Corporate | 25 March 2009 21:10
Drillisch AG / Final Results/Final Results Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- EBITDA rises for the sixth year in succession — write-offs on participations without effect on liquidity, but reduce profits — Drillisch continues to focus on the path of profitable growth Maintal, 25 March 2009 The wireless services provider Drillisch (ISN DE 0005545503) continued its course of growth in operating profits in fiscal year 2008. The EBITDA rose for the sixth time in succession. Nevertheless, the financial crisis, which was not foreseeable in such enormous dimensions for the Company, has left behind deep tracks in the balance sheet. While the number of subscribers rose by 7.7% to 2.37 million, the sales revenues in the Drillisch Group — primarily as a consequence of reduced prices — declined by about 3.2% to EUR350.1 million. Gross profit remained unchanged at 20.9%. The EBITDA forecast of EUR40 million was exceeded slightly and reached EUR40.6 million. In the yearly comparison, the EBITDA rose by 1.9% over the same figure in 2007; when compared with the previous year's EBITDA after adjustment for special factors, the growth came to 6.7%. Owing to the continued fall in stock prices, Drillisch took a write-off of EUR51.3 million of the strategic participation in freenet AG which did not affect liquidity. In total, write-offs on participations in fiscal year 2008 amounted to EUR202.4 million. The result before taxes (EBT) was therefore reduced to -EUR172.4 million. When adjusted by the amount of the value allowance for the freenet holding, the result before taxes increased by 8.4% to EUR30.0 million from the EUR27.7 million of the previous year. The net consolidated result came to -EUR184.1 million after a plus of EUR24.3 million in the previous year. The operating cash flow reached EUR42.6 million, an increase of EUR37.2 million in comparison with the previous year. The wireless services market in Germany remains in a state of transition. More and more landline telephones are being jettisoned in favour of mobile phones. The low prices have already convinced more than four million households in Germany that they have no further need whatsoever for the traditional landline connection. Now the Internet is also becoming mobile on a wide scale. Drillisch offers fair, flexible and low-price rates to the market. They also include data flat rates with high transmission speeds. More than 10 million people in Germany are already surfing the Internet with their mobile phones or laptop computers today. According to estimates, turnover with mobile data will double to just under five billion euros in the period from 2008 to 2010. Drillisch further expanded its market position in 2008. All of the business units with the relevant sales platforms contributed to the good operating results. The focus remains on the marketing of online sales platforms. Drillisch is continuing to develop further these sales platforms and consistently exploits cross-selling potential. There has been further development of the distribution channels in retail grocery stores and ITC specialist shops parallel to the marketing on the Internet. For 2009 Drillisch is well positioned on the growth markets discount and 'mobile Internet' — with its own brands and with strong sales partners — and will continue to seize upon all profitable opportunities which present themselves. In December 2008, we announced the acquisition of a majority interest in eteleon e-solutions AG, Munich, for the purpose of strengthening our e-commerce activities. The transaction was completed on 27 February 2009. Since that time, we have held 71.4% of the company's stock. eteleon is a successful and innovative company with strong sales, and we want to use their capabilities to broaden our common sales activities, expand the product line and acquire new customers. In the meantime, the financial crisis has developed into a worldwide economic crisis. Nonetheless, the management at Drillisch AG believes that the effects of the economic crisis on the German wireless services market will be limited. Drillisch will take advantage of the opportunities presented on this dynamically changing market and stay on its course of profitable growth. Drillisch Group Figures Based on IFRSIn EURm 2008 2007 Turnover 350.1 361.5 EBITDA 40.6 39.8 EBITDA margin in % 11.6 11.0 EBITDA (adjusted)1) 40.6 38.0 EBIT 33.9 34.0 EBIT margin in % 9.7 9.4 EBT -172.4 27.7 EBIT (adjusted)2) 30.0 27.7 Consolidated results -184.1 24.3 Profit per share -3.58 0.66 Subscribers (millions) as per 31/12 2.371 2.2011) Adjusted for income from securities transactions 2) Adjusted for valuation allowances on the freenet participation The complete report is available for download http://www.drillisch.de/index.php?page=berichte&group=investor:berichte Maintal, 25 March 2009 Drillisch AG The Management Board Contact: Oliver Keil Head of Investor Relations Mail: ir@drillisch.de 25.03.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Drillisch AG Wilhelm-Röntgen-Straße 1-5 63477 Maintal Deutschland Phone: +49 (0)6181 412 200 Fax: +49 (0)6181 412 183 E-mail: ir@drillisch.de Internet: www.drillisch.de ISIN: DE0005545503 WKN: 554550 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------