euro adhoc: Lintec Information Technologies AG
Annual Reports /
Ad-hoc Press Release by LINTEC Information Technologies AG (WKN 648
600, ISIN DE0006486004) in accordance with §15 of the Securities
Trade Act. Annual Accounts 2004: sales target of euro 1
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
31.03.2005
Today's balance sheet press conference will present the company's
year-end accounts for 2004. Although the company was able to achieve
the sales target of euro 15.5 million, it missed its target of
breaking even in 2004 by a wide margin with an operating profit of
euro -5.5 million. The following table presents a comparison of key
balance sheet figures:
~
2004 2003 Change
EUR'000 EUR'000
Revenues 15,502 94,190 -83.5%
Earnings before interest
and tax (EBIT) -5,483 -11,173 50.9%
Earnings before tax (EBT) 8,878 -13,680
Consolidated net profit/loss 7,930 -16,990
Net income per share 0.95 EUR -2.03 EUR
Operating cash flow before
interest and taxes -1,435 5,526
Balance sheet total 18,061 32,207 -43.9%Annual average of employees 150 286 -47.6%
of which trainees 15 31 -51.6%
Employees as of 31 December 144 208 -30.8%
~
There are two main reasons for the drop in turnover. As planned,
LINTEC refrained from low-margin mass sales of PCs in 2004, taking
into account all follow-up expenditure. The main reason, however, was
the lack of contract financing. LINTEC's operative business was
chiefly governed by liquidity rather than market demands. In
particular during the last four months of the financial year, the
company was unable to accept orders already submitted since the
required bridge financing liquidity was simply not available. In the
face of these facts, the management is working intensively on finding
solutions to improve the liquidity situation.
During the past financial year, the company showed annual earnings of
EUR 7.9 million (EUR EUR16.9 million annual deficit in the previous
year). A chief portion of this profit is the result of the oneoff
effect of the transaction with DKB AG and DKB Finance GmbH in June
2004. The object of this transaction was the sale to DKB Finance GmbH
(Berlin) of the 86.25 % share which LINTEC held in MVC AG from
Taucha. Among the benefits achieved in the course of the sale of MVC
AG was the discharge of the short term credits for LINTEC AG at a
volume of approx EUR 7 million. As a result, the company is now
almost debt-free, with the exception of the loan for the company
property which is refinanced by the reconstruction loan corporation
KfW. Moreover, the spinning-off of MVC AG had a positive effect on
the earnings before tax.
In summary we can conclude that, following the restructuring process
of the past years, the company has created all the conditions
necessary for a successful business year 2005. As a nearly debt-free
company, LINTEC will once more be of greater interest to the capital
market. Moreover, the successful positioning of the new lines of
business, "PC & Home Entertainment Products" and "Production &
Logistics", will facilitate an increase in profitability which in
turn will contribute to a turnaround in the running financial year.
For further information, please log on to our web site at
www.lintec.de where, in the course of the day, we will post
additional information on the balance sheet press conference.end of announcement euro adhoc 31.03.2005 17:48:57
Further inquiry note:
LINTEC Information Technologies AG, Investor Relations,
Phone: ++49/(0) 34298-71-607, Fax: -372.
E-mail: aktie@lintec.de, Web: www.lintec.de.
Branche: Computing & Information Technology
ISIN: DE0006486004
WKN: 648600
Index: Prime Standard, CDAX, Prime All Share, Technologie All Share
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Berliner Wertpapierbörse / free trade
Hamburger Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Niedersächsische Börse zu Hannover / free trade
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