euro adhoc: Lintec AG
Earnings Forecast
Restructuring of loss-making subsidiary RFI initiated. Negative impact on half-year results, liquidity improved. New group planning for 2002 and 2003 published. (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
After an analysis of the course and the result of the business year lying past LINTEC subsidiary RFI mobile technologies AG (1 July to 30 June), both its Board and its Supervisory Board have decided to initiate a substantial company restructuring process. The distribution sector which has generated high turnover so far, however yielding a low return and tying up liquidity only will be shut down at short notice. All of the sectors personnel will be made redundant. In the future, RFI will concentrate on its core competences in the field of mobile business solutions with a focus on Bluetooth and its own brands in the accessory sector. At the same time, there will be an extensive write-down on RFI AGs participations and goodwill. Both, the losses accumulated by this subsidiary and the restructuring process that has been initiated will have a considerable impact on the turnover and profit planning of the LINTEC Group for the current and next business year. Furthermore and in spite of chances that still exist, the LINTEC Board have decided to fully write-down the financial participation in PixelNet AG. Both incidents have a strong impact on the otherwise slightly positive half-year result of the LINTEC Group. According to current projections the LINTEC Group has turned over 119.7 million EUR (193.7 million EUR during the same period of the previous year). The EBITDA amounted to a minus of 4.4 million EUR (compared to a 4.8 million EUR surplus in the first half of 2001), with an EBIT reaching a minus of 8.8 million EUR (3.1 million EUR surplus) and a consolidated loss pursuant to IAS of 24.1 million EUR (compared to a minus of 1.4 million EUR in 2001). The groups liquidity situation has improved noticeably compared to the previous quarter. As of the balance sheet date, the liquid funds available to LINTEC amounted to 6.1 million EUR (2.2 million EUR). Based on the progress made in the restructuring process and on the influence of seasonal variations, the LINTEC Board expects a considerably better result for the second half of the year. In particular for Q4 it forecasts an operating profit. However, owing to RFIs negative contributions to the result of the first six months and because of the amounts written off at the end of Q2 it will not be possible anymore to reach the annual planning published. Therefore, the Board now makes the following forecast on the results for the current and the next business year (previous years figures for comparison): ~ Group results (IAS)2001 2002e 2003e Total sales 365,1 millionEUR 229 millionEUR 146 millionEUR EBITDA (16.9 millionEUR)(2.4 millionEUR) 9.0 millionEUR EBIT (21.5 millionEUR)(8.5 millionEUR) 6.4 millionEUR Net income/loss (26.5 millionEUR)(25.7 millionEUR)1.6 millionEUR ~ The complete report on Q2 2002 will be published on 21 August. Please contact: LINTEC Information Technologies AG, IR/PR Dept., Tel. ++49 (0) 34298-71607, Fax -71372. e-mail: aktie@lintec.de, web: www.lintec.de
end of announcement euro adhoc 06.08.2002
Further inquiry note:
Herr Ralf Naumann
Branche: Computing & Information Technology
ISIN: DE0006486004
WKN: 648600
Index: Nemax All Share
Börsen: Frankfurter Wertpapierbörse / Neuer Markt
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