IVU Traffic Technologies AG — Earnings Release 2001

Nov 28, 2001

News Details

Ad-hoc | 28 November 2001 07:56

IVU Traffic Technologies english

IVU Traffic Technologies AG Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Berlin, 28 Nov 2001: New IVU management board reduces revenue and profit forecasts for 2001+++Revenues increased by 68% during first nine-months reporting period compared to same time period last year+++Net loss includes significant extraordinary expenses+++Break-even expected for 2002 IVU Traffic Technologies AG (WKN 744 850) corrects its revenue and profit forecasts for business year 2001. With 27.7 million EURO in revenues, the new management board reports lower revenues than the previously planned 29.1 million EURO. For 2001, IVU expects to reach earnings before interest and taxes of (7.8 million) EURO. Group revenues increased by 68% during the first nine months to 13.3 million EURO compared to 7.9 million EURO the previous year. However, compared to previous years figures of (1.2 million) EURO, earnings before interest and taxes of (13.7 million) EURO are clearly in the red. The initial consolidation of TTi Systems AG created significant extraordinary expenses which led to a net loss of (28.9 million) EURO, compared to (5.1 million) EURO the previous year. The extraordinary expenses arose out of a reduction in goodwill for TTi amounting to 19 million EURO, personnel expenses due to restructuring efforts, a write-off on Truck 24, as well as bad debt loss, and amortisation of internally generated intangible assets. Expected revenues for 4th quarter in the amount of 14.4 million EURO are, for the most part, ensured due to orders on hand amounting to 31.5 million EURO. The reorganisation plan of the new management board is secured by cash and cash equivalents, and low risk marketable securities amounting to 16.8 million EURO. Besides merging TTi into IVU, coupled with a restructuring of the enlarged business segment “Public Transport”, our program to increase efficiency also includes the sale of our money-losing subsidiary Teleride, and other streamlining efforts to our holdings portfolio, as well as a reduction of administrative personnel. Planning for 2002 will be completed in December and will be published in January. For business year 2002 the management board expects to reach break-even. The complete 9-months report with a detailed analysis and outlook, is available under www.ivu.de. Point of contact: IVU Traffic Technologies AG Investor Relations: Nicola Gehrt, Tel.:+49.30.85906.272, Fax.:+49.30.85906.111,e-Mail:ir@ivu.de end of ad-hoc-announcement (c)DGAP 28.11.2001 ——————————————————————————– WKN: 744850; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München, Stuttgart 280756 Nov 01