Vivacon AG closes financial years 2008 and 2009 with substantial losses
restructuring process is more advanced
Vivacon AG / Annual Earnings 2008 and 2009
- Further high group net loss in 2009 of EUR 51.1 million (previous year: EUR -139 million) due to high reorganisation and restructuring costs
- Improved EBITDA in 2009 following high loss in previous year (EUR -49.5 million) to EUR -6.5 million
- Liquidity situation remains tight, freely available liquid assets fell again in 2009 to EUR 9.8 million (previous year: EUR 16.8 million)
- A group loss, albeit reduced, is expected in 2010 too given the further reduction in business volume
- Stabilisation of cash flow is main goal for 2011
Cologne, 14 February 2011 Vivacon AG (ISIN: DE000604 8911; WKN: 604891) is publishing its long-awaited annual reports for the financial years 2008 and 2009 today.
Presentation of the annual reports, including the certified annual financial statements, marks at the same time the preliminary completion of the two-year restructuring process at the Vivacon Group; as a result of the crisis on the financial markets, the group fell into an earnings and liquidity crisis at the beginning of financial year 2009 which threatened the company’s existence.
