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22.04.2004 – 07:10

WEB.DE AG

euro adhoc: WEB.DE AG
Quarterly or Semiannual Financial Statements / WEB.DE with 30% growth in revenues, a positive net result and positive EBITDA in Q1/2004 (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
WEB.DE AG reports a continuing positive business development in its
review of the first quarter of fiscal 2004. In Q1/2004 year-on-year
revenues increased by EUR +2.2 million or 30% to EUR 9.5 million. The
company generated a gross profit of EUR 7.1 million and a gross
margin of 75%. WEB.DE AG achieved positive earnings before interest,
taxes, depreciation and amortization (EBITDA) in Q1/2004 of EUR +1.0
million as well as a positive net income of EUR 0.1 million for the
period under review. WEB.DE AG has hence shown profitability for the
sixth quarter in succession.
Again, the growth driver in Q1/2004 proved to be the fee-based
Digital Services, with an increase in revenues y-o-y of EUR +2.6
million or almost +80%. The WEB.DE Club was the particularly
successful offering, with membership rising during the first quarter
of 2004 by +45,000 to 225,000 paying members (EUR 52 p.a., net of
VAT).
Q1/2004 saw WEB.DE AG reporting segment results (revenues, EBIT and
EBITDA) for the first time for the WEB.DE Portal and the Web
Telecommunications divisions.
In Q1/2004, the company's WEB.DE Portal division generated revenues
of EUR 9.3 million, earnings before interest, taxes, amortization and
depreciation (EBITDA) of EUR 2.9 million and a segment result (EBIT)
of EUR 1.3 million. With R&D investments of EUR 2.2 million, the
WEB.DE Portal has already reached an EBITDA margin of 31% and an EBIT
margin of 14%.
The Web Telecommunications division continued its investment and
development phase in Q1/2004. With revenues of EUR 0.2 million in
Q1/2004 and R&D investments of EUR 2.0 million, Web
Telecommunications generated earnings before interest, taxes,
amortization and depreciation (EBITDA) of EUR -1.9 million and a
segment result (EBIT) of EUR -2.1 million.
During Q1/2004 WEB.DE invested EUR 4.2 million or around 44% of its
revenues in research and development as budgeted. Whilst continuing
to strengthen next-generation products and technologies, WEB.DE still
achieves positive consolidated results based on EBITDA and net
earnings thanks to its high-margin digital business model.
Operating cash flow for the WEB.DE Group in Q1/2004 totaled EUR +2.9
million - a clearly positive result that significantly outperformed
the previous year's quarter (Q1/2003: EUR +1.6 million). Despite
higher investments in fixed assets and IT infrastructure (EUR 3.3
million in Q1/2004), WEB. DE’s cash and cash equivalents increased to
EUR 102.3 million during the reporting period (Q1/2003: EUR 98.3
million).
The Executive Board of WEB.DE AG expects a 35 to 40 percent growth in
revenues for the current fiscal year 2004 on the basis of a positive
result. The further growth of the Internet leads the Executive Board
to anticipate continuing positive development for the profitably
growing portal business in the coming years. In Web
Telecommunications, international-level distribution of Com.Win will
be launched in 2004 and product development will be further advanced.
Appendix: Key indicators
~
(in EUR million)                                                     
                                         Q1/2004      Q1/2003
Revenues                            9.5            7.3
Revenues Portal                     9.3            n.a.
Revenues Web Telecommunications     0.2            n.a.
Gross profit                        7.1            5.5
Marketing and Advertising          (3.1)          (2.7)
Research and Development           (4.2)          (3.1)
R&D Portal                         (2.2)           n.a.
R&D Web Telecommunications         (2.0)           n.a.
Income for the period under review   0.1           0.2
Earnings per share (in EUR)         0.00          0.01
EBITDA                              1.0            1.0
EBITDA Portal                       2.9            n.a.
EBITDA Web Telecommunications      (1,9)           n.a.
Operating cash flow                 2.9            1.6
Cash and cash equivalents         102.3           98.3
~
Contact:
WEB.DE AG, Investor Relations, Richard Berg 
tel. +49 (0)721.94329.2700, email rb@webde-ag.de
The full quarterly report can be downloaded from the website of
WEB.DE AG on http://webde-ag.de.
end of announcement        euro adhoc 22.04.2004

Further inquiry note:

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

Branche: Software
ISIN: DE0005296503
WKN: 529650
Index: HDAX, Nemax 50, Prime Standard, TecDAX
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Niedersächsische Börse zu Hannover / free trade
Berliner Wertpapierbörse / free trade
Bayerische Börse / free trade
Hamburger Wertpapierbörse / free trade
Bremer Wertpapierbörse (BWB) / free trade
Börse Düsseldorf / free trade
Baden-Württembergische Wertpapierbörse / free trade