56075 Koblenz, de
+49 (261) 13389-17
net AG sells significant portion of its IT Solutions segment to British Telecommunication plc
Concentration on the fast-growing Publishing segment / Net income before tax expected to total in excess of EUR 8 million for the current business year / Financial leeway opens up further growth potential
Both parties have agreed to maintain strict silence on the purchase price.
Together with the almost tax free book profit from the sale of the companies, net AG now anticipates consolidated earnings before interest and taxes (EBIT) for the current business year 2007/2008 to run to at least EUR 8 million.
The sale will generate considerable liquidity. The liquid funds will be used to repay trade payables and to expand the Publishing segment. After repayment of the syndicated loan, which was taken out within the framework of the acquisitions in the Publishing segment in the business year 2006/2007, the company anticipates freed-up liquidity of approximately EUR 10 million. The consolidation of business resources on the Publishing segment and the available financial scope will serve to accelerate the profit-oriented growth of net AG. Besides expanding the range of products, the company plans to strengthen its international sales structure. Moreover the successful pursuit of this growth path should found the basis for future interest of the shareholders in the profit though dividend payments that have been advised on this year's shareholder's meeting.
The sale is subject to regulatory approval by the German antitrust organization.
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