Heyde AG
Ad hoc-Service: Heyde AG english
Ad hoc announcement transmitted by DGAP.
The issuer has the sole responsibility of this announcement.
——————————————————————————–
Heyde’s restructuring shows initial results
Rising costs halted / Provisions set up for further measures
(Bad Nauheim, May 2, 2001) The Heyde Group posted sales of EUR 41.2 million for
the first quarter of fiscal 2001, an increase of 37.8% on Q1/2000. Organic
growth was 11.3%. Sales in the first quarter, typically the weakest period, were
thus only 5% lower than fourth-quarter sales in 2000. The operating result
before goodwill amortization (EBITA) was EUR -8.4 million.
In the first quarter already, the cost of goods sold was significantly lower
than in the last quarter and around the 2000 average. The improved utilization,
especially in the systems integration business, has already led to a gross
profit. At the same time, the rise in general and administrative expenses has
been halted. As in the previous quarter, these costs amounted to 22% of sales.
Effects from the restructuring are expected from mid-year onwards.
In order to retain all strategic options in managing the group s UK operations
write-downs amounting to EUR 5.9 million were charged with particular regard to
the Heyde subsidiary Tantus plc., London. Moreover, provisions of EUR 9.1
million have also been made for further restructuring plans. These specific one-
time restructuring efforts in particular contributed significantly to earnings
before taxes of EUR -26.7 million.
At the balance sheet date, net debt amounted to EUR 21.2 million. Due to the
ongoing restructuring, the amount of liquidity required by the Heyde Group for
the current fiscal year is estimated at around EUR 40 million. Financing will be
fuelled by the company s own cash flow and sales of non-operating assets.
Moreover, the company has been able to obtain the support of its principal banks
in financing the restructuring process. Following a package of measures on
operating, administrative and structural levels, the Heyde Group will once again
be in a position to generate cash and reduce its liabilities to banks by the
fourth quarter.
For further information:
Dr. Joachim Fleing (IR/PR)
Telefon: (0 60 32) 308-0
end of ad hoc announcement, (c) DGAP 02.05.2001
——————————————————————————–
WKN: 602670; Index: NEMAX 50
Listed: Neuer Markt Frankfurt; Freiverkehr in Berlin, Bremen Düsseldorf,
Hamburg, München, Stuttgart, Hannover
020801 Mai 01
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found