PrimaCom AG

euro adhoc: PrimaCom AG
Annual Reports
PRIMACOM REPORTS 2003 RESULTS (E)

--------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------- Mainz, April 26, 2004 - PrimaCom AG (OTC BB "PCAGY" and Geregelter Markt Frankfurt: "PRC" or ID No. "625910", www.primacom.de) today reported its consolidated results for the year ended December 31, 2003. For the year ended December 31, 2003, revenues increased by 8.7 percent or 15.9 million Euro to 197.9 million Euro compared to 182.0 million Euro for the year ended December 31, 2002. The primary factor for this growth was an overall 15.2 million Euro revenue increase in Multikabel the Company’s Netherlands subsidiary. The primary reason for strong revenue growth in Multikabel was the 8.4 million Euro increase in its high speed Internet service. In 2003 operating profit increased by 36.3 million Euro to 19.4 million Euro from an operating loss of 16.9 million Euro in 2002. Interest expense increased in 2003 by 3.7 million Euro to 113.1 million Euro compared to 109.4 million Euro in 2002 in the year 2003. The primary factor responsible for the increase was the higher interest rates associated with the 375.0 million Euro convertible second secured credit facility as compared with the revolving credit facility under which this amount was primarily due during the first quarter of 2002. Net loss for the year ended December 31, 2003 was 118.1 million Euro, or 5.97 Euro per basic and diluted share, compared to a net loss of 138.3 million Euro, or 6.99 Euro per basic and diluted share for the year ended December 31, 2002. In particular depreciation, amortization expense and interest expense were the main contributors to the Company’s net loss. EBITDA increased by 27.9 Mio. Euro or 35.3 percent from 79.1 million Euro in 2002 to 107.0 million Euro in 2003, primarily as a result of the growth of high-speed Internet services in Multikabel and continuing cost reduction activities. EBITDA is calculated as follows: 19.4 million Euro operating profit plus 87.6 million Euro depreciation and amortization. At December 31, 2003, PrimaCom’s aggregate consolidated indebtedness was approximately 946.4 million Euro and was comprised of approximately 494.5 million Euro of senior bank debt, 448.1 million Euro of convertible second secured debt, 2.9 million Euro of capital leases obligations, and 0.8 million Euro of deferred purchase obligations. Despite the positive trend in our overall operating profit, the company continues to generate significant net losses. As a result, as of December 31, 2003, shareholders’ equity had a deficit balance of 84.9 million Euro down from a positive equity balance of 33.0 million Euro at December 31, 2002. Due to the continued need to restructure the company’s financial position on April 16, 2004 PrimaCom AG has signed a financing transaction (the "Proposed Asset Sale and Purchase Transaction") whereby it will, if successful transfer substantially all of its assets to a special purpose vehicle, BK Breitband Kabelnetz Holding GmbH, Hamburg. For further information on that transaction we refer to PrimaCom’s prior Ad hoc release dated April 16, 2004. end of announcement euro adhoc 26.04.2004 --------------------------------------------------------------------- Further inquiry note: PrimaCom AG Investor Relations T.: +49(0)6131 944 522 E-Mail: investor@primacom.de Branche: Telecommunications Equipment ISIN: DE0006259104 WKN: 625910 Index: CDAX, Prime All Share, Prime Standard Börsen: Frankfurter Wertpapierbörse / regulated dealing Niedersächsische Börse zu Hannover / free trade Berliner Wertpapierbörse / free trade Bayerische Börse / free trade Hamburger Wertpapierbörse / free trade Bremer Wertpapierbörse (BWB) / free trade Börse Düsseldorf / free trade Baden-Württembergische Wertpapierbörse / free trade

Das könnte Sie auch interessieren: