Interim report for Columbus IT Partner A/S for the period 1 January - 30 June 2002
Interim report for Columbus IT Partner A/S for the period 1 January - 30 June 2002
August 14, 2002 at 12:00 AM CEST
se_09_2002_interimreport1.pdf 163.8 KB
The Columbus IT Partner net sales for the first half of 2002 amounted to DKK 339 million, and earnings before tax, depreciation and amortization (EBITDA) amounted to DKK 25 million. - The Group's net sales were DKK 339 million (DKK 299 million in the first half of 2001).Disregarding the sale of the Danish municipal activities and the 2001 sale of the distribution activities, net sales equal those of last year. - EBITDA which was DKK 25 million (DKK -25 million in 2001) is affected by the divestment of the municipal activities and the re-purchase of a number of Columbus-developed products and the reversal of development costs, etc. When disregarding the EBITDA contribution (DKK 34 million), EBITDA has improved by DKK 23 million compared with 2001 (minus DKK 7.5 million for the sale of the distribution activities). - Since 30 June 2001 the number of employees has been reduced by 195 to 849 employees corresponding to a reduction of 19 percent. In the same period, net sales per employee at the end of the period increased by 25 percent compared with the 1st half of 2001. - The Company's receivables have dropped and the debtor days thus fell from 91 at the end of 2001 to approximately 72 days by 30 June 2002. - Earnings before tax for the period improved by DKK 47 million to DKK -5 million compared with DKK -52 million in the same period last year. Earnings after tax came to a loss of DKK -9 million against DKK -43 million in the first half of 2001. - For the entire year 2002, net sales are expected to be in the lower end of the spectrum reported earlier, namely at around DKK 650 million. Because of the uncertainty surrounding the earn-out payment from the sale of the municipal activities and the noted lower margin in 1st half of 2002, as described below, an EBITDA between DKK 35-40 million is expected. Niels Heering Carsten Dilling Chairman of the Board Chief Executive Officer Columbus IT Partner A/S Columbus IT Partner A/S For further information please contact: Chief Executive Officer, Carsten Dilling, tel.: +45 70 20 50 00 Head of Investor Relations, Jan Bitterhoff, tel.: +45 70 20 50 00