Informer S.A. annual results for 2002
The turnover of Informer S.A. increased by 5.5% in 2002 and amounted to € 20.8 mio against € 19.7 mio in 2001. Earnings before taxes amounted to € 4.5 mio in 2002,
as compared € 5.0 mio in 2001, thus presenting a 10.6% drop. The drop in absolute earning figures is not indicative of the real 2002 earnings to be distributed, and the profits to be distributed are expected to be higher than those in 2001.
Actually, the company’s operating expenses in 2002 fell by 16% as compared to 2001, if one takes into account that the consolidation of investment expenses was limited by 80%, resulting in a sum of operating and consolidated expenses of € 4.32 mio in 2002, against € 5.16 mio in 2001.
The limited decrease in the profitability of Informer S.A. is mainly due to external factors and basically to the foreign exchange rate of the US dollar to the euro. Foreign exchange losses in 2002 amounted to € 1.28 mio, as opposed to € 0.46 mio in 2001. Earnings before the accounting of foreign exchange losses amounted to € 5.6 mio in 2002, against € 5.4 mio in 2001.
At the Group level, sales stagnation and the reduction of earnings in 2002, as compared with 2001 was as follows:
2002 Sales € 40.6 mio 2001 Sales € 41.2 mio
2002 earnings before taxes € 2.9 mio 2001 earnings before taxes € 11.3 mio
The Group's reduced financial results in 2002 against those in 2001 are due, first of all, to a drop in sales, as well as in the earnings of subsidiary abroad with high profit margins. The reduction in the sales of the aforementioned subsidiary was compensated by the sales of a domestic subsidiary trading PCs, hence minimizing the difference in sales, however it has not covered the difference in profits due to its low profit margin.
The drop in the sales of our banking subsidiary is due to delays in receiving work from customers and to the postponement of signing new contracts.
In 2003, the prospects and trends in the IT market in which the company is active seem to be satisfactory based on current data. This in combination with the aggressive sales strategy implemented by the Company and the Group, shall have a positive effect on the financial figures of the parent company and the Group.
