T-Online International AG
T-Online International english
T-Online International AG increased its operating results and revenues
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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T-Online International AG increased its operating results and revenue
considerably compared with last year. Excluding the effects of sales of
shareholdings*, operating results improved to EUR 122 million compared with EUR
43 million in the first half of last year. EBITDA excluding the effect of sales
of shareholdings increased to EUR 156 million after negative EBITDA of EUR -13
million last year. Income before taxes was thus also positive, EUR 23 million,
compared with EUR -130 million in the first six months of 2002. Revenue
increased from EUR 731 million in the first half of 2002 to EUR 894 million. The
group’s revenue is thus 22 percent higher than in the same period last year.
The increase in the group’s underlying profitability is mainly attributable to a
positive development of the gross margin while revenue increased. The margin in
the second quarter was 57.5 percent (Q1: 56.0 percent).
The customer base increased – compared to the prior-year-period by 10 percent up
to 12,67 million customers.
T-Online had 3.01 million broadband customers at the end of June 2003 (2.19
million at the same time last year) – 1.82 million of them using the flat rate.
Broadband customers now account for 29 percent of customers in Germany
(30.06.2002: 23 percent). The proportion of broadband customers on the group
increased to 25 percent at the end of the second quarter 2003 (30.06.2002: 20
percent). Effective January 1, 2003, T-Online International AG moved from the
German Commercial Code (HGB) to International Financial Reporting Standards
(IFRS),formerly International Accounting Standards (IAS), as the basis of its
consolidated financial reporting. The move to IFRS was made both to enhance the
international comparability of our reporting and to meet the requirements for
listing under the new Prime Standard on the stock exchanges of Deutsche Börse
AG.
*Effects of sales of shareholdings: Sale of t-info in the second quarter of 2003
for EUR 24 million. Sale of stake (40 percent) in T-Motion in the second
quarter of 2003 for EUR 41 million.
end of ad-hoc-announcement (c)DGAP 12.08.2003
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
T-Online increases operating results and revenue in the first half of 2003
EBITDA excluding sales of shareholdings EUR 156 million – operating results
increased to EUR 122 million – revenue up 22 percent year-on-year – 3.2 million
broadband customers
T-Online International AG increased its operating results and revenue
considerably compared with last year. Excluding the effects of sales of
shareholdings*, operating results improved to EUR 122 million compared with EUR
minus 43 million in the first half of last year. EBITDA excluding the effect of
sales of shareholdings increased to EUR 156 million after negative EBITDA of EUR
minus 13 million last year. Income before taxes was thus also positive, EUR 23
million, compared with EUR minus 130 million in the first six months of 2002.
Revenue increased from EUR 731 million in the first half of 2002 to EUR 894
million. The group’s revenue is thus around 22 percent higher than in the same
period last year. T-Online recorded a year-on-year revenue increase of 47
percent to EUR 82 million in the segment Rest of Europe.
The increase in the group’s underlying profitability is mainly attributable to a
positive development of the gross margin while revenue increased. The margin in
the second quarter was 57.5 percent (Q1: 56.0 percent). The increased
proportion of broadband customers and good capacity utilization on the network
made a positive contribution to this development. The proportion of broadband
customers increased from 24 percent in the first quarter of the year to 25
percent in the second quarter. With an average of 3,240 minutes per customer per
month in the second quarter, usage stabilized at a high level similar to that
of the first quarter (3,248 minutes). This reflects the positive effect of
customers’ changing use of the media following major events.
The development of the customer base, which increased by 10 percent year-on-
year, is the result of T-Online’s consistent implementation of its broadband
strategy in one of the major Internet growth markets. While the growth of recent
years has consolidated in the narrowband segment, business with broadband
services has continued to develop very well: The number of broadband users in
Germany increased by 37 percent year-on-year. The volume tariffs introduced in
the fall of last year continue to meet with a positive response: The number of
customers opting for these tariffs increased by 139 percent compared with the
end of 2002 to 177,000. T-Online had 3.01 million broadband customers at the
balance sheet date (2.19 million at the same time last year) – 1.82 million of
them using the flat rate. Broadband customers now account for 29 percent of
customers in Germany.
Foreign subsidiaries increased their customer base by 10 percent year-on-year
and recorded strong growth in the broadband segment. In April, Ya.com became one
of the first providers on the Spanish market to introduce a 128 Kbits ADSL
tariff which, with its low price, is intended to open up the market as a starter
package. Business in this segment is developing positively: EBITDA improved to
EUR minus 9 million in the second quarter of this year compared with EUR minus
22 million in the first quarter.
In the product segment, the focus in the second quarter continued to be on paid
content and services. Several high-profile additions have been made to T-Online
Vision’s games on demand service. Particular emphasis was put on the development
of the design and the user interface for leasing and sale of PC games.
Customers who regularly want to use games on demand can register for a special
subscription and play 20 games without any time limit. “Kinoticketing” (a ticket
booking service for the movies) has been established in the Services segment.
For a fee, customers can reserve precise seats using their PCs and pick up the
tickets quickly and conveniently on site from a machine. This service was
developed in cooperation with CinemaxX as is available at selected movie
theatres. The application was designed and developed by the T-Online subsidiary
Atrada Trading Network AG.
in Mio. Euro 1.HJ 03 1. HJ 02 Q2/03 Q2/02
Net revenues 894 731 449 367
Subscribers as at reporting date 12,67 11,57
Gross margin (percent) 56,7 45,5 57,5 47,5
Operating profit (loss) 146 (2) 87 26
Operating profit (loss)excl. sales 122 (43) 63 (15)
of businesses*
EBITDA 180 28 104 42
EBITDA excl. sales of businesses* 156 (13) 80 1
Earnings (loss) before taxes 23 (130) 21 (38)
Group net loss (46) (136) (16) (46)
* Effects of sales of shareholdings: Sale of t-info in the second quarter of
2003 for EUR 24 million. Sale of stake (40 percent) in T-Motion in the second
quarter of 2002 for EUR 41 million.
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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
120749 Aug 03
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