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WEB.DE AG

euro adhoc: WEB.DE AG
Mergers - Acquisitions - Takeovers
euro adhoc: WEB.DE AG
Mergers - Acquisitions - Takeovers
WEB.DE and United Internet sign contracts on comprehensive alliance - WEB.DE with very positive quarterly development in Q1

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
13.05.2005
Correction. The appendix contained an editorial mistake. The correct
revenue in Q1/2004 is 9.5 million euro.
The correct version is as follows
WEB.DE AG (ISIN: DE 000 529 650 3), Karlsruhe, and United Internet AG
(ISIN: DE 000 508 903 1), Montabaur, today signed the contracts
governing the comprehensive alliance between the two companies
subject to the terms and conditions announced on March 16, 2005.
Under the umbrella of United Internet, the largest provider on the
Internet services and portal market in Germany is being created, as
far as market reach and the volume of advertising space are
concerned. In the context of this alliance WEB.DE AG focuses
exclusively on building up and further extend the Web
Telecommunications business where the launch of the next generation
of the Com.Win product family is scheduled for this year.
The alliance involves the take-over of WEB.DE AG´s Internet Portal
business with the entire staff, all technologies, assets as well as
trademarks and licence rights against a cash volume of EUR 200
million as well as 5.8 million shares of United Internet AG. Under
certain conditions, the 5.8 million United Internet shares may be
replaced by 2 million United Internet shares plus an additional cash
volume of EUR 100 million. Furthermore, the companies declared their
firm intention to enter into a marketing agreement for the next
generation of the Web Telecommunications products of WEB.DE AG within
the scope of the implementation of the take-over of the business.
The transfer of the portal business to the United Internet Group,
which has since been notified to the antitrust commission, is still
subject to the consent of the supervisory boards of the two companies
and the antitrust commission. Moreover, the transaction requires the
consent of the Annual General Meeting of WEB.DE AG. The contracts are
likely to be executed in the course of the third quarter of fiscal
2005.
Parallel to the signing of the contracts, WEB.DE AG announces the
preliminary, highly positive business results for the first quarter
of fiscal 2005 - for the first time based on IFRS (International
Financial Reporting 
Standards). WEB.DE AG continues the high dynamics of the last
quarters and once again reports a very positive course of business:
the revenues of WEB.DE AG rose in Q1/2005 on a Group level by EUR 2.5
million or +26% y-o-y to EUR 12.0 million. They even match the level
of the seasonally strong Q4/2004. The gross operating profit of EUR 9
million enjoyed a similarly positive development in Q1/2005 (Q1/2004:
EUR 7.1 million) which means that the gross margin of the WEB.DE
Group continues to be on a consistently high level of 75%.
In Q1/2005 WEB.DE AG generated a positive net income for the period
of EUR 0.5 million, which is clearly higher than the first quarter of
the prior year (Q1/2004: EUR 0.1 million). Earnings before interest,
taxes, depreciation and amortization (EBITDA) also chalked up a
positive development and amounted to EUR 1.2 million during the last
quarter (Q1/2004: EUR 1.0 million).
The operating cash flow of WEB.DE AG reached a new all-time high of
EUR 3.1 million in Q1/2005 (Q1/2004: EUR +2.8 million). Cash and cash
equivalents in the WEB.DE Group amount to EUR 107.6 million (Q1/2004:
EUR 102.3 million) despite substantial investments in fixed assets
and IT infrastructure. They increased by EUR 5.3 million versus the
same prior year quarter.
Appendix
Table: 
(in EUR million)	  	  Q1/2005	Q1/2004
		   	         (prelim.)
Revenues			   12.0	          9.5
Gross operating profit		    9.0	          7.1
Net income for the period           0.5	          0.1
Earnings before interest
Tax, depreciation, amortization	    1.2	          1.0
Operating cash flow 		    3.1	          2.8
The full Q1 Report will be published on May 25, 2005 and will then be
available for downloading from the website http://webde-ag.de.
end of announcement                    euro adhoc 13.05.2005 22:10:38 
Further inquiry note:
Contact for Analysts and for Investors: 
Richard Berg, Director Investor Relations, 
tel +49 (0)721 94329 2700, Mail  rb@webde-ag.de
http://webde-ag.de
Contact for Press and Media: 
Oliver Schwartz, Director Communications, 
tel +49 (0)721 94329 5310, Mail  oliver.schwartz@webde-ag.de
http://webde-ag.de

Further inquiry note:

Richard Berg
Tel. +49(0)721 94329 2700
E-Mail: rb@webde-ag.de

Branche: Online
ISIN: DE0005296503
WKN: 529650
Index: TecDAX, Prime Standard, HDAX, CDAX Technology, Midcap Market Index, Prime All Share
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Berliner Wertpapierbörse / free trade
Hamburger Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Niedersächsische Börse zu Hannover / free trade
Bayerische Börse / free trade
Bremer Wertpapierbörse (BWB) / free trade

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