STOCKHOLM, Sweden, Jan. 29, 2004 (PRIMEZONE) -- Framfab AB (publ):
-- Net revenue totaled SEK 255.9 million (342.5) for the full year and
SEK 69.8 million (78.4) for the fourth quarter. SBIFramfab UK,
which was acquired in the fourth quarter, contributed SEK 15.6
million to net revenue.
-- Full-year earnings after tax were SEK -119.7 million (-56.2), of
which SEK -37.8 million was attributable to the divestment of B2
Bredband AB shares and SEK -36.5 million to planned cost saving
measures. Fourth quarter earnings after tax amounted to SEK -35.7
million (-6.0), of SEK -25.5 million was attributable to planned cost
saving measures. Earnings per share came to SEK -0.22 (-0.12) for the
full year and SEK -0.05 (0.01) for the fourth quarter.
-- Cash flow was SEK 6.3 million (-64.2) for the full year and SEK 9.3
million (-13.9) for the fourth quarter. The issue of new shares in
the second half of the year contributed SEK 53.8 million, of which
SEK 19.7 million was in the fourth quarter. Liquid funds were SEK
55.0 million (49.5) as of December 31.
-- Cost reduction measures were taken during the fourth quarter --
primarily in Cologne, Stockholm and Goteborg. Including measures
carried out during the first nine months of the year, costs will
decrease by SEK 70 million on a yearly basis. Adjusted for
acquisitions, operating costs decreased by SEK 75.4 compared to
last year.
-- Framfab acquired SBIs London operations, including 64 employees
in the fourth quarter. Framfab and SBI Group Inc. also signed a
cooperative marketing agreement to facilitate international
cooperation at the client level. The acquired UK operations made
a positive contribution to 2003 operating earnings. Through the
transaction SBI Group Inc. became the largest shareholder in
Framfab.
-- Steve Callaghan took over as CEO of Framfab AB on January 1, 2004.
Mr. Callaghan succeeds Anders Ekman, who also departed from the
board of Framfab AB as of December 31.
-- Framfab acquired Paregos Mediadesign AB in January 2004. Paregos,
with operations in Stockholm and Skelleftea, involving 20 employees.
-- The market for consulting services remains difficult to predict.
Despite indications of greater propensity to invest among Framfabs
clients, prospects are difficult to foresee. As a result, Framfab
will not make a forecast for the upcoming quarter or full-year
2004 at this time.
Framfab is a leading European specialist in digital media solutions and communication based on Internet technology. Most of Framfab's customers are large international companies, including 3M, American Express, AXA, Carlsberg Breweries, Cheltenham and Gloucester Building Society, the Coca-Cola Company, Danske Bank, DuPont, Ericsson, Hydro Texaco, Kellogg's, Kraft Food International, Lloyds TSB, Nike, Nobel Biocare, Observer, Phillip Morris International, Philips, Postbank, SAAB, Sara Lee Douwe Egberts, Vodafone, Volvo Car Corporation, Volvo Group and UBS. Framfab operates in Denmark, Germany, the Netherlands, Sweden, Switzerland, and the UK. The company is quoted on the O list of the Stockholm Stock Exchange (ticker symbol FRAM). For more information, please visit www.framfab.com.
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