10 March 2005

 

 

Fayrewood plc (“Fayrewood”)

 

 

Announcement of ComputerLinks AG Preliminary Audited Results

 

ComputerLinks AG, Fayrewood’s German 51% owned and separately quoted subsidiary, today released its preliminary audited results for the year ended 31 December 2004 to the Frankfurt Stock Exchange.  The translation of the full text of the announcement released in Germany is set out below.

 

COMPUTERLINKS AG announces figures for 2004

Successful year for COMPUTERLINKS in 2004

Munich, 10.03.2005 – COMPUTERLINKS AG continued its steady growth in 2004. Group turnover rose by 19.7% to 210.8 million Euro (same period last year: 176.0 million Euro). Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased from 11.0 million Euro in 2003 to 11.2 million Euro in 2004 (+1.9%). Earnings before interest and taxes (EBIT) showed a profit of 10.3 million in 2004 compared to 9.4 million Euro in 2003 (+8.7%). The net income for the year 2004 was 6.5 million Euro compared to 5.8 million Euro in the previous year (+12.7%). Earnings per share stood at 1.11 Euro (previous year: 0.98 Euro). The strong cash flow in the 4th quarter of 2004 produced cash and cash equivalents of 19.4 million Euro at the end of 2004 (31st December 2003: 16.1 million Euro). By contrast there are no bank loans or overdrafts. The Management Board and the Supervisory Board are proposing to the General Meeting that a dividend of 0.35 Euro per share be distributed for 2004. This will result in an outflow of cash funds of 2.1 million Euro in 2005.

The breakdown of group turnover by country is as follows: 102.4 million Euro were produced in Germany, 75.4 million Euro in the UK, 14.9 million Euro in Switzerland, 12.5 million Euro in France and 5.6 million Euro in Italy. As in the previous year the e-security division was the most important growth engine with 78.1% of total turnover. In a year-on-year comparison sales in this division increased from 134.6 million Euro in 2003 to 164.6 million Euro in 2004. The e-business divisions produced 39.6 million Euro (previous year: 35.8 million Euro) and the professional services division 6.6 million Euro (previous year: 5.6 million Euro).

Gross profit was 36.9 million Euro in 2004 compared to 33.6 million Euro in 2003. Gross margins declined from 19.1% in 2003 to 17.5% in 2004 in particular as a result of larger projects concluded in the fourth quarter with lower margins on average. It has again been possible to reduce personnel costs and other operating expenses – less other operating income – in relation to turnover from 12.9% in 2003 to 12.2% in 2004.

Stephan Link, founder and CEO of COMPUTERLINKS AG stated: “Our successful business model is reaffirmed by an increase in turnover of almost 20% and also the increase in the net income for the year combined with our extremely sound financial and equity structure. We feel optimistic about 2005 as a result of our presence in eight European countries, an attractive product portfolio and a strong and highly motivated team.”

 

 

Results at a glance (in million Euro)

 

01.01.-31.12.04

01.01.-31.12.03

Change in %*

Turnover

210.8

176.0

+19.7

EBITDA

11.2

11.0

+1.9

EBIT

10.3

9.4

+8.7

Net income for the year

6.5

5.8

+12.7

Earnings per share

1.11

0.98

+13.2

 

* The percentage change is based on values which have not been rounded off

 

 

For further information please contact:

Pierce Casey, Chairman

Today on: 020 7466 5000

Paul Griffiths, Chief Executive

Thereafter on: 0121 780 6085

Fayrewood plc

 

 

 

Oliver Scott

 

KBC Peel Hunt

020 7418 8900

 

 

Tim Anderson / Lisa Baderoon

 

Buchanan Communications

020 7466 5000

 

Note to editors:

 

Fayrewood plc

 

Fayrewood is a pan-European computer software and hardware distributor. 

The group has two operating divisions:

The niche distribution division has subsidiaries in France, Spain and the UK. It is involved in the distribution of a wide range of computer related products.  It has contracts with many of the leading, world wide IT manufacturers.

ComputerLinks markets and distributes complex IT products for e-Security and e-Business applications. The major product partners include Check Point, Citrix, Nokia, RSA Security, Clearswift, SonicWall, Websense, Symantec and Trend Micro. It operates in the three principal European markets of Germany, the UK and France. It also has offices in Switzerland, Ireland, Italy, Hungary and Austria.