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CANCOM SE — Earnings Release 2010
Mar 25, 2011
71_rns_2011-03-25_b8866491-ddd7-4897-93c3-1c0c8f0db1c4.html
Earnings Release
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News Details
Ad-hoc | 25 March 2011 08:35
Pironet NDH AG: Preliminary financial figures showing loss for 2010, review of the strategic options in the segment Master Data Services and management-buy-out in the segment Finance IT Services
Pironet NDH AG / Key word(s): Preliminary Results
25.03.2011 08:35
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
Cologne, 25 March 2011 - According to the preliminary financial figures for
the financial year 2010, the PIRONET NDH Group has not achieved its goal to
reach a positive result in the reporting year. The development of the
different segments was varying. While the segments ICT Outsourcing as well
as Consulting&Design met the expectations, the other segments missed the
planned objectives.
Although sales (adjusted for the segment Finance IT Services which is
accounted for as discontinued operations) increased in 2010 from 51.2m EUR
to 55.4m EUR, EBT fell in the continued segments to -10.3m EUR (comparable
EBT in previous year: -6.6m EUR). This development in the result was
primarily caused by non liquidity-related value decreases of own software
products (6.8m EUR), client bases (1.4m EUR) and depreciation of goodwill
and 'at equity' investments (together 0.7m EUR). In addition, the
discontinued segment Finance IT Services recorded an EBT of -3.3m EUR
(comparable EBT in previous year: -1.0m EUR). Due to the loss of the
controlling position in SA2 Worldsync GmbH, such company will no longer be
fully consolidated as from 1 January 2011, but accounted for as an
affiliated company under the 'at equity' method.
Despite these negative factors, Pironet succeeded in expanding the stock of
liquid assets of about 2.7m EUR to 14.7m EUR at year-end (of which around
1.2m EUR are allocated to the discontinued segment Finance IT Services).
The PIRONET NDH Group continues to operate without any bank debt and has an
equity ratio of more than 60 %.
The Group's annual financial report for 2010 will to be published by the
end of April 2011.
Review of the strategic options in the segment Master Data Services
Due to the development in the year 2010, the Management Board has decided
on 24 March 2011 to review all strategic options (including the entering
into strategic partnerships or sales) for the segment Master Data Services
(SA2 Worldsync GmbH, SA2 Retail AG, SA2 Exchange GmbH). One important
assumption is that these companies remain reliable partners for customers
and employees.
Management-buy-out in the segment Finance IT Services
The Management Board of Pironet NDH AG has decided on 24 March 2011 to sell
the loss-making activities of agentes AG, which represents the major part
of the segment Finance IT Services, in an asset deal to the management of
agentes. The proposed purchase price is 1 EUR plus an earn-out in
dependence of a 3-year EBIT. Irrespective of that, Pironet NDH AG grants
liquidity assistance supporting the business continuation in the amount of
estimated 1.5m EUR. The sale is expected to be consummated by 31 March
2011, the conclusion of the contract and the fulfillment of several
condition precedents (inter alia approval by corporate bodies) are still
pending.
Changes in Management Board
The company announces furthermore that Ulf Adebahr resigns as member of the
Management Board of Pironet NDH AG at his own request and by mutual
agreement as per 31 March 2011. The Management and the Supervisory Board
thank Ulf Adebahr for his longtime service in the company and wish him all
the best for his future.
The Management Board
Pironet NDH
Investor Relations
Von-der-Wettern-Straße 27
D-51149 Cologne
Tel.: +49.2203.935 30-3951
Fax: +49.2203.935 30-3959
E-Mail: [email protected]
25.03.2011 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: Pironet NDH AG
Von-der-Wettern Str. 27
51149 Köln
Deutschland
Phone: +49 (0)220 393530 - 3951
Fax: +49 (0)220 393530 - 3959
E-mail: [email protected]
Internet: www.pironet-ndh.com
ISIN: DE0006916406
WKN: 691640
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of Announcement DGAP News-Service