T-Online International AG
T-Online International AG
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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In the first quarter of 2004, T-Online records an EBITDA of 117.7 million Euro,
the highest EBITDA since its IPO
Group net income very positive at EUR 79.3 million – Revenue grew by 12.7
percent year-on-year – DSL tariff customers grew by 280,000 customers in Germany
In the first quarter of 2004, T-Online International AG has significantly
improved its net income and expanded its market share in the broadband sector.
The Group’s net income grew to EUR 79.3 million – up from a loss of EUR 31.3
million in the first quarter of 2003 (figures restated to exclude the effects
from operations of t-info, which was sold in 2003). Net income has been affected
by changes, approved in the first quarter, in reporting rules pursuant to
IFRS3. According to these new rules, goodwill amortization, amounting to EUR
85.8 million in the first quarter of last year is no longer required. First-
quarter revenue rose by 12.7 percent year-on-year to EUR 488.8 million. Adjusted
for t-info, revenue for the same period last year was EUR 433.7 million.
In Germany, the company’s DSL-tariff subscriber base grew by 280,000
strengthening its position in a highly competitive market environment. Around
64,000 were already using a narrowband tariff at T-Online. The share of new DSL
tariff subscribers in the total number of existing Deutsche Telekom T-DSL lines
was again over 50 percent.
In the ‘Germany’ and ‘Rest of Europe’ segments, the company considerably
increased both its operating results and its EBITDA compared with the prior-year
period. Earnings before interest, taxes, depreciation and amortization (EBITDA)
increased from EUR 72.8 million to EUR 117.7 million, while the operating
profit improved to EUR 95.8 million (Q1/2003: EUR 56.8 million). This quarterly
EBITDA represents an all-time record for T-Online since its IPO in 2000.
In the Rest of Europe segment, the EBITDA improved to a negative EUR 2.8
million, compared with last year’s EBITDA losses, which amounted to EUR 10.3
million in this segment.
The “blended” ARPU (Average Revenue Per User) grew to EUR 15.4, up from EUR 14.2
in the prior-year period.
The gross margin amounted to 60.1 percent in the first quarter of 2004, up from
56.2 percent in same period last year.
Key financial data for the first quarter of 2004
Negative amounts in parentheses.
The percentage figures in the first two columns are with reference to Group
revenue. Data recorded for the Group.
1.Q 2004 1.Q 2003* Change 1.Q 2004 1.Q 2003*
In Mio. of EUR In Mio. of EUR % % %
Net revenues 488.8 433.7 12.7 100.0 100.0
Goods and services (195.0) (189.9) 2.7 (39.9) (43.8)
purchases
Gross margin 293.8 243.8 – – 60.1 56.2
Operating profit 95.8 56.8 68.7 19.6 13.1
EBITDA 117.7 72.8 61.7 24.1 16.8
Earnings/(loss) 126.0 (0.8) – 25.8 (0.2)
before taxes –
Income taxes (46.7) (31.6) – – (9.5) (7.3)
Group net income/(loss) 79.3 (31.3) – – 16.2 (7.2)
Earnings/(loss) 0.06 (0.02) – – –
per share (EUR)
* For better comparability, the prior-year figures are restated to exclude
t-info, which was sold in the second quarter of 2003.
end of ad-hoc-announcement (c)DGAP 12.05.2004
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WKN: 555770; ISIN: DE0005557706; Index: TecDAX, NEMAX 50
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart; Eurex
120746 Mai 04
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