EMTS Technologie AG
EMTS Technologie AG english
EMTS presents modified results forfiscal 2001 and final figures for 2002
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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EMTS presents modified results for fiscal 2001 and final figures for 2002.
Salzburg: In fiscal 2002 EMTS Technologie AG generated EUR 126.6 million in
revenues, reflecting a drop by 21.4% compared with the figure of EUR 161,0
million reported for 2001. EBITDA, at minus EUR 36.1 million, is down by 283%
year-on-year (2001: + EUR 19.8 million). While earnings per share amounted to
EUR 0.72 in 2001, a loss of EUR 20,50 was reported in 2002.
The figures for 2001 were revised by the auditor Deloitte & Touche due to
discrepancies being discovered in the financial statements for 2001, resulting
in revocation of the audit certificate. In accordance with the statutory
requirements, the forensic KPMG report was forwarded as evidence to the public
prosecutors’ offices in Vienna and Zürich, and to the supervisory authorities
of the SWX in Zürich.
The figures reported by EMTS last year for 2001 were: revenues of EUR 163.1
million, EBITDA of EUR 22.8 million and earnings per share amounting to EUR
1.13.
This negative trend was occasioned on the one hand by the poor market situation
in the field of service and repair providers in the mobile telecommunication
sector and by an enormous pressure on margins of producers and operators on the
other. In addition to these negative market factors, which were particularly
severe on EMTS – the service market leader – termination of all agreements by
Nokia, EMTS’ biggest customer (which accounted for more than 50% of EMTS’
revenues) brought the company into a very difficult situation. This called for
substantial changes to its financials (amortization of goodwill and loans of
associated companies) and far-reaching restructuring arrangernents with
banks concerning borrowed funds.
Even though the newly established management acted quickly, the subsidiaries in
Switzerland, France, the Netherlands, but also in Sweden, Austria and Norway
had to file for insolvency or be prepared for liquidation, while it was
possible for those in Finland and Monaco to be sold. In the remaining core
countries of Italy, Spain and Germany, however, it was possible to establish a
stable, positive trend which will now give the sharply resized company a good
chance of remaining successful on the service market and an attractive
investment for potential strategic partners. The costs at its headquarters were
likewise massively reduced. Despite a 60-day time limit in place it was
possible to avoid the company being overindebted thanks to a successful
adjustment of its leverage to take account of its resizing.
end of ad-hoc-announcement (c)DGAP 24.04.2003
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
Outlook
For 2003, the management expects a further consolidation of the market and
stable revenues being generated in the core countries, along with positive
EBITDA and cash flow trends. The extent to which Denmark will be among the core
countries will be decided in the next several weeks. Operations in Estonia are
also up for sale or will be liquidated.
Existing customer relations are showing satisfactory development, and the
management hopes that it will be possible to regain old customers following a
successful reorganization. With its remaining, strong core countries, EMTS
still features attractive potential for a new partnership with businesses
interested in Europe-wide service and repair capacities for mobile phones.
The managsment is already negotiating with possible strategic partners and also
wants to execute the planned capital increase as soon as possible. The General
Annual Meeting will be held on May 30 2003.
http:/www.emtscenter.com
Investor Relations: E-mail: investor.relations@emtscenter.com
Tel.: +43-662-623 391-0
Corporate Spokesperson: Karin Keglevich
E-mail: keglevich@spa.co.at
Tel.: +43-1-532 25 45-10
+43-664 33 80 834
Title: EMTS Technologie AG, Salzburg
ISIN No.: AT0000926266
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WKN: 616516; ISIN: AT0000926266; Index: SWX New Market
Listed: Swiss Exchange; Freiverkehr in Berlin-Bremen, Frankfurt, München und
Stuttgart
241909 Apr 03
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