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feratel media technologies AG

euro adhoc: feratel media technologies AG
Annual Reports
sales in financial 2001/2002 increased by 22%, EBITDA before non-recurrent restructuring measures improved by 20% to EUR 2.3 million, distribution of dividend planned for 2002/2003 (E)

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Growth course continued: In the financial year 2001/2002 (1 May 2001 to 30 April 2002), feratel media technologies AG, which is quoted at the prime market of the Vienna Stock Exchange, was able to continue its growth course. Sales increased by 22% from EUR 14.9 million to EUR 18.2 million and operational output also improved by 22% from EUR 15.9 million to EUR 19.3 million.

Developments in the Telecom sector have been positive, recording an increase in sales by 14% to EUR 7.4 million. With sales totalling EUR 9.3 million, the Information and Reservation Systems sector also produced a double-digit growth of 31%. Despite an increase in sales by 15% to EUR 1.5 million, the results in the Media division were below expectations. Due to the delay in the introduction of new mobile communication technologies and the stagnation in Internet content sales, the marketing of tourist-specific contents failed to meet the targets defined by the rather optimistic forecasts.

Future results relieved by one-off extraordinary depreciation on goodwill: Given the extremely uncertain mood on the content market, feratel’s executive board  - making use of the available spectrum of measurements and applying a prudent accounting policy - decided to recognise a non-recurrent extraordinary depreciation on goodwill of approximately EUR 12.5 in the financial statements for 2001/2002. This non-recurrent depreciation on goodwill is not cash-effective and neither influences the company’s operative business nor its liquidity. It merely constitutes a measure implemented for reporting purposes, which not only enables feratel to ease the burden on future results but also creates additional positive tax effects for the company and enhances transparency for investors.

Clearly positive EBITDA and EBT adjusted for non-recurring effects: The group’s EBITDA before non-recurrent restructuring measures in the 2001/2002 business year amounted to EUR 2.3 million compared with EUR 1.9 million in the year before, equalling an increase of 20%. Due to the high level of ordinary depreciation, EBT before depreciation on goodwill and non-recurrent restructuring measures was slightly below last year’s result and amounted to TEUR 977 compared with TEUR 990 in the previous business year.  

Outlook: In the current business year, feratel is making efforts to consolidate and expand its leadership in its core markets of Austria, Germany and Switzerland. In the weather cams and information and reservation system sector, the company aims at achieving further geographical expansion and at securing its technology and know-how leadership in the long term.

On the whole, the executive board expects a very favourable development for the business year 2002/2003. Goals include a further substantial increase in sales and an improvement of the company’s operating results. The board also plans to pay a dividend for the current business year.  

Consolidated Balance Sheet (in TEUR)

~Assets                                        30.04.2002        30.04.2001
Non-current assets                        13,776.6            27,064.4
Deferred taxes                                2,354.6              1,633.2
Non-current receivables                    330.6               
Current assets and prepaid          20,195.4            19,630.4
expenses

Liabilities
Shareholders’ equity                    22,642.1            36,012.1
Minority interests                            190.8                 337.6
Long-term liabilities                   514.6              2,563.5
Deferred tax provisions                    196.3                 240.6
Short-term liabilities and          13,113.4              9,174.2
deferred income   

Balance Sheet Total                      36,657.2            48,328.0

Consolidated Income Statement (in TEUR)

                                                 2001/2002          2000/2001
Sales                                          18,170.2            14,877.4
Operational output                      19,342.1            15,897.9

EBIT before depreciation on            617.1                 767.7
goodwill and non-recurring positions             

EBT before depreciation on              977.0                 990.1
goodwill and non-recurring positions             

EBIT before                                    -727.6         1.2
non-recurring positions

EBIT after                                 -14,346.4                    1.2
non-recurring positions

EBT after                                  -14,124.0     177.4
non-recurring positions

EBITDA before                                2,314.3              1,934.4
non-recurring positions~

end of announcement            euro adhoc 19.07.2002
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Further inquiry note: Martin Fritsch, feratel media technologies AG, Maria-Thresien-Straße 8, A-6020 Innsbruck, Phone: +43(0)512/7280-0, Fax: +43(0)512/7280-80, e-mail: martin.fritsch@feratel.com

Branche: Tourism & Leisure
ISIN:      AT0000737804
WKN:        73780
Index:    ATX Prime, ViDX, WBI
Börsen:  Baden-Württembergische Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Berliner Wertpapierbörse / free trade
              Frankfurter Wertpapierbörse / free trade
              Wiener Börse AG / official dealing



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