IVU Traffic Technologies AG — Earnings Release 2002

Feb 28, 2003

News Details

Ad-hoc | 28 February 2003 08:38

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. ——————————————————————————– 2002 Annual Report: IVU is in the black again After an Euro 18.8 million EBIT loss in 2001, the 2002 business year saw a return to the black, when IVU Traffic Technologies AG reported a positive Euro 0.8 million EBIT. The companies sales volume grew nearly 40 percent to Euro 35.6 million. The result from ordinary activities rose from Euro -23 million to Euro 8 T. After an Euro 37.1 million loss in 2001, the annual surplus remained a negative Euro 3.4 million, attributable solely to a one-time revaluation of the “Deferred Taxes” item on the consolidated balance sheet, which has no effect whatsoever on capital flow. IVU therefore decided that a credit for future tax savings due to losses brought forward would not be taken at this time. Without this one-time effect, the consolidated annual surplus for 2002 would have been positive. IVU’s turnaround in earnings is largely due to its successful restructuring and cost reduction measures. Labour costs alone dropped 19 percent from the previous year, ending up at around Euro 18.9 million. Without the one-time effect resulting from the reversal of provisions for labour costs dropped about 12 % to Euro 20.5 million. Over the twelve-month period ending on 31 December 2002, the company’s personnel capacity shrank eight percent to 337. IVU has now completed its consolidation process after withdrawing from two unprofitable activities: the Rentals division, which developed software for car rental companies and car sharing providers, was shut down and the department integrated into the Transport Logistics segment. The Mobile Services division will be closed in the first quarter of this year. The Berlin software manufacturer expects to see profits improve significantly in 2003, with sales revenues rising to approximately Euro 39 million. As of 31 December 2002, the company had received new orders worth Euro 15.8 million. The complete annual report can be found at http://www.ivu.de. end of ad-hoc-announcement (c)DGAP 28.02.2003 ——————————————————————————– WKN: 744850; ISIN: DE0007448508; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hannover, München und Stuttgart 280838 Feb 03