SER Systems AG
SER Systems AG english
SER Presents Preliminary Figures for 2001 – Extraordinary Meeting of
Shareholder
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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SER Presents Preliminary Figures for 2001 – Extraordinary Meeting of
Shareholders Planned
Neustadt/Wied, Germany, February 19, 2002. The SER Group did not achieve its
planned fourth quarter turn around and, with fiscal 2001 consolidated revenue
amounting to 149.0 million E (fiscal 2000: 185.3 million E), achieved an EBIT of
-163.5 million E (fiscal 2000: +19.7 million E). This is burdened by one-time
effects amounting to 139 million E which, in addition to 2001 restructuring
costs, resulted in statement adjustments and SER Group revaluations. These one-
time effects at year end were the result of the further strategic adaptation of
the SER Group.
Fiscal 2001 developments strained the liquidity situation. During the second
half-year, SERs German credit institutes increasingly negatively rated the value
of their loans and in the fourth quarter ultimately called for an early loan
repayment agreement. The continuation of SERs business was secured in a bank
pool agreement according to which SER agreed to settle its bank liabilities
through asset sales, specifically its valuable subsidiaries. After careful
consideration, the Board of Management and Supervisory Board decided in favor of
further MBOs to completely sell the German/Austrian subsidiaries and to
partially sell those in the USA. The MBO in the USA is being led by Carl E.
Mergele, who, to avoid any conflict of interest, resigned from the SER Systems
AG Board of Management effective February 15, 2002.
The investment of SER Systems AG in the companies will be limited to a strategic
one. One of its most important asset will be a remaining 15% share in the new
SER US holding. This would enable SER Systems AG shareholders to participate in
the NASDAQ IPO planned by the US holding. To reduce SER Systems AG stock market
listing costs, a changeover from the Neuer Markt to the unlisted securities
market is planned for May 1, 2002.
The implementation of this new strategic SER Group orientation will be presented
to the shareholders for approval in an extraordinary meeting set for April 18,
2002. Further details will be included in the invitation to the extraordinary
meeting of shareholders and the Annual Report 2001 scheduled for release on
March 26, 2002.
For detailed Group Interim Report please contact: http://www.ser.de/en /
ir@ser.de / Phone +49(0)-2683-984-361
end of ad-hoc-announcement (c)DGAP 19.02.2002
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WKN: 724190; ISIN: DE0007241903; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart; London
190829 Feb 02
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