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21.10.2004 – 07:47

WEB.DE AG

euro adhoc: WEB.DE AG
Quarterly or Semiannual Financial Statements / Ad hoc disclosure in accordance with §15 WpHG: WEB.DE grows strongly during the summer quarter and increases EBIT in the Portal business in Q1-Q3/2004 to 4.6 million Euro (EBIT margin

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
WEB.DE AG reports a very positive business development for the first
nine months of fiscal 2004 (Q1-Q3/2004). During the reporting period
WEB.DE AG raised revenues within the Group by 7.4 million EUR or 31%
to 30.9 million Euro (Q1-Q3/2003: 23.5 million Euro) with positive
earnings before interest, taxes, depreciation and amortization
(EBITDA) of 3.0 million Euro.
WEB.DE Group continues to focus on two segments: the WEB.DE Portal
and Web Telecommunications. In the Portal business WEB.DE generated
in Q3/2004 revenues of 3.0 million Euro in the Media Sales business
line. With a plus of 0.4 million Euro or +13% in revenues, they
significantly exceed the prior year quarter (Q3/2003: 2.6 million
Euro). During the 9-months reporting period this business line
generated 8.5 million Euro in revenues versus Euro 7.9 million Euro
in Q1-Q3/2003 (+0.6 million Euro or +8%). Overall, despite the
ongoing difficult situation on the online advertising market Media
Sales recorded respectable growth against the market trend. With
revenues of 1.2 million Euro in Q3/2004 or 3.7 million Euro during
the 9-month reporting period, the E-Commerce business line developed
as expected (Q3/2003: 1.8 million Euro; Q1-Q3/2003: 5 million Euro).
During the reporting period, the growth drivers of WEB.DE AG
continued to be the Digital Paid Services with their particularly
high margins. In Q3/2004 this business line generated revenues of 6.5
million Euro versus 3.5 million Euro in Q3/2003 (+84% y-o-y). During
the first nine months, revenues from Digital Paid Services reached
18.2 million Euro and were thus 8.6 million Euro or 89% above the
comparative, prior year period. The flagship of Digital Services is
the WEB.DE Club, which counted 322,000 subscription-paying members on
the quarterly reporting date September 30, 2004 (52 Euro net p.a.) –
a plus of 187,000 compared to September 30, 2003 and 47,000 new
members during the summer quarter 2004 alone.
In its highly profitable Portal business, WEB.DE reached an EBITDA of
3.2 million Euro in Q3/2004 (EBITDA margin of 30%) and even earnings
before interest and taxes (EBIT) of 1.7 million Euro (EBIT margin of
16%). Referred to the 9-month reporting period, the Portal EBIT
reached 4.6 million Euro; Portal and EBITDA reached 9.5 million Euro.
In Web Telecommunications the company generated a R&D investment
driven EBITDA of –6.5 million Euro during the first nine months of
fiscal 2004.
Group net income was influenced by a non cash effective, one-off
valuation allowance on a minority stake in VoIPGroup Inc., Miami
(USA) of 3.9 million Euro from year 2000. Hence, net income for the
9-month period under review is now –3.3 million Euro. The investment,
which was fully written down, is outside the strategic focus of
WEB.DE as a comprehensive know how transfer to WEB.DE has taken place
and the company has developed into different strategic directions.
Additionally WEB.DE AG launched its own VoIP solution with FreePhone®
during the previous quarter. After adjustment for this one-off
effect, net income rose in the seasonally weak summer quarter Q3/2004
to 0.3 million Euro which is 0.2 million Euro or 200% above Q3/2003.
A clearly positive operating cash flow (Q1-Q3/2004: 8.6 million Euro
versus 5.2 million Euro in Q1-Q3/2003) had a sustainably positive
effect on cash and cash equivalents of WEB.DE Group. As of September
30, 2004 liquid funds increased to around 102.7 million Euro or Euro
2.69 per share - WEB.DE continues to enjoy an extremely sound
financial basis.
For the current fiscal year 2004 the Executive Board of WEB.DE AG
expects a growth in revenues of 35-40% with positive earnings before
interest, taxes, depreciation and amortization and a positive net
income for the period before extraordinary investment income of
Q3/2004.
Overall, the Executive Board assumes that the positive development of
the profitably growing Portal business will persist. Due to the
slowly developing environmental conditions for integrated
communication products WEB.DE expects the international rollout of
Com.Win in the course of fiscal 2005. The existing R&D capacities
continue to ensure steady product upgrading and create optimum
conditions for further innovation and the international product
rollout at current R&D investment levels.
Appendix: Key indicators (in million Euro)
~
Q1-Q3/04  Q1-Q3/03   Q3/04  Q3/03
Revenues                     30,9      23,5      10,8    8,3  
  including Portal           30,3       10,6      n.a.   n.a.
  including Web Telecomm.     0,6       n.a.      0,2    n.a.
Gross profit                 23,2       17,7      8,1     6,2
Research and development    (13,9)     (9,8)     (4,8)   (3,5)
EBIT                         (2,4)     (2,3)     (0,8)   (0,9)
  including Portal            4,6       n.a.      1,7     n.a.
  including Web Telecomm.    (6,9)      n.a.     (2,4)    n.a.
Net income for the period    (3,3)      0,6      (3,6)    0,1
EBITDA                        3,0       2,8       0,9     0,8
  including Portal            9,5       n.a.      3,2     n.a.
  including Web Telecomm.    (6,5)      n.a.     (2,3)    n.a.
Operating cash flow           8,6        5,2       2,4    1,8 
Liquid funds                102,7      100,5     102,7  100,5
~
Download information:
The full quarterly report can be downloaded from the WEB.DE AG
homepage at http://webde-ag.de.
end of announcement                    euro adhoc 21.10.2004 07:09:00 

Further inquiry note:

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

Branche: Software
ISIN: DE0005296503
WKN: 529650
Index: Nemax 50, TecDAX, Prime Standard, HDAX
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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