Drillisch AG / Key word(s): Preliminary Results/Forecast
01.03.2013 14:16
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Drillisch AG: Profit forecast for 2012 surpassed - Outlook 2013 confirmed
and new guidance for 2014
Highlights of fiscal year 2012
- Service revenue (adjusted for the sale of prepaid subscribers) rises by
EUR19.5m to EUR292.1 million (+7.1%)
- Gross profit improves by EUR6.1m to EUR108.9m (+5.9%)
- EBITDA rises by EUR10.5m to EUR61.9m (+20.3%)
- EBITDA margin rises by 4.4 percentage points to 19.1%
- Increase in postpaid subscriber base to 1.693 million (+12.0%)
- Cash rises by EUR56.6m to EUR77.3m (+273.7%)
Maintal, 1 March 2013 - Drillisch AG (ISIN DE 0005545503) was once again
able to improve significantly all of the major performance indicators in
2012. Taking this as our base, we can confirm the profit forecast for 2013,
which has been raised, and are assuming an increase in the EBITDA to
between EUR67 million and EUR70 million (2011: EUR61.9 million), parallel
to an increase in the , MVNO subscriber base. For 2014, the Drillisch Group
is planning with an EBITDA of EUR77 million to EUR80 million and a further
increase in the MVNO subscriber base.
Our operating success is driven by our postpaid subscribers, whose numbers
increased by 12.0% (181,000 subscribers) to 1.693 million subscribers
(2011: 1.512 million subscribers), and especially the MVNO customers, whose
numbers rose by 75.2% to 1.470 million subscribers (2011: 839,000). The
customer base in the prepaid segment was further reduced as planned and has
fallen by 37,000 subscribers in comparison with Q3 to 217,000 subscribers.
The share of more valuable postpaid subscribers rose over the course of the
year by 30% to 89% (2011: 59%).
The quality and dynamics of the strategic reorientation become especially
clear when the sales figures adjusted for the sold prepaid accounts and the
unadjusted sales figures are compared with each other.
The minimal decline in the adjusted consolidated income by EUR4.7 million
to EUR313.9 million (2011: EUR318.6 million) is essentially a consequence
of the deliberate reduction in the item Other income. This income item,
which is not especially high in value and in which we post income from
hardware as well as prepaid bundles decreased by EUR24.1 million from
EUR46.0 million in 2011 to EUR21.9 million in 2012. The unadjusted
consolidated income, i.e. including the prepaid accounts sold during the
first half of the year and the reduction of Other income, declined to
EUR323.7 million in fiscal year 2012 (2011: EUR349.1 million).
The adjusted service revenue rose significantly - despite of the reduction
of the forwarding charges by regulatory authorities - by 7.1% or EUR19.5
million to EUR292.1 million (2011: EUR272.6 million). This must be
emphasised in comparison with the competitors on the German market. Service
revenue not adjusted for the prepaid accounts which were sold came to
EUR301.8 million and is slightly below the level of the previous year
(2011: EUR303.1 million).
Thanks to the strategic reorientation, including the focus on postpaid
subscribers in the MVNO segment, the extensive reduction in the prepaid
clientele and the deliberate relinquishment of the low-margin item Other
income, the earning power in the Group rose significantly once again.
Gross profit increased by 5.9% to EUR108.9 million (2011: EUR102.8m), and
the gross profit margin rose by 4.2 percentage points to EUR33.6% (2011:
29.4%). For the first time in the Company's history, Drillisch AG have
surpassed the mark of 30%.
The EBITDA (earnings before interest, taxes, depreciation and amortisation)
surpassed the forecast already increased in May 2012 to between EUR60
million and EUR61 million and rose in the year-on-year comparison by
EUR10.5 million (20.3%) to EUR61.9 million (2011: EUR51.4 million).
The excellent performance of the adjusted consolidated profit, which rose
strongly by EUR5.1 million (15.2%) to EUR39.0 million (2011: EUR33.8
million) and an equivalentprofit per share improved by 19.3% to EUR0.76 per
share (2011: EUR0.64 per share), the excellent performance of the previous
year was enhanced, not just reported.
Consolidated profit including the equity investment fell to EUR23.5 million
(2011: EUR41.0 million). This decline resulted primarily from the non-cash
effects of the equity disclosure in the balance sheet and the market
valuation of financial derivatives and hedging transactions on the closing
date. The significant rise in stock price, posted in accordance with IFRS,
leads to an increase in the financial liabilities which affects results,
but not cash, while the value of the financial assets which increases
analogously is not disclosed in the balance sheet. The book value of
EUR259.8 million per 31/12/2012 disclosed in the consolidated annual
accounts is in contrast to a market value of EUR373.6 million, leaving
hidden reserves in the amount of EUR113.8 million.
Thanks to a rise in cash of EUR56.6 million (273.7%) to EUR77.3 million
(2011: EUR20.7 million) and a credit line of EUR50 million which is
available, but has not been utilised, we can be flexible and independent in
2013 and play again an active role in shaping the market.
Provisional Consolidated Figures 2012 vs. 2011 in Accordance with IFRS
(Unaudited)
<pre>
In EURm Prov. 2011 Change in
2012 %
Revenue 323.7 349.1 -7.3%
Service revenue 301.8 303.1 -0.4%
Service revenue (adj. for sale of prepaid 292.1 272.6 +7.1%
accounts)
Other revenue 21.9 46.0 -52.5%
Gross profit 108.9 102.8 +5.9%
Gross profit margin 33.6% 29.4%
EBITDA (adjusted) 61.9 52.6 +17.8%
EBITDA margin (adjusted) 19.1% 15.1%
EBITDA 61.9 51.4 +20.3%
EBITDA margin 19.1% 14.7%
Consolidated results excl. equity investment 39.0 33.8 +15.2%
Profit per share excl. equity investment 0.76 0.64 +19.3%
Consolidated results 23.5 41.0 -42.9%
Profit per share 0.46 0.77 -40.8%
Cash 77.3 20.7 +273.7%
Subscribers per 31/12/2012 (in thousands) 1,910 2,550 -25.1%
Prepaid 0,217 1,038 -79.1%
Postpaid 1,693 1,512 +12.0%
Thereof MVNO subscribers 1,470 0,839 +75.2%
</pre>
The final annual accounts, following their adoption by the Supervisory
Board on 22 March 2013, will be the subject of a press and analyst
conference and will be made public at
http://www.drillisch.de/index.php?page=berichte&group=investor:berichte.
Maintal, 1 March 2013
Drillisch AG
The Management Board
Disclaimer:
This announcement contains forward-looking statements based on current
assumptions and forecasts made by the management of Drillisch AG. Known and
unknown risks, uncertainties and other factors could cause the actual
development, in particular the results, financial condition and performance
of our company, to differ materially from the forward-looking statements
given above. The company assumes no obligation to update these
forward-looking statements or to adjust them to future events or
developments. All figures are based on preliminary calculations before
final consolidation and completion of the audit. There may therefore be
discrepancies to the final financial figures to be presented on 22 March
2013.
Contact:
Oliver Keil
Head of Investor Relations
Mail: ir@drillisch.de
01.03.2013 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Drillisch AG
Wilhelm-Röntgen-StraÃe 1-5
63477 Maintal
Germany
Phone: +49 (0)6181 412 200
Fax: +49 (0)6181 412 183
E-mail: ir@drillisch.de
Internet: www.drillisch.de
ISIN: DE0005545503
WKN: 554550
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: Drillisch AG: Profit forecast for 2012 surpassed - Outlook 2013 confirmed - New guidance for 2014
| Source: EQS Group AG