PixelNet AG
PixelNet AG english
PixelNet AG
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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PixelNet AG (Neuer Markt: PXN)
– Turnover adjusted by basic effects of PHOTO PORST down by 16%
– Half-yearly earnings stated with a negative result of EUR 50m
– Earnings hit by extraordinary depreciation of EUR 14.3m
Wolfen, 22 August 2002 – Following a difficult QI with a net loss for the year
of EUR 7.8m, PixelNet AG – currently in the ongoing insolvency proceedings –
suffered even more in QII with its net loss further increasing. The main figures
are as follows:
Item At 30 June At 30 June Change in % Remarks
2002 2001
EUR000 EUR000
Turnover 89,017 105,512 -15.6 In 2001 including
turnover of PHOTO PORST
1 Jan – 18 Feb
EBITD -2,459 539 -456.2
EBIT -19,207 -2,303 -734.0
EBT -21,624 -2,620 -725.3
NOPAT -50,058 -2,620 -18,106.1
(NOPAT= net operating profit after tax)
Following the insolvency petitions by PixelNet subsidiaries PHOTO PORST AG and
ORWO Media GmbH, these holdings had to be revalued. Extraordinary depreciation
amounting to EUR 14.1m was carried out. In addition, the deferred taxes
amounting to EUR 28.3m were reversed, as the planning assumptions on which they
were based are now out of reach. The negative goodwill of EUR 20.6m was released
effective to income.
Discussions began this week with the nine respondents to the invitation for
bids, which expired on 10 August. A second designated sponsor was found in
Concord Effekten AG.
Orders for analogue and digital developing and printing continue to be processed
to the usual high standard.
end of ad-hoc-announcement (c)DGAP 22.08.2002
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WKN: 527980; ISIN: DE0005279806; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart
222113 Aug 02
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