Pixelpark GmbH
Pixelpark AG english
Burdens on results in the 4th quarter of 2001/Bertelsmann waives loan
repayment
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Berlin, March, 1st 2002: Pixelpark AG is today announcing its preliminary
results for the fiscal year just past from the January 1st to December 31st,
2001 in accordance with the US GAAP. According to these, total revenue rose by
comparison with the same period in the previous year from 52.3 million EUROS to
81.3 million EUROS. However, the previous year was a short fiscal year covering
a period of just six months (01.07.2000 – 31.12.2000). In the fourth quarter of
2001 total revenue of 14.3 million EUROS were generated.
The EBITDA (before restructuring and impairment) for 2001 was -20,2 million
EUROS (previous year: -9.4 million EUROS).
The main burdens on the result were derived from impairment charges in the sum
of -35.7 million EUROS (30.09.: -14.7 million EUROS). Since the original
expectations regarding the repayments from the subsidiaries have not been met,
Pixelpark has decided to make significant adjustments to the valuations. The
operating loss is further burdened by restructuring costs as a result of the
reduction in personnel numbers and the release of rented space in the sum of
-14.6 million EUROS (30.09.: -4.7 million EUROS).
The consolidated result before interest and tax (EBIT) fell from -13.9 million
EUROS in the short fiscal year 2000 to -82.5 million EUROS in 2001. The
consolidated loss came to a total of -86.0 million EUROS (previous year: -15.6
million EUROS).
In December 2001 Bertelsmann AG, with a 60.3% stake the largest shareholder in
Pixelpark AG, extended the 15 million EURO loan granted to Pixelpark to a total
of 40 million EUROS, making it a subordinated loan in the process. Bertelsmann
has today announced that it will treat 20 million EUROS of this loan as a
conditional write off with debtor warrant. This measure will help to strengthen
the equity capital position of Pixelpark AG in the current business year.
The cash balance of the Pixelpark Group as at 31. December 2001 totalled 27.7
million EUROS (30.09.2001: 17.8 million EUROS).
The final annual results will be published on the March, 27th 2002 within the
framework of the balance sheet press conference which will be staged in Berlin.
end of ad-hoc-announcement (c)DGAP 01.03.2002
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WKN: 514350; ISIN: DE0005143507; Index: NEMAX 50
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart
012127 Mär 02
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