Ad-hoc | 30 July 2001 08:18

BOV AG english

Ad hoc announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Essen, 30 July, 2001 BOV achieves its first-half sales target Initiation of cost-cutting measures strengthens future earnings power +++ One-time factors impact on BOV’s preliminary figures in Q2 +++ Despite increasingly difficult market conditions, in first-half 2001 BOV met its target, booking sales of Euro 15.3 million. In this context, although BOV topped its Q1 sales expectations, sales growth slowed appreciably in Q2. Given the existing costs structure, this trend for sales placed a drag on Q2 operating profits. In light of this scenario, the Board of Management has introduced measures to reduce costs by adjusting staffing levels and closing unprofitable business offices. In the context of integrating Jardix AG we have ascertained that the information on value-added factors at this Company provided in the run-up to the acquisition do not match the factual situation as existed after the takeover. For this reason, BOV has withdrawn from the purchase and assignment contract. The one-time expenses incurred in connection with the above-mentioned measures impair the Q2 earnings by Euro 2.1 million. In other words, the loss before taxes, interest and depreciation for first-half 2001 will be Euro -3.5 million. Excluding the one-time factors contained in this figure, the loss before interest, taxes and depreciation would be Euro -1.9 million. In light of the course of business in first-half 2001, an order backlog of in excess of Euro 10.0 million, not to mention our expectations on how market conditions will change, BOV expects to book sales for financial 2001 of a whole in the order of Euro 30.5 – Euro 31,5 million. We accordingly estimate the loss before interest, taxes and depreciation at Euro -3.5 to Euro -3.0 million. As at the end of the first half, the Company possessed liquid funds totaling Euro 22.0 million. Thanks to the cost-cutting measures, we anticipate an enduring improvement in our earnings capacity and favorable EBITDA in the fourth quarter. end of ad hoc announcement (c) DGAP 30.07.2001 ——————————————————————————– WKN: 549 370; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, München , Stuttgart, Hannover 300818 Jul 01