Lintec Computer AG

euro adhoc: Lintec AG
Earnings Forecast
Restructuring of loss-making subsidiary RFI initiated. Negative impact on half-year results, liquidity improved. New group planning for 2002 and 2003 published. (E)

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After an analysis of the course and the result of the business year
lying past LINTEC subsidiary RFI mobile technologies AG (1 July to 30
June), both its Board and its Supervisory Board have decided to
initiate a substantial company restructuring process. The
distribution sector which has generated high turnover so far, however
yielding a low return and tying up liquidity only will be shut down
at short notice. All of the sector’s personnel will be made
redundant. In the future, RFI will concentrate on its core
competences in the field of mobile business solutions with a focus on
Bluetooth and its own brands in the accessory sector. At the same
time, there will be an extensive write-down on RFI AG’s
participations and goodwill.
Both, the losses accumulated by this subsidiary and the restructuring
process that has been initiated will have a considerable impact on
the turnover and profit planning of the LINTEC Group for the current
and next business year.
Furthermore and in spite of chances that still exist, the LINTEC
Board have decided to fully write-down the financial participation in
PixelNet AG.
Both incidents have a strong impact on the otherwise slightly
positive half-year result of the LINTEC Group. According to current
projections the LINTEC Group has turned over 119.7 million EUR (193.7
million EUR during the same period of the previous year). The EBITDA
amounted to a minus of 4.4 million EUR (compared to a 4.8 million EUR
surplus in the first half of 2001), with an EBIT reaching a minus of
8.8 million EUR (3.1 million EUR surplus) and a consolidated loss
pursuant to IAS of 24.1 million EUR (compared to a minus of 1.4
million EUR in 2001).
The group’s liquidity situation has improved noticeably compared to
the previous quarter. As of the balance sheet date, the liquid funds
available to LINTEC amounted to 6.1 million EUR (2.2 million EUR).
Based on the progress made in the restructuring process and on the
influence of seasonal variations, the LINTEC Board expects a
considerably better result for the second half of the year. In
particular for Q4 it forecasts an operating profit. However, owing to
RFI’s negative contributions to the result of the first six months
and because of the amounts written off at the end of Q2 it will not
be possible anymore to reach the annual planning published.
Therefore, the Board now makes the following forecast on the results
for the current and the next business year (previous year’s figures
for comparison):
~
Group results (IAS)2001                    2002e                  2003e
Total sales            365,1 millionEUR 229 millionEUR    146 millionEUR
EBITDA                    (16.9 millionEUR)(2.4 millionEUR) 9.0 millionEUR
EBIT                        (21.5 millionEUR)(8.5 millionEUR) 6.4 millionEUR
Net income/loss      (26.5 millionEUR)(25.7 millionEUR)1.6 millionEUR
~
The complete report on Q2 2002 will be published on 21 August.
Please contact: LINTEC Information Technologies AG, IR/PR Dept.,
Tel. ++49 (0) 34298-71607, Fax -71372. e-mail: aktie@lintec.de, web:
www.lintec.de

end of announcement            euro adhoc 06.08.2002
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Further inquiry note: Herr Ralf Naumann

Branche: Computing & Information Technology
ISIN:      DE0006486004
WKN:        648600
Index:    Nemax All Share
Börsen:  Frankfurter Wertpapierbörse / Neuer Markt
              Baden-Württembergische Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Berliner Wertpapierbörse / free trade
              Börse Düsseldorf / free trade
              Hamburger Wertpapierbörse / free trade
              Niedersächsische Börse zu Hannover / free trade



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