AmaTech AG
AmaTech AG english
Catastrophic result for 2001 – New management initiates radical restructuring
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Catastrophic result for 2001 – New management initiates radical restructuring
Pfronten, April 29, 2002 – According to preliminary figures, AmaTech AG recorded
an operating result (EBIT) of Euro -24.5 million (previous year:
Euro -5.8 million) and a net loss for the period of Euro -25.2 million (previous
year:
Euro -8.8 million), despite an increase in revenue of 66 percent to Euro 32.6
million (previous year: Euro 19.6 million).
The reasons for this catastrophic result are above-average increases in the cost
of materials and staff costs, which rose by more than 74 percent, and the
failure to meet revenue targets by more than Euro 4 million. In addition,
depreciation and amortization of goodwill were up Euro 6.7 million year-on-year
at Euro 8.1 million. Other operating expenses also rose from Euro 8.9 million to
Euro 18.3 million.
The new Managing Board of AmaTech AG, which was appointed in March 2002, has now
instituted a radical restructuring program and developed a new strategy,
following a fact-finding exercise and analysis of the company’s position. The
product portfolio will be streamlined to focus on the production of inlays and
white cards. In addition, the company will close sites in Singapore and the USA
and aims to sell QualTech, USA, which it acquired in November 2000. The Managing
Board is also looking at ways of resolving the patent and legal disputes in
which it is involved. In this context, it is examining the possibility of
extensive cooperation with its main competitor, Smartrac.
At the end of 2001, AmaTech had cash and cash equivalents of Euro 2.6 million.
The Managing Board’s goals are to secure liquidity and return cash flow to
positive territory by the end of the current year.
For further questions, please contact:
Mr. Willem Haverkamp, CEO
Phone +49 (0)8363/9105-22
end of ad-hoc-announcement (c)DGAP 29.04.2002
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WKN: 519280; ISIN: DE0005192801; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, München, Hannover und Stuttgart
292121 Apr 02
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