Nemetschek SE

Earnings Release • Feb 14, 2002

News Details

Ad-hoc | 14 February 2002 08:10

Nemetschek AG english

Nemetschek restructuring measures start to bear fruit Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Nemetschek restructuring measures start to bear fruit Group shows signs of improvement for end of 2002 / Managing board’s cost-cutting and restructuring measures start to take effect / Sales and EBIT in fiscal 2001 below expectations due to building industry crisis / EUR 124 million sales and minus EUR 4 million EBIT (before special valuation adjustments) Munich, February 14, 2002. The Nemetschek Group, a leading vendor of software and consulting services in the field of building design, construction and management was also affected in Q4 of 2001 by the sustained weakness in the building industry and the unexpected increasing reluctance to make investments in the IT sector. As a result of these two factors, the revised sales and profit targets could not be met. According to preliminary calculations, sales of EUR 124 million and EBIT of minus EUR 4 million before special valuation adjustments was achieved. As announced in November, the Group is reducing the balance sheet valuation of several subsidiaries This leads to a one-time, non-cash effective amortization of goodwill in the amount of EUR 36 million. As a consequence the net loss amounts to EUR 46 million. Despite the extensive provisions set aside in the balance sheet, the Nemetschek Group is on a sound financial footing with the equity capital as of December 12, 2001 amounting to EUR 65 million; liquid assets amount to EUR 17,4 million. Despite the unsatisfactory financial statements for 2001, the managing board sees initial signs of improvement in the overall situation in fiscal 2002. While a further drop in sales is expected in Germany due to the ongoing weakness in the building industry, a slight increase is expected from its operations abroad. Thanks to the restructuring measures initiated and performed in 2001 and clearly-defined and keenly pursued cost management efforts, the Group expects a significant increase in the operating profit this year. In particular, the cut of 150 jobs, the merger of subsidiaries and increased customer focus in Sales and Development will contribute to a better performance. The Group thus expects to achieve total sales of EUR 120 million and a balanced net income. Contact: Mr. Richard Höll, Investor Relations, Nemetschek AG, Munich, Tel.: +49 (0)89/92793-1219, Fax: -5520, E-mail: Investorrelations@nemetschek.de end of ad-hoc-announcement (c)DGAP 14.02.2002 ——————————————————————————– WKN: 645290; ISIN: DE0006452907; Index: Listed: Neuer Markt Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 140810 Feb 02