Sparta AG

Earnings Release • Aug 15, 2001

News Details

Ad-hoc | 15 August 2001 08:45

Sparta AG english

Ad hoc announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– SPARTA AG: – Consolidated result for H1 2001 – Managing Board member Philip Moffat replaces Thomas Zours on Supervisory Board Hamburg, August 15, 2001. Hamburg-based SPARTA AG (WKN 724 520) has recorded a slightly positive operating result in the first half of 2001 of EUR 370 thousand before risk provisioning. However, value adjustments amounting to EUR 29.3 million had to be charged as risk provisioning in a difficult overall market environment. The consolidated net loss after taxes for the first half of 2001 thus amounted to EUR 28.9 million, while the DVFA consolidated net loss for the period amounted to EUR 11.5 million. As a result of the net loss for H1, the companys stated equity declined from EUR 61.1 million as of December 31, 2000 to EUR 32.7 million as of June 30, 2001. Revenues from securities trading totaled EUR 30.3 million. The key reasons for the half-yearly results are the write-downs on the companys investment in Deutsche Balaton AG of EUR 12.3 million and value adjustments to unlisted investees amounting to EUR 16.6 million. These value adjustments also reflect the restatement of the accounts of pre-IPO AG as of December 31, 2000, which led to a loss allocation of EUR 2 million. The net book value of SPARTAs discontinued venture capital business and its unlisted investees now amounts to EUR 4.9 million. After this radical break with the past and the discontinuation of its pre-IPO investment activities, SPARTA AG expects to make a slight profit for fiscal year 2001 before risk provisioning. Managing Board member Philip Moffat is moving back at his own request to the Supervisory Board, of which he was already a member in 1999, where he will replace Thomas Zours. Both Mr. Moffat and Mr. Zours will continue to advise and assist the company. The Managing Board Investor & Public Relations Dirk Hasselbring SPARTA AG Am Sandtorkai 75 20457 Hamburg Germany Tel.: +49 (0) 40 / 37 41 10 24 Fax: +49 (0) 40 / 37 41 10 10 http://www.sparta.de IR@sparta.de end of ad hoc announcement (c) DGAP 15.08.2001 ——————————————————————————– WKN: 724520; Index: Listed: Amtlicher Handel in Frankfurt und Hamburg; Freiverkehr in Berlin, München, Stuttgart 150845 Aug 01