euro adhoc: S&T System Integration&Technology Distribution AG
S&T
Tops Sales Forecasts for 2003 (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
- Persistent Focus on Services to be Continued
Record Sales After a strong 4th quarter S&T was able to surpass sales forecasts for the 2003 business year. Sales rose from EUR 169.4 million in the previous year to EUR 204.5 million, an increase of 21 percent.
Persistent transition from hardware supplier to solutions provider In 2003 S&T continued to follow its strategy of focussing on services. Business Solutions accounted for 19 percent of total sales or EUR 38.9 million in 2003, an increase of 126 percent on the previous year. (EUR 17.2 million).
Sales in the "new" EU states 50% of S&T sales were generated in those countries which will join the European Union on May 1st, 2004.
EBIT/EBITDA The successful strategy of expansion in other CEE countries necessitated higher expenditures on employees and new marketing structures. Despite the positive increase in sales, EBIT in 2003 changed from EUR 2.6 million to EUR 0.2 million. This was mainly due to the almost complete write-down of the Turkish subsidiary due to the continued recession there. The EBITDA 2003 increased from EUR 7.6 million by 8 percent to EUR 8.2 million.
Improved Financial Position Cash flow from business activities rose from minus EUR 13.0 million in 2002 to plus EUR 10.4 million in 2003. The reduction in net working capital was a major contributing factor to this development. Net debts declined from EUR 11.1 million at the end of 2002 to EUR 5.1 million in the 2003 business year.
Positive Outlook S&T is convinced that the East European markets offer excellent opportunities for growth and years ago took the necessary steps to build up a strong position there. By focussing solely on CEE and pursuing a strategy of providing services S&T is well prepared to seize these opportunities. Due to the restructuring measures initiated in 2003 and the goodwill amortizations brought about by market forces, a significant improvement in net earnings can be expected even if there is only a moderate increase in EBITDA.
For the complete filing please visit www.snt.at.
Conference Call S&T´s management is available for a conference call on March 30 2004 at 04.00 p.m. Central European time, UK: 03.00 p.m., US: 10.00 a.m. Eastern time. To take part in the conference call, please dial 0049 69 50 957 8439, for Austrian participants please dial 02682 2059657 a few minutes prior to the start time.
For your convenience, an instant replay will be available from March 30 2004 at 06.00 p.m. Central European time until April 3rd at 06.00 p.m. Central European time. The replay telephone number is: 0049 69 50 957 9999 and the conference reference number is 258465. If you have any questions please call 0049 69 50500600 for assistance.
end of announcement euro adhoc 30.03.2004
Further inquiry note:
Karl Tantscher
Chief Executive Officer
mailto:karl.tantscher@snt.at
Margit Hermentin
Investor Relations
mailto:margit.hermentin@snt.at
S&T System Integration & Technology Distribution AG
Gunoldstrasse 16, 1190 Vienna, Austria
Phone: +43 1 367 80 88 0
Fax: +43 1 367 80 88 99
mailto:snt@snt.at
http://www.snt.at/
Branche: Computing & Information Technology
ISIN: AT0000905351
WKN:
Index: ATX Prime, WBI
Börsen: Wiener Börse AG / official dealing