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Ausschnitt aus Interview beim Wall Street Transcript USA
datiert vom 10.07.01



http://www.twst.com/notes/articles/lar079.html

http://www.twst.com/perl/txt_search.pl?search=neuer+markt


CEO elaborates on specific aspects of Internet MediaHouse.com`s portfolio in Wall Street Transcript Interview
Richard Ramsauer, Internet MediaHouse.com
RICHARD G. RAMSAUER is CEO of Internet MediaHouse.com AG



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TWST: To begin with, could you give us a brief overview of InternetMediaHouse (Frankfurt:613860.F), including the company`s history?

Mr. Ramsauer: Mr. Düwel and Dr. Hoffmann founded the company in 1995 in order to build up Internet related businesses. In 1999 the company made its IPO and on the Neuer Markt in Frankfurt . Our original positioning was comparable to companies such as CMGI, Softbank and Internet Capital Group. We were positioned as an Internet holding company, whose purpose was to finance Internet-related businesses and build up and grow such companies. The position was not really as a pure venture capitalist. So, from 1999 and up to mid-2000, InternetMediaHouse invested in Internet-related areas.

TWST: Could you elaborate on specific aspects of the company portfolio and investment strategy? Who are you looking at and what is your direction?

Mr. Ramsauer: The remaining portfolio at this point can be divided into two sectors . One, we still have a few companies in the Internet services area. To give you a few examples, one of them is Sport1; we own close to 14% of the company, which is the biggest sports portal in the German speaking area. Our co-investors there are Kirch and Axel Springer, heavyweights in the media business. It is a highly successful business model in which we see great value and strongly believe in. Another example would be Getmobile AG, a company that focuses on mobile services, specifically selling services and contracts to businesses. They are a successful company with sales of over 40 million Deutsche Marks last year, a break even seen this year. To summarize, we do still have a few companies in the Internet area, but not all e-commerce is dead in our view, there are a few concepts that still make a lot of sense. We will continue to invest in these up to a certain point or unless we feel justified in withdrawing funding. We also have a few investments in the enabling technologies area. Examples here would be PAN AMP AG who focus on Internet security technologies and are particularly successful in this area. Another company would be MEDIAonAIR Technology GmbH who develop and are already successfully marketing a middleware software, connecting different mobile standards on the end-user and telecoms provider side. Again, we have "lost" a few companies there but are satisfied that our remaining portfolio at this point has a very healthy outlook. We believe that we are in a very unique situation as all our peers in Germany, are still having difficulties with the content of their portfolio and have not been able to rectify this. Certainly, there is the potential for future adverse conditions amongst these companies. However, due to the managerial and ownership restructuring at InternetMediaHouse, we are probably the first one to address those issues and are satisfied that four months later we have achieved a significant amount. The future strategy will be quite different to what InternetMediaHouse has done in the past, concering two major areas. One is referring to the stage of the investments we are looking at; we are heavily shifting towards later stage investments. I would use a very broad definition of later stage, which for me is not only second or third round financing just prior to an IPO, but also what would have been considered as a classical private equity investment one or two years ago.

For example, we are currently looking at a company that manufacturers high-tech components for the aerospace industry and only existed for four or five years, growing rapidly during that time. The growth rate is comparable to any company in the so-called new economy; breakeven has already been achieved, extremely high growth rates going forward, and looking for international expansion and for a financing partner to implement this. We will certainly be looking closely at this company. So later stage will almost certainly be in the area of established mid-sized and mid-cap companies. The industry that the companies are operating in will also shift heavily.

We will be moving away from exclusively Internet-related business concepts, towards enabling technologies/software concepts and moving to other applications of innovative technologies. But even technology itself does not have to be the centerpiece of a business concept.




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This interview is a small excerpt from a comprehensive interview published in The Wall Street Transcript on 07/10/01. For more information call (212) 952 7400. The Wall Street Transcript does not endorse any of the comments made by interviewees, and does not make stock recommendations.

Copyright 2001, Wall Street Transcript Corp.

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