GFT Technologies SE

euro adhoc: GFT Technologies AG
Layoffs & Downsizing
GFT experiences decline of orders and reduces costs to maintain profitability (E)

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Having analyzed the orderbooks in detail, GFT Technologies AG experiences a structural decline of orders, which is attributable to a fundamental investment restraint by companies from all industrial sectors and to a massive price pressure. In order to increase capacity utilization and to adjust the company group to suit the current orders position, the GFT Group will reduce workforce by 100 to 120 employees by the end of the year. This represents approximately 10 % of the overall capacity. The Executive Board has adjusted the revenues and profit forecasts for 2002. With revenues of Euro 165m. - whereof Euro 115m. are related to the project business and Euro 50m. to the freelance operations by the recently separated emagine gmbh - the GFT Group should achieve a balanced EBITDA result for the current financial year.

For analysts there will be a conference call today from 11.00 to 11.30hrs CET. The access code can be requested for at +49-6196-969-2634.

Contact: Sandra Strüwing, Director Corporate Communications, GFT Technologies AG, Leopoldstraße 1, D-78112 St. Georgen, T: +49-7724-9411-423, F: +49-7724-9411-883, M: +49-173-7085834, sandra.struewing@gft.com

end of announcement            euro adhoc 19.07.2002
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Further inquiry note: Frau Strüwing Sandra

Branche: Software
ISIN:      DE0005800601
WKN:        580060
Börsen:  Baden-Württembergische Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Berliner Wertpapierbörse / free trade
              Börse Düsseldorf / free trade
              Bremer Wertpapierbörse (BWB) / free trade
              Hamburger Wertpapierbörse / free trade
              Niedersächsische Börse zu Hannover / free trade
              Frankfurter Wertpapierbörse / Neuer Markt



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