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FORIS AG

euro adhoc: Foris AG
Annual Reports
Announcement by FORIS AG, Berlin, Bonn, Frankfurt, Munich, New York for the press conference on its financial results on Wednesday, 27th February 2002 FORIS AG presents its financial statements for 2001 and at the

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
1. The FORIS Group reports turnover of 23.7 million euro (last year:
22.1m EUR). Of this 2.3 million EUR(1.3m EUR) relates to litigation
financing, 20.2 million EUR (20.6m EUR) to trading with shelf
companies and 1.2 million EUR(152,000 EUR) to other segments. 
2. Under German accounting rules, the Group reports a net loss
amounting to 2.7 million EUR (last year: 3.9m EUR). Under US-GAAP
this comes to 3.5 million euro (3.0m EUR). The loss is caused on the
one hand by the number of concluded litigation financing cases being
still too low and on the other by the negative results from certain
subsidiary companies. 
3. At the year-end FORIS AG financed a total of 220 cases (222) at a
combined amount in dispute of 163 million EUR(121.6m EUR). The
average amount in dispute in hand rose consequently by 35% to 741,000
EUR(547,000 EUR). The average amount in dispute for the 99 (158)
cases newly financed in 2001 rose by 44% to 650,000 EUR (450,000
EUR). The option volume, i.e. the calculated maximum proceeds on
investments from the amount of financing in hand, amounted to 50.9
million EUR (44.5m EUR). Based on this option volume, FORIS AG
predicts gross margins of 7.7 EUR million, depending on the level of
cases for the current and succeeding years. 
4. With this, FORIS has achieved the first step towards its goal of
concentrating on cases with higher amounts in dispute. As a further
consequence, FORIS is raising the limit on amounts in dispute for
financing purposes from its present level of 50,000 to 200,000 EUR. 
5. In the year just past, at first FORIS, and from April FORATIS AG,
sold a total of 639 (562) shelf companies. This enabled FORATIS AG to
already report profits of 450,000 EUR in its first shortened
financial year. 
6. FORIS AG will concentrate further on its core business and on
profitable business segments. At the same time FORIS will disengage
from unprofitable activities. This includes the services provided by
CompLex GmbH, and the marketing of patents by FORISION AG which has
not developed as expected in its first year, as well as certain
activities within FORIS Institut. Significant cost savings will be
achieved as a result, particularly through a reduction in staff
numbers. On this basis FORIS AG predicts that the current year will
result at least in the Group breaking even.
end of announcement        euro adhoc 27.02.2002

Further inquiry note:

Further information: FORIS AG, Kurt Schumacher Str. 18-20, 53113
Bonn,Tel. 0228-9575022, Fax: 0228-9575027, e-mail: bonn@foris.de ,
www.foris.de

Branche: Financial & Business Services
ISIN: DE0005775803
WKN: 577580
Börsen: Baden-Württembergische Wertpapierbörse, Bayerische
Börse, Börse Düsseldorf, Bremer Wertpapierbörse (BWB), Hamburger
Wertpapierbörse, Handelsüberwachung der Berliner Wertpapierbörse,
Niedersächsische Börse zu Hannover, Frankfurter Wertpapierbörse

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

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