Ad-hoc | 17 March 2003 07:30

Pandatel AG english

Pandatel fulfills its revenue forecast; Group results weaker Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Pandatel AG, Hamburg, concluded the past financial year with an adjusted net income of EUR 2.9 million, as against EUR 6.2 million in the previous year. The result suffered from the effects of one-off factors such as high write-downs of inventories, value adjustments on loans and the writing off of receivables. As a result, for the first time ever the Group reported a net loss of EUR 1.4 million, as against a net income of EUR 2.3 million in 2001. However, the unsatisfactory earnings situation had no material impact on the soundness of the company’s balance sheet: The equity ratio improved to 94.9 percent as of the balance sheet date (previous year: 87.7 percent), while liquid funds rose by EUR 6.7 million to EUR 24.8 million (previous year: EUR 18.1 million). Cash flow from operating activities also remained clearly positive at EUR 1.2 million (previous year: EUR 4.0 million). In a difficult market, revenues of EUR 28.3 million (previous year: EUR 30.6 million) slightly exceeded the revised revenue forecast of EUR 28 million. Results weakened by special effects The Group’s first ever negative EBIT of EUR -3.8 million (previous year: EUR +3.0 million) is due not only to the weak market, but also to some one-off special effects. In 2001, having observed that there was a bottleneck in supply, the company built up some quite large inventories which were valued at a very low level during the year under review owing to the weakness of the market. The languishing U.S. dollar led to exchange rate losses of EUR 1.4 million; and the need to write off a considerable volume of receivables was an additional factor depressing the results. Renewed growth through focus on selected sectors, outsourcing and acquisitions Heinrich-J. Kraus took over as CEO of Pandatel AG on November 1, 2002. Kraus had previously occupied the positions of Managing Director for Broadcast and Professionals at Sony Deutschland GmbH and Chief Commercial Officer at Augusta Technologie AG, Frankfurt. The new CEO has presented a well thought out strategy resting on three pillars, which he is confident customers and investors will find convincing: The company will focus its marketing efforts on particular, selected sectors; it will use outsourcing to expand and accelerate its product development; and it will also seek growth through acquisitions. Pandatel AG, Dietlinde Bamberger, ir@pandatel.com end of ad-hoc-announcement (c)DGAP 17.03.2003 ——————————————————————————– WKN: 691630; ISIN: DE0006916307; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München und Stuttgart 170730 Mär 03