GfN AG i. I.
Ges. f. Network Training english
Nine-month sales and EBIT fail to match last year’s results
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Radical restructuring aimed at restoring the company’s profitability
Nine-month sales and EBIT fail to match last year’s results
Stuttgart, November 30, 2001. Stuttgart-based GFN AG, which is listed on the
Ger-man stock exchange’s Neuer Markt, generated sales of DM 49.3 million during
the first nine months of the year – a drop of 12 percent compared with the same
period last year (DM 56.3 million). Earnings before interest, taxes,
depreciation and amortization (E-BITDA) fell to minus DM 4.9 million (previous
year: plus DM 0.9 million) and the results of ordinary business activities
dropped to minus DM 10.1 million compared with minus DM 4.2 million in the year
2000. On the reporting date, September 30, 2001, the company’s cash and cash
equivalents amounted to DM 10.6 million. The GFN Group employed 230 staff on
September 30, 2001 compared with 228 at the end of the year 2000 and 237 people
on June 30, 2001.
For the year 2001 as a whole, the Board anticipates a decline in sales of around
15 percent and results to be significantly lower than last year.
The UPGRADE.2002 restructuring program launched in September is expected to lay
the groundwork for the company’s successful future development. Measures
designed to cut costs and boost productivity have been adopted and largely
implemented. GFN is confident that these measures will enable the company to
bring about an improvement in results of around DM 7 million next year. Although
the first quarter of the year 2002 is expected to be weak, the company
anticipates returning to profitability in the second half of the year.
end of ad-hoc-announcement (c)DGAP 30.11.2001
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
Results suffered not only from the general economic malaise, but also from
sluggish corporate business in what is traditionally a weak third quarter. The
situation was also compounded by a dramatic reduction in the number of schemes
supported by public employment offices as well as the cancellation of several
previously approved measures. A 300 percent increase in sales of evening and
weekend seminars also failed to compensate for the decline in sales in other
areas.
Our e-learning business has developed more slowly than originally expected. GFN
has consequently adjusted its growth objectives while continuing to be convinced
of the success of this modern form of learning.
The Board responded to poor business performance by implementing its
UPGRADE.2002 restructuring initiative in September. By trimming personnel
expenses by around 10 percent as well by closing locations, rationalizing its
use of office space and performing profitability analyses, the company aims to
reduce both excess capacity and fixed costs. Central management of resources
should also enable the company to tap into significant potential cost savings.
Optimum deployment of trainer capacities within the training program will reduce
our need for external trainers. The company should also be able to obtain
improved conditions by centralizing trainer sourcing. These and additional
measures are expected to improve the company’s results by around DM 7 million in
the forthcoming fiscal year.
GFN is also watching the current process of market adjustment carefully and aims
to seize the opportunity this development presents to consolidate its position
as the leading provider of education and training services on the market.
GFN AG is the partner for IT training, e-learning, consulting and coaching in
Germany for companies and organizations of whatever size in every sector of
business and industry throughout Germany. With its broad product portfolio
covering security, software development, Java and Microsoft training, GFN is
Germany’s largest manufacturer-independent education and training certifier.
Detailed information about the restructuring program can be found in the
company’s nine-month interim report.
A full report of business performance during the first nine months of the fiscal
year 2001 can be found in the Internet at http://www.gfn.de (Investors).
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WKN: 587980; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, München, Hannover und Stuttgart
300801 Nov 01
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