euro adhoc: Foris AG
Quarterly or Semiannual Financial Statements
FORIS presents its nine months' report. (E)

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[26.10.2001 - 21:03]

Berlin (ots-euro adhoc) - 1. FORIS AG was able to improve distinctly its quarter's results as compared to the previous quarter. Although it was not been able to achieve a positive quarter's result. The quarter's results are DM -0.6 million (1st quarter: DM -1.9 million; 2nd quarter: DM -4.7 million). The nine months' results are DM -7.2 million

2. The gross proceeds from the financing of legal proceedings increased, also because of the first successfully financed proceeding in the USA, to DM 974 thousand as compared to DM 721 thousand in the first quarter and DM 330 thousand in the second quarter. The amount of proceeds from legal proceedings terminated in the current quarter have largely confirmed FORIS AG's forecasts; although the delay with a number of proceedings resulted in the predicted termination of the proceedings being once again postponed to later periods.

3. The number of enquiries regarding the financing of legal proceedings was 350 in the quarter, and more than 1,300 in the first 9 months. In the quarter being reported on 18 new contracts were entered into with an amount in dispute volume of DM 15.7 million and a participation volume of DM 5.0 million, in the nine months' period 71 contracts with an amount in dispute volume of DM 98.9 million and a participation volume of DM 25.9 million. The absolute amount in dispute volume increased by 35.3 % despite a smaller number of cases compared to the comparable period (115) in the previous year. As at 30.9.01 there were 219 cases (199) with a participation volume for FORIS AG in an amount of DM 96,5 million (78.6) being financed.

4. In the first nine months FORIS AG and its subsidiary company FORATIS AG were able to sell 412 (320) ready-made companies. This is an increase of 28.75 % compared with this period in the previous year. In this area a positive result in an amount of DM 518 thousand was achieved.

5. The delay with a number of legal proceedings mentioned above also results in an adjustment in the forecast for the results for the whole year. This proceeds shift from the time point of view may on the basis of current knowledge result in a deficit for the year 2001 of up to DM 6.4 million. For the Year 2002 FORIS predicts - on the basis of the actual status of legal proceedings - proceeds in an amount of DM 9 million from ist current portfolio of contracts to be set against DM 6.5 million reduced costs in the area of financing legal proceedings.

Original-Content von: FORIS AG, übermittelt durch news aktuell

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