Ad-hoc | 23 September 2002 19:26

Nemetschek AG english

Nemetschek subsidiary APSIS Software AG filing for insolvency Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Nemetschek subsidiary APSIS Software AG filing for insolvency Munich, September 23, 2002. Nemetschek AG, one of the leading vendors of information technology and consulting services for building design, construction and management, has announced that its 80% subsidiary APSIS Software AG has filed for insolvency with the local court of Munich. Nemetschek pointed at the difficult situation with the ad hoc announcement from August 27, 2002 already and reacted with a value adjustment. The non-listed APSIS joined the Nemetschek Group in 1999 and has been part of the New Business Opportunities business unit. In face of the difficult business development since the beginning of the year and at the urging of the supervisory board APSIS initiated extensive consolidation activity. However, these measures – including a just under 50% cut in its headcount to 30 – proved insufficient to pull costs into line with the very sharp decline in revenues. Particularly with regard to minimizing the risks for Nemetschek AG, the insolvency of APSIS could not be avoided. The Board of Nemetschek AG currently examines the background and the details of the insolvency proceedings. In fiscal 2001, APSIS had contributed EUR 5.3 million to Nemetschek’s consolidated revenues but posted a loss of EUR 0.7 million. In the progress of the preparation of the half year statement 2002 Nemetschek took provisions for risks by valuation adjustments on goodwill amounting to EUR 1.1 million and by a reduction of deferred taxes amounting to EUR 0.2 million. Further financial implications for the Group are not expected. With respect to Nemetschek AG the results will be burdened by EUR 4.0 million, including depreciation in the amount of EUR 2.7 million and valuation adjustments for a loan to APSIS AG in the amount of EUR 1.3 million. These special charges are not liquidity-related. Effects on the operating activity of Nemetschek are not expected. For more information, please contact: Richard Höll, Nemetschek AG, Konrad-Zuse-Platz 1, 81829 Munich, Germany, Tel.: +49 (0)89 / 92793 – 1219, Telefax: +49 (0)89 / 92793 – 5520, investorrelations@nemetschek.de end of ad-hoc-announcement (c)DGAP 23.09.2002 ——————————————————————————– WKN: 645290; ISIN: DE0006452907; Index: Listed: Neuer Markt Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 231926 Sep 02