Nemetschek SE

Earnings Release • Nov 19, 2001

News Details

Ad-hoc | 19 November 2001 07:44

Nemetschek AG english

Nemetschek AG sets aside provisions in balance sheet in light of the recession Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Nemetschek AG sets aside provisions in balance sheet in light of the recession Munich, November 19, 2001. Nemetschek AG, a leading vendor of software and consulting services in the field of building design, construction and management, has set aside significant provisions in the balance sheet in Q3 2001. Exercising strict business caution in view of the persisting recession in the German construction industry and considering the decline in market values of software companies, the Management Board reduced the balance sheet valuation of several subsidiaries. This led to a one-time, non-cash effective amortization of goodwill in the amount of DM 69.5 million. At DM 182.2 million, Group sales revenue for the first nine months of 2001 showed a slight improvement over the same period last year (DM 180.5 million). Group earnings before interest and tax (EBIT) amounted to minus DM 0.6 million excluding special valuation adjustments (previous year: DM 6.1 million) and minus DM 59.7 million including special valuation adjustments. On the contrary the cash flow from operating activity amounts to DM 13.9 million and is around the same level of the previous year. In the traditionally slow third quarter, Group sales of DM 53.8 million (previous year: DM 59.5 million) and an EBIT (before special depreciation) of minus DM 5.7 million (previous year: minus DM 8.1 million) were achieved. The Board is continuing with its program of restructuring and realigning the Nemetschek Group. Through these measures, operating expenditure in the third quarter was reduced by approx. DM 6 million (before special depreciation). The announced cut of approx. 150 jobs was accomplished and will lead to a reduction in costs in 2002 of around DM 15 million. Based on the continuing difficulties in domestic business, the Group anticipates a slight decrease in sales for fiscal 2001 (2000: DM 247.7 million). The EBIT therefore will be merely slightly positive without special valuation adjustments. The net loss for the year will be strongly influenced by special depreciation in 2001. Without this effect, it would be at around the level of September 30 (minus DM 10.3 million excluding special depreciation). Contact: Mr. Richard Höll, Investor Relations, Nemetschek AG Konrad-Zuse-Platz 1, 81829 Munich, Tel.: +49 (0)89/92793-1219, Fax: -5520, E-mail: Investorrelations@nemetschek.de end of ad-hoc-announcement (c)DGAP 19.11.2001 ——————————————————————————– WKN: 645290; Index: Listed: Neuer Markt Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 190744 Nov 01