feratel media technologies AG

euro adhoc: feratel media technologies AG
Quarterly or Semiannual Financial Statements
Operative result in first half-year up 31%, EBITDA improved by 60% Positive developments in sales and earnings in Austria and Switzerland (E)

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For the feratel media technologies AG e-tourism and media group, which is quoted on the Prime Market of the Vienna Stock Exchange, the first half of financial 2002/2003 saw a repeat of the positive developments reported for the first quarter on the Austrian market, with a twin-digit increase in sales achieved once again. For Switzerland, too, a satisfactory performance can be reported in spite of the more difficult market situation there. In Germany, on the other hand, the sluggish economy and greatly reduced capital spending on the part of the public authorities are having a negative impact on the trading position.

In the first half of financial 2002/03, the group reported an 8.7% increase in operating revenues to EUR 8.2 million, while consolidated group sales improved by 1.4% from EUR 7.0 million to EUR 7.1 million. The difference in growth between operating revenues and sales derives from such factors as advance deliveries on sales not yet billed. The feratel-subsidiary Tourismus Service GmbH reports a write-off totalling TEUR 440 for uncollectible receivables. The loss was compensated by retransferring the same amount from accruals. Other operating income and other operating expenses rose accordingly.

Positive developments can be reported with regard to results, with the operative result (EBIT) up 31% in the period-to-period comparison, and EBITDA up 60%, EBIT rose from EUR -1.97 million to EUR -1.37 million. The improvement in EBITDA was from TEUR  -320.7 in the first half of financial 2001/02 to TEUR -128.6. As stated in every half-yearly report from feratel, it should be noted that the key Telecommunications division does the major share of its business in the second half of the financial year, whereas expenditures are distributed more or less uniformly over the full twelve-month period. For that reason, the second half of the year traditionally makes a significantly bigger contribution to the year-end result than the first half.

In spite of the difficult economic situation, feratel is looking forward to continued consolidation of the company’s performance in the second half of financial 2002/03 and a further improvement in terms of results. The measures now in place to reduce costs in Germany are starting to generate measurable results. At the present time, feratel’s goal of paying a dividend for financial 2002/03 must be considered realistic.

~ Consolidated Balance Sheet (in TEUR)

                                                          31.10.2002            30.04.2002

Assets
Non-current assets                                13,312.4                13,776.6
Deferred tax assets                                2,051.9                 2,354.6
Non-current receivables                                0.0                    330.6
Current assets and prepayments            17,435.4                20,195.4

Liabilities
Shareholders’ equity                            21,172.8                22,642.1
Minority interest                                      130.9                    190.8
Long-term liabilities                                572.4                    514.6
Deferred tax liabilities                              0.0                    196.3
Short-term liabilities, accruals
and deferred income                              10,923.6                13,113.4

Balance Sheet Total                              32,799.7                36,657.2

Consolidated Income Statement (in TEUR)

                            1st half year 2002/2003      1st half year 2001/2002

Sales                                      7,094.9                              7,000.3
Income from operations          8,244.6                              7,582.8
EBIT                                      -1,369.3                            -1,973.9
EBT                                        -1,378.3                            -1,947.4
EBITDA                                      -128.6                                -320.7
~


end of announcement            euro adhoc 20.12.2002
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Further inquiry note: For further questions please contact: Martin Fritsch feratel media technologies AG, Maria-Theresien-Straße 8, A-6020 Innsbruck, Phone: +43(0)512/7280-0, Fax: +43(09512/7280-80, E-Mail: martin.fritsch@feratel.com

Branche: Tourism & Leisure
ISIN:      AT0000737804
WKN:        073780
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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