Quarterly Report • May 9, 2007
Quarterly Report
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United Internet AG can look back on a successful start to its fiscal year 2007. Compared with the same period last year, we once again succeeded in achieving strong growth in our sales and earnings figures: consolidated sales of United Internet AG grew by 29.4 % from C 260.4 million (comparable prior-year figure after sale and deconsolidation of twenty4help) to C 336.9 million. Pre-tax earnings (EBT) rose by 27.8 % from C 39.2 million (comparable prior-year figure) to C 50.1 million. Despite increased costs for the penetration of new business fields, the EBT margin amounted to 14.9 %.
This result reflects the positive development of our two remaining business segments, "Products" and "Online Marketing":
In the Product sector, with our brands GMX, WEB.DE, 1&1, InterNetX and Fasthosts, sales grew by 30.7 % over the previous year to C 287.5 million and EBT by 26.6 % to C 44.7 million. Compared with March 31, 2006, the number of paying customer contracts increased by 1.33 million to 6.63 million. There was strong growth in all product lines: in Webhosting we made particularly strong progress in our foreign markets and raised the number of contracts by over 660,000 to 1.37 million. Including Germany, we held a total of some 3.00 million webhosting contracts as of March 31, 2007 — an increase of 750,000 compared with March 31, 2006. In the field of Information Management, we added 110,000 new contracts to reach 1.12 million and 520,000 DSL contracts to reach 2.36 million. In addition to the acquisition of new customers and the launch of innovative products, such as 4DSL, the main focus of our DSL business was placed on raising customer loyalty and expanding business with our client base. Compared with March 31, 2006, we were able to raise the number of our telephony customers by 670,000 to 1.37 million. At the same time, the number of telephone minutes completed per month grew from 480 million to 780 million. The number of our own DSL connection customers also improved strongly by 740,000 to 1.97 million. This means that 83.5% (prior year: 66.8%) of our DSL access customers receive both their internet
access and DSL connection from us and 58.1 % (prior year: 38.0 %) of our DSL access customers also use our internet telephony product in addition to pure access.
In the Online Marketing segment, our brands AdLINK, affilinet and Sedo are benefiting from the positive development of the online advertising market. Compared with the same period last year, sales in this segment grew by 21.8 % to C 49.2 million. EBT improved by 16.7 % to C 5.6 million.
Our former third segment, Outsourcing, is no longer separately disclosed since the sale of the twenty4help group to Teleperformance S.A. The consolidated figures for the previous year have been adjusted accordingly and now only comprise continued operations. The remaining Outsourcing brand InterNetX was integrated into the Product segment.
We are also optimistic for the remaining months of the current fiscal year: 4DSL is enjoying strong market demand, our international expansion in Webhosting is making good progress, all lights are set to green in online advertising amid continued market growth and the roll-out of new business fields in Germany and abroad is in full swing.
Montabaur, May 9, 2007
Ralph Dommermuth CEO
(continued operations)
| Q1 2007 | Q1 2006 | ||
|---|---|---|---|
| Sales | t million | 336.9 | 260.4 |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) | t million | 63.4 | 50.8 |
| Earnings before taxes (EBT) | t million | 50.1 | 39.2 |
| Employees | number | 3,430 | 2,879 |
| Share price as of end of March (XETRA) | t | 14.55 | 13.27 |
| Earnings per share | t | 0.13 | 0.09 |
| Quarterly development | Q2/2006 t million |
Q3/2006 t million |
Q4/2006 t million |
Q1/2007 t million |
Q1/2006 t million |
|---|---|---|---|---|---|
| Sales | 288.7 | 295.1 | 329.9 | 336.9 | 260.4 |
| EBITDA | 60.3 | 66.1 | 44.0 | 63.4 | 50.8 |
| EBT | 48.1 | 53.1 | 30.8 | 50.1 | 39.2 |
| March 31,2007 | |
|---|---|
| Management board | |
| Ralph Dommermuth | 88,000,000 |
| Norbert Lang | 576,128 |
| Supervisory board | |
| Kurt Dobitsch (Chairman) | - |
| Bernhard Dorn | - |
| Michael Scheeren | 800,000 |
In the first quarter of 2007, consolidated sales revenues of the United Internet Group grew by 29.4 % to C 336.9 million (comparable prior-year figure after sale and deconsolidation of twenty4help: C 260.4 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 24.8 % to C 63.4 million (comparable prior-year figure: C 50.8 million), while earnings before taxes (EBT) were up by 27.8 % to C 50.1 million (comparable prior-year figure: C 39.2 million). Despite increased costs for the penetration of new business fields, we therefore achieved an EBT margin of 14.9 %.
In comparison with March 31, 2006 we succeeded in adding 520,000 new DSL customer contracts, bringing the total to approximately 2.36 million as of March 31, 2007 (prior year: 1.84 million). In addition to the acquisition of new customers and the launch of our allinclusive package 4DSL, the main focus of our DSL business was placed on raising customer loyalty and expanding business with our client base. Compared with March 31, 2006, we were able to raise the number of our telephony customers by 670,000 to 1.37 million. At the same time, the number of telephone minutes completed per month grew from 480 million to 780 million. The number of our own DSL connection customers also improved strongly by 740,000 to 1.97 million. This means that 83.5 % (prior year: 66.8 %) of our DSL access customers receive both their internet access and DSL connection from us and 58.1 % (prior year: 38.0 %) also use our internet telephony product.
International expansion in our core markets continued to make strong progress: in the period under review, sales outside Germany accounted for C 58.1 million of total consolidated revenues (prior year: C 37.7 million). In our Product business we added 660,000 new hosting contracts abroad, compared with the same period last year. Following the successful establishment of our business in the UK, the USA, France and Austria, we will launch our hosting products in Spain in the course of the current year.
On March 13, 2007 we completed the sale of the United Internet Group subsidiary twenty4help Knowledge Service AG to Teleperformance. The Group's Outsourcing segment, of which twenty4help accounted for around 90%, will no longer be separately disclosed in future. The remaining Outsourcing brand InterNetX was integrated into the Product segment. The sale resulted in extraordinary income of around C 65.8 million, which is disclosed in the quarterly report as Discontinued Operations in accordance with IFRS 5.
In accordance with IFRS 5, the prior-year figures of the income statement have to be adjusted as follows: Revenues and expenses of the discontinued operations are no longer included in the respective items and the segment earnings after tax figure is disclosed in a separate line of the income statement. The prior-year figures of the balance sheet as at December 31, 2006 and of the cash flow statement are shown unadjusted.
Revenues of the sold business segment amounted to C 23.2 million in the first quarter of 2007 and C 25.2 million in the same period last year. Earnings after tax of the discontinued operations amounted to C 2.5 million (prior year: C 1.8 million). In accordance with IFRS 5, scheduled depreciation and amortization of intangible assets and property, plant and equipment was terminated in the first quarter of 2007.
Depreciation of tangible and intangible assets grew from C 12.8 million last year to C 13.0 million in the period under review. Our investments in tangible and intangible assets amounted to C 9.3 million (prior year: C 9.0 million). Cash flow from operating activities grew to C 47.6 million (prior year: C 38.7 million). As of March 31, 2007 the aggregate total of bank balances and bank liabilities amounted to C 1.0 million, compared with C -86 million as of December 31, 2006. In addition, we held around 13 million treasury shares as of March 31, 2007.
Following the sale of twenty4help, United Internet employed a total of 3,430 people at the end of March 2007 (December 31, 2006: 6,347), of which 734 (December 31, 2006: 2,364) were employed outside Germany.
The accounting and valuation standards used in this report correspond to the standards applied in the annual financial statements for the fiscal year 2006.
Pre-tax earnings of the parent company, United Internet AG, amounted to C -0.9 million (prior-year: C -0.8 million). As of March 31, 2007 the company had an equity ratio of 81.5%.
During the period under review, the United Internet share grew by 16.1% – from C 12.53 as of December 31, 2006 to C 14.55 as of March 31, 2007. On May 23, 2006, the Management Board of United Internet AG resolved to buy back up to 8,000,000 (adjusted for the share split) of the company's shares (around 3.21% of capital
stock). After fully exhausting this resolution, the Management Board of United Internet AG resolved on August 15, 2006 to buy back up to 5,000,000 further shares in the company (representing approx. 2.00 % of capital stock) via the stock exchange. As of March 31, 2007 a total of 12,990,000 treasury shares had been bought back at an average price of C 11.16 and a total of around C 145.0 million. The Management Board and Supervisory Board will propose a dividend of 18 cents per share for the fiscal year 2006 (prior year: 6.25 cents adjusted for the share split) at the Annual Shareholders' Meeting to be held on May 30, 2007.
In light of the positive development of the first quarter of 2007, we are also optimistic for the year as a whole. There is strong global demand for our products, all our target markets are displaying sustained growth and the launch of new product fields, such as MailXchange or "unddu.de", offers a wide variety of growth opportunities.
GMX targets the mass market with e-mail and messaging products. 8 million active users per month make GMX one of Germany's leading portals. In addition to its free e-mail accounts, GMX also offers fee-based, value-added services.
With over 11 million active internet users per month, WEB.DE is the No. 2 on the German portal market. WEB.DE also offers free basic services as well as fee-based products and services, including the WEB. DE Club.
1&1 is the right address for discerning private users, SoHos and SMEs looking for Information Management, Webhosting and Access solutions. 1&1 is No. 2 in Germany's DSL sector and the world's leading hosting company, active in 5 countries.
InterNetX and Fasthosts represent the reselling business of the United Internet Group. The brands market our webhosting products as white-label packages to other ISPs, which in turn market them under their own name and for their own account. InterNetX operates in Germany and Fasthosts in the UK.
In our display marketing segment, AdLINK Media stands for branding, image and response. This business is based on an advertising network of top-quality websites with 7.6 billion page impressions per month.
Affiliate marketing is one of the strongest growth drivers in online marketing. This market is served by our brand affilinet. The affiliate network currently comprises 390,000 active publisher sites and over 1,200 affiliate programs.
The Sedo brand stands for our domain marketing business field. There are currently 6.9 million domains for sale on our domain trading platform www.sedo.com. Sedo markets some of these domains to advertisers.
United Internet offers a wide range of innovative internet products in its Product segment. Our customers generally sign subscription contracts with us based on fixed monthly fees.
We differentiate between 3 product lines:
These products are marketed directly under our brand names GMX, WEB.DE and 1&1, as well as by InterNetX and Fasthosts in our reseller business. This enables us to cover most mass market needs while differentiating between varying target groups. GMX and WEB.DE target mainly consumers, while 1&1 focuses on ambitious private users, small offices and companies. And our reseller brands InterNetX and Fasthosts market our webhosting products as white-label packages to other ISPs, who in turn market them under their own name and for their own account.
As of March 31, 2007 we had a total of 6.63 million feebased customer contracts (March 31, 2006: 5.30 million). Of this total, the Information Management product line accounted for 1.12 million contracts, our Webhosting business for 3.00 million and Internet Access for 2.51 million contracts, of which 2.36 million were DSL accounts.
| Customer contracts (million) |
31.03.2006 | 31.03.2007 | Difference |
|---|---|---|---|
| Information | |||
| Management | 1.01 | 1.12 | + 0.11 |
| Webhosting | 2.25 | 3.00 | + 0.75 |
| thereof abroad | 0.71 | 1.37 | + 0.66 |
| Internet Access | 2.04 | 2.51 | + 0.47 |
| thereof DSL | 1.84 | 2.36 | + 0.52 |
| Total | 5.30 | 6.63 | + 1.33 |
| Customer contracts (million) |
31.12.2006 | 31.03.2007 | Difference |
|---|---|---|---|
| Information | |||
| Management | 1.09 | 1.12 | + 0.03 |
| Webhosting | 2.86 | 3.00 | + 0.14 |
| thereof abroad | 1.26 | 1.37 | + 0.11 |
| Internet Access | 2.44 | 2.51 | + 0.07 |
| thereof DSL | 2.27 | 2.36 | + 0.09 |
| Total | 6.39 | 6.63 | + 0.24 |
Information Management: excluding test contracts
Internet Access and DSL: excluding provider-independent VoIP flat rate contracts
Our brands not only generate revenues from subscriptions; an increasing proportion of income also results from our online advertising and e-commerce activities. United Internet Media, the marketing company for our GMX, WEB.DE and 1&1 portals and our shopping portal SmartShopping.de, provides advertisers and agencies in Germany with a reach of over 50 % of all German internet users, as well as high-quality, targeted marketing and innovative advertising instruments. Our family of brands provides unique market coverage in Germany.
Compared with the same period last year, total Product segment sales grew by 30.7 % to C 287.5 million, while EBT was up 26.6 % to C 44.7 million.
In our Product segment we are confident that the company's international expansion strategy will continue to make good progress and that we can maintain our dynamic growth. Thanks to product innovations such as 4DSL and our attractive price/performance ratio, we also see good opportunities for DSL connections and DSL telephony. In total, we expect dynamic growth in all product lines. Owing to the tremendous reach of its portals, its innovative advertising technology and the expected market growth, our portal marketing company United Internet Media can also look forward to continued success in fiscal 2007.
GMX targets private users with its Information Management products. 7.8 million internet users and 180 million visits per month make GMX one of Germany's leading portals. In addition to its free
e-mail accounts, GMX also offers fee-based valueadded services.
In the period under review GMX focused on the development of a multi-messenger as well as a new webmailer. The new webmailer relies on AJAX technology, which enables the creation of dynamic pages and the continual background refreshing of content.
With 11.1 million internet users per month, WEB.DE is No. 2 in Germany's portal sector. WEB.DE also offers free basic services and fee-based products, including the WEB.DE Club.
In the period under review, WEB.DE expanded its entertainment section with the addition of ringtones, a ticket shop and music videos. SmartFax is a new solution which allows Club customers to fax files from all major applications. The company also focused on the development of its social and personal network "unddu.de".
1&1 is the right address for discerning private users and small offices requiring Information Management, Webhosting and Access solutions. 1&1 is No. 2 in Germany's DSL sector and the world's leading hosting company, active in 5 countries.
During the period under review, the main focus in the German DSL segment was the launch of 4DSL, while in the Webhosting segment the first open source software-as-a-service for business customers, MailXchange, was presented. Outside Germany, the main activity was the launch of our new data center in the USA. In addition, preparations were made for the product rollout of 1&1 in Spain.
| Q2 2006 | Q3 2006 | Q4 2006 | Q1 2007 | Q1 2006 | |
|---|---|---|---|---|---|
| Sales | 244.5 | 257.4 | 279.2 | 287.5 | 219.9 |
| EBITDA | 56.7 | 64.3 | 32.1 | 57.9 | 46.9 |
| EBT | 44.2 | 51.4 | 19.4 | 44.7 | 35.3 |
United Internet's reselling activities in Germany are all conducted through InterNetX. The company's hosting products are marketed by InterNetX to other ISPs and multimedia agencies (resellers), who in turn market them under their own name and for their own account.
In the period under review, InterNetX focused on expanding its reseller network. InterNetX currently serves 16,700 resellers (prior year: 14,900) for which it hosts over 1.8 million domains and over 650 servers.
Fasthosts is our reseller brand in the UK. Similar to InterNetX, Fasthosts markets hosting products to ISPs and multimedia agencies (resellers), who market them under their own name. Fasthosts is also active in the direct marketing of products to consumers and companies.
Fasthosts also focused on the expansion of its reseller network in the first quarter of 2007. In addition, the company made preparations for its product launch in the USA. In the United States Fasthosts will focus exclusively on the reseller business.
Our Online Marketing segment offers advertisers a variety of marketing and sales solutions: Display Marketing via AdLINK Media, Affiliate Marketing via affilinet and Domain Marketing via Sedo. Compared with the same period last year, the segment once again achieved strong growth: sales grew by 21.8 %, from C 40.4 million to C 49.2 million, while EBT improved by 16.7%, from C 4.8 million to C 5.6 million. Considering the sustained encouraging trend in this sector and the overall growth of the online advertising market, we expect a positive development in the remaining months of 2007.
AdLINK Media is one of Europe's largest independent marketers of online advertising. The company's business model is based on an online advertising network of high-reach websites, which it markets to advertisers.
In the period under review, the company focused mainly on the expansion of its advertising network. As a result, the number of page impressions generated by the network grew to 7.6 billion per month (prior year: 6.4 billion).
Sedo operates the global domain trading platform "sedo.com", which currently trades 6.9 million domains. In its "domain parking" business, Sedo markets some of these domains to advertisers on behalf of the domain owners.
In the period under review, Sedo focused in particular on driving its international expansion – especially in
| Q2 2006 | Q3 2006 | Q4 2006 | Q1 2007 | Q1 2006 | |
|---|---|---|---|---|---|
| Sales | 44.1 | 37.6 | 50.5 | 49.2 | 40.4 |
| EBITDA | 5.6 | 4.1 | 7.3 | 6.5 | 5.3 |
| EBT | 5.0 | 4.0 | 6.0 | 5.6 | 4.8 |
the USA and the UK. The number of marketable domains grew to over 2.9 million (prior year: 1.25 million).
affilinet brings together suppliers of affiliate programs and website operators. affilinet profits from the contacts and sales initiated via the network on a purely performance-oriented basis.
In the period under review, affilinet focused on gaining new program suppliers and expanding its network: the number of affiliate programs grew to over 1,230 (prior year: 1,180) and the number of active websites reached over 390,000 (prior year: 360,000).
from Januar 1 to March 31, 2007 in Ek
| 2007 | 2006 | ||||
|---|---|---|---|---|---|
| January - March | January - March | ||||
| Sales | 336,885 | 100.0 % | 260,408 | 100.0 % | |
| Cost of sales | -200,712 | -59.6 % | -148,382 | -57.0 % | |
| Gross profit | 136,173 | 40.4 % | 112,026 | 43.0 % | |
| Selling expenses | -61,361 | -18.2 % | -54,018 | -20.7 % | |
| General administrative expenses | -18,771 | -5.6 % | -15,017 | -5.8 % | |
| Other operating income/expenses | 52 | 0.0 % | 1,413 | 0.5 % | |
| Amortization of intangible assets resulting from | |||||
| company acquisitions | -5,624 | -1.7 % | -5,101 | -2.0 % | |
| Operating result | 50,469 | 15.0 % | 39,303 | 15.1 % | |
| Interest and similar expenses | -808 | -0.2 % | -310 | -0.1 % | |
| Result from equity investments | 467 | 0.1 % | 224 | 0.1 % | |
| Pre-tax result | 50,128 | 14.9 % | 39,217 | 15.1 % | |
| Income taxes | -19,184 | -5.7 % | -15,578 | -6.0 % | |
| Net income before minority interests | 30,944 | 9.2 % | 23,639 | 9.1 % | |
| Result from discontinued operations | 68,248 | 20.3 % | 1,794 | 0.6 % | |
| Net income (after discontinued operations) | 99,192 | 29.5 % | 25,433 | 9.7 % | |
| Minority interests | -623 | -0.2 % | -1,348 | -0.5 % | |
| Net income attributable to shareholders | |||||
| of United Internet AG | 98,569 | 29.3 % | 24,085 | 9.2 % | |
| Result per share (in C) | |||||
| - basic | 0.41 | 0.10 | |||
| - diluted | 0.41 | 0.10 | |||
| thereof result per share (in C) from continued operations |
|||||
| - basic | 0.13 | 0.09 | |||
| - diluted | 0.13 | 0.09 | |||
| thereof result per share (in C) | |||||
| from discontinued operations | |||||
| - basic | 0.28 | 0.01 | |||
| - diluted | 0.28 | 0.01 | |||
| Weighted average shares | |||||
| (in million units) | |||||
| - basic | 239.99 | 249.10 | |||
| - diluted | 241.59 | 251.67 |
as of March 31, 2007 in Ek
| ASSETS | March 31, 2007 | December 31, 2006 | ||
|---|---|---|---|---|
| Current assets | ||||
| Cash and cash equivalents | 34,540 | 4.3 % | 32,723 | 4.0 % |
| Accounts receivable and other assets | 89,058 | 11.2 % | 120,920 | 14.8 % |
| Inventories | 16,066 | 2.0 % | 16,797 | 2.0 % |
| Prepaid expenses | 17,160 | 2.2 % | 19,522 | 2.4 % |
| Other assets | 24,728 | 3.1 % | 17,705 | 2.2 % |
| 181,552 | 22.8 % | 207,667 | 25.3 % | |
| Non-current assets | ||||
| Equity investments | 23,973 | 3.0 % | 11,006 | 1.3 % |
| Other financial assets | 3,673 | 0.5 % | 3,695 | 0.4 % |
| Property, plant and equipment | 63,209 | 8.0 % | 66,296 | 8.1 % |
| Intangible assets | 138,484 | 17.4 % | 147,370 | 18.0 % |
| Goodwill | 376,004 | 47.3 % | 373,687 | 45.6 % |
| Deferred tax asset | 7,725 | 1.0 % | 9,811 | 1.2 % |
| 613,068 | 77.2 % | 611,865 | 74.7 % | |
| Total assets | 794,620 | 100.0 % | 819,532 | 100.0 % |
| LIABILITIES AND EQUITY | ||||
| Liabilities | ||||
| Current liabilities | ||||
| Accounts payable, trade | 172,814 | 21.7 % | 163,330 | 19.9 % |
| Liabilities due to banks | 31,031 | 3.9 % | 16,140 | 2.0 % |
| Advance payments received | 5,662 | 0.7 % | 5,440 | 0.7 % |
| Accrued taxes | 35,586 | 4.5 % | 25,743 | 3.1 % |
| Deferred revenue | 101,153 | 12.7 % | 92,520 | 11.3 % |
| Other accrued liabilities | 1,699 | 0.2 % | 1,699 | 0.2 % |
| Other liabilities | 51,378 | 6.5 % | 50,510 | 6.2 % |
| 399,323 | 50.2 % | 355,382 | 43.4 % | |
| Non-current liabilities | ||||
| Convertible bonds | 823 | 0.1 % | 876 | 0.1 % |
| Liabilities to banks | 2,511 | 0.3 % | 102,579 | 12.5 % |
| Deferred tax liability | 21,747 | 2.7 % | 21,769 | 2.7 % |
| Deferred revenue | 0 | 0.0 % | 1,756 | 0.2 % |
| Other liabilities | 2,155 | 0.3 % | 2,155 | 0.3 % |
| 27,236 | 3.4 % | 129,135 | 15.8 % | |
| Total liabilities | 426,559 | 53.6 % | 484,517 | 59.1 % |
| Equity | ||||
| Capital stock | 250,235 | 31.5 % | 250,235 | 30.5 % |
| Additional paid-in capital | 156,409 | 19.7 % | 156,447 | 19.1 % |
| Accumulated profit/loss | 92,555 | 11.6 % | -6,014 | -0.7 % |
| Treasury stock | -145,018 | -18.2 % | -79,561 | -9.7 % |
| Revaluation reserves | 1,373 | 0.2 % | 1,373 | 0.2 % |
| Currency translation adjustment | 552 | 0.1 % | 930 | 0.1 % |
| 356,106 | - | 323,410 | - | |
| Minority interests | 11,955 | 1.5 % | 11,605 | 1.4 % |
| Total equity | 368,061 | 46.4 % | 335,015 | 40.9 % |
| Total liabilities and equity | 794,620 | 100.0 % | 819,532 | 100.0 % |
from January 1 to March 31, 2007 in Ek
| Additional paid-in |
Accumulated Capital stock capital profit/loss |
||||
|---|---|---|---|---|---|
| Share | kD | kD | kD | ||
| Balance as of December 31, 2005 | 62,275,201 | 62,275 | 238,506 | -2,822 | |
| Exercise of conversion rights | 1,134,372 | 1,134 | 1,391 | ||
| Capital increase in return for stock | 186,825,603 | 186,826 | -85,928 | -100,898 | |
| Employee stock ownership programme AdLINK | 303 | ||||
| Employee stock ownership programme | |||||
| United Internet | 1,311 | ||||
| Revaluation surplus Afilias Ltd. / Dublin | |||||
| Miscellaneous | 864 | ||||
| Treasury stock | |||||
| Dividend payment | -15,569 | ||||
| Currency translation adjustment | |||||
| Net income 2006 | 113,275 | ||||
| Dividend payments | |||||
| Increase in shareholdings | |||||
| Balance as of December 31, 2006 | 250,235,176 | 250,235 | 156,447 | -6,014 | |
| Employee stock ownership programme AdLINK | 61 | ||||
| Employee stock ownership programme | |||||
| United Internet | -99 | ||||
| Treasury stock | |||||
| Currency translation adjustment | |||||
| Net income 2007 | 98,569 | ||||
| Increase in shareholdings | |||||
| Balance as of December 31, 2007 | 250,235,176 | 250,235 | 156,409 | 92,555 |
| Total net income | |||||||
|---|---|---|---|---|---|---|---|
| Treasury stock |
Revaluation reserve |
Currency translation |
Total | Minority interests |
Total equity |
attributable to share holders of United Internet AG |
Minority interests |
| kD | kD | kD | kD | kD | kD | kD | kD |
| 0 | 892 | 1,111 | 299,962 | 8,528 | 308,490 | 57,608 | 2,214 |
| 2,525 | 2,525 | ||||||
| 0 | 0 | ||||||
| 303 | 303 | ||||||
| 1,311 | 1,311 | ||||||
| 481 | 481 | 481 | 481 | ||||
| 864 | 864 | ||||||
| -79,561 | -79,561 | -79,561 | |||||
| -15,569 | -15,569 | ||||||
| -181 | -181 | -181 | -181 | ||||
| 113,275 | 6,954 | 120,229 | 113,275 | 6,954 | |||
| 180 | 180 | ||||||
| -4,057 | -4,057 | ||||||
| -79,561 | 1,373 | 930 | 323,410 | 11,605 | 335,015 | 113,575 | 6,954 |
| 61 | 61 | ||||||
| -99 | -99 | ||||||
| -65,457 | -65,457 | -65,457 | |||||
| -378 | -378 | -378 | -378 | ||||
| 98,569 | 623 | 99,192 | 98,569 | 623 | |||
| -273 | -273 | ||||||
| -145,018 | 1,373 | 552 | 356,106 | 11,955 | 368,061 | 98,191 | 623 |
from January 1 to March 31, 2007 in Ek
| 2007 | 2006 | |
|---|---|---|
| January - March | January - March | |
| Cash flow from operating activities | ||
| Net income (from continued operations) | 30,944 | 23,639 |
| Net income (from discontinued operations) | 68,248 | 1,794 |
| Adjustments to reconcile net income to net cash | ||
| provided by operating activities | ||
| Amortization (from continued operations) | ||
| Depreciation and amortization | 7,356 | 6,362 |
| Amortization of intangible assets resulting | ||
| from company acquisitions | 5,624 | 5,101 |
| Amortization (from discontinued operations) | ||
| Depreciation and amortization | 0 | 1,322 |
| Compensation expenses from employee stock option plans | -38 | 369 |
| Results of associated companies consolidated using the equity method | -467 | -224 |
| Income from deconsolidation of affiliated companies | -65,794 | 0 |
| Change in deferred taxes | 1,744 | 340 |
| Operative cash flow | 47,617 | 38,703 |
| Change in assets and liabilities | ||
| Change in receivables and other assets | 5,736 | -293 |
| Change in inventories | 126 | 788 |
| Change in deferred expenses | 1,168 | -589 |
| Change in accounts payable, trade | 13,680 | 4,611 |
| Change in advance payments received | 222 | 217 |
| Change in other accrued liabilities | 0 | 82 |
| Change in accrued taxes | 11,102 | 5,137 |
| Change in other liabilities | -3,719 | -13,374 |
| Change in deferred income | 10,300 | 7,130 |
| Change in assets and liabilities, total | 38,615 | 3,709 |
| Cash flow from operating activities | 86,232 | 42,412 |
| Cash flow from investing activities | ||
| Capital expenditure for intangible assets and property, plant and | ||
| equipment | -9,278 | -8,979 |
| Investments in other financial assets | 0 | -15 |
| Payments of loans granted | 22 | 1 |
| Disposal of assets | 91 | 187 |
| Purchase of shares in associated companies | -6,250 | 0 |
| Purchase of further shares in affiliated companies | -3,166 | 0 |
| Proceeds from deconsolidation of affiliated companies | 85,232 | 0 |
| Cash flow from investment activities | 66,651 | -8,806 |
| Cash flow from financing activities Purchase of treasury stock |
-65,457 | 0 |
| Change in bank liabilities | -85,178 | 2,311 |
| Additional payments for the exercise of convertible bonds Cash flow from financing activities |
-53 -150,688 |
-9 2,302 |
| Net increase/decrease in cash and cash equivalents | 2,195 | 35,908 |
| Cash and cash equivalents at beginning of fiscal year | 32,723 | 36,177 |
| Change in currency translation adjustments | -378 | 67 |
| Cash and cash equivalents at end of period | 34,540 | 72,152 |
from January 1 to March 31, 2007 in Dk
| 2007 | 2006 | |
|---|---|---|
| January-March | January-March | |
| Sales | 2,909 | 3,527 |
| Other operating income | 126 | 39 |
| Cost of materials | ||
| Cost of purchased services | -2,687 | -3,331 |
| Personnel expenses | ||
| a. Wages and salaries | -465 | -400 |
| b. Social security contributions | -39 | -33 |
| Amortisation and depreciation of intangible assets | ||
| and property, plant and equipment | -23 | -20 |
| Other operating expenses | -1,275 | -1,056 |
| Other interest and similar income | 892 | 1,227 |
| Interest and similar expenses | -311 | -705 |
| Result before taxes | -873 | -752 |
| Taxes on income | -20 | -79 |
| Other taxes | -3 | -2 |
| Net loss | -896 | -833 |
as of March 31, 2007 in Dk
| ASSETS | March 31, 2007 | December 31, 2006 | |
|---|---|---|---|
| FIXED ASSETS | |||
| Intangible assets | |||
| Concessions, industrial and similar rights and assets as well as licenses | |||
| as well as licenses in such rights and assets | 12 | 1 | |
| 12 | 1 | ||
| Property, plant and equipment | |||
| Other equipment, operational and office equipment | 332 | 317 | |
| 332 | 317 | ||
| Financial assets | |||
| Share in affiliated companies | 289,701 | 286,536 | |
| Investments | 7,906 | 7,906 | |
| 297,607 | 294,442 | ||
| 297,951 | 294,760 | ||
| CURRENT ASSETS | |||
| Accounts receivable and other assets | |||
| Accounts receivable, trade | 1 | 0 | |
| Receivables due from affiliated companies | 102,328 | 155,052 | |
| Receivables due from companies in which | |||
| an investment is held | 3 | 3 | |
| Other assets | 9,161 | 2,141 | |
| 111,493 | 157,196 | ||
| Securities | |||
| Treasury stock | 145,018 | 79,561 | |
| 145,018 | 79,561 | ||
| Cash in hand and bank balances | 1,898 | 7,846 | |
| 258,409 | 244,603 | ||
| Total | 556,360 | 539,363 |
| EQUITY AND LIABILITIES | March 31, 2007 | December 31, 2006 |
|---|---|---|
| EQUITY | ||
| Capital stock | 250,235 | 250,235 |
| Capital reserves | 56,665 | 56,665 |
| Revenue reserves | ||
| Reserves for treasury stock | 145,018 | 79,561 |
| Retained earnings | 1,290 | 67,643 |
| 453,208 | 454,104 | |
| ACCRUALS | ||
| Accrued taxes | 15,223 | 15,805 |
| Other accrued liabilities | 1,534 | 2,027 |
| 16,757 | 17,832 | |
| LIABILITIES | ||
| Bonds | 676 | 676 |
| Liabilities due to banks | 0 | 50,000 |
| Accounts payable, trade | 268 | 748 |
| Liabilities due to affiliated companies | 78,449 | 4,484 |
| Other liabilities | 7,002 | 11,519 |
| 86,395 | 64,427 | |
and shareholdings
| Products | ||
|---|---|---|
| 1&1 Internet AG | (D) | |
| 1&1 Internet Inc. | (USA) | |
| 1&1 Internet Ltd. | (UK) | |
| 1&1 Internet S.A.R.L. | (F) | |
| 1&1 Internet Service GmbH | (D) | |
| 1&1 Internet Services Inc. | (RP) | |
| Fasthosts Internet Ltd. | (UK) | |
| GMX GmbH | (D) | |
| GMX Internet Services GmbH | (D) | |
| InterNetX GmbH | (80 %, D) | |
| United Internet Media AG | (D) | |
| WEB.DE GmbH | (D) | |
| fun communications GmbH | 33.33 % |
|---|---|
| NT plus AG | 40.23 % |
| Bigpoint GmbH | 12.51 % |
CEO: Ralph Dommermuth (43), qualified banker CFO: Norbert Lang (45), qualified banker
Chairman: Kurt Dobitsch (52), self-employed entrepreneur Bernhard Dorn (66), self-employed business leader consultant Michael Scheeren (49), qualified banker
| AdLINK Internet Media AG | (80.76 %, D) |
|---|---|
| AdLINK Internet Media AB | (S) |
| AdLINK Internet Media B.V. | (NL) |
| AdLINK Internet Media GmbH | (D) |
| AdLINK Internet Media Ltd. | (UK) |
| AdLINK Internet Media N.V. | (B) |
| AdLINK Internet Media S.A. | (F) |
| AdLINK Internet Media S.L.U. | (E) |
| AdLINK Internet Media SrI | (I) |
| affilinet GmbH | (D) |
| affilinet Ltd. | (UK) |
| CibleClick Performances S.A. | (F) |
| Sedo GmbH | (AdLINK share: 75.94 %, D) |
| Sedo LLC | (USA) |
| March 30, 2007 | Annual financial statements for fiscal year 2006 |
|---|---|
| March 30, 2007 | Press and analyst's conference |
| May 9, 2007 | Business figures for the 1st Quarter of 2007 |
| May 30, 2007 | Annual Shareholder's Meeting in Frankfurt am Main, Alte Oper |
| May 31, 2007 | Dividend payment for fiscal year 2006 |
| August 10, 2007 | Business figures for the 2nd Quarter of 2007 |
| August 10, 2007 | Press and analyst's conference |
| November 7, 2007 | Business figures for the 3rd Quarter of 2007 |
* Subject to prior change. Updates available at www.united-internet.com in the Investor Relations section, "Calendar".
Investor Relations Phone: +49 26 02/96-16 31 Fax: +49 26 02/96-10 13 E-mail: [email protected]
May 2007 Registry court: Montabaur HRB 5762
This is available in German and English. Both versions can be downloaded from www.united-internet.de. In all cases of doubt, the German version shall prevail.
This Report contains certain forward-looking statements which reflect the current views of United Internet AG's management with regard to future events. These forward looking statements are based on our currently valid plans, estimates and expectations. The forward-looking statements made in this Report are only based on those facts valid at the time when the statements were made. Such statements are subject to certain risks and uncertainties, as well as other factors which United Internet often cannot influence but which might cause our actual results to be materially different from any future results expressed or implied by these statements. Such risks, uncertainties and other factors are described in detail in the Risk Report section of the Reports of United Internet AG. United Internet does not intend to revise or update any forward-looking statements set out in this Report.
United Internet AG Elgendorfer Straße 57 56410 Montabaur Germany Phone +49 2602/ 96-1100 Fax +49 2602/ 96-1013 E-Mail [email protected]
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