Ad-hoc | 6 March 2003 20:15

plenum AG english

plenum AG: Provisional annual financial statements 2002 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– plenum AG: Provisional annual financial statements 2002 – Revenues slightly higher than forecast, at EUR 47.5 million – Positive cash flow increases liquid funds to EUR 13.3 million (+77%) – Non-recurring charges lead to a consolidated loss of EUR -10.7 million Wiesbaden, March 6, 2003 – According to provisional figures, plenum AG has generated revenues of EUR 47.5 mio., thus slightly exceeding its sales target revised in August. Even taking into account the reduction of the participation in plenum Systems Schweiz AG, sales were down by more than 20% on the previous year. This was mainly due to the slump of more than 45% at the plenum Communication division. In 2002, the earnings situation was characterised by the weak economy, the associated price pressure and necessary restructuring measures. The Management Board, reformed in September, responded to the persistent difficult market conditions by focusing the service offer, strengthening customer loyalty and adapting the cost structure. In addition, due to the persistence of the poor economic situation, the Management Board had to increase risk provisioning by means of precautionary valuation allowances on receivables and increased provisions. In addition, intangible assets and goodwill not subject to regular writedowns were written down in full. Total charges led to negative EBITDA of EUR -1.1 mio.(py: EUR +5.1 mio.) and a consolidated loss of EUR -10.7 mio. (py: EUR +2.9 mio. before write-down on securities). With a total of 9,577,068 shares, earnings per share therefore amounted to EUR -1.11. The Management deliberately took these non-recurring effects into consideration in order to achieve a sound balance sheet structure for the future. Overall, the operating business was stabilised by these measures and liquid funds were increased by 77% (py: EUR 7.5 mio.) to EUR 13.3 mio. by means of a positive cash flow. The retained earnings for the year were almost fully offset by writing back reserves to ensure that dividends can be distributed in future. With EUR 9.8 mio. of equity and an equity ratio of 40%, the new balance sheet structure forms a sound basis for the further development of the company. Following the restructuring measures last year, the Management Board expects a stable development of sales in 2003 with positive results. Details on the development of business can be found in the 2002 annual report at http://www.plenum.de from March 27, 2003 end of ad-hoc-announcement (c)DGAP 06.03.2003 ——————————————————————————– WKN: 690100; ISIN: DE0006901002; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München und Stuttgart 062015 Mär 03