caatoosee ag

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caatoosee forges ahead with the 'focus' restructuring programme (E)

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[13.11.2001 - 12:30]

Leonberg (ots-euro adhoc) -

Focusing on the core business units of information logistics and enterprise solutions, caatoosee ag will complete the last phase of the Group's restructuring measures, initiated as part of its 'focus' programme, by the end of the year. The programme, which was introduced in the first quarter of the current financial year, is aimed at achieving a substantial improvement within the area of profitability. The action plan also stipulates a concentration of the Group's activities. The main emphasis is on bringing about savings throughout the Group and bolstering the current liquidity base. As part of the implementation of the 'focus' programme and in accordance with the decision agreed upon by the Supervisory Board, subsidiaries will be fully integrated into the caatoosee ag. This will allow the company to position the caatoosee brand for information logistics more effectively and utilise the full potential of the synergy created through its equity investments.

caatoosee ag and PT Sigma Cipta Caraka, a company in which caatoosee holds a majority stake, have decided by mutual consent that the Leonberg-based company shall retransfer its shares to Indonesia's PT Sigma. caatoosee ag has thus re-emphasized its decision to focus on Europe as its core market. As a result of the return of stock, caatoosee ag will benefit from a cash inflow in the double-digit million range. Despite the reversal of its majority shareholding in the Sigma Group, caatoosee will maintain its business relationship with Sigma, an Indonesian specialist within the field of IT outsourcing. The company plans to use, on a project-by-project basis, the development resources available to the Sigma Group, while also establishing a long-term business cooperation within the area of sales and distribution.

Due to a lower revenue base, the gross margin of the caatoosee Group will show strong signs of improvement. Profitability is to take precedence over revenue, seeing as the latter will not necessarily guarantee viable long-term growth. caatoosee remains committed to achieving EBITDA break-even on a quarterly basis in 2002.

The Management Board

Further inquiry note: caatoosee ag, Stefan Ahrens, ph. + 49 (0) 7152 / 355-6000, e-mail stefan.ahrens@caatoosee.com

Ahrens & Behrent, Financial Dynamics GmbH, Dr. Lutz Golsch, ph. +49 (0) 069 / 92037-110, email  l.golsch@a-b.de



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