AdCapital AG — M&A Activity 2001

Oct 26, 2001

News Details

Ad-hoc | 26 October 2001 20:20

AdCapital AG english

Portfolio adjustment continued Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Berlin, October 26, 2001 – Progress is being made in the portfolio adjustment at the private equity company AdCapital AG. AdCapital has sold its indirect participation in Bode Panzer AG to a new investor. The company had been negatively impacting on group performance for years and had repeatedly necessitated high contributions towards restructuring. In the course of this sale AdCapital has committed itself to repaying liabilities to banks of Euro 6.9 million owed by Bode Panzer, for which AdCapital AG was liable. This together with the depreciation of the investment and loan receivables, resulted overall in an expenditure in the third quarter of Euro 12.3 million in AdCapital’s separate balance sheet. The consolidated expenditure during the third quarter of 2001 is Euro 8.1 million. Bode Panzer AG of Hanover operates in the electronic and mechanical safety sectors. The company negatively impacted on the operating result in the past to the tune of Euro 1.6 million. As announced in August, this and further value adjustments at AdCapital will lead to a net loss. In the medium term, the cost and earnings structure is to be decisively improved through targeted measures. The removal of long standing loss-making companies from the portfolio will be continued and the cost and expenditure positions, and employee capacity will be adjusted in accordance with changed conditions. Further enquiries to: AdCapital AG, Director Corporate Communications Christiane Fleiter, +49 30-88 57 51-20, cf@adcapital.de end of ad-hoc-announcement (c)DGAP 26.10.2001 ——————————————————————————– WKN: 521450; Index: SDax Listed: Amtlicher Handel in Berlin, Fankfurt (SMAX) und Hannover; Freiverkehr in Bremen, Düsseldorf, Hamburg, München und Stuttgart 262020 Okt 01