English

Transcom signs €5.3m agreement releasing it from any further liabilities with respect to its former French subsidiary

Luxembourg, 28 August 2013 – Transcom has now agreed on the final terms and conditions upon which it will be released from any further liabilities with respect to the liquidation of its former French subsidiary. The cost of the agreement is fully covered by the provision booked in Q1 2013. The negative cash flow effect for Transcom – which impacted Q2 2013 results – amounts to €5.3 million.

Transcom WorldWide (France) S.A.S. has been excluded from consolidation in Transcom WorldWide S.A.’s Group accounts since March 1, 2013. In 2012, Transcom WorldWide (France) S.A.S. reported revenues amounting to €6.4 million, an operating loss of €5.4 million, and a negative cash flow of €12.5 million.

“I am very pleased that we have finally been able to conclude this agreement. Stopping the losses from our former French subsidiary has been a top priority for Transcom, and this agreement signifies the conclusion of our efforts. While Transcom no longer has any operations in France, we will continue to offer French-language services to our clients, from our near shore centers in Europe and North Africa”, commented Johan Eriksson, President and CEO of Transcom.

For further information, please contact:

Johan Eriksson, President and CEO
Telephone +46 70 776 80 22

Stefan Pettersson, Head of Group Communications
Telephone +46 70 776 80 88