Ad-hoc | 27 August 2002 07:51

Nemetschek AG english

Sharp Restructuring Measures At Nemetschek Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Sharp Restructuring Measures At Nemetschek Munich, August 27, 2002. Nemetschek AG, the leading IT vendor for the design, construction and management of buildings and real estate, continues to suffer the consequences of the economical and structural crisis in the construction industry and reluctance to invest in the IT sector. For the first half of 2002, the Group reported sales of EUR 55.1 million, 16% less than during the previous year (EUR 65.6 million). Due to the overall situation, the Board has significantly intensified the restructuring program. The second stage of the program was initiated in June, after the restructuring measures introduced in 2001 already led to significant savings in personnel cost and cost of materials. The new measures include another cut of more than 100 jobs, as well as cost reductions in all areas. Thus arose restructuring costs amounting to EUR 2.5 million. In addition, during the first half of 2002, Nemetschek made valuation adjustments in the amount of EUR 3.1 million for the purpose of risk prevention, which primarily affected the subsidiaries Apsis and MyBau and also included depreciation of tangible assets. In the Board’s opinion, this concludes the restructuring of the investment in associates. As of 06/30/2002, the Group’s EBIT amounted to EUR -4.9 million (2001: EUR 2.6 million). This figure includes the restructuring costs listed above (EUR 2.5 million), as well as a portion of the unscheduled goodwill amortization and depreciation of tangible assets (EUR 1.7 million). EBIT before special expenditures is EUR -0.6 million. EBITDA is positive and amounts to EUR 1.1 million (2001: EUR 8.1 million), EUR 3.7 million before special expenditures. The annual deficit amounts to EUR -6.8 million (2001: EUR 0.1 million), EUR -1.2 million before special expenditures. Nemetschek’s balance sheet structure remains solid. The cash flow from operating activity is clearly positive and amounts to EUR 3.9 million for the first half of 2002 (2001: EUR 4.0 million). Liquid assets amount to EUR 15.2 million (EUR 17 million as of 12/31/2001). Equity amounts to EUR 57.2 million and the equity capital ratio is 66%. The Board expects annual sales for 2002 of EUR 105 – 110 million, along with a balanced Group EBIT before special expenditures. Contact: Mr. Richard Höll, Nemetschek AG, +49 (0)89/92793-1219, Investorrelations@nemetschek.de end of ad-hoc-announcement (c)DGAP 27.08.2002 ——————————————————————————– WKN: 645290; ISIN: DE0006452907; Index: Listed: Neuer Markt Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 270751 Aug 02