Marburg, 30.09.2008 – 3U HOLDING AG is terminating the ongoing sales processes for the group subsidiaries LambdaNet Communications Deutschland AG and 3U TELECOM GmbH Austria. As a consequence of the heightened crisis in the banking and credit sectors, the possibilities for purchase price financing on the part of potential buyers have again deteriorated, with the effect that from the stance of the management purchase prices commensurate with the actual value of the shareholdings cannot be attained at present. For this reason the “held-for-sale” status applicable to LambdaNet Communications Deutschland AG and 3U TELECOM GmbH Austria in line with the accounting provisions of the International Financial Reporting Standards (IFRS) is to be lifted. In the past quarters only the results for the period and not the individual items on the income statement, and in particular not the revenues of the “held-for-sale” companies, were included in the consolidated statements. In accordance with these provisions the depreciation at the “held-for-sale” companies was neutralized at group level. With the lifting of the “held-for-sale” status the companies affected will be consolidated in full again and the suspended depreciation will be belatedly included in the quarterly statements of 3U HOLDING AG as of September 30, 2008. The total of such belated depreciation at LambdaNet amounts to € 7.24 million.
In addition, the board of management is sticking by the increase announced in August for the results prognosis in the fixed-line telephony segment as a consequence of the continued positive business development. For the year as a whole it is expected that this segment will make a contribution of some € 5 million to the consolidated results.
At group level it is expected for 2008 as a whole, taking into account the belated depreciation for the companies managed as “held-for-sale” companies to date, that the consolidated result will be around minus € 5 million. In this respect a negative contribution to results amounting to € 2.9 million is accounted for by the belated depreciation from 2007. The consolidated revenues for 2008 as a whole are expected to be about € 102 million.
Contact
3U HOLDING AG
Neue Kasseler Str. 62F
35039 Marburg
phone: +49 6421 999-1200
fax: +49 6421 999-1998
e-mail: ir@3u.net