SER Systems AG
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SER Reorganization following Unsatisfactory Business Development
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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SER Reorganization following Unsatisfactory Business Development
Neustadt/Wied (Germany), November 13, 2001
Contrary to expectations, SERs business development regressed during the Q3 of
2001. Q3 Group revenues totaled 37.7 m EUR (Q2 43.2), the EBITA a negative 8.9 m
EUR (-2,2) and net income a negative 10.6 m EUR (-6.6). During the first nine
months we earned revenues of 123.6 m EUR (9 months 2000: 135.4 m EUR), an EBITDA
of a negative 10.5 m EUR (+26.7) and a net income of negative 21.4 m EUR
(+8.6).
As a result of the tragic September events in New York, our US subsidiary
experienced a fall out of sales totaling 6.5 m EUR for which the weak sales in
Europe could not compensate. At the same time, costs remained on nearly the same
level as in the Q2. Free Q3 cash flow however, could be limited to a negative
5.5 m EUR and remained nearly balanced for the nine month period.
While the set back in the USA is seen as temporary and the result of extreme
external events, the European perspectives are being reevaluated. Therefore the
Groups restructuring plan has been reworked and now reflects a differentiated
market approach for the two main markets, Germany/Austria and the USA. The
short-term focus is on the exploitation of market potential for the maximization
of cash flow. In the future, all subsidiaries are be able to generate profit
from their own strength without relying on substantial growth and are expected
make a significant contribution to the Knowledge Management market positioning.
Subsidiaries for which this seems uncertain are to become indirect partners.
This will be completed as soon as possible. The fixed costs of the Group are to
be considerably reduced by the beginning of 2002.
We are expecting Q4 revenues to increase by ca. 10 m EUR over the Q3 resulting
in a much positive EBITDA and to reach an EBITDA break even for the year as a
whole. In Germany, the expected increase in Q4 revenues is based on traditional
seasonal fluctuations, in the USA this increase is based on continued positive
development, although on a lower scale than before the terrorist attacks. The
net income for 2001 will be influenced by a recalculation of assets as a result
on the changed growth plans with special amortization of a tentative 55 m EUR.
For the detailed Group Interim Report please contact:
http://www.ser.com / ir@ser.com / Phone +49 (0) 26 83-9 84-3 61
end of ad-hoc-announcement (c)DGAP 13.11.2001
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WKN: 724190; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart; London
130830 Nov 01
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