Gauss Interprise AG
Gauss Interprise AG english
Gauss Interprise AG and Gauss Group Publish Financial Statements 2002
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Hamburg, March 31, 2003. Gauss Interprise AG (Prime Standard: GSO, ISIN DE
0005074603) and the Gauss Group today published their audited Financial
Statements for 2002, which received an unqualified audit certificate. The Gauss
Group, which reports according to US GAAP, generated revenues of EUR 29.4
million (previous year EUR 32.8 million). Due to difficult market conditions and
the depreciation of the US dollar, revenues for 2002 decreased by approximately
10 % against 2001. The US accounted for 61 % of revenues (previous year 57 %),
25 % (previous year 24 %) were generated in Germany and 14 % (previous year 19
%) in the rest of Europe. The gross profit/loss after directly attributable
manufacturing costs amounted to EUR 20.2 million (previous year EUR 22.3
million), which resulted in a gross profit margin of 69 % (previous year 68 %).
The operating loss (EBITDA) showed a significant and sustained decline to EUR –
2.4 million (previous year EUR -25.3 million). The US subsidiary achieved
positive results in all quarters and generated a net profit for the entire year.
The Group’s net loss (before effects from adoption of new US GAAP standards)
totaled EUR 8.6 million (previous year EUR -39.3 million), which resulted in a
loss per share of EUR 0.23 (previous year EUR -1.11). After an amortization of
goodwill of EUR 6.1 million required by the new accounting standards, the Gauss
Group’s net loss for 2002 amounts to EUR 14.8 million). With liquid funds and
short-term financial assets of approximately EUR 5.0 million at the end of the
year 2002, the financial situation of the Gauss Group has significantly improved
against the previous year (EUR 2.0 million). At the end of 2002, Gauss had 197
employees (end of 2001: 280). For the year 2003 Gauss expects revenues of
approximately EUR 30 million and for the first time positive operating earnings
(EBITDA). The development will depend on the duration of the negative impact of
the war in Iraq on the European and US economies. The financial statements of
Gauss Interprise AG and the Gauss Group have been published at www.gaussvip.com
and on the Internet site of Deutsche Boerse AG (German stock exchange).
Gauss Interprise AG, InvestorRelations/CorporateCommunications, Weidestraße
120a, 22083 Hamburg, Phone.: +49-40-3250-1100, Fax: +49-40-3250-191589, e-mail:
investor@gaussvip.com, http://www.gaussvip.com
end of ad-hoc-announcement (c)DGAP 31.03.2003
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
The executive board gives the following explanations and additional information
on the above ad-hoc release:
Revenues Development
Despite the difficult environment for the IT industry in the fiscal year 2002,
the Gauss Group’s revenue development was still within the expectations. License
revenues amounted to EUR 10.4 million (previous year EUR 16.2 million) and
accounted for 35% of total revenues (previous year 49%). The company gained 34
new licensed customers in Europe and 50 new licensed customers in the US. At the
turn of the year 2002/2003, Gauss has 1,100 customers with approximately 1,500
installations. New customers in 2002 include companies such as Vattenfall
Europe/HEW, Norddeutsche Landesbank, BMW South Africa, HUK Coburg, Sun
Microsystems, Johnson & Johnson, American Cast Iron Pipe Co., Saint Gobain
Containers Inc., GNB Technologies, or Transport Corporation of America. Revenues
from maintenance/services totaled EUR 17.0 million (previous year EUR 14.2
million). They consist of maintenance revenues from existing customers and
revenues generated by the Professional Services division. The positive
development in this area is due to the continuing extension of the existing
customer base and the resulting revenues from ongoing maintenance contracts.
Moreover, the Gauss Group for the first time successfully operated the
Professional Services division as a separate profit center with revenue and
result targets during the entire year. Other revenues amounted to EUR 2.0
million.
Operating Result
The total operating expenses of EUR 28.6 million (previous year EUR 57.3
million) led to an operating loss of EUR -8.3 million (previous year EUR -35.0
million) for the Gauss Group. In 2002, the Gauss Group was able to reduce the
operating costs by approximately EUR 29 million against 2001. In mid 2001, the
Gauss Group made a decision to concentrate on its software business and to
initiate measures in the context of a Break-Even Initiative that continued
throughout and concluded in 2002. The operating EBITDA loss – which has an
immediate effect upon the liquidity situation of the Gauss Group – amounts to
EUR -2.4 million, which corresponds to only 9 % of previous year’s loss (EUR –
25.3 million). Thus, the EBITDA result has improved even more significantly than
the operating result.
Financial Security
An important focus of the work in the last year was to secure the financial
means for the Gauss Group’s future development. Due to a convertible bond issued
at the turn of the year 2001/2002, the sale of shares of the US subsidiary, and
another convertible bond issued in October 2002, Gauss received additional
financial means of approximately EUR 10 million. At the end of 2002, the Gauss
Group’s shareholders’ equity amounted to EUR 9.5 million (previous year EUR 20.0
million) or 38 % of the balance sheet total. The capital increase scheduled for
the year 2003 from the currently issued bond of EUR 4 million will increase the
stockholders’ equity ratio to approximately 54 %.
Strategy and Outlook
For the fiscal year 2002, the Gauss Group showed positive progress in the
financial security of the future accompanied by improved operating efficiencies
and cost controls that contributed to a significant improvement in profits. In
2003, the Gauss Group will continue to pursue this aggressive sales strategy
oriented towards profit generation and cost management. This process is
supported by a streamlined and optimized sales organization in Europe and the
US. At the same time, Gauss will intensify research and development activities
in order to systematically improve existing and develop new products.
For the fiscal year 2003, the executive board expects revenues of EUR 30
million, which would correspond to previous year’s level. On this basis, the
Group plans to achieve a positive operating result (EBITDA) for the first time
for the entire year. Currently, the extent of the negative impact of the war in
Iraq on the European and US economies can hardly be estimated. In both regions,
the IT industry already experiences a declining order intake and project delays.
Given a cautious spending behavior in all areas of the Group, the expected
operating cash flow and the existing liquidity reserves will be sufficient to
finance an organic growth.
Financial Statements of Gauss Interprise AG
Gauss AG, which reports according to HGB, generated revenues of EUR 8.7 million
(previous year EUR 10.7 million) and other operating income of EUR 1.9 million
(previous year EUR 2.1 million). The gross profit/loss after operating costs
amounted to EUR 9.3 million (previous year EUR 11.0 million) or approximately 88
% of total revenues. The operating result (EBITDA) totaled EUR -3,9 million
(previous year EUR -15.6 million). The loss from continuing operations and the
net loss for 2002 amounted to EUR -8.2 million (previous year EUR -35.5
million). Shareholders’ equity available to the company as of December 31, 2002,
still amounts to EUR 20.4 million (previous year EUR 29.0 million) or 72 % of
the balance sheet total of EUR 28.4 million.
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WKN: 507460; ISIN: DE0005074603; Index:
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hannover und Stuttgart
310750 Mär 03
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