CANCOM SE — Earnings Release 2002

Mar 13, 2003

News Details

Ad-hoc | 13 March 2003 18:31

Cancom IT Systeme AG english

Increase in sales by 9 % compared with 2001 – positive EBIT and cash flow Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Increase in sales by 9 per cent compared with 2001 – positive EBIT earnings and cash flow Jettingen-Scheppach, Germany, 13 March 2003 Despite difficult market conditions, the consolidated sales of the CANCOM Group (German securities code (WKN) 541910 / ISIN DE0005419105) increased by 9 per cent in 2002. However, because of the Group’s reluctance to adopt an approach whereby sales are generated at any cost, sales revenues are below the original forecast of Euro 299m, at Euro 265.5m compared with Euro 243.4m in 2001. Consolidated EBITDA earnings in 2002 were Euro 3.3m, compared with Euro 7.1m in 2001. Consolidated EBIT earnings were Euro 0.7m, in comparison with the slightly higher figures for 2001 of Euro 0.9m before adjustment for discontinued operations and Euro 3.7m after discontinued operations. In view of the extremely difficult economic situation on the German IT market, the result achieved is in line with revised expectations. The Group made a slight net loss of Euro 588k in 2002, compared with a net income of Euro 10k in 2001. The Group’s equity ratio rose by 13 per cent, from 42.0 per cent in 2001 to 47.5 per cent in 2002. The improvement in the cash flow was especially gratifying: the operating cash flow improved significantly from a negative cash flow of Euro 1.1m in 2001 to a positive cash flow of Euro 3.5m in 2002. The negative total cash flow of Euro 6.9m achieved in 2001 also improved in 2002, to a positive cash flow of Euro 0.2m. The accounts for the financial year 2002 were drawn up in accordance with US GAAP, whereas IAS was applied in 2001 and for the first three quarters of 2002. end of ad-hoc-announcement (c)DGAP 13.03.2003 ——————————————————————————– WKN: 541910 ; ISIN: DE0005419105; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover und Stuttgart 131831 Mär 03