euro adhoc: Lintec Information Technologies AG
Annual Reports
LINTEC annual accounts 2002: operating loss reduced by 79 per cent; secure cash position; return to profit expected for 2003. (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Whilst continuing the process of refocusing on its core competences throughout the year 2002, LINTEC Information Technologies AG (WKN 648 600, ISIN DE0006486004) has, at the same time, further reduced its external debts. Turnover declined by 44 per cent now totalling EUR 204 m. However, the operating loss (EBITDA) which had still amounted to EUR -16.9m in the previous year was reduced by 79 per cent to EUR -3.5m. EBIT reached EUR -13.3m (EUR -21.5m a year ago). Pre-tax profits also improved going up from EUR -37.2m to EUR -27.1m. This result is largely influenced by a total of EUR18m non-cash-effective depreciations and write offs, EUR 12m thereof being on financial investments, and another EUR 12m resulting from losses accumulated by LINTEC subsidiary rfi AG. Owing to the reversal of deferred tax assets capitalised during the previous year, the consolidated annual net loss amounted to EUR -34.9m which corresponds to an EpS of EUR -4.15 (EUR -3.44 in 2001). Even after depreciation and write offs and despite the fact that turnover lagged behind original planning figures due to cash restrictions, LINTEC managed to achieve an operating profit again in Q4 2002. Thus, the further improvement of the Groups overall margin and earnings situation since the initiation of a restructuring programme is continuing. Thanks to a good orders position, the result could even have been more favourable without the cash restrictions already mentioned. The balance sheet total at the end of the year 2002 amounted to EUR 79.5m (EUR 144.5m in 2001). This decline by almost 45 per cent clearly is a sign of intense restructuring work done within the Group. Short term debts were reduced from EUR 44.3m to EUR 29.0m whilst the operating cash flow went up 138 per cent from EUR 9.6m to EUR 22.8m. Cash and cash equivalents as of the balance sheet date totalled EUR 5.2m (EUR 9.8m in 2001), thus being on a level of previous quarters. On the basis of the existing operating plan the LINTEC Group will have sufficient liquid funds available for its 2003 operation. The annual accounts will be discussed with the media representatives present at todays annual press conference. After that, they will be available for download in German (after 31 March also in English) from www.lintec.de.
end of announcement euro adhoc 20.03.2003
Further inquiry note:
LINTEC Information Technologies AG Abt. IR / PR Tel. +49/034298/71-607, Fax -372 E-Mail:
aktie@lintec.de Web: www.lintec.de
Branche: Computing & Information Technology
ISIN: DE0006486004
WKN: 648600
Index: Nemax All Share
Börsen: Frankfurter Wertpapierbörse / Neuer Markt
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