DGAP-News: Half-year figures telegate AG: accelerated growth of the Media business
(firmenpresse) - telegate AG / Half Year Results/Interim Report
03.08.2010 08:30
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
- Business sector Media with 25 percent growth of revenues
- EBITDA before non-recurring items declines significantly, net income
increased due to extraordinary items
- Full-year EBITDA before non-recurring items expected in the lower range
of the guidance (EUR 23 m-EUR 27 m).
Planegg-Martinsried, August 3, 2010 - Business figures for the first
half-year 2010 of telegate AG show a clear progress in the expansion of the
advertising sales business: half-year revenues of the business sector Media
rose within the group by approx. 25 percent from EUR 11.5 m in the previous
year to now EUR 14.4 m. Increase in revenues of the Media business
continued to accelerate on a quarterly level from approx. 19 percent in Q1
to approx. 31 percent in Q2. Group earnings before interest, taxes,
depreciation and amortization (EBITDA) before non-recurring items amounted
to EUR 11.1 m after six months compared to EUR 18.0 m in the previous year.
Half-year net income after taxes increased from EUR 6.5 m in 2009 to EUR
7.9 m now due to income from the sale of the Italian subsidiary, in
particular.
However, the positive trend in the Media sector was offset by the declining
development in the classic directory assistance business: proceeds of the
DA business sector fell by approx. 16 percent from EUR 56.3 m to EUR 47.3
m. This is still due to the continuous shift of DA and search requests to
the digital channels. Revenues of the telegate group decreased hereby by 9
percent from EUR 67.7 m to EUR 61.7 m compared to the previous year. It
should be noted here that the group figures for the first half-year 2010 as
well as the comparative period of the previous year no longer include
revenues of the Italian subsidiary, which was sold as of June 01, 2010. The
telegate group generates 91 percent or EUR 56.1 m (previous year: 61.5 m)
of group revenues in the core market Germany by now. Revenues of the
segment Spain decreased from EUR 6.2 m to EUR 5.6 m due to the basic trend
in the classic DA business.
Profitability still affected by different margins of the business sectors
Half-year EBITDA before non-recurring items in the amount of EUR 18.0 m of
the previous year decreased to EUR 11.1 m in the first half-year 2010. This
is primarily justified by significant investments due to growth in the
Media business as well as shifts of profit shares from the highly
profitable DA business to the Media business with a lower margin. The
company took countermeasures in almost all fixed cost groups with cost
optimizations and reductions respectively and thus partly compensated the
drop in profits.
Group net income after taxes increased from EUR 6.5 m in the previous year
to EUR 7.9 m now. Earnings per share increased parallel from EUR 0.31 to
EUR 0.37. This was caused by extraordinary items in profits, which result
from the sale of the French subsidiary in 2009 and the Italian subsidiary
in 2010. Thus, extraordinary depreciations in the amount of EUR 3.0 m
resulted in a loss after taxes of the discontinued operation in the amount
of EUR 3.0 m in France in the previous year. A profit from the sale of the
Italian participation in the amount of EUR 2.4 m is included in the current
reporting period.
The balance sheet quality of the telegate group, which is free from debt,
is still very solid after the first six months of the annual year 2010. The
amount of liquid assets amounts to approx. EUR 49.2 m as of June 30, 2010
and thus is approximately at the previous year's level of EUR 50.9 m. The
company intends to distribute a part of the surplus liquidity to both
majority and minority shareholders promptly by means of a share buyback
program. Equity ratio increased from 50.1 percent to 64.2 percent as of the
closing date year-on-year. The main reason for this is the decline of the
balance sheet total from EUR 175.1 m to EUR 140.8 m and at the same time
slightly higher equity. This development is primarily attributable to the
sale of the Italian and French subsidiary.
Outlook: focus on growth and efficiency in the Media business and cost
reductions
Trend of profits of the first six months of this annual year has been
affected so far by a declining DA business, however, with a high margin as
well as high rates of growth and investments in the Media business with a
lower margin. telegate's management board expects for the full annual year
2010 that these trends and operative core areas of the business development
will continue. Thus the management board forecasts an EBITDA before
non-recurring items in the lower range of the margin projected in the
amount of EUR 23 m to EUR 27 m. However, it should be noted here that the
year-end projection made in March 2010 did include the contribution of the
Italian subsidiary. The Italian business has been sold in the meantime and
will therefore no longer contribute any EBITDA.
In order to reach its profit targets, the company will focus on continuing
to grow strongly in the Media business and at the same time increase
efficiency to generate higher margins here. Furthermore, there will be an
ongoing focus on cost reductions.
Business figures telegate AG, 1st half-year 2010 2009 +/-in %Note:
Group revenues 61.7 67.7 -8.9
Revenues business sector DA solutions 47.3 56.3 -15.8
Revenues business sector Media 14.4 11.5 +25.4
EBITDA before non-recurring items 11.1 18.0 -38.7
Net income after taxes
(incl.discontinued operations) 7.9 6.5 +20.9
Free cash flow before M&A incl. interest 0.6 13.1 -95.4
Liquid assets (as of June 30, 2010) 49.2 50.9 -3.3
Number of employees (headcount as of June 30, 2010) 2,006 3,087 -35.0
Figures in million EUR; group figures refer to continued operations
telegate AG's interim report for the first half-year of the annual year
2010 is available for download at: http//www.telegate.com>Investor
Relations. In addition, there is a video interview with Ralf Gruesshaber,
CFO telegate AG.
Contact:
Jörg Kiveris
telegate AG
Head of Public Relations Department
Fraunhofer Str. 12a
82152 Planegg-Martinsried
Tel.: 089/ 8954-1188
Fax: 089/ 8954-1189
E-Mail: presse(at)telegate.com
03.08.2010 08:30 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: telegate AG
Fraunhofer Str. 12a
82152 Planegg-Martinsried
Deutschland
Phone: +49 089 - 89 54 0
Fax: +49 089 - 89 54 10 10
E-mail: info(at)telegate.de
Internet: www.telegate.com
ISIN: DE0005118806
WKN: 511880
Indices: Prime All Share
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hannover, München, Hamburg, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------------Unternehmensinformation / Kurzprofil:
Datum: 03.08.2010 - 08:30 Uhr
Sprache: Deutsch
News-ID 31866
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 175 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Half-year figures telegate AG: accelerated growth of the Media business"
steht unter der journalistisch-redaktionellen Verantwortung von
telegate AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
