adesso SE

Earnings Release • Mar 20, 2003

News Details

Ad-hoc | 20 March 2003 10:08

BOV AG english

BOV Aktiengesellschaft Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Downward revaluation of asstes and provision for risks for further consolidation measures leave their mark on BOV AGs results for 2002 Balanced EBITDA planned for 2003 At their end of period press conference on March 20, 2003, BOV AG is disclosing the audited figures for the 2002 financial year. As a consequence of the reduced budgets for IT investment available to our customers and the departure from the consolidation of two participating interests as of June 30, 2002, total operating performance fell by EUR 5.8 million to EUR 23.3 million. Operating expenditure was reduced by EUR 7.4 million in all, so that the EBITDA figure for 2002 at – EUR 6.6 million was up by EUR 1.6 million despite declining revenues. Operating expenditure also included EUR 2.7 million in provision for risks for further restructuring measures still required. The consolidated earnings figure was seriously affected by unscheduled amortization undertaken on goodwill to the sum of EUR 8.9 million and writing off deferred tax assets amounting to EUR 4.1 million. These book losses have resulted in a consolidated earnings figure of – EUR 19.5 million in the financial statements for the period under review. Cash flow from operations amounts to – EUR 4.6 million. As a result of the consolidation and cost cutting measures already implemented, earnings from operations and cash flow showed distinct improvement in the course of the year. The BOV Group is showing shareholders equity amounting to EUR 16.7 million (= 57.8 % of the balance sheet total) as at the close of the period on 31.12.2002. Cash and cash equivalents amount to EUR 11.1 million. This means that BOV AG enjoys a good starting position for future development of business. For 2003 no revival of investment activity in IT systems can be expected on the part of our customers which means that again a lower total operating performance than in 2002 can be expected. Against the backdrop of the measures already implemented and other which have been initiated, BOV AG is proceeding on the assumption that a balanced EBITDA figure can be achieved in 2003. end of ad-hoc-announcement (c)DGAP 20.03.2003 ——————————————————————————– WKN: 549370; ISIN: DE0005493704; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München und Stuttgart 201008 Mär 03