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ots Ad hoc-Service: Alphaform AG
Alphaform fails to reach sales and earnings target - Business acquisitions not yet consolidated - Purchase of Lithopol AG of Switzerland
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Feldkirchen (ots Ad hoc-Service) - Alphaform AG Enabling Technologies & Services, a company quoted on Germany's Neuer Markt, will not reach its income and earnings targets for the 2000 financial year. With sales turnover of around EURO 2.8 million in the third quarter of the current financial year, total income for the first three quarters amounted to EURO 7.5 million, compared to circa EURO 6 million in the previous year. This modest organic growth has made corrections necessary to expectations for the financial year as a whole. Instead of EURO 13 million, organic sales revenue is now only likely to reach EURO 10.6 million. The reason given by the management board for this modest growth is that although broadening the company's product range from five to seven service products, the two new products, specifically developed for automotive industry, started slowly. Contrary to original forecasts these only produced orders in the fourth quarter of 2000, with sales revenue not due to be realised until the 2001 financial year. Additionally, in October, Alphaform acquired Rapid Product Innovations OY of Finland, a company with sales of approx. EURO 3.5 million and, with immediate effect, Lithopol AG, a company based in Aarau, Switzerland, with sales of around EURO 2.0 million. Neither company will be consolidated in the 2000 financial year.
Alphaform's unsatisfactory organic income growth has also affected earnings: the result before income and interest (EBIT) was minus EURO 3 million as at 30 September 2000, compared to minus EURO 0,8 million for the same period of the previous year. For the whole of financial 2000, the management board now forecasts a result of minus EURO 4 million - compared to an originally budgeted loss of EURO 1.4 million.
The two new acquisitions are expected to report a Break-even result for the 2000 financial year.
Through purchase of the new companies, Alphaform has achieved two strategic goals. Together with the new acquisitions, non-automotive activities will by the end of this year account for approx. 50% of sales revenue, and non domestic sales for about 40%. Under the original planning, these figures were not expected to be reached until the year 2003. After allowance for the losses expected at the end of the year and taking into account the fact that the acquisitions have been paid for out of issue proceeds, a sum of circa EURO 20 million is still available from the issue proceeds for further growth, acquisitions, and investments.
For further information please contact: Investor Relations: Vanessa Koop Alphaform AG Enabling Technologies & Services Kapellenstr. 10, 85622 Feldkirchen Tel: 089/90 50 02-34, Fax 089/90 50 02-90 Email: firstname.lastname@example.org
Engel & Zimmermann AG Agentur für Wirtschaftskommunikation Schloss Fußberg, Am Schlosspark 15, 82131 Gauting Tel.: 089/89 35 633, Fax: 089/89 39 84 29 Email:email@example.com
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