————————————– ——————————- BOV Aktiengesellschaft Your contact in Investor Relations: Christoph Junge e-mail:christoph.junge@bov.de Your contact in the Press Office: Martin Möllmann mailto:martin.moellmann@bov.de Alfredstraße 279 D-45133 Essen Tel.: +49.(0)201.4513-3 Fax: +49.(0)201.4513-520 end of ad-hoc-announcement (c)DGAP 31.08.2004 ——————————————————————————– WKN: 549370; ISIN: DE0005493704; Index: Listed: Geregelter Markt in Frankfurt (General Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 311417 Aug 04