Softing AG — Earnings Release 2002

Feb 28, 2003

News Details

Ad-hoc | 28 February 2003 18:41

Softing AG english

Ad-hoc release Softing AG Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– The Softing Group today announced a sales increase of 25% to EUR 5.8 million for the fourth quarter of fiscal year 2002 (2001: EUR 4.6 million) and total sales revenues of EUR 18.9 million for the full fiscal year (2001: EUR 18.0 million). Despite the growth in sales revenues, the operating result of the Softing Group for fiscal year 2002 was negative at EUR -6.9 million (2001: EUR -3.5 million). This operating result is distorted by extraordinary expenditures of EUR 3.4 million. To a smaller extent, these expenditures were cash expenses in the amount of EUR 1.1 million while most were non-cash expenses totaling EUR 2.3 million. Without these extraordinary expenditures, the operating result would have come in at last year’s level. The measures that were introduced and aggressively implemented in 2002 already resulted in an increase of cash and cash equivalents by EUR 0.9 million in the fourth quarter. The Executive Board of Softing AG expects the cash flow to be positive in 2003 as well. Due to the continued weak investment climate and the recessive economy, the Executive Board expects sales revenues in 2003 to grow only 2% to EUR 19.3 million and the operating result to be almost balanced. This guidance is supported by the highly positive development of new orders. New orders of the Softing Group amounted to EUR 5.5 million for the fourth quarter (2001: EUR 4.5 million) and EUR 20.4 million for fiscal year 2002 (2001: EUR 16.3 million). This key medium- and long-term indicator thus showed an improvement of 25% versus last year. The current share price reflects neither the current business situation nor the financial position of the Softing Group. At the end of fiscal year 2002, the Group’s equity was EUR 12.4 million, i.e. almost EUR 2.50 per Softing share. Cash and cash equivalents amounted to EUR 4.9 million. The Annual Report 2002 can be downloaded from the investor relations section at http://www.softing.com from March 31, 2003. end of ad-hoc-announcement (c)DGAP 28.02.2003 ——————————————————————————– WKN: 517800; ISIN: DE0005178008; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München und Stuttgart 281841 Feb 03