euro adhoc: Foris AG
Annual Reports
Announcement by FORIS AG, Berlin, Bonn, Frankfurt, Munich, New York for the press conference on its financial results on Wednesday, 27th February 2002 FORIS AG presents its financial statements for 2001 and at the
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
1. The FORIS Group reports turnover of 23.7 million euro (last year: 22.1m EUR). Of this 2.3 million EUR(1.3m EUR) relates to litigation financing, 20.2 million EUR (20.6m EUR) to trading with shelf companies and 1.2 million EUR(152,000 EUR) to other segments. 2. Under German accounting rules, the Group reports a net loss amounting to 2.7 million EUR (last year: 3.9m EUR). Under US-GAAP this comes to 3.5 million euro (3.0m EUR). The loss is caused on the one hand by the number of concluded litigation financing cases being still too low and on the other by the negative results from certain subsidiary companies. 3. At the year-end FORIS AG financed a total of 220 cases (222) at a combined amount in dispute of 163 million EUR(121.6m EUR). The average amount in dispute in hand rose consequently by 35% to 741,000 EUR(547,000 EUR). The average amount in dispute for the 99 (158) cases newly financed in 2001 rose by 44% to 650,000 EUR (450,000 EUR). The option volume, i.e. the calculated maximum proceeds on investments from the amount of financing in hand, amounted to 50.9 million EUR (44.5m EUR). Based on this option volume, FORIS AG predicts gross margins of 7.7 EUR million, depending on the level of cases for the current and succeeding years. 4. With this, FORIS has achieved the first step towards its goal of concentrating on cases with higher amounts in dispute. As a further consequence, FORIS is raising the limit on amounts in dispute for financing purposes from its present level of 50,000 to 200,000 EUR. 5. In the year just past, at first FORIS, and from April FORATIS AG, sold a total of 639 (562) shelf companies. This enabled FORATIS AG to already report profits of 450,000 EUR in its first shortened financial year. 6. FORIS AG will concentrate further on its core business and on profitable business segments. At the same time FORIS will disengage from unprofitable activities. This includes the services provided by CompLex GmbH, and the marketing of patents by FORISION AG which has not developed as expected in its first year, as well as certain activities within FORIS Institut. Significant cost savings will be achieved as a result, particularly through a reduction in staff numbers. On this basis FORIS AG predicts that the current year will result at least in the Group breaking even.
end of announcement euro adhoc 27.02.2002
Further inquiry note:
Further information: FORIS AG, Kurt Schumacher Str. 18-20, 53113
Bonn,Tel. 0228-9575022, Fax: 0228-9575027, e-mail: bonn@foris.de ,
www.foris.de
Branche: Financial & Business Services
ISIN: DE0005775803
WKN: 577580
Börsen: Baden-Württembergische Wertpapierbörse, Bayerische
Börse, Börse Düsseldorf, Bremer Wertpapierbörse (BWB), Hamburger
Wertpapierbörse, Handelsüberwachung der Berliner Wertpapierbörse,
Niedersächsische Börse zu Hannover, Frankfurter Wertpapierbörse
Original content of: FORIS AG, transmitted by news aktuell