CANCOM SE — Earnings Release 2002

Aug 29, 2002

News Details

Ad-hoc | 29 August 2002 08:23

Pironet NDH AG english

PIRONET NDH reduces cash burn rate Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– PIRONET NDH reduces cash burn rate Non-recurring effects of precautionary Revenues forecast revised measures to counter risks Cologne, August 29th 2002; In contrast to the market trend in the IT sector, PIRONET NDH AG increased its software revenues in the second quarter 2002 by one third compared with the preceeding quarter. However, in all, PIRONET NDH was not able to detach from the difficult market situation and did not reach the figures of the previous year in revenues of EUR 10.7 million (1st half-year 2001: EUR 12.2 million). The decrease in revenues, amounting to 12 % in all, resulted in the main due to postponements in project business and from the general retention prevailing in IT investments. In this six-month reporting period, PIRONET NDH examined the balance sheet items and adjusted them in line with the principles of commercial prudence. In the form of provisions revaluation and the elimination of deferred taxes (EUR 2.5 million) these non-recurring effects to a total of EUR 4.8 million had a negative effect on the results for the first half of the year (EUR -5.9 million). By leaving aside these non-recurring items, the overall earnings are at EUR -1.1 million. With available cash and cash equivalents amounting to EUR 31.5 million and a low cash burn rate, the financial situation of PIRONET NDH remains comfortable. In the first half year net cash used in operating activities was reduced in comparison with the same period last year by more than 90% from EUR 3.5 million to EUR 0.3 million. Based on this financially strong starting position and the precautionary measures undertaken to counteract risks PIRONET NDH is moving into the second half of the year in strength. Because of the difficult market situation the course of business will continue at the present level until the end of the year. This means the annual revenues for the year are estimated to an amount of EUR 21 million compared to the original forecast of EUR 25 million. The entire report for the half-year is available for downloading under the web address http://www.pironet-ndh.com/ir. For further information please contact: PIRONET NDH AG Investor Relations Josef-Lammerting-Allee 14-18 D-50933 Cologne Tel.: 0221-770 1150 Fax: 0221-770 1155 ir@pironet-ndh.com http://www.pironet-ndh.com/ir end of ad-hoc-announcement (c)DGAP 29.08.2002 ——————————————————————————– WKN: 691640; ISIN: DE0006916406; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, München, Hannover und Stuttgart 290823 Aug 02