Infomatec AG
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Ad hoc Release
Infomatec AG: Restructuring measures put a strain on quarterly report
Augsburg, 29 November 2000 – During the first 9 months of the year
2000 Infomatec Integrated Information Systems AG (WKN 622200), listed
at the Neuer Markt, achieved total sales of Euro 32.8 m compared to
Euro 31.1 m of the same period of 1999 (+ 5.5 percent). The result
before interest, taxes and depreciation (EBITDA) amounts to – 50.7
million Euro (1999: – 3.8 million Euro). The deficit for the first
three quarters of 2000 is – 71.2 million Euro (1999: – 5.0 million
Euro).
The measures for the restructuring of the company announced in July
and presented in mid-September require substantial valuation allowances
in the consolidated balance sheet and thus had a negative influence on
the 3rd quarter business development. These allowances are also partly
underlying the increasingly negative development in the high-tech market.
Consequently we were forced to revalue our investments in both listed and
unlisted companies. Furthermore, the operating result of the 3rd quarter
was substantially influenced by the turbulence around the company. As a
result some customers and interested parties decided to postpone project
decisions or temporarily dissociated themselves from Infomatec AG. The
following factors had an additional influence on the result:
* Accruals and allowance for bad debts amounting to Euro 23.4 million
* Write-offs on investments and securities of Euro 31.9 million
* Adjustment of the tax rate for deferred taxes from 45% to 25% in
the amount of Euro 15.9 million
Due to the last quarter’s development it will not be possible to
reach planned sales in the amount of Euro 50 million by the end of
this year. Currently the company expects a sales volume of approx.
Euro 36 million with an EBITDA amounting to Euro – 60 million by
December 31, 2000.
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