German Values Property Group AG

Earnings Release • Aug 28, 2001

News Details

Ad-hoc | 28 August 2001 08:22

Travel24 Com english

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– – Results improve by 35% from EUR -7.9 million in Q1 2001 to EUR -5.1 million in Q2 – Need for liquid funds decreases by 44% in Q2 – Package of measures for sustained result improvement adopted Munich, 28 August 2001 – Travel24.com AG (SIN: 748750, Symbol: TVD) was able to increase mediated travel sales to EUR 57.9 million (2000: EUR 6.5 million) in the first half-year of the current business year. Sales revenue totalled EUR 21.0 million (2000: EUR 0.7 million). The result per share for the first half year was EUR -1.33 (2000: EUR -0.66). The group result before taxes, interest, depreciation and amortisation (EBITDA) totalled EUR -12.0 million (2000: EUR – 6.1 million). The group loss of the first half-year totalled EUR -13.0 million (2000: EUR -4.5 million). In comparison to the Q1 2001, the result for Q2 improved by 35% to EUR -5.1 million (1Q/2001: EUR -7.9 million). There was also positive development in the need for liquid funds, which was reduced by 44% to EUR 6.3 million (Q1/2001: EUR 11.2 million) in Q2 as compared with Q1. With an equity ratio of 58.1%, the company had liquid funds amounting to EUR 16.1 million at the end of the first half-year of 2001. The decline in group loss and cash loss is primarily attributable to the reduction in marketing measures. The Executive Board implemented an extensive package of measures for further cost reduction and restructuring of Travel24.com AG at the beginning of this week. The measures are designed to reduce administrative expenses, adapt personnel capacity and refocus the company on the core business fields. A decision has likewise been taken to bring all locations together under one roof, as this will enable great concentration on the more profitable business fields and a fundamental improvement in liquidity. end of ad-hoc-announcement (c)DGAP 28.08.2001 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: The companys sales revenue rose to EUR 21.0 million (2000: EUR 0.7 million) in the first half-year. Travel24.com AGs strongest sales area was the operator segment, with turnover of EUR 18.5 million. Turnover in the business segments travel mediation and technology amounted to EUR 2.0 million and EUR 0.5 million respectively. Mediated travel turnover totalled EUR 57.9 million (2000: EUR 6.5 million). The sharp increase in turnover figures is primarily attributable to companies acquired in 2000. The development of travel sales over the Internet remained positive in Q2 2001. There was a 165% increase in the number of page impressions, which exceeded 23.6 million. Visits improved by 76.5% to more than 2.6 million. In comparison to the same time period in the previous year, online bookings (assisted and non- assisted bookings) underwent a disproportionately high increase of 300%. Results of the 2nd quarter 2001 and the 1st quarter 2001 -Second quarter- -First half-year -30.06.2001 30.06.2000 -30.06.2001-30.06.2000 Turnover 10.0 0.5 21.0 0.7 EBIT -5.4 -4.3 -13.7 -6.1 EBITDA -4.5 -4.2 -12.0 -6.1 Earnings before taxes -5.1 3.7 -13.0 -5.6 Earnings per share -0.5 -0.4 -1.3 -0.7 Mediated travel turnover 28.1 3.7 57.9 6.5 Contact: Travel24.com AG Investor Relations Silke Siegel Weinstraße 3 80333 München Tel.: + 49 89 379 095 0 Fax: + 49 89 379 095 55 E-Mail: ir@travel24.com http://www.travel24.com ——————————————————————————– WKN: 748750; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München, Stuttgart 280822 Aug 01