USU Software AG — Earnings Release 2002

Mar 27, 2003

News Details

Ad-hoc | 27 March 2003 08:37

USU-Openshop AG english

USU-Openshop Annual result 2002 and Outlook Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– USU-Openshop Annual result 2002 and Outlook Möglingen, 27.3.2003. – For the last three months of the 2002 financial year, USU-Openshop generated a positive net quarterly result of EUR 0.1 million despite negative general economic conditions. This means that the break even on a quarterly basis was achieved to the end of the 2002 financial year, despite the difficult market environment. In the 2002 financial year, USU-Openshop generated consolidated sales of EUR 19.5 million (PY: EUR 3.5 million). On a pro forma basis* sales declined from EUR 37.3 million in the previous year to EUR 24.0 million as a result of the concentration on core business activities and the negative general economic situation. Due to the losses in the first nine months, USU-Openshop generated a net loss for the year of EUR 38.4 million (PY: net loss of EUR 26.1 million). Pro forma* the net loss was EUR 43.8 million (PY: a loss of 30.7 million). Extensive restructuring and non-recurring charges of EUR 12.9 million contributed to this. In addition, there was depreciation on goodwill, tangible and financial assets and non-scheduled writedowns on fixed assets which resulted in a charge totalling EUR 19.3 million Euro (PY: EUR 2.9 million) which did not impact cash flow. With an average number of shares of 15,753,455 (PY: 9,500,000), earnings per share were EUR -2.44 (PY: EUR -2.75 per share). At the end of the 2002 financial year company liquid funds and investments totalled EUR 55.3 million (PY: EUR 60.9 million). As a result of the pleasing development in the fourth quarter of 2002 and the current order situation, the Board of Management is expecting a slight increase in sales and positive net income for the current financial year. For 2003 the USU-Openshop Board of Management is also examining the complete takeover of USU AG within the framework of a squeeze out in terms of corporate law. USU-Openshop currently holds 95.99% of the USU-shares. * The reporting period at USU-Openshop covers the financial year of the company from January to December 2002. USU was consolidated as at March 11, 2002. To secure comparability of the figures for the four quarters of 2002 with those of the following period, additional pro forma information on the consolidated profit and loss account has been provided, showing a pro forma consolidation of USU AG as of January 1, 2002. end of ad-hoc-announcement (c)DGAP 27.03.2003 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: The Board of Management will announce further information on the 2002 financial year and the outlook of USU-Openshop AG at the annual press conference on Thursday, March 27, 2003, at 10.00 am in the “Alte Kanzlei”, Room COCO, Schillerplatz 5a, 70173 Stuttgart. This corporate announcement and further information material on USU-Openshop AG are available under http://www.usu-openshop.com . ——————————————————————————– WKN: 780470; ISIN: DE0007804700; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Düsseldorf, Hamburg, Hannover, München und Stuttgart 270837 Mär 03