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
|
|
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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.
