Heyde AG
Heyde AG english
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Break-even confirmed, liquidity improved:
Heyde forecasts upturn in third quarter
(Bad Nauheim, August 31st, 2001) The newly organized Heyde-Group has achieved
half year revenues of EUR 66.1 million. In spite of a difficult market
environment, sales were consistent quarter by quarter 2001 (EUR 33.1 million in
Q1 and EUR 33.0 million), as well as organically as compared to the first six
months of FY 2000. The restructuring Heyde has been carrying out since March is
said to show evidence of success in the current quarter. Still, as expected, the
company reports losses for the half year. Earnings before interest, tax and
amortization (EBITA) of EUR minus 35.8 million (of which EUR minus 18.6 million
result from Q1, and EUR minus 17.2 million from Q2), include one-off
restructuring costs amounting to EUR 17.1 million.
Neither the former Heyde subsidiaries combined in the newly founded ELAXY
Holding GmbH, in which Heyde holds a minority interest of 23.6 %, nor other
subsidiaries sold in the meantime are included in these numbers. The Heyde Group
had declared in May already it would refrain from standard software product
business rather focussing on its core business: technology driven consulting
combining service offerings in the strategic consulting and systems integrations
fields.
Massive infrastructure cost reductions intended to save the company EUR 12
million have been implemented and show first results already. The major impact
from redundancies estimated to yield savings of about EUR 19 million becomes
effective in the beginning of Q3 after 250 staff have left the company. Heyde
announced, therefore, losses in Q3 would be limited to EUR minus 3,5 million and
the break even was imminent in Q4. While net debt had increased on Q2 balance
sheet date (June 30), the company had reported in July to use its EUR 30 million
cash inflow, resulting from the sale of non-strategic participations, in order
to redeem bank liabilities and accounts payable. By mid August, liquidity
amounted to EUR 13,7 million while a tax refund announced for October will
provide another EUR 5 million in cash.
end of ad-hoc-announcement (c)DGAP 31.08.2001
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WKN: 602670; Index: NEMAX 50
Listed: Neuer Markt Frankfurt; Freiverkehr in Berlin, Bremen Düsseldorf,
Hamburg, München, Stuttgart, Hannover
310801 Aug 01
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