Broadnet AG
Broadnet Mediascape Comm. english
broadnet mediascape publishes first-quarter figures –
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Revenues up 30% on same period last year
Hamburg, May 27, 2002 broadnet mediascape can report revenues of TEUR 2,777 for
the first quarter of the current fiscal year, as compared with TEUR 2,139 for
the same period last year. Despite the economic slowdown and consequent customer
reluctance to invest, the group was able to increase its revenues by 30%. Both
EBITDA and EBIT showed improvements for the first time, by 24% and 36%
respectively. Cash outflow for capital projects was slashed by 64%, mainly
because expansion of the infrastructure has now reached a very advanced stage
and also as a result of the assets acquired from Broadnet Deutschland GmbH. The
combined cash inflow from the Broadnet deal and from current operations raised
the level of available liquid funds by TEUR 469. This compares with a reduction
of TEUR 5,381 during the same period last year. EBITDA for the period under
review were minus TEUR 1,441 (last year: minus TEUR 1,891). EBIT were minus TEUR
2,606 (last year: TEUR 4,084). The first capital consolidation of Broadnet
Deutschland GmbH resulted in the creation of a negative goodwill item. Total
income from this source in the first quarter of 2002 is TEUR 4,251. Broadnet
Deutschland GmbH’s operating loss (EBITDA) of TEUR 925 is balanced by an
increase of the same amount in consolidated earnings from operations shown under
other operating income. A write-back of TEUR 3,326 by Broadnet Deutschland
resulted in income of the same amount in the consolidated financial statements.
As of March 31, broadnet mediascape had total liquid funds of TEUR 33,624 at its
disposal.
Contact: Sophie Lindemann; s.lindemann@broadnet-mediascape.de; +49 40 66 86 100
end of ad-hoc-announcement (c)DGAP 27.05.2002
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
broadnet mediascape can report revenues of TEUR 2,777 for the first quarter of
the current fiscal year, as compared with TEUR 2,139 for the same period last
year. Despite the economic slowdown and consequent customer reluctance to
invest, the group was able to increase its revenues by 30%. Although access
products still account for over half these revenues, demand for supplementary
services and projects has continued to rise over the last few months.
Both EBITDA and EBIT showed improvements for the first time, by 24% and 36%
respectively. Cash outflow for capital projects was slashed by 64%, mainly
because expansion of the infrastructure has now reached a very advanced stage
and also as a result of the assets acquired from Broadnet Deutschland GmbH. The
combined cash inflow from the Broadnet deal and from current operations raised
the level of available liquid funds by TEUR 469. This compares with a reduction
of TEUR 5,381 during the same period last year. EBITDA was in line with budget
for the period under review at minus TEUR 1,441 (last year: minus TEUR 1,891).
The Broadnet Deutschland subsidiary reported an operating loss of TEUR 925 that
was balanced in the consolidated accounts by the write-back of the same amount
of negative goodwill to other operating income. The operating expenses of this
subsidiary will decrease as integration progresses over the remainder of the
year, mainly as a result of termination of contracts for line hire,
administration etc. The rental for the former Broadnet office has been covered
by a once-off cash payment of TEUR 2,000 made by the former parent company
Broadnet Holdings B.V.
EBIT as of March 31 was minus TEUR 2,606 (last year: minus TEUR 4,084). The
first capital consolidation of Broadnet Deutschland GmbH resulted in the
creation of a negative goodwill item of TEUR 21,424. This arose because the
value of the shares issued for the takeover of Broadnet Deutschland was less
than the company’s net worth. The write-back of the TEUR 21,424 will be shown
quarterly in the income statement under other operating income in the amount of
Broadnet Deutschland’s operating loss (EBITDA), and the amount written back by
Broadnet Deutschland offset against the write-back in the consolidated financial
statements. This means that an amount of TEUR 925 is included in other
operating income for the first quarter of 2002 and income of TEUR 3,326 from
write-back of the negative goodwill item (Total income from this source in the
first quarter of 2002: TEUR 4,251).
For the first time since the beginning of 2001 there was no unscheduled
amortization of goodwill during the first three months of the current fiscal
year following broadnet mediascape’s decision at the end of last year to write
off the greater part of the remaining goodwill.
As of March 31, broadnet mediascape had total liquid funds of TEUR 33,624 at its
disposal.
Expansion of infrastructure
broadnet mediascape succeeded in integrating roughly 70% of the infrastructure
taken over from Broadnet Deutschland into the joint network during the first
quarter of 2002. Surplus fixed-line connections were phased out, unprofitable
wireless loop base stations were dismantled, frequenced technology was installed
in existing stations and new links and wireless stations were constructed. As
of March 31, broadnet mediascape had 158 wireless loop stations in operation
(last year: 96) and 50 under construction (last year: 48).
Order situation
The number of broadnet mediascape’s business subscribers had risen to around
3,400 (last year: 3,000) as of March 31. Of these, 914 (last year: 630) use a
broadband connection. Operational considerations make it tactically unwise to
publish data on orders received, because contracts negotiated will show up in
next quarter’s revenues.
Capital expenditure
The group spent TEUR 1,340 on capital projects during the first quarter (TEUR
3,701 in the same period last year). This 64% reduction in capital expenditure
is attributable partly to the fact that expansion of the infrastructure has now
been more or less completed and partly to the acquisition of the infrastructure
of the new Broadnet Deutschland GmbH subsidiary.
During the period from January to March the total amount invested in
infrastructure included TEUR 885 for technical installations and installations
under construction, TEUR 51 for technical and office equipment and TEUR 196 for
intangible fixed assets.
Contact: Sophie Lindemann; s.lindemann@broadnet-mediascape.de; +49 40 66 86 100
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WKN: 549 086; ISIN: DE0005490866; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Düsseldorf, Hamburg,
Hannover, München und Stuttgart
270842 Mai 02
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