GfN AG i. I.
Ges. f. Network Training english
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Half-year sales and earnings down on figures for same period last year /
restructuring announced
Tail-off in economic activity impacts GFN
Following results in the first quarter which were up on those for the same
period last year, a weak second quarter depressed GFN AG’s half-year sales down
to DM 35.5 million compared with DM 38.1 million half-year sales in 2000. The
main reason cited by the Neuer Markt-listed IT training specialist for the
failure to match its planned sales is the strikingly low level of business
activity currently affecting the German economy. Many companies have responded
to the present situation by making cutbacks which have also hit the IT industry.
GFN has also been adversely affected by the cancellation of numerous official
employment promotion schemes and the situation has been compounded by the
failure of e-learning to fulfill anticipations.
As a service provider carrying personnel-intensive payroll costs, unforeseen
sales losses mainly impact directly on revenues. As a result the company’s
earnings before interest, tax, depreciation and amortization (EBITDA) fell to
minus DM 1.8 million following plus DM 1.4 million in the previous year. Results
of ordinary business activities dropped to minus DM 5.2 million (previous year:
minus DM 2.0 million) and earnings per share were minus DM 0.85 compared with
minus DM 0.38 last year. On March 31, 2001, the company commanded liquid funds
of DM 13.2 million; this had risen to DM 13.5 million at the end of the first
six months of 2001.
In the field of IT training and continuing professional development, including
e-learning, GFN generated sales of DM 32.6 million (previous year: DM 34.6
million). Around DM 2.9 million of sales originated from our IT services
compared with DM 3.5 million last year. On the reporting date June 30, 2001, the
GFN Group employed a workforce of 237 compared with 228 at the end of last year
and 225 on June 30, 2000.
As the general economic downturn has persisted beyond the second quarter, the
company’s forecasts assume that sales in the current fiscal year will not match
those achieved last year and that it will report negative EBITDA at the end of
the year. Owing to this unsatisfactory situation, the Board has decided to
implement far-reaching restructuring measures within the GFN Group and is
currently working on an extensive action plan.
end of ad-hoc-announcement (c)DGAP 29.08.2001
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WKN: 587980; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, München, Hannover und Stuttgart
290730 Aug 01
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