Ad-hoc | 13 May 2002 08:12

Drillisch AG english

Drillisch AG: Report on the first quarter 2002 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– First profit after taxes following 6 consecutive quarters with negative results; EBITDA increases by 40% to 1.15 million euros; bank liabilities reduced by more than 70% (31.03.2001 compared with 31.03.2002) In a year-on-year comparison, the no. of subscribers increased by 17.2% in the first quarter 2002 from 517,000 to 606,000. Although Group sales declined by 17.4% to 31.7 million euros as a result of the increased reticence of subscribers to make telephone calls, sales per employee rose from 150,000 euros in the first quarter 2001 to 193,300 euros in the first quarter 2002. This is equivalent to an increase of some 29% and demonstrates the heightened productivity of the Group s workforce. In a quarterly comparison, the cost structure of Drillisch AG shows a marked improvement. The gross profit margin increased by 4.6 percentage points from 17.4% to 22% as result of the, in part, drastic reduction in subsidies for new contracts. The success of the cost optimisation measures is also visible in the significant improvement in EBIT (from -187,000 euros to +380,000 euros) and in EBITDA (from 0.83 million euros to 1.15 million euros, both 1st quarter 2001 compared with 1st quarter 2002). An amount of 5,000 euros remains as profit for the quarter, following a loss of 605,000 euros in the first quarter 2001. As such, Drillisch AG is able to report a turnaround in the result after taxes following 6 quarters with negative earnings. In spite of the difficult market environment, Drillisch AG has been able to continue pursuing its strict policy of reducing its debts. In a year-on-year comparison (as at 31.03.2002) fin. liabilities have decreased by more than 70%. This level of debt reduction, which is unique in the telecoms industry, emphasises the internal financing strength of the Drillisch Group. Bank loans and overdrafts have been reduced to appr. 4.7 million euros by the end of April 2002. Overall the Drillisch Group confirms its goal of finishing the financial year 2002 with virtually no bank loans and overdrafts, and with positive EBIT reaching single-digit millions in euro terms. The first quarter earnings in 2002 clearly demonstrate that the process optimisation and efficiency improvement measures, which have been implemented, are already beginning to produce results. The Drillisch Group will therefore continue to pursue this policy. end of ad-hoc-announcement (c)DGAP 13.05.2002 ——————————————————————————– WKN: 554550; ISIN: DE0005545503; Index: Listed: Neuer Markt in Frankfurt und im Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 130812 Mai 02