euro adhoc: WEB.DE AG
Quarterly or Semiannual Financial Statements
/ Ad-hoc release in accordance with §15 WpHG:
WEB.DE AG generated within its portal business segment 2004 revenues
of EUR 42m, EBITDA of EUR 13m and operating cash flow of EUR 21m
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
27.01.2005
WEB.DE AG (ISIN DE 000 529 650 3), subdivided into its business segments Portal and Web-Telecommunications, has released preliminary figures for Q4/2004 and fiscal year 2004 which show that the company has just enjoyed the most successful year in its history so far: With over 10 million (m) monthly users (AGOF "internet facts") and around 370,000 WEB.DE club members, WEB.DE AG generated revenues of EUR 42.3m with its WEB.DE portal business and reports a significant profit performance with earnings before interest, tax, depreciation and amortization (EBITDA) of EUR 13.2m in 2004 (+EUR 3,7m or +39%). The portal´s EBITDA margin reached 31% in FY 2004.
WEB.DE AG with investments totalling EUR 18.7m, appr. half of it in the field of Web-Telecommunications, invested heavily in the research and development of new future products and technologies during 2004. The fruits of its long-term research and development investments are reflected in WEB.DEs leading technological position in the market (winner of 47 test comparisons), meaning that the company is excellently positioned for worldwide success in the Web-Telecommunications market. Its international product rollout is planned for the current 2005 business year.
Despite its high and future-oriented R&D investment program (appr. 43% of revenues), WEB.DE AG was still able to significantly increase its operating cash flow during 2004 to EUR 13.8m, which, compared to 2003 (EUR 8.3 million) was considerably higher (+EUR 5.5m, +66%). Liquid funds of WEB.DE AG increased to a total of EUR 107.6m in 2004. As far as its portal operations were concerned, the company managed to generate an even higher operating cash flow of EUR 20.9m in 2004.
Revenues at group level developed positively: During Q4/04 revenues rose to EUR 12.1m (+EUR 2.8m, +30%) and with EUR 43.0m (EUR +10.2 million, +31%) reached new record levels for 2004 as a whole.
Net income increased significantly during Q4/2004, reaching EUR 0.9m (+EUR 0.7m, +350%). A one-off non-cash effective valuation allowance in Q3/04 (EUR 3.9m) influenced WEB.DE AG's group net result which came in for the entire year 2004 at EUR -2.4m (2003: EUR 0.8m). Adjusting this one-off effect, the groups net result increased by +88% (+EUR 0.7m) to EUR 1.5m for the year as a whole.
Just as positive was the development of the EBITDA at group level both for Q4/04 and 2004 as a whole: Enjoying the seasonal strength of Q4, during which WEB.DE AG increased the groups EBITDA by +50% to EUR 1.5m, the group was able to generate an EBITDA of EUR 4.4m (2003: EUR 3.8m).
WEB.DE AG's executive board expects the group's annual revenues to grow at an average rate of 35-40% during the coming years whilst expecting the profitability of its portal operations to continue to grow and also expecting group net result to be positive in 2005.
Appendix to Ad-hoc release in accordance with §15 WpHG:
Appendix a: Key figures (preliminary)
(in EUR million) Q4/04 Q4/03 2004 2003 Sales revenues 12.1 9.3 43.0 32.8 Gross profit 9.0 7.2 32.2 24.7 Group EBITDA 1.5 1.0 4.4 3.8 Portal EBITDA 3.7 n.a. 13.2 9.5 Web-Tel. EBITDA -2.3 n.a. -8.8 -5.7 Net income 0.9 0.2 -2.4 0.8 Adjusted net income 0.9 0.2 1.5 0.8 Liquid funds 107.6 102.1 107.6 102.1 Oper. cash flow n.a. n.a. 13.8 8.3 Oper. cash flow Portal n.a. n.a. 20.9 n.a. Oper. cash flow Web-Tel. n.a. n.a. -8.8 n.a.
Additional figures relating to December 31, 2004: Enterprise-Value / EBITDA portal: 10 Enterprise-Value / EBIT portal: 19 Enterprise-Value / cash flow portal: 6 Portal EBITDA margin: 31%
Appendix b: Contact: Investor Relations: Richard Berg, Director Investor Relations, tel +49 (0)721 94329 2700, mail rb@webde-ag.de
Press: Andreas Horst, Company Press Spokesperson, tel +49 (0)721 94329 5370, mail anho@webde-ag.de Oliver Schwartz, Director Corporate Communications, tel +49 (0)721 94329 5310, mail oliver.schwartz@webde-ag.de
The final Annual Report will be published at the Annual Press Conference on March 17, 2004 in Frankfurt/ Main.
end of announcement euro adhoc 27.01.2005 07:04:00
Further inquiry note:
Richard Berg
Tel. +49(0)721 94329 2700
E-Mail: rb@webde-ag.de
Branche: Software
ISIN: DE0005296503
WKN: 529650
Index: Nemax 50, TecDAX, Prime Standard, HDAX
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