Ad-hoc | 13 November 2002 01:00

AC-Service AG english

Non-Stop Positive Business Performance Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Non-Stop Positive Business Performance Continued business divisions double EBIT to EUR 2.1 million after nine months. Sales climb 8% to EUR 37.1 million. Cash and cash equivalents increase to EUR 9.6 million. Strong balance sheet turning into major competitive edge. Discontinued division posts period loss due to Bäurer insolvency. Stuttgart, 13 November 2002 AC-Service, an IT service provider focused on outsourcing and consulting services, finished the first nine months of 2002 with sales increasing 8% to EUR 37.1 million (EUR 34.3 million), an EBITDA of EUR 7.2 million (EUR 5.5 million) and an EBIT of EUR 2.1 million (EUR 1.0 million) within its continued business divisions. The nine-month EBIT margin was 6% of sales, while the after-tax profit of EUR 0.7 million (EUR 0.4 million) reflects earnings per share of 14 Euro cents (7 Euro cents) for the continued divisions. Of these figures, sales revenues of EUR 12.0 million (EUR 11.3 million), an EBIT of EUR 0.6 million (EUR 0.3 million) and an after-tax profit of EUR 0.2 million (EUR 0.5 million) are attributable to the third quarter. Cash flows from operating activities in the first nine months of 2002 increased to EUR 5.7 million (EUR 2.0 million). AC-Service enjoys a strong and healthy balance sheet, which is proving to be a growing competitive edge in outsourcing projects known to produce long-term business partnerships. Cash and cash equivalents as at 30 September 2002 totalled EUR 9.6 million (31 Dec 01: EUR 6.4 million), with EUR 25.7 million in shareholders’ equity (31 Dec 01: EUR 25.4 million) comprising 59% (31 Dec 01: 62%) of the balance sheet’s EUR 43.3 million total (31 Dec 01: EUR 41.1 million). AC-Service had a total staff of 339 (308) as of 30 September 2002. An allowance for doubtful residual receivables was made in response to the 23 October 2002 insolvency announcement by Bäurer AG, Hüfingen. This action led to an after-tax loss of EUR -0.5 million (EUR -0.1 million) for the discontinued business division over the first nine months of 2002. This former “Distribution Solutions” division was transferred to Bäurer AG in 2000 under a sale that generated a pre-tax capital gain of EUR 6.5 million. The Board of Directors expects to continue the same kind of positive business performance that has been seen now for seven quarters in a row. Additional information available at http://www.ac-service.com end of ad-hoc-announcement (c)DGAP 13.11.2002 ——————————————————————————– WKN: 511000; ISIN: DE0005110001; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, München, Hannover und Stuttgart 130100 Nov 02