Ad hoc: Thiel Logistik AG sells BTL Logistics
Grevenmacher (Luxembourg) - Thiel Logistik AG has sold its stake in BTL Logistics AG (Muri, Switzerland) to Swiss Post.
The sale of the BTL Group will impact the results for fiscal year 2003 and the future business of Thiel Logistik AG. Thiel Logistik AG prepares its financial statements according to U.S. GAAP and will present BTL Logistics on the Income Statement as an operation to be discontinued, including the non cash effective expenses from the sale of approx. 10 million euros, below the item operating profit. Thiel Logistik AG is thus likely to report an almost balanced operating result for all of fiscal 2003 after reporting an operating loss of 15 million euros as of September 30, 2003.