EANS-Adhoc: Kizoo AG
Ad hoc disclosure according to § 15 WpHG (German
Securities Trading Act) - Kizoo AG submits financial statements for fiscal 2008
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
annual report
25.03.2009
Karlsruhe, March 25, 2009. Kizoo AG (ISIN: DE000CMBT111) adopted its financial statements and consolidated financial statements for fiscal 2008 today.
On a group level Kizoo AG closes fiscal 2008 with a net loss for the year of EUR 8.4 million (prior year: EUR -36.6 million). This was primarily influenced by the result from discontinued business lines of EUR -5.1 million (prior year: EUR -38.1 million). It included the running costs as well as the unscheduled depreciations of the business lines "Real Estate" and "Data Center Operation" which will not be continued. Kizoo intends to focus in future fully on the business line Technology Ventures, i.e. investment in young technology companies and development of own products and services, more particularly in the fields of online services and communication products.
Despite the reduction in capital resources in 2008 due to a special dividend and share buybacks (totaling EUR 70.5 million), the consolidated balance sheet continues to be strongly marked by extensive financial investments. For the shareholding of still 8.8% (= 22.2 million shares) in United Internet AG extraordinary strong share price losses (-62% versus the end of prior year to EUR 6.29 per share; prior year: +33%) were posted in 2008, driven by the disruptions on the financial markets. Taking into account 1 million shares sold at a profit in 2008 (proceeds of EUR 13.8 million), the value of the shares held (EUR 139.6 million) amounts at present more or less to the original purchase price of the block of shares in October 2005. The total financial income amounts to EUR 2.5 million (prior year: EUR 8.2 million); it was impaired by losses on sales and write-offs of fixed-interest securities, triggered by the financial crisis. After the shift in financial assets carried out in Q4/2008 to reduce the dependency on the financial markets, cash assets in the amount of EUR 26.9 million (other securities: EUR 29.1 million) were held at the end of fiscal 2008.
For fiscal 2009 the Group anticipates a stable cost level throughout the year totaling EUR 4 to 5 million, which is likely to be further reduced after the completion of the realization measures for assets which are no longer required. The break-even point of the Group depends to a decisive extent on the financial income and hence directly on the dividend policy of United Internet AG (prior year: EUR 4.4 million) as well as income from other financial investments. The Executive Board and the Supervisory Board will make the proposal to the Annual General Meeting that the balance sheet profit of Kizoo AG shall be fully carried forward.
Appendix: Table Group (IFRS)
|in EUR million |2008 |2007 | |General administration costs |(5.5) |(4.2) | |Research and development costs |(0.3) | 0 | |Operating income from the continued business |(5.8) |(4.2) | |lines | | | |Financial income |15.2 | 8.2 | |Financial expenses |(12.7) | 0 | | | | | |Financial result |2.5 | 8.2 | |Tax income (expenses) |0 | (2.6)| |Profit/loss from continued business lines |(3.3) | 1.5 | |Profit/loss from discontinued business lines |(5.1) |(38.1)| | | | | |Net loss for the year |(8.4) |(36.6)| | | | | |Net loss for the year per share (in euro) |(0.26) |(1.05)| | | | | |Liquid assets and other securities (incl. |195.6 |515.9 | |United Internet shares) | | | |Shareholders' equity |205.4 |528.6 | |Balance sheet total |217.0 |548.4 | |Balance sheet profit of Kizoo AG (German |90.1 |241.1 | |Commercial Code) | | |
The complete Annual Report 2008 will be available on March 26, 2009 on www.kizoo.com/reports.
end of announcement euro adhoc
Further inquiry note:
Silvia Teschner
Investor Relations
Tel. +49 721 5160 2701
investor.relations@kizoo.com
Branche: Online
ISIN: DE000CMBT111
WKN: CMBT11
Index: CDAX, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse Hannover / free trade
Börse München / free trade