ots Ad hoc-Service: TELES AG <DE0007454902> TELES AG parts with loss-making business sector
Berlin (ots Ad hoc-Service) -
Ad hoc-announcement edited and sent by DGAP. The sender is solely responsible for the contents of this announcement.
Within the scope of the TELES Group's reorientation towards value-added Internet services the Management Board has decided to discontinue a formerly focal but now loss-making business area (ISDN PBXs and ISDN terminal devices).
This discontinuation decision has far-reaching consequences for the Group earnings. On the one hand the Group net result will not be as expected due to one-time closing costs. But on the other hand the discontinuation according to US-GAAP will remove from the total Group EBITDA result the EBITDA loss of the discontinued business area. This results in a positive Group EBITDA 2000, a significant substantiation and improvement (as compared to the issued quarterly reports) in the most important company performance indicator for forecasting the Group profit 2001. The TELES Group was thus - not taking the discontinued business into account - operatively profitable again in this year.
Revenues in the Group in the year 2000 were planned at around DM 500 million. As has always been stressed, this revenue goal was set under the assumption that the acquisition of a further suitable trading company would be carried out this year. This goal can no longer be achieved this year. Therefore Group revenues in 2000 would amount in the first instance to approx. DM 365 million. From these total Group revenues, US-GAAP requires the removal of the revenues of the discontinued business area in the current year amounting to approx. DM 36 million. Group revenues for 2000 will thus amount to over DM 325 million.
Prof. Sigram Schindler CEO of TELES AG
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