SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Month of April 2003
GENESYS S.A.
(Exact name of registrant as specified in its charter)
L'Acropole, 954-980 avenue Jean Mermoz, 34000 Montpellier, FRANCE
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
--- ---
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1):____
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7):____
Indicate by check mark whether by furnishing the information contained
in this Form, the registrant is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes No X
--- ---
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-_______________.
Genesys Conferencing logo
Genesys Conferencing Reports Financial Results
for the Fourth Quarter and Fiscal Year Ended December 31, 2002
o Q4 2002 Call Volumes Increase 33% to 316 million minutes
o High margin automated services volumes increase 75% in Q4 2002
o Management establishes 2003 guidance
o Call Center consolidation and cost cutting boost margins
Denver, Colorado, and Montpellier, France, April 24, 2003 - Genesys Conferencing
(Euronext: 3955) (Nasdaq: GNSY), the world's leading conferencing specialist,
today reported revenue and earnings for the fourth quarter and fiscal year ended
December 31, 2002. All financial results are reported under French Generally
Accepted Accounting Principles.
Highlights for the fourth quarter relative to the prior period results included:
o Total call volumes reached 316.4 million minutes, up 33.4% over 2001
o Automated service volume increased 75%
o Completed consolidation of call centers
Highlights for fiscal 2002 compared to fiscal 2001 results included:
o Total call volumes reached 1.2 billion minutes, up 33.9% over 2001
o Automated service volume increased 88.7%
o Completed consolidation of 5 call centers
The results for 2001 reflect the combined performance of Genesys Conferencing,
Vialog Corporation, which was acquired by Genesys on April 26, 2001 and Astound
Incorporated, which was acquired by Genesys on March 28, 2001, as if these
acquisitions were completed on January 1, 2001.
Automated Services Drive Performance in Fourth Quarter
As previously announced, total call volumes were 316.4 million minutes for the
fourth quarter 2002, up 33.4% from the prior year and 6.4% sequentially.
Automated services call volumes were up 75% from the fourth quarter of 2001 and
increased 13.2% sequentially. Automated services represented approximately 58.5%
of revenue and 77.7% of audio call volumes in the fourth quarter 2002.
Revenues decreased 14.8% to (euro)46.4 million for the fourth quarter of 2002,
from (euro)54.5 million in the fourth quarter of 2001. The decline in revenue
was primarily due to the continuing shift to automated services, which carry
higher margins but generate lower per minute revenues than operator assisted
services, the weakening US dollar and price erosion.
Selling, general and administrative expenses and research and development
expenses declined 9.7% to (euro)26.9 million compared to the fourth quarter
2001, or 16.2% excluding non-recurring charges.
Earnings before interest, taxes, depreciation and amortization (EBITDA*), before
non-recurring charges, decreased to (euro)7.4 million in the fourth quarter of
2002, compared to (euro)9.2 million in the prior year period. The EBITDA results
for the fourth quarter of 2002 excluded non-recurring charges of (euro)1.5
million, representing costs primarily related to realigning and streamlining
senior management and other employee-related separations, costs associated with
call center consolidation, partially offset by a reclassification of expenses
related to capital leases required by recent French accounting rules. The EBITDA
results for the fourth quarter 2001 excluded (euro)1.1 million in costs
associated with employee-related separations.
As previously reported, the Company evaluated the carrying value of its
long-lived assets, consisting primarily of goodwill. For the fourth quarter of
2002, a reduction of (euro)60 million ((euro)94 million under US GAAP) in the
carrying value of goodwill and other long-lived assets was recorded as a result
of this assessment.
Fiscal Year 2002
As previously announced, total call volumes were 1.162 billion minutes for 2002,
up 33.9% from the prior year. Automated services call volumes were up 88.7% from
the prior year. Automated services represented approximately 52.8% of revenue
and 71.8% of call volumes in 2002. For the year, revenues decreased 5% to
(euro)201.4 million from (euro)212.0 million in 2001.
EBITDA, before non-recurring charges, increased to (euro)30.5 million in 2002,
compared to (euro)28.7 million in the prior year.
Francois Legros, Chairman and Chief Executive Officer, stated, "Fiscal 2002
represented an important transition year for the Company. With our continuing
efforts to drive operating profitability and improve our financial strength, we
are now strongly positioned to continue to gain market share while driving
product and service innovation."
Operating Profitability
In fiscal 2002, the Company took a number of actions to improve long-term
profitability including:
- The continuing migration to automated services
- The consolidation of 9 call centers into 4
- The reengineering of the North American sales force
- The reduction of Selling, General and Administrative expenses
Since the completion of the acquisitions of Vialog and Astound in May 2001, the
total number of employees has been reduced by approximately 30% to 1,200 from
over 1,700.
Michael E. Savage, Executive Vice President and Chief Financial Officer, stated,
"EBITDA margins in September, October and November were over 20% demonstrating
how the cost reduction initiatives are driving margins. The month of December is
seasonally a very weak month, offsetting this in the fourth quarter of 2002
somewhat. More importantly, we see these margin improvements continuing into the
first quarter of 2003."
Balance Sheet Improvements
As previously announced, the Company has reached preliminary agreements, subject
to several conditions and to final documentation, to extend the maturities under
its bank credit facility and convertible debt. The Company also previously
announced its intention to pursue a capital increase of up to (euro)8 million in
2003.
"The extension of debt maturities combined with the capital increase will
materially improve our liquidity, giving us greater financial flexibility over
the next several years and will permit us to continue to execute our business
strategy" commented Francois Legros, Chief Executive Officer.
Guidance
The following contains forward looking guidance regarding Genesys' financial
outlook. The following is based on current expectations:
- Automated services are anticipated to be in the range of 68% - 72% of
revenue for the fourth quarter 2003
- For the fiscal year 2003, Genesys anticipates revenues to be approximately
(euro)175 million - (euro)185 million
- For the fiscal year 2003, EBITDA is anticipated to be in the range of
(euro)36 million - (euro)40 million.
Fourth Quarter and Fiscal 2002 Conference Call and Webcast
Chairman and Chief Executive Officer Francois Legros and Executive Vice
President/Chief Financial Officer Michael E. Savage will host a conference call
on Thursday, April 24, 2003, at 5:30 p.m. Central European Time or 11:30 a.m.
Eastern Daylight Time, regarding the 2002 earnings.
The conference call will be webcast live. The call may be accessed at
www.genesys.com. A replay of the call will be available at www.genesys.com.
* See attached Note to consolidated statements of operations for reconciliation
of Operating Income and EBITDA
Forward-Looking Statements
This release contains statements that constitute forward-looking statements
within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements other than historical information or
statements of current condition. These statements appear in a number of places
in this release and include statements concerning the parties' intent, belief or
current expectations regarding future events and trends affecting the parties'
financial condition or results of operations. Forward-looking statements are not
guarantees of future performance and involve risks and uncertainties, and actual
results may differ materially from those in the forward-looking statements as a
result of various factors. Some of these factors are described in the Form 20-F
which was filed by Genesys with the Securities and Exchange Commission on June
12, 2002. Although management of the parties believe that their expectations
reflected in the forward-looking statements are reasonable based on information
currently available to them, they cannot assure you that the expectations will
prove to have been correct. Accordingly, you should not place undue reliance on
these forward-looking statements. In any event, these statements speak only as
of the date of this release. Except to the extent required by law, the parties
undertake no obligation to revise or update any of them to reflect events or
circumstances after the date of this release, or to reflect new information or
the occurrence of unanticipated events.
About Genesys Conferencing
Founded in 1986, Genesys Conferencing is a global communications specialist,
providing practical and innovative real-time collaborative and managed event
services to over 18,000 clients worldwide. Working in a rapidly growing market
and enjoying unique worldwide coverage as a result of its geographic expansion
policy, Genesys Conferencing has established its advanced technology in 19
countries throughout North America, Europe and Asia Pacific. Genesys
Conferencing's ordinary shares are listed on the Nouveau Marche in Paris
(Euronext: 3955) and its ADSs are listed on the Nasdaq National Stock Market
(Nasdaq: GNSY).
At Genesys Conferencing
Michael E. Savage
Executive Vice President and Chief Financial Officer
Phone: +33 4 99 13 27 66
mike.savage@genesys.com
Marine Pouvreau
Investor Relations
Phone: +33 4 99 13 25 17
marine.pouvreau@genesys.com
Tricia Heinrich
Press Relations
Phone: +1 415 608 6651
tricia.heinrich@genesys.com
GENESYS CONFERENCING
Proforma Statements of Operations (Unaudited) (FRENCH GAAP)
(in thousands of euros)
Three months Twelve months
ended Dec. 31, ended Dec. 31,
----------------------------- -------------------------------
2001 2002 2001 2002
----------------------------- -------------------------------
Revenues (euro) 54,469 (euro) 46,402 (euro) 212,005 (euro) 201,372
Cost of revenue (1) (2) 23,226 20,458 91,532 87,410
----------------------------- -------------------------------
Gross Profit 31,243 25,944 120,473 113,962
Research and development expenses 1,887 1,127 5,916 4,734
Selling, general and administrative expenses
(3) (4) 27,522 25,353 113,138 107,536
Amortization of identifiable intangibles,
deferred acquisition and financing costs 14,217 15,267 29,981 27,451
EBIT (1) (2) (3) (4) (12,383) (15,803) (28,562) (25,759)
============================= ===============================
EBITDA (1)(2)(3) 8,082 5,875 26,409 25,489
(1) The three months and twelve months ended December 31, 2002 include $ 0.6
million and $ 1.1 million respectively, in restructuring/duplicate costs related
to call center consolidation
(2) The twelve months ended December 31, 2002 include $ 1.2 million in costs
related to the termination of a long distance contract
(3) The three months and twelve months ended December 31, 2002 include $ 1.5
million and $ 3.3 million, respectively, representing costs primarily related to
employee-related separations, costs associated will call center consolidation,
partially offset by a reclassification of expenses related to capital leases
(4) The twelve months ended December 31, 2002 include a $ 3.2 million provision
related to the termination of a rich media contract
GENESYS CONFERENCING
Consolidated Balance Sheets
(in thousands of euros)
At December 31,
---------------------------------
2001 2002
------------- -------------
ASSETS
Fixed assets
Goodwill, net (euro)140,061 (euro)77,504
Intangible assets, net 108,636 80,715
Tangible assets, net 38,257 27,502
Financial assets, net 2,100 1,194
Investments in affiliated companies 127 118
------------- -------------
Total fixed assets 289,181 187,033
Current assets
Inventory 146 72
Accounts receivable, less allowances (EUR 3,201,
and EUR 3,502 at December 31, 2001 and 2002, respectively) 48,989 35,929
Deferred tax assets 236 361
Other current assets 10,514 7,919
Prepaid expenses and deferred charges 12,727 5,834
Marketable securities 8,562 109
Cash at bank 10,051 9,886
------------- -------------
Total current assets 91,225 60,110
------------- -------------
Total assets (euro)380,406 (euro)247,143
LIABILITIES AND SHAREHOLDERS' EQUITY
Shareholders' Equity
Ordinary shares, nominal value of EUR 5 per share 15,271,064 and
15,409,933 shares issued and outstanding at December 31, 2001 and
2002 respectively (euro)76,356 (euro)77,051
Common shares to be issued 2,175 1,332
Additional paid-in capital 177,758 180,652
Additional paid-in capital to be issued 10,347 6,344
Accumulated deficit (9,216) (106,474)
Net loss for the period (94,263) (96,617)
Currency translation adjustments 4,791 11,335
------------- -------------
Total shareholders' equity 167,948 73,623
Provisions for risks and charges 1,582 7,505
Long-term debt
Long-term portion of long term debt 142,083 119,537
Long-term portion of capitalized lease obligations 171 673
------------- -------------
Total long-term debt 142,254 120,210
Current liabilities
Bank overdrafts 996 3,417
Accounts payable and accrued liabilities 35,980 20,276
Tax payable and deferred compensation 17,419 15,553
Current portion of long-term debt 8,342 2,390
Current portion of capitalized lease obligations 266 1,844
Deferred revenue 4,198 352
Other liabilities 1,421 1,973
------------- -------------
Total current liabilities 68,622 45,805
------------- -------------
Total liabilities and shareholders' equity (euro)380,406 (euro)247,143
============= =============
GENESYS CONFERENCING
Consolidated Statements of Operations
(in thousands of euros, except share data)
Three months Twelve months
ended Dec. 31, ended Dec. 31,
------------------------------ ------------------------------
2001 2002 2001 2002
------------- ------------- ------------- -------------
Revenue
Services (euro) 54,154 (euro) 46,234 (euro)177,120 (euro)199,778
Products 315 169 1,831 1,595
------------- ------------- ------------- -------------
54,469 46,403 178,951 201,373
Cost of Revenue
Services 22,917 20,323 74,774 86,161
Products 309 136 1,402 1,250
------------- ------------- ------------- -------------
23,226 20,459 76,176 87,411
------------- ------------- ------------- -------------
Gross Profit 31,243 25,944 102,775 113,962
Operating expenses:
Research and development 1,887 1,127 5,366 4,734
Selling & marketing 10,887 10,776 42,718 49,976
General & administrative 30,851 29,844 77,649 85,011
------------- ------------- ------------- -------------
43,625 41,747 125,733 139,721
------------- ------------- ------------- -------------
Operating loss (12,382) (15,803) (22,958) (25,759)
Financial income (expense), net (3,345) (1,777) (7,259) (10,884)
Equity in loss of affiliated companies (3) 7 (55) (8)
Income tax credit (expense) (1,630) (848) (8,556) (3,442)
Amortization of goodwill (46,256) (49,060) (55,435) (56,524)
------------- ------------- ------------- -------------
Net loss (euro)(63,616) (euro)(67,481) (euro)(94,263) (euro)(96,617)
============= ============= ============= =============
Basic and diluted net loss per share (euro) (4.21) (euro) (4.34) (euro) (7.32) (euro) (6.22)
------------- ------------- ------------- -------------
Number of outstanding
shares used in
computing basic and
diluted net loss per share 15,116,316 15,547,282 12,878,594 15,541,898
GENESYS CONFERENCING
Notes to Consolidated Statements of Operations
(in thousands of euros, except share data)
Three months Twelve months
NOTE A-Detail of General and Administative expenses Ended December 31, ended December 31,
2001 2002 2001 2002
------------------------------- ------------------------------
General and Administrative expenses (euro) 30,851 (euro) 29,844 (euro) 77,649 (euro) 85,011
Amortization of identifiable intangible assets (13,829) (14,849) (22,303) (25,782)
Amortization of deferred acquisition and deferred financing
costs (388) (418) (1,645) (1,669)
Non recurrent income (charges) (58) (21) (259) 71
------------------------------- ------------------------------
Operating General and Administrative expenses restated for
the above items (euro) 16,576 (euro) 14,556 (euro) 53,442 (euro) 57,631
=============================== ==============================
Operating income and EBITDA
Operating income (loss) (euro)(12,382) (euro)(15,803) (euro)(22,958) (euro)(25,759)
Amortization of intangibles, deferred acquisition and
deferred financing costs 14,217 15,267 23,948 27,451
Non recurrent charges (income) 58 21 259 (71)
------------------------------- ------------------------------
Operating income (loss) restated for the above items 1,893 (515) 1,249 1,621
------------------------------- ------------------------------
Depreciation and operating provision 6,247 6,390 18,809 20,637
Early termination of a Rich Media contract - - - 3,231
------------------------------- ------------------------------
EBITDA (euro) 8,140 (euro) 5,875 (euro) 20,058 (euro) 25,489
------------------------------- ------------------------------
Three months Twelve months
NOTE B-Detail of financial expenses, net ended December 31, ended December 31,
2001 2002 2001 2002
------------------------------- ------------------------------
Interest and other financial income (euro) 94 (euro) (174) (euro) 1,083 (euro) 191
Foreign exchange gains 853 1,629 3,656 3,718
------------------------------- ------------------------------
Total financial income 947 1,455 4,739 3,909
Interest and other financial expenses 2,902 1,820 8,815 9,832
Foreign exchange losses 1,390 1,412 3,183 4,961
------------------------------- ------------------------------
Total financial charges 4,292 3,232 11,998 14,793
Financial expense, net (euro)( 3,345) (euro) (1,777) (euro)(7,259) (euro)(10,884)
=============================== ==============================
Three months Twelve months
NOTE C-Detail of income tax ended December 31, ended December 31,
----------------- ------------ ------------------------------
2001 2002 2001 2002
Deferred tax expense (euro) (185) (euro) (127) (euro) (214) (euro) (117)
Tax on acquisition costs (88) - (4,796) -
Income tax expense (1,357) (720) (3,546) (3,324)
----------------- ------------ ------------------------------
Total income tax expense (euro) (1,630) (euro) (847) (euro) (8,556) (euro)(3,441)
----------------- ------------ ------------------------------
Annex - US GAAP Financial Statements
GENESYS S.A.
Unaudited Proforma Statements of Operations (U.S. GAAP)
(in thousands of euros)
----------------------------- -----------------------------
Three months ended Year ended
December 31, December 31,
2001 2002 2001 2002
------------- ------------- -------------- -------------
Revenue (1) (euro) 54 469 (euro) 46 402 (euro) 212 005 (euro)200 663
------------- ------------- -------------- -------------
Cost of revenue (2) (3) 23 226 20 491 91 532 87 443
------------- ------------- -------------- -------------
Gross profit 31 243 25 911 120 473 113 220
Research and development expenses 1 887 1 127 5 916 4 734
Selling general and administrative expenses (1) (4) 27 620 24 816 113 424 106 463
Non-recurring charge (5) - 665 - 4 336
Impairment of goodwill and other intangibles 61 269 93 613 61 269 93 613
Amortization of goodwill and other intangibles 9 580 2 617 39 825 13 888
------------- ------------- -------------- -------------
EBIT (1) (2) (3) (4) (5) (euro)(69 113) (euro)(96 926) (euro) (99 961)(euro)(109 814)
============= ============= ============== =============
EBITDA (1) (2) (3) (4) (euro) 7 120 (euro) 3 288 (euro) 22 872 (euro) 17 751
============= ============= ============== =============
(1) The year ended December 31, 2002 includes a (euro) 3.2 million negative
impact (revenue - (euro) 0.7 million, SG&A - (euro) 2.5 million) related to the
termination of a rich media contract.
(2) The year ended December 31, 2002 includes(euro)1.2 million in costs related
to the termination of a long distance contract.
(3) The three months and year ended December 31, 2002 include (euro) 0.6 million
and (euro) 1.1 million, respectively, in restructuring / duplicate costs related
to call center consolidation.
(4) The three months and year ended December 31, 2002 include (euro) 2.2 million
and (euro) 4.0 million, respectively, representing costs primarily related to
employee-related separations and costs associated with call center
consolidation.
(5) The charge for the three months and year ended December 31, 2002, represents
the restructuring charge related to the consolidation of 4 call centers in North
America and the Frankfurt, Germany call center. This charge is excluded from the
calculation of EBITDA above.
GENESYS S.A.
CONSOLIDATED BALANCE SHEETS (U.S. GAAP)
December 31,
2001 2002
---------------------- ---------------------
ASSETS (in thousands, except share data)
Current assets:
Cash and cash equivalents (euro) 17 510 (euro) 9 976
Accounts receivable, less allowances of(euro)3,201 and(euro)3,502
at December 31, 2001 and 2002, respectively. 48 989 35 930
Inventory 146 72
Prepaid expenses 7 156 1 874
Other current assets 6 664 5 261
---------------------- ---------------------
Total current assets 80 465 53 113
Property and equipment, net 47 697 32 234
Goodwill and other intangibles, net 275 058 158 213
Investment in affiliated company 126 118
Deferred tax assets 236 361
Deferred financing costs, net 4 722 3 797
Promissory notes
- -
Other assets 2 100 1 897
---------------------- ---------------------
Total assets (euro) 410 404 (euro) 249 733
====================== =====================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank overdrafts - (euro) 3 417
Accounts payable (euro) 24 533 14 344
Accrued liabilities 7 148 7 178
Accrued compensation 7 489 6 555
Tax payable 9 929 8 998
Deferred revenue 4 198 352
Current portion of long-term debt 6 901 1 143
Current portion of capitalized lease obligations 266 191
Current portion of deferred tax liability 5 346 3 097
Current portion of accrued restructuring expenses - 2 284
Other current liabilities 6 894 1 759
---------------------- ---------------------
Total current liabilities 72 704 49 318
Long-term portion of long-term debt 142 552 120 165
Long-term portion of capitalized lease obligations 171 149
Long-term portion of deferred tax liability 28 503 20 666
Other long-term liability 3 606 6 644
Commitments and contingencies - -
Shareholders' equity:
Ordinary shares;(euro)5.00 nominal value; 15,271,064 and 15,409,933
at December 31,2001 and 2002, respectively 76 356 77 050
Common shares to be issued :(euro)5.00 nominal value;
250,687 and 137,347 shares at December 31, 2001 and 2002, respectively 1 253 687
Additional paid-in capital 194 019 194 217
Accumulated other comprehensive income 3 749 6 980
Deferred compensation (465) (220)
Accumulated deficit (111 293) (225 172)
---------------------- ---------------------
163 619 53 542
Less cost of treasury shares : 22,131 and 22,131 shares at December
31, 2001 and 2002, respectively (751) (751)
---------------------- ---------------------
Total shareholders' equity 162 868 52 791
---------------------- ---------------------
Total liabilities and shareholders' equity (euro) 410 404 (euro) 249 733
====================== =====================
GENESYS S.A. CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. GAAP)
(in thousands, except share data)
Three Months ended December 31, Year ended December 31,
--------------------------------- ----------------------------------
2001 2002 2001 2002
--------------- --------------- --------------- ---------------
(in thousands, except share data)
Revenue :
Services (euro) 54 154 (euro)46 233 (euro) 177 120 (euro) 199 068
Products 315 169 1 831 1 595
--------------- --------------- --------------- ---------------
54 469 46 402 178 951 200 663
Cost of revenue:
Services 22 917 20 355 74 774 86 193
Products 309 136 1 402 1 250
--------------- --------------- --------------- ---------------
23 226 20 491 76 176 87 443
--------------- --------------- --------------- ---------------
Gross profit 31 243 25 911 102 775 113 220
Operating expenses:
Research and development 1 887 1 127 5 366 4 734
Selling and marketing 10 887 10 776 42 718 49 976
General and administrative 16 733 14 040 53 920 56 487
Non-recurring charge - 665 - 4 336
Impairment of goodwill and other intangibles 61 269 93 613 61 269 93 613
Amortization of goodwill and other intangibles 9 580 2 617 30 768 13 888
--------------- --------------- --------------- ---------------
Total operating expenses 100 356 122 837 194 041 223 034
Operating loss (69 113) (96 926) (91 266) (109 814)
Financial income (expense)
Interest income 151 - 380 99
Interest expense (2 452) (1 553) (8 407) (9 256)
Foreign exchange gain (loss) 434 2 736 1 520 1 276
Other financial income (expense) net, (176) (277) (215) (1 106)
--------------- --------------- --------------- ---------------
Financial expense, net (2 043) 906 (6 7220) (8 987)
Equity in loss of affiliated company (3) 7 (55) (8)
--------------- --------------- --------------- ---------------
Loss before taxes (71 159) (96 014) (98 043) (118 809)
Income tax (expense) / credit 6 197 4 023 (484) 5 043
--------------- --------------- --------------- ---------------
Net loss (euro)(64 962) (euro) (91 991) (euro) (98 527) (euro) (113 766)
=============== =============== =============== ===============
--------------- --------------- --------------- ---------------
Basic and diluted net loss per share (euro) (4,30) (euro) (5,92) (euro) (7,65) (euro) (7,32)
=============== =============== =============== ===============
Number of shares used in computing basic
and diluted net loss per share 15 116 316 15 547 282 12 878 594 15 541 898
GENESYS S.A.
PROFORMA EBITDA CALCULATION (U.S. GAAP)
(in thousands, except share data)
Three Months ended December 31, Year ended December 31,
---------------------------------- ----------------------------------
2001 2002 2001 2002
---------------------------------- ----------------------------------
(in thousands, except share data)
Operating loss (euro) (69 113) (euro) (96 926) (euro) (99 961) (euro) (109 814)
Depreciation 5 186 3 320 18 348 15 728
Impairment of goodwill and other intangibles 61 269 93 613 61 269 93 613
Amortization of goodwill and other intangibles 9 580 2 617 39 825 13 888
----- ----- ------ ------
EBITDA 6 922 2 623 19 481 13 415
Non-recurring charge 198 665 3 391 4 336
-------------- -------------- -------------- ---------------
EBITDA before items above (euro) 7 120 (euro) 3 288 (euro) 22 872 (euro) 17 751
============== ============== ============== ===============
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Dated: April 25, 2003
GENESYS SA
By: /s/ Francois Legros
-----------------------------------
Name: Francois Legros
Title: Chairman and Chief Executive
Officer