German Values Property Group AG

Earnings Release • Mar 29, 2004

News Details

Ad-hoc | 29 March 2004 15:21

Travel24.com AG posts substantial improvement in its results

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Travel24.com AG posts substantial improvement in its results Munich, 29. March 2004 – online-travel site submits 2003 year-end report with unrestricted audit – growth strategy confirmed The Munich – based online – travel site Travel24.com AG presented its results for 2003 today. Total transaction value amounts to EUR 23.9m and was held on last year’s level (2002: EUR 24.8m). Results were improved substantially: net losses were reduced from EUR 6.9m in 2002 to EUR 1.7m. This improvement, which comes along with an increase in margins during the reporting period, results from successful restructuring as well as a focus on core activities. The year-end results include EUR 460.000 in expenses associated with the increase in share capital as well as an adjustment in the carrying value of the divested Dutch operations. Travel24.com AG’s year-end audit did not lead to any qualifications in the audit opinion for the first time since publishing its 2000 financials. For the current year, the growth strategy is endorsed by both Management and Supervisory Board. Total transaction value is expected to exceed EUR 40m. This forecast is backed by the increase to nearly EUR 10m in the first quarter 2004. end of ad-hoc-announcement (c)DGAP 29.03.2004 ——————————————————————————– WKN: 748750; ISIN: DE0007487506; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, München und Stuttgart 291521 Mär 04