Utimaco Safeware AG – Financial Year 2001/2002
Ã‚Â· Restructuring is successful
Ã‚Â· Operative fixed costs reduced by more than 35 per cent
Ã‚Â· Continued business segments grown by 9 per cent
Oberursel, September 26, 2002 – In the financial year 2001/2002, Utimaco Safeware AG has been restructured successfully. By giving up two loss-making business units in January 2002, the annual operative fixed costs, from the current financial year 2002/ 2003, were reduced to Euro 27 million and the breakeven point cut to Euro 30.5 million per annum. Already in the fourth quarter (April to June 2002) of the reporting period 2001/2002, at a turnover amounting to Euro 8.4 million, a positive EBIT result totaling Euro 0.2 million, adjusted for certain unusual effects, had been achieved.
During the financial year 2001/2002 (July 2001 to June 2002), at a growth rate of 9 per cent in the continued business segments from Euro 25.7 million to Euro 28.0 million, a turnover of Euro 30.6 million has been achieved (previous year: Euro 38.3 million). This development confirms the focusing on the profitable and future- oriented business segments Workstation and Transaction Security decided upon in the course of the restructuring.
In the financial year 2001/2002, the EBIT result, adjusted for certain unusual effects amounting to Euro 8 million, equaled Euro minus 6.2 million (non-adjusted minus Euro 14.2 million) compared to minus Euro 8.0 million (non-adjusted minus Euro 14.4 million) in the previous year. The unusual effects mainly were a result from the restructuring expenditures amounting to Euro 2.7 million as well as value adjustments in outstanding receivables from the Asian joint venture of the financial year 2000/2001. The result after taxes, considering the unusual effects, amounted to minus Euro 14.7 million compared to minus Euro 16.4 million in the previous year.
During the current financial year 2002/2003, the positive outcomes of the restructuring will fully take effect so that, for the entire year, a positive result and a positive cash flow are expected.
Utimaco Safeware AG is one of the leading manufacturers of professional IT security solutions. The security technology and solutions developed by Utimaco Safeware protect the electronic data of companies and government bodies against unauthorized access and guarantee that business processes and administrative procedures in the electronic world are binding and confidential.