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freenet AG

euro adhoc: freenet AG
quarterly or semiannual financial statement
freenet AG on course for growth with its core mobile telephony business

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
6-month report
07.08.2008
freenet AG on course for growth with its core mobile telephony business
•       Around 6 million mobile telephony customers
•       Sales of EUR 435 million in Q2 2008
•       EBITDA of EUR 123 million in H1 2008
Büdelsdorf, 7 August 2008 - freenet AG is on course for growth in its
core mobile telephony business: In the second quarter, the number of 
customers increased by 170,000 to approx. 6 million. This is 
equivalent to a gain of 749,000 (around 14 percent) compared with the
first half of 2007. Customer growth in the first half is reflected in
the number of contract customers (now running at almost 3.1 million) 
as well as prepaid customers (now approx. 2.9 million).
In Mobile Telephony, freenet AG has succeeded in boosting sales by 
EUR 6.6 million compared with the previous quarter, namely to EUR 
283.3 million. Gross profit in the Mobile Telephony segment has also 
improved in the second quarter of 2008 to EUR 82.6 million - a gain 
of EUR 8.9 million or 12.1 percent compared with the first quarter of
2008. The company's good positioning in the Mobile Telephony segment 
bodes well for the future, particularly in view of the fact that the 
acquisition of the debitel Group by freenet was completed at the 
beginning of July with the entry in the commercial register.
In the first half of 2008, Group sales declined by EUR 42 million 
compared with the corresponding previous year period, namely from EUR
919.3 million to EUR 877.3 million. It has to be borne in mind that 
the decline in sales in the Narrowband segment alone (which is 
shrinking due to technology reasons) amounted to EUR 43 million. In 
the other segments, sales overall were maintained at the previous 
year level despite difficult conditions in the German Internet and 
telecommunications market, with a continuing erosion of prices, 
extremely competitive complete packages and regulatory restrictions.
The forward-looking Mobile Telephony, Portal and Hosting segments 
held up well in the second quarter. As was the case with Mobile 
Telephony, the segments reported an increase in sales compared with 
the previous quarter. The Portal segment reported sales of EUR 14.2 
million, a gain of 11.6 percent compared with the first quarter of 
2008 (Q2/2007: plus 6.5 percent). Hosting sales increased by 5 
percent compared with the previous quarter, to EUR 22 million 
(Q2/2007: plus 11.8 percent).
Gross profit of the Group improved this year, to EUR 147.5 million in
Q2 2008 - a slight increase of 2.2 percent compared with the previous
quarter.
EBITDA for the first half is reported as EUR 122.6 million, a decline
of approx. 10 percent compared with the previous year. Compared with 
the first quarter of 2008, EBITDA declined by EUR 15.3 million to EUR
53.7 million, a fall of around 20 percent. This decline is mainly 
attributable to the EUR 11.4 million increase in personnel expenses; 
a non-cash-effective accrual difference for the company's stock 
appreciation program was responsible for almost all of this figure 
(EUR 10.6 million). Marketing expenses also increased by EUR 2.7 
million compared with the previous quarter.
EBIT declined in the first half by around 63 percent to EUR 35.4 
million. Of this figure, EUR 9.2 million was attributable to the 
second quarter. The downturn in EBIT compared with the previous year 
period is mainly due to much higher depreciation in relation to 
capitalised customer acquisition costs. This depreciation is not 
cash-effective. In the second quarter, cash flow from operating 
activities increased by EUR 16.4 million compared with the first 
quarter, namely to EUR 64.1 million (plus 34.4 percent).
Important KPI's of freenet group Accounting method: IAS/IFRS
in EURm                                Q2/2008 Q1/2008 Q2/2007 1stHY08 1stHY07
Third-party revenue                    435.0   442.3   466.9   877.3   919.3
Gross profit                           147.5   144.3   157.3   291.7   299.2
EBITDA                                 53.7    69.0    70.5    122.6   136.0
EBIT                                   9.2     26.2    45.9    35.4    96.7
EBT                                    8.6     24.5    51.3    33.2    107.1
Group result                           10.2    12.3    39.9    22.5    89.8
Third-party revenue for the group*     435.0   442.3   466.9   877.3   919.3
1. Revenue mobile telephony            283.3   276.7   303.1   560.0   582.1
2. Revenue broadband                   78.1    80.0    64.8    158.1   122.7
3. Revenue portal                      14.2    12.7    13.3    26.9    28.4
4. Revenue hosting                     22.0    20.9    19.6    42.9    38.5
5. Revenue B2B                         20.9    29.9    29.5    50.8    68.0
6. Revenue narrowband                  19.6    24.8    40.0    44.4    87.5
Total customers freenet group (mill.)  10.96   11.36   11.86   10.96   11.86
Thereof contract customers (mill.)     6.33    6.41    6.21    6.33    6.21
Mobile telephony customers (mill.)     5.98    5.82    5.24    5.98    5.24
Thereof contract customers (mill.)     3.09    3.03    2.84    3.09    2.84
Thereof prepaid customers (mill.)      2.89    2.79    2.40    2.89    2.40
Active narrowband customers
(internet+teleph) in million           2.09    2.56    3.76    2.09    3.76
DSL customers in million               1.10    1.19    1.22    1.10    1.22
Paid service customers Hosting (mill.) 1.24    1.23    1.16    1.24    1.16
Paid service customers Portal (mill.)  0.54    0.57    0.48    0.54    0.48
* Netting between segments is the reason behind the difference 
between the figures shown for sales in the individual segments and 
the corresponding figures for the overall group.
end of announcement                               euro adhoc

Further inquiry note:

freenet AG
Sofia Lazaridou
Telefon: +49(0)40 51306-778
E-Mail: ir@freenet.ag

Branche: Online
ISIN: DE000A0EAMM0
WKN: A0EAMM
Index: Midcap Market Index, TecDAX, CDAX, HDAX, Prime All Share,
Technologie 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

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