6-K 1 genesys-6k_0424.txt 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