SER Systems AG
SER Systems AG english
Ad hoc announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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SER continues its reorganization program consequently
Neustadt/Wied (Germany), August 14, 2001
SER achieved a positive development during the Q2 in the USA. Their expected
figures have been exceeded. This has established the basis for a turnaround of
the entire SER Group. The UK region on the other hand lagged significantly
behind plan. Countermeasures have been initiated immediately.
Group sales during the first half year amounted to 85.9 m EUR (85.3 m EUR prev.
year). Adjusted by the changes within all consolidated companies, the organic
growth increased at about 9% as compared to the previous year. Because of the
negative developments in the UK it was not possible to meet the organic growth
of 17% shown during the first quarter.
The reorganization of the group can be readily seen in the EBITDA (EBIT before
Depreciation and Amortization of Goodwill). 14.3 m EUR were spent during the
first half year. An additional one-time effect in Q2 were accrued expenses of
1.4 m EUR for SER Quantum GmbH obligations. The EBITDA of -1.6 m EUR, if
adjusted by the total amount of the one-time effects, equals to 14.1 m EUR (13.5
m EUR prev. year). During the first half year an overall Free-Cash-Flow of 5.1
m EUR was generated.
To realize the existing potential within the market for knowledge-enabled
software SER is preparing for a NASDAQ listing and is therefore shifting the
control of the Group into the US-holding. On August 16, 2001 Kenneth Nelson will
be announced as CFO of the SER Systems AG and of the US-holding. He will be
located in the USA.
We expect 4 to 6 m EUR in reorganization costs, essentially in UK, for Q3/Q4.
But we are still planning to reach a positive EBIT at the end of the year as we
are planning to reduce our costs. It is not possible to make a precise year-end
prognosis at this time.
Gert J. Reinhardt, CEO of SER, has informed the company that he is personally
planning to buy SER shares from the market.
For the detailed Group Interim Report please contact:
www.ser.com / ir@ser.com / Phone +49 (0) 26 83-9 84-3 61
end of ad hoc announcement (c) DGAP 14.08.2001
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WKN: 724190; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart; London
140806 Aug 01
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