Ad-hoc | 24 January 2003 08:50

BOV AG english

BOV AG Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– BOV AG closes 4th quarter with provisional negative EBITDA of EUR 0.45 million with a total operating performance of EUR 5.6 million. Amortisation of goodwill and provisions for risks for further restructuring measures as extraordinary expenditure are expected to have their additional effect on earnings for the fourth quarter of 2002 before interest and taxation in the order of magnitude of some EUR 9 million. Within the persistently poor economic climate, BOV suceeds in meeting its expectations for overall sales revenue in 2002 with Q4 reaching an operating performance of EUR 5.6 Mio.. However, with a loss from operational activities of EUR -0.45 Mio. (EBITDA) in Q4, the company was not able to meet its expectations of closing a year of thorough consolidation with a balanced EBITDA figure for the last quarter. Recessive predisposition to invest as well as some delays in contracts resultet in an unexpectedly low revenues in December. BOV AG will counteract this drop in sales revenues in those sectors only temporarily affected by inadequate capacity utilisation with the appropriate personnel adjustments. In addition, further cost reduction measures are being implemented particularly in overheads to further improve the cost structure. Because of the persistently difficult earnings prospects in the IT market, amortisation of goodwill was undertaken at the end of the year, which, as extraordinary expenditure together with the provisions for risks for future essential restructuring measures, is expected to have a negative effect on the EBIT figure for the fourth quarter in the order of magnitude of approx. EUR 9 million. As a consequence of successful work invested in important projects, many of which ran for long periods, BOV AG has earned a high degree of acceptance from their customers and has gained sustainable sales potential. With an equity position which is still stable and solid, and with cash and cash equivalents amounting to approx. EUR 11 million as at the end of the year, BOV AG can currently count on a good starting position to continue to develop business successfully in 2003. The final year-end financial statements for the group as well as details on the 2002 financial year and the planning for 2003 will be publicly announced by BOV AG in the year-end press conference to be held on 20 March 2003 in Essen. end of ad-hoc-announcement (c)DGAP 24.01.2003 ——————————————————————————– WKN: 549 370; ISIN: DE0005493704; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, München , Stuttgart, Hannover 240850 Jän 03