Syzygy AG

M&A Activity • Aug 7, 2002

News Details

Corporate | 7 August 2002 07:14

Syzygy AG english

syzygy AG sells French subsidiary to local management Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– syzygy AG WKN 510 480 Neuer Markt Bad Homburg, 7. August 2002 syzygy AG, European eBusiness services provider, sells its French subsidiary – as already indicated in the reporting of the second quarter – retroactively to 31.07.2002. The French business accounted for 15% of the group`s total turnover of the first six months. Local management purchased all shares of the French subsidiary. syzygy agreed confidentiality with the new owner about all details of the MBO contract. In compliance with US-GAAP`s SFAS 144 (“Accounting for the Impairment or Disposal of Long -Lived Assets”), as of the third quarter syzygy AG will report the French activities separately as “result of discontinued operations” in the group`s profit and loss statement. This figure will be reported below net income and will effect earnings per share. Excluding the French activities correspondingly, the syzygy group achieved sales of 3.272 million Euros vs. the reported sales of 3.678 million Euros. The EBITDA-margin would have been reduced from -20.4% to -4.8%. syzygy AG expects third quarter sales to be at the level of the second quarter and a return to operating profitability (EBITDA) at the group level. Excluding the French subsidiary, annual sales of 12.5 to 13.0 million Euros are expected. The restructuring of the syzygy group has been completed with the disposal of the French subsidiary. The stabilisation of the UK and German businesses is currently of highest priority. syzygy AG The executive board contact: syzygy AG Joachim Sorg Investor Relations Im Atzelnest 3 61352 Bad Homburg Tel.: +49-(0)6172-9488-251 Fax: +49-(0)6172-9488-272 E-mail: j.sorg@syzygy.net http://www.syzygy.net end of message, (c)DGAP 07.08.2002 ——————————————————————————– WKN: 510 480; ISIN: DE0005104806; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 070714 Aug 02