Softline AG

euro adhoc: Softline AG
Quarterly or Semiannual Financial Statements
Softline with positive cash flow again (E)

--------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------- Offenburg, 25. February. Operating in a difficult market environment, Softline AG generated sales of 46.4m Euro (previous year: 37.3m Euro) in the first six months of the current financial year 2001/02. The growth was carried mainly by the subsidiaries Rapid Group and Trade Up who had as yet not been part of the group in the same six-months period of the previous year. The share of sales abroad rose in total 63.0 (p.y.: 36.5) percent of sales. Caused by the unsatisfactory development of results among some of the foreign subsidiaries, the deficits were exacerbated by extraordinary depreciations on goodwill in the amount of 3.3m Euro. Original expectations had justified a higher goodwill. This one-off accelerated depreciation meant that the deficit ran at minus 5.69 (Q1: minus 1.9, p.y.: minus 0.86) million Euro in the first six-months period, in spite of a significantly more positive operative business. With this early balance sheet action, which has no impact on cash flow, Softline safeguards enhanced transparency in order to be able to assess the operative situation of the company. The comparison of the second with the first quarter already shows a trend reversal on the operative side of the results: Thanks to a higher gross profit margin accompanied by tighter cost management, Softline AG generated a positive operative cash flow in the second quarter of 1.29 (Q1: minus 1.03, p.y.: minus 8.55) million Euro. The operative deficit, too, (EBIT) was substantially reduced in the second quarter to minus 0.37 (Q1: minus 2.08) million Euro. In all, losses (EBIT) before extraordinary depreciations in the first six months period were minus 2.45 (p.y.: minus 0.8) million Euro. Break-even (EBIT) is expected to be reached in Q4, at the latest however by Q1 of the next financial year. The cash reserves, rising to 14.94 (end of Q1: 13.83; p.y.: 18.70) million Euro compared with the previous quarter, underscore the financial solidity of the Softline Group. As a result of the continuing slow-down in the IT and software market, which shows no signs of recovery, the original annual target figures had to be adjusted. Overall, sales of approx. 90 (f.y. 00/01: 85.6) million Euro should be achievable in the current financial year 01/02 (30 June) in spite of a continuing highly volatile market climate. Consequently, net losses including the extraordinary depreciations should be roughly at on the same level as in the previous year. end of announcement euro adhoc 25.02.2002 --------------------------------------------------------------------- Further inquiry note: Erik Parkner, Phone: 0049 781 9293 151, E-mail: eparkner@softline.de Original-Content von: Softline AG, übermittelt durch news aktuell

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