Arrow ECS AG
ComputerLinks AG english
COMPUTERLINKS releases its preliminary results for the financial year 2002
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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COMPUTERLINKS releases its preliminary results for the financial year 2002
COMPUTERLINKS AG, Munich, the value added distributor, has increased its group
turnover from 161.2 million euro in 2001 to 165.8 million euro in 2002, in spite
of the continued difficult market conditions. A turnover of 47.6 million euro
was achieved in the fourth quarter of 2002, an increase of 16 % against the
third quarter of 2002 and 13 % against the same quarter last year. Earnings
before interest, taxes, depreciation and amortisation (EBITDA) for 2002 was 10.2
million euro (2001: 11.1 million euro). EBITDA achieved in the fourth quarter
of 2002, amounting to 3.1 million euro, exceeding not only the third quarter
2002 by 19 % but also the fourth quarter of 2001 by 16 %. The strong and steady
increase in cash flow from current operations amounting to 11.9 million euro in
2002 (2001: 5.2 million euro) was very encouraging. Cash balances amounted to
11.1 million euro at the end of 2002, with no bank borrowings. Goodwill has been
reduced from 87.4 million euro, at December 31, 2001 to 8.4 million euro as at
December 31, 2002, an accelerated amortisation of 74.1 million euro.
The goodwill valuation adjustment is a result of the continuing weakness of the
IT industry, which we do not think will return to its original growth profile
for the foreseeable future. The goodwill amortisation does not effect the
Group’s operating earnings nor its favourable cash position. In the future,
planned goodwill amortisation will be considerably reduced from 4.8 million euro
to 0.5 million euro per annum. Adjusting for this accelerated goodwill
amortisation, earnings before tax (EBT) were -71.4 million euro in 2002
(previous year: 4.7 million euro).
As in the previous year the most dynamic performer was the e-security sector
which increased sales by 19.4 percent from 96.8 million euro in 2001 to 115.6
million euro in 2002, 69.7 percent of total sales.
Further details will be announced by COMPUTERLINKS at the press conference in
Munich on March 11, 2003.
end of ad-hoc-announcement (c)DGAP 21.02.2003
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
Stephan Link, founder and CEO of the company stated: “We consider that 2002 has
been a successful business year and we are optimistic for the future. This
results from our profitable business model, our strict management of costs, our
strong balance sheet and our solid cash position, which makes us absolutely
independent from banks. Since the beginning of 2003, we have been expressing
this positive mood by a standard Europe-wide corporate identity.”
Due to a mistake by our PR-agency, incomplete and unauthorised figures were
released this afternoon in connection with the invitation to the press
conference. We apologise for this mistake.
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WKN: 544880; ISIN: DE0005448807; Index:
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin,
Düsseldorf, Hamburg, Hannover, München und Stuttgart
211747 Feb 03
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