Synaxon AG
PC Spezialist Franchise english
PC-SPEZIALIST Results for Q1/2003
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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PC-SPEZIALIST Results for Q1/2003 / Consolidated revenues grow by 32% / Earnings
affected by German tax reform
As at March 31, 2003, consolidated net profits generated by PC-SPEZIALIST
Franchise AG (ISIN DE0006873805) in the first quarter amounted to EUR 560
thousand, in contrast to EUR 909 thousand for Q1/2002. Earnings per share (EPS)
at the end of the period amounted to EUR 0.15 (Q1/2002: EUR 0.24). The decline
in earnings was mainly the result of Germany’s new legislation in connection
with corporation tax. Excluding these tax-related effects, net profits were EUR
812 thousand, which corresponds to EPS of EUR 0.22. In view of the planned
dividend payment for the financial year 2002, the reimbursable corporation tax
credit in the amount of EUR 252 thousand was capitalised within the Company’s
year-end accounts for 2002. Germany’s Steuervergünstigungsabbaugesetz, which
came into force in April 2003, specifies a three-year moratorium with regard to
corporation tax assets. As a consequence, former corporation tax assets may no
longer be distributed in the period from 2003 to 2005. Therefore, the carrying
amount of EUR 252 thousand in capitalised corporation tax assets had to be
reduced in the period under review, which led to a concomitant decline in
profits.
Registering EUR 3,762 thousand in the period under review, revenues were 32%
higher than the figure of EUR 2,849 thousand recorded in Q1/2002. The newly
implemented “Centralised Settlement” and “Centralised Billing” systems provided
fresh impetus, accounting for EUR 779 thousand in revenues. As at March 31,
2003, EBIT amounted to EUR 1,243 thousand (Q1/2002: EUR 1,407 thousand). In
Q1/2002 EBIT had benefited from substantial other operating income. PC-
SPEZIALIST Franchise AG’s equity ratio rose to 88.6% (Q1/2002: 85.0%).
As at March 31, 2003, the Group had 1,062 retail partners (Q1/2002: 946); 126
partners (Q1/2002: 127) belonged to the franchise system PC-SPEZIALIST and 936
partners (Q1/2002: 819) to the IT cooperation MICROTREND.
The Company is maintaining its targets for 2003, which include an EPS target of
between EUR 1.07 and EUR 1.14 EUR and an aggregate revenue target (revenues plua
other operating income) of between EUR 15.73 million and EUR 16.77 million. As
in previous years, initial performance figures indicating the attainment of
targets are expected to be available in Q3/2003.
end of ad-hoc-announcement (c)DGAP 27.05.2003
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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
270810 Mai 03
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