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Getronics N.V.

Getronics N.V.

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Publicatie datum 17 jan 2006 - 08:11
Statutaire naam Getronics N.V.
Titel • Getronics has decided to sell its Italian business activities • Due to an unexpected loss of the Italian operations the Company is not expecting to meet its consolidated EBITAE target of 5%• Getron
Bericht Sale of Italian business activities In recent months, Getronics has studied various strategic options for its Italian subsidiary. Together with local management, the Board of Management has concluded that in the current Italian ICT market, the best option is to create a strong national player with access to an international network. This also ensures continued high quality service delivery to our clients. Getronics is in exclusive negotiations to sell its entire Italian business activities to an Italian-based ICT services company. Following this transaction, the new combination significantly improves its competitive position in what continues to be a difficult market. It is intended that the new combination will have access to Getronics' remote service delivery network through a preferred business partner agreement, and that it becomes a key service partner for Getronics. The completion of the transaction is expected to take place in the course of 2006. Financial implications As a result of the decision to sell the Italian operations, the financial results of the operating company in Italy in 2005 will be reported in the 2005 annual consolidated accounts as ‘discontinued operations’ under IFRS 5. Besides ongoing challenging market circumstances in Italy, the financial performance of Getronics’ Italian operations in Q4 2005 was also unexpectedly negatively impacted by the postponement of a large central government outsourcing project originally awarded in June 2005. The seasonal character of the saturated Italian market and the length of its sales cycles have made it impossible for the management of Getronics Italy to compensate for this postponement with new profitable service revenues in the remainder of Q4 2005. In addition, the mix of business has led to higher subcontractor and other costs than planned, resulting in a serious unexpected operational loss in Q4. We also expect an impairment of goodwill related to our Italian operations. The commercial backl

Datum laatste update: 11 februari 2025