euro adhoc: Lintec Information Technologies AG
Annual Reports /
Consolidated loss of EUR 17m, primarily as a consequence of
non-recurring factors. Registered capital of the company as per 31
March 2004 reduced by half. Restructuring largely complete.
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
The consolidated financial statements for 2003 are to be presented at
todays annual press conference. The most important figures for
comparison are:
~
2003 2002 Difference
EUR000 EUR000
Revenue 94,190 204,397 -53.9%
EBIT -11,173 -13,297 16.0%
EBT -13,680 -27,141 49.6%
Consolidated net profit/loss -16,990 -34,894 51.6%
net income per share -2.03 EUR -4.15 EUR
Operating cash flow
before interest and taxes 5,526 22,786 -75.7%
Balance Sheet Total 32,207 79,466 -59.5%
Average employees per annum 286 443 -35.4%
of whom trainees 31 54 -42.6%
Employees as at year end 208 388 -46.4%
~
The 50 percent reduction of loss compared to the preceding year is
largely due to non-recurring factors. The principal item is a EUR
10.6m by which profits were diminished by the companies Intenso
GmbH and rfi AG. This takes into account their operating results,
proceeds from the sale of the LINTECs stake in Intenso and the sale
of the rfi business unit Anycom, as well as deconsolidation
factors. The major steps taken towards liquidating Batavia AG also
entailed expenditure of EUR 3m. All of these measures were part of
the planned concern restructuring programme.This has largely contributed towards a negative number for the concern shareholders equity of - EUR 5.8m in the concern accounts in accordance with IAS rules. LINTEC Information Technologies AG, which is quoted on the stock exchange, is not over-indebted.
Despite a healthy level of incoming orders, operating trends in the AGs core business were still not satisfactory overall. This can be explained by the time lag of cost reductions following revenue reductions as well as inadequate liquidity, especially in Q4 of the reporting period.
Operating losses continued into the new year. According to its best judgment, the Board believes that the losses sustained by LINTEC Information Technologies AG now amount to 50 % of its registered capital. Accordingly, the Board will immediately meet its obligations under Para. 92 Sect. 1 AktG (Companies Act) by bringing this circumstance to the attention of the Shareholders Meeting. LINTEC Information Technologies AG is not over-indebted. The banking credit lines remain intact, and this will allow restructuring to be completed according to plan.
The LINTEC Board now believes that the company is through the worst. The company expects sales of EUR 35 to EUR 40m in the current financial year, and break even in its operating results. Once full advantage has been taken of the reorganisation measures currently underway, income is expected to be substantial once again from the following year, and to show an annual improvement.
End of ad hoc disclosure
Explanations:
The plans referred to in its benchmark data are in accordance with the new working practices of LINTEC IT AG, following the sale of Intenso GmbH and the main business of rfi AG in Q4 of last year. LINTEC continues to see its future as being in manufacture and marketing, with products and services for both private and commercial customers. LINTECs business will focus on two main sectors: operations and venture capital. In the first of these, the groups previous activities will be integrated in four divisions, namely "Consumer Products", "Business Solutions", "New Brands" and "Production and Logistics". Each of these divisions will focus its energies on achieving optimum results for its target group under a single management team.
Further information will be available at our balance sheet press conference today. You can also find out more in the course of the day by visiting www.lintec.de or by contacting the company directly at any time.
end of announcement euro adhoc 31.03.2004
Further inquiry note:
MarCom
Tel. 034298/71607
E-Mail: dirk.heynig@lintec.de
Branche: Computing & Information Technology
ISIN: DE0006486004
WKN: 648600
Index: CDAX, Prime All Share, Prime Standard, Technologie All Share
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Niedersächsische Börse zu Hannover / free trade
Berliner Wertpapierbörse / free trade
Bayerische Börse / free trade
Hamburger Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Baden-Württembergische Wertpapierbörse / free trade