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Bico: 12% Less Turnover, Risen Cost

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VERL, Germany (May 15) – Bico Zweirad Marketing GmbH sent out a press release well after their special member meeting last Sunday (11 May) in which their members were requested to increase their membership fee with € 5000. The press release specifies the positive votes as 73% of those present. “The result shows that our […]

VERL, Germany (May 15) – Bico Zweirad Marketing GmbH sent out a press release well after their special member meeting last Sunday (11 May) in which their members were requested to increase their membership fee with € 5000. The press release specifies the positive votes as 73% of those present. “The result shows that our business model is successful,” says GM Oliver Schill, who came in office 8 weeks ago.
A financial restructure was necessary in view of the fact that the 2002 turnover (€ 25.7 million) was way down on the 2000 turnover (€ 22.9 million) with risen (but unspecified) cost. Trade insiders think the cost of the new warehouse (and the old one unsold) and the lease-back construction for the new software system of Bico are part of the risen cost, plus a lost juridical procedure against bike manufacturer Diamant. Previous balance sheets suggest that Bico stock is over-rated (no balance sheet was presented at Sunday’s meeting).(OB)

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