Ad-hoc | 22 August 2002 07:30

BOV AG english

BOV increases overall performance by some 8.7 % compared to the previous quarter Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– BOV increases overall performance by some 8.7 % compared to the previous quarter Visible cost reduction in the course of restructuring The BOV Group showed overall corporate earnings of EURO 6.56 Mio. in the second quarter, thus outperforming the first quarter by some EURO 0.52 Mio. (+ 8.7 %). This exceeds projections which expected revenues to remain at first quarter levels. Parallel to the growth in revenue, the cost reductions achieved thanks to the consolidation process resulted in a clear improvement in operating income. The EBITDA at EURO -0.95 Mio. is up from the previous quarter by EURO 0.38 Mio. (+ 40 %). BOV AG sold its investment in the Intermoves Group to a management buy-out. In the course of the separation on 30 June, 2002, cash bookkeeping losses amounting to EURO 3.43 Mio. did not occur. Due to the departure from the group of consolidated companies the revenue expectations of the BOV Group must be adjusted for the third quarter by EURO 1.0 Mio. and for the fourth quarter by EURO 1.5 Mio. Based on the otherwise general budget conformance of business growth, the BOV Group still expects to achieve an overall performance of EURO 21.5 Mio. to 23.0 Mio., taking into account the necessary adjustment of Intermoves’ revenues. On the basis of this expected revenue the consolidation measures planned are enough to achieve a break-even in the fourth quarter as planned. Hence the BOV Group continues to forecast an EBITDA of between EURO -2.75 Mio. and EURO -2.0 Mio. for fiscal year 2002. end of ad-hoc-announcement (c)DGAP 22.08.2002 ——————————————————————————– WKN: 549 370; ISIN: DE0005493704; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, München , Stuttgart, Hannover 220730 Aug 02