GBS Software AG — Earnings Release 2001

May 31, 2002

News Details

Ad-hoc | 31 May 2002 21:46

GROUP Technologies AG english

Ad hoc Report of GROUP Technologies AG of 05/31/2002 in acc. with § 15 WpHG Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– . Annual figures for 2001 published . Significant sales growth against last year . Positive EBIT in fiscal year2001 despite one-off expenditure . Positive gross cash flow . Loan to Ceyoniq AG fully value adjusted . Operative divestiture of Ceyoniq completed . Supervisory Board shake-up Karlsruhe, May 31, 2002 GROUP Technologies AG, Karlsruhe, has today published its certified annual financial statements for the year 2001 which have been approved without qualification. The delay in announcing these figures, which were initially expected in the middle of April 2002, was due not only to the knock-on effects of the petition for insolvency filed by Bielefeld-based Ceyoniq AG, but also tofacts of material value which have since come to light,and to the company’s Supervisory Board. The delay has also affected figures for Q1 of 2002 which are due to be announced in the coming week. The expectations and forecasts communicated in the Ad-hoc Report of 02/14/2002 have still been maintained despite the negative one-off expenditure incurred as a result of Ceyoniq AG’s insolvency. Growth rates for 2001 at GROUP Technologies AG were significantin spite of the difficult economic events of the Q4 in particular. Annual sales acc. to IAS accounting rules rose by over 50% against the same period last year, reaching EUR 8.9 million (amended to EUR 5.8 million for 2000). The departure of a fraudulent dealer in 2001 which was announced in an Ad-hoc Report published on 02/14/2002 and the resulting value adjustment(a one-off expenditure of EUR 0.7 m) led to an unexpected increase in the company’s operating expenditure. Despite these events GROUP Technologies AG still recorded an EBIT (IAS) of EUR 0.2 million (against an amended result of EUR 0.1 million last year). The company’s positive gross cash flow of EUR 0.4 million in the fiscal year 2001 (against an amended result of EUR 0.05 million last year) coupled with the profitability levels of both its operative segmentsare clear indications that the company’s business model is sustainable. The loan granted to Ceyoniq AG, GROUP Technologies AG’s majority shareholder, totaling EUR 9.6 million, has been fully value adjusted for the fiscal year 2001 as a result of Ceyoniq AG filing for insolvency. The annual financial statements for 2000 have also been re-evaluated for the same reason and now account for changes in certain values in the balance sheet, profit and loss account and cash flow statement. The operative divestiture of Ceyoniq AG was all but completed in the fiscal year 2001. Only around 2% of the company’s sales were generated directly or indirectly by Ceyoniq AG. Public uncertainty following the petition for insolvency filed by Ceyoniq AG, which holds a majority share in GROUP Technologies AG,has pushed back some sales in spite of the company now being a fully independent operative entity and the swift actions taken by its Managing Board. The Managing Board expects these effects to dwindle in Q2 of 2002 and anticipates that the company is still on track to meet its 2002 annual plan, which was revised in January of this year. The measures that were implemented as early as February aimed at raising the company’s sales performance have been further extendedand are expected to bear fruitduring the second half of 2002. end of ad-hoc-announcement (c)DGAP 31.05.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: With effect from May 27, 2002, the local courts in Karlsruhe have appointed Arnold Malsch from Karlsruhe and Manfred Brück from Bad Dürkheim as new members of the Supervisory Board to replace former board members Mr. Wenzke and Dr. Sievers (both formerly of Ceyoniq AG). Prof. Dr. Peter Kupsch has been elected Chairman of the Supervisory Board. GROUP Technologies AG’s annual general meeting for the fiscal year 2001 has now been scheduled for August 22, 2002 as a result of the above-mentioned events. ——————————————————————————– WKN: 555 611; ISIN: DE0005556112; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Stuttgart, München, Berlin, Bremen, Hamburg, Hannover, Düsseldorf 312146 Mai 02