ISION Internet AG
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ISION reports preliminary full year result 2000
Hamburg, March 6th 2001 +++ Today, ISION announced
unaudited preliminary results for the 12 month period
ended December 31, 2000, comprising revenues of 96.4 Mio.
Euro and losses before interest, tax, depreciation and
amortisation (EBITDA) of 39.4 Mio. Euro and net losses
(EBIT) of 62.8 Mio. Euro.
ISION’s Management Board highlights that the business
continues to show strong underlying growth with revenues
increasing by 68% year on year (1999 revenue: 57.5 Mio.
Euro). More specifically, for website management, which
includes complex managed hosting and integrated e-
business solutions, the revenue increase was over 200% and
these services represented nearly half of the total revenues
compared to less than a quarter a year ago.
ISION’s Management Board believes that reported EBITDA
has been impacted by costs and adjustments aggregating
22.0 Mio. Euro, which the ISION Management Board believe
to be one-off and non-recurring. These adjustments include:
(i) restructuring costs of 9.1 Mio. Euro; (ii) the economic costs
of employee stock options of 3.1 Mio. Euro (iii) items
impacting gross margin of 3.5Mio. Euro, (iv) other selling,
general and administrative costs (in particular doubtful
receivables, project costs and accruals for employee holiday
entitlements) of 6.3 Mio. Euro in aggregate. In addition,
there has been an acceleration of amortisation of goodwill
on subsidiary businesses of 2.5 Mio. Euro which, unlike the
foregoing adjustments, will have a continuing impact on
EBIT.
The deferred tax asset of approximately 23.5 Mio. Euros have
been written of following the acquisition of ISION by Energis.
ISION Internet AG will report audited final results for the
fiscal year 2000 by April 28th 2001, for which ISION got
approval from the Deutsche Börse on February 23rd 2001.
Today, Energis has announced a mandatory offer to ISION’s
minority shareholders, which has been approved by the
German Takeover Commission and recommended by ISION’s
Management Board. Energis offers 6.75 shares for one ISION
share. The offer is not being made in the U.S.A., Canada,
Australia or Japan.
Further Information:
ISION Internet AG
Steinhöft 9
D-20459 Hamburg
Andreas Schwarzwälder +49 40 30 70 – 2600
andreas.schwarzwaelder@ision.net
Johannes Schön +49 40 30 70 – 2121
johannes.schoen@ision.net
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