Synaxon AG
PC Spezialist Franchise english
PC-SPEZIALIST First Half Results / Forecast for 2003 Retracted
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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PC-SPEZIALIST First Half Results / Forecast for 2003 Retracted
Bielefeld, 25 August 2003: As at 30 June 2003, consolidated net profit generated
by PC-SPEZIALIST Franchise AG in the first six months amounted to EUR 1,334
thousand, in contrast to EUR 1,567 thousand for the same period a year ago. This
corresponds to a decline in earnings of 14.9%. As at 30 June 2003, EPS amounted
to EUR 0.35 (HY 2002: EUR 0.41). The company was unable to compensate for the
adverse effects of amended tax legislation in Germany – as accounted for in the
first quarter – in the first half of the financial year. Consolidated revenue
rose by 28.7% to EUR 7,213 thousand (HY 2002: EUR 5,606 thousand), mainly as a
result of merchandise revenues generated through Centralised Billing. In
aggregate, central merchandise revenue amounted to EUR 1,087 thousand. Adjusted
for central merchandise revenue, the increase in operating revenues totalled EUR
520 thousand, or 9.3%, compared with the same period a year ago. As at 30 June
2003, EBIT amounted to EUR 2,260 thousand (HY 2002: EUR 2,413 thousand). Against
the background of continued economic uncertainty and the detrimental one-off
effect of Germany’s Steuervergünstigungsabbaugesetz (Act Concerning the
Reduction of Tax Benefits and Exemption Rules), the company has retracted its
financial forecast for 2003, which had originally targeted EPS within a range of
EUR 1.07 to EUR 1.14, as well as aggregate revenue (sales revenues plus other
operating income) in the range of EUR 15.73 million to EUR 16.77 million. It is
evident that the company will not be able to offset the negative tax effect,
amounting to 7 cents per share, by the end of the financial year. Effectively,
the overall figure actually amounts to 14 cents per share, because the positive
tax effect of the previous financial year is no longer applicable in the current
year. Also the trading environment remains difficult. Particularly the marked
decline in average prices for IT products has had a direct impact on margins
achieved within the retail sector. In addition, it is difficult to predict the
implications of the German government’s tax reform in terms of future consumer
behaviour and capital expenditure. At this moment in time, the company is not in
a position to provide a specific forecast about future earnings performance in
the current financial year. Particulars will be explained during a conference
call arranged for tomorrow 10 am cet.
end of ad-hoc-announcement (c)DGAP 25.08.2003
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WKN: 687380; ISIN: DE0006873805; Index:
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover und Stuttgart
251659 Aug 03
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