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Earnings Release • May 21, 2003

News Details

Ad-hoc | 21 May 2003 09:43

BOV AG english

BOV AG Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– BOV AG has achieved distinct improvements in earnings in the first quarter of 2003 with lower total operating performance. All operational business units show positive contributions to earnings figures for the first time ever BOV AG was able to achieve the target revenues forecast in the first quarter of 2003 with a performance of EUR 5.0 million in a persistently weak market environment. In comparison with the same period last year, BOV AG has abandoned additional unprofitable activities in the financial statements within the scope of a portfolio overhaul and, as planned, has accordingly reduced the total operating performance to EUR 3.7 million whereas the Swiss-based GLANCE Group managed to slightly increase its total performance to EUR 1.3 million. At – EUR 0.3 million, the earnings based on EBITDA for the quarter under review were distinctly higher than the earnings for the first quarter 2002 at – EUR 1.3 million and are continuing along the road to further improvement in earnings. Whereas the total operating performance fell by EUR 1.1 million (18%), personnel expenditure was over-proportionally reduced by EUR 1.5 million (31%) and other operating expenses by EUR 0.5 million (29%). This clearly shows the success of the measures taken to reduce costs and increase productivity in the software development and project management sectors. In the same way, it was possible to improve cash flow by 69% from – EUR 1.3 million in the same quarter last year to – EUR 0.4 million. For the first time ever, all operational units managed to make a positive contribution to the overall successful figures in the first quarter of 2003 at various levels. However, it was not yet possible to cover the administration costs and the overhead costs for materials. By virtue of selling off the 51% participating interest in PDF-Tools AG, whose products are not compatible with the core activity sectors of BOV AG, capital gains of EUR 0.2 million were obtained by the GLANCE Group. In the further course of the 2003 fiscal year, BOV AG is not expecting any positive signals from the markets. BOV AG will intensify its sales activities through a series of additional initiatives as well as continue to pursue its efforts to reduce costs. The major project in Switzerland offers a solid foundation towards this target. The complete quarterly report will be published on 23.5.2003. end of ad-hoc-announcement (c)DGAP 21.05.2003 ——————————————————————————– WKN: 549370; ISIN: DE0005493704; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 210943 Mai 03