cybernet - QUARTERLY REPORT - 500 Beiträge pro Seite

[hollodeck]

http://realtimefilings.nasdaq.com/edgar_conv_html/2001/11/15…

[hollodeck]

Long-term debt 156,828 Mio €

keine weiteren Anleihen zurückgekauft.

Three months ended 30.September2001

Total revenues 9,879Mio€
Net loss (EURO)(6,422)

[gdf]

Results of operations - nine months ended September 30, 2001 compared to the nine months ended September 30, 2000

Revenues

Total revenues increased 14.0% from Euro 26,012,000 in the nine months ended September 30, 2000 to Euro 29,661,000 in the first nine months of 2001, primarily as a result of an increase of Internet Data Center Services revenues of 194.2%, from Euro 2,582,000 in the first nine months of 2000 to Euro 7,595,000 for the same period in 2001. E-Business revenues decreased 71.7% from Euro 3,151,000 in the first nine months of 2000 to Euro 893,000 for the same period in 2001, while Connectivity revenues increased 4.4% from Euro 20,279,000 to Euro 21,173,000. For the first nine months of 2001 Internet Data Center Services revenues represented 25.6% of total revenues, as compared with 9.9% in 2000. Connectivity revenues represented 71.4% of total revenues in the first nine months of 2001, as compared with 78.0% in 2000.

We continue to stay focused on building recurring revenues from all areas of business and building relations with customers.

We derived Euro 19,263,000 or 64.9% of total revenues from our operations in Germany, during the nine months ended September 30, 2001, compared with Euro 14,412,000 or 55.4% in the first nine months of 2000. Euro 5,091,000 or 17.2% of total revenues was derived from our operations in Italy during the nine months ended September 30, 2001, compared with Euro 6,213,000 or 23.9% in the first nine months of 2000. We derived Euro 2,936,000 or 9.9% of total revenues from our operations in Austria during the nine months ended September 30, 2001, compared with Euro 2,884,000 or 11.1% in the first nine months of 2000. We derived Euro 2,371,000 or 8.0% of total revenues from our operations in Switzerland during the nine months ended September 30, 2001, compared with Euro 2,503,000 or 9.6% in the first nine months of 2000.

Direct Cost of Services

Direct cost of services increased 1.1% from Euro 17,074,000 in the first nine months of 2000 to Euro 17,255,000 in the first nine months of 2001. Direct cost of services consists of: 1) telecommunications expenses which mainly represent the cost of transporting Internet traffic from our customers` location through a local telecommunications carrier to one of our access nodes, transit and peering costs, and the cost of leasing lines to interconnect our backbone nodes, and 2) the cost of hardware and software sold. Cybernet mainly utilizes leased lines for it`s backbone network, and to connect its network to its major customers` premises. Direct cost of services as a percentage of revenues decreased from 65.6 % in the first nine months of 2000 to 58.2 % in the first nine months of 2001.

Network Operations

Network operations costs decreased 0.9% from Euro 5,980,000 in the first nine months of 2000 to Euro 5,925,000 in the first nine months of 2001. Network operations mainly consist of 1) the personnel costs of technical and operational staff and related overhead, 2) the rental of premises solely or primarily used by technical staff, including premises used to generate our co-location services revenues and 3) consulting expenses in the area of network and software development. Network operations costs, as a percentage of revenues fell from 23.0% in the first nine months of 2000 to 20.0 % in the first nine months of 2001.

General and Administrative Expenses

General and administrative expenses decreased 36.5% from Euro 15,258,000 in the first nine months of 2000 to Euro 9,690,000 in the first nine months of 2001. General and administrative expenses consist principally of salaries and other personnel costs for our administrative staff, office rent, and external legal and accounting advisory costs. As a percentage of revenues, general and administrative expenses decreased from 58.6% in the first nine months of 2000 to 32.7% in the first nine months of 2001. The reduction reflects synergies obtained from integrating subsidiaries and cost control measures instituted during the last 12 months.

Sales and Marketing Expenses
Sales and marketing expenses decreased by 16.1% from Euro 9,776,000 in the first nine months of 2000 to Euro 8,201,000 in the first nine months of 2001. Sales and marketing expenses consist principally of salaries of our sales force and marketing personnel and advertising and communication expenditures. As a percentage of revenues, our sales and marketing expenses decreased from 37.6% in the first nine months of 2000 to 27.6 % in the first nine months of 2001.

Research and Development

Research and development expenses decreased 42.8% from Euro 1,273,000 in the first nine months of 2000 to Euro 728,000 in the first nine months of 2001. Research and development expenses consist principally of personnel costs of employees working on product development, consulting costs and certain overhead items. The decrease is mainly due to the availability of more products from partners and suppliers, minimizing the need for in-house development. As a percentage of revenues, research and development decreased from 4.9% in the first nine months of 2000 to 2.5% in the first nine months of 2001.

Depreciation and Amortization

Depreciation and amortization expenses increased 20.3% from Euro 13,517,000 in the first nine months of 2000 to Euro 16,255,000 in the first nine months of 2001. This increase reflects 1) increased depreciation of property and equipment purchased to build the corporate infrastructure necessary to support our anticipated growth, and 2) additional investments in our own network infrastructure and supporting systems and 3) increased amortization of goodwill related to our acquisitions. Goodwill represents the excess of the purchase price of companies we purchased over the fair value of the assets of those companies. Goodwill is amortized over five to ten years.

Interest Income and Expense

Interest expense decreased 30.5% from Euro 27,502,000 in the first nine months of 2000 to Euro 19,101,000 in the first nine months of 2001. Interest expenses decreased as a result of our repurchasing a majority of our 14% Senior Notes due in 2009.

Interest income decreased 71.0% from Euro 4,653,000 in the first nine months of 2000 to Euro 1,351,000 in the first nine months of 2001 as a result of our utilization of the proceeds from the issuance of debt securities.

In the first nine months of 2001, we incurred net foreign exchange losses of Euro 2,516,000 compared with Euro 9,158,000 in the first nine months of 2000. We incurred these losses because much of our borrowing is denominated in US dollars but our principal operating currency is the Euro. We will continue to record such losses so long as the exchange rate of the US dollar against the Euro remain unfavorable.

Income Taxes

We recorded income tax benefits of Euro 6,306,000 in the first nine months of 2001 compared with Euro 10,207,000 in the first nine months of 2000 arising principally from operating losses. Although we have additional operating losses, a valuation allowance has been established to reflect the estimated amount of the tax benefit that may not be realized. The majority of the operating losses are associated with operations subject to taxation under the German tax code. We have recorded valuation allowances on all tax assets arising from operating losses generated outside of Germany since we can not make the determination that the eventual realization of these assets is more likely than not. Under the current German tax code, net operating losses may be carried forward indefinitely and used to offset our future taxable earnings.

Impairment of Long-Lived Assets

During 2000 and 2001 we have re-focused our activities towards our core business. As a consequence we discontinued or re-assessed certain projects and initiatives, such as Voice Telephony. As a result, we recorded impairment losses of approximately Euro 2,556,000 which appear as "other expenses/losses" in the 2001 statement of loss.

Extraordinary Items

During the first nine months of 2001, the Company repurchased its 14% Senior Notes, due 2009, with face value of $10,600,000 (Euro 11,700,000). Following this purchase the face value of the remaining outstanding 14% Senior Notes, due 2009, was $66,800,000 (approximately Euro 73,400,000). The notes were purchased by the Company for an average of 28.5 % of face value.

The amount shown as an extraordinary item represents the difference between the amount paid for the Senior Notes and the carrying value on the balance sheet, net of associated costs.

Liquidity and Capital Resources
Cash Flow

Operating activities used cash of Euro 19,432,000 in the first nine months of 2001 compared to Euro 51,291,000 for the comparable period in 2000. This is principally the result of lower losses and decreased expenditure in all areas of the Company.

For the first nine months of 2001, investing activities generated cash of Euro 20,581,000 compared to Euro 23,160,000 for the comparable period in 2000. This increase in cash generated from investing activities represents the net proceeds from the sale of short-term investments, partially offset by the cash outflows for the purchases of property and equipment. Expenditures for property and equipment consisted principally of the fit-out of POP`s and data facilities, the purchases of computer hardware and software, and other expenditures related to the maintenance of our Internet backbone and equipment.

For the first nine months of 2001, net cash used by financing activities was Euro 4,023,000 compared to the provision of Euro 26,308,000 in the same period in 2000. The cash was used in the first nine months of 2001 to repurchase our outstanding 14% Senior Notes, as detailed under Extraordinary Items above.

Working Capital

On September 30, 2001 our working capital, defined as the excess of our current assets over our current liabilities, was Euro 14,110,000 as compared to Euro 36,067,000 at December 31, 2000.

Our net accounts receivable as of September 30, 2001, was Euro 12,029,000 compared to Euro 12,939,000 at December 31, 2000. We are taking steps to improve the timely collection of receivables.

Cash and cash equivalents amounted to Euro 5,916,000 at September 30, 2001 compared to Euro 8,763,000 at December 31, 2000.

We had various short-term investments denominated in Euro totaling Euro 3,262,000 at September 30, 2001. In addition, at September 30, 2001 we had approximately Euro 3,404,000 of Restricted investments held in escrow, to meet the next two semi-annual interest payments on our 14% Senior Notes. This amount is invested in US treasury securities.

Credit Arrangements

As of September 30, 2001, we had short-term unsecured overdraft facilities under which we and our subsidiaries could borrow up to Euro 382,000. These facilities are denominated in Italian Lire (in the amount of Euro 310,000) and Austrian Schilling (in the amount of Euro 72,000). The interest rates fluctuate based upon current lending rates. The weighted-average borrowing rate on these facilities was 8.75% as September 2001. In addition, certain of our banks provide overdraft protection exceeding the limits specified in these agreements. As of September 30, 2001, we and our subsidiaries had used Euro 265,000 of these facilities. In addition, as September 30, 2001 we had long-term capitalized lease obligations of Euro 274,000.

Capital Expenditures

For the nine months ended September 30, 2001, capital expenditures totaled approximately Euro 8,408,000. We funded these capital expenditures primarily from net cash provided by financing activities. Our investments in the first nine months of 2001 included: (i) investments in our backbone infrastructure and equipment; (ii) investments in data facilities and data center premises; and;
(iii) investments in other equipment.

We believe that our cash and cash equivalents will provide adequate liquidity to fund our normal operating activities over the next four months. We base this belief upon our estimates of revenues and expenses during that period and the cash and cash equivalents which we now have available. If our estimates of revenues or expenses do not prove to be accurate, we would not have sufficient liquidity to fund our normal operating activities for this period. We are also attempting to identify alternative financing sources and to negotiate changes to our current debt structure. There is no assurance that we will be successful in securing alternative financing or restructuring our current debt.

[schakal23]

kan yemand das fazit sagen mein englich ist bessss
und ich will heute endlich mal gut schlafen hoffentlich
da ist was gutes?

[Rechtsverdreher]

Wenn ich das richtig überflogen habe: mal wieder ziemlicher Müll!

10 Mio Umsatz nicht geknackt.

Verlust ggü. letztem Quartal nicht eingeschränkt.

Geld reicht noch für etwa 4 Monate.

Bin gespannt, ob ich etwas falsch interpretiert habe und wie die Börse morgen reagieren wird. Besonders gut liest sich der letzte Absatz des Berichtes.

Gruß, RV.

[schakal23]

also scheiss ergebnis wie immer? na den morgen werden die ganze zocker erst schnell abhauen und die kurz in die tiefe fallen?

[hollodeck]

Fazit:
Da ham sich die Zocker wohl verzockt. Oder liege ich da falsch. Sieht da morgen jemand Cybernet bei 1€? So doll sind die Zahlen nicht.
Man muß die Umschuldung abwarten. Und das heißt wieder mal, noch ein paar Monate warten.
Und wenn die Umschuldung nicht klappt?
Wer nicht dran glaubt sollte besser aussteigen.
-Geld reicht noch 4 Monate.-

[Rechtsverdreher]

@ Hollodeck,

sehe ich genau so. Umsatz ist sogar marginal zurückgegangen. Verlust marginal gestiegen. Kein positiver Trend. Die Äußerung, daß das Geld noch 4 Monate reicht, ist nicht gerade beruhigend. Selbst wenn die Schuldenfrage gelöst würde... Cybernet muß irgendwann mal Gewinne einfahren.

Ich hatte gehofft, wenigstens einen Unsicherheitsfaktor heute ausräumen zu können. Es sind aber zwei geblieben. Hoffentlich klappt wenigstens die Entschuldung in den nächsten Wochen.

Wie immer nach den Quartalsberichten: Ärger!

Gruß, RV

[loctite496]

Und von den 4Monaten sind bereits 1 1/2 um, oder?

[Schumi3]

Nettoverlust gegenüber Q2 immerhin um 70% reduziert.

[FRAL]

Keine Überraschungen!
Es bleibt beim Alten - Anleihen müssen zurückgekauft werden.
Ein Partner muß an Board.

So negativ sind die Zahlen aber nicht.
Andere haben Umsatzeinbrüche!!!! und deren Verluste steigen rasant !!!!!

[meco]

FRAL, da muss ich dir Recht geben. Unter Berücksichtigung der allgemeinen Wirtschaftslage hat sich Cybernet sehr gut geschlagen! Und eins ist sicher, in 2 1/2 Monaten wissen wir spätestens was los ist.

[margit50]

Habe mir auch etwas mehr von den Zahlen versprochen -leider die 10 Mill nicht geknackt - aber so schlecht nun auch wieder nicht. Die nächsten Wochen muß was geschehen und wird auch. Die Zahlen und das wußten wir alle können uns nicht retten. Die Finanzierung muß bald kommen.

[schakal23]

aber ohne gute zahlen finansierung wird schwere

[margit50]

@schakal23

Spielt m.E. keine Rolle.
Was ist gegenüber anderen IT Firmen am NM - die nun wirklich ihre Verluste immens hochgetrieben haben - an den Zahlen so schlecht?

[margit50]

Adieu Zocker morgen - ich freue mich fast ein bischen, daß die meisten morgen mit Verlust verkaufen.
Ich werde die nächsten Wochen abwarten - Alles oder Nichts.
Gute Nacht.

[FRAL]

Man muß beachten, daß diesmal keine Anleihen zurückgekauft wurden.
Also diesmal kein positiver Einfluß auf die letztlich ausgewiesenen Quartalsverluste.

Die Zahlen haben nicht enttäuscht.

[FRAL]

Außerdem hat doch wohl keiner geglaubt, daß das Geld für viel länger als Anfang 2002 reichen wird.
Deshalb brauchen wir doch jetzt schnell eine Lösung.
Cybernet hat dann keine schlechte Chance, erfolgreich im Markt zu stehen.

Also wirklich nichts neues, die Zocker können weiterzocken!

[TrapperJohn]

Jetzt ist es offensichtlich, warum Cybernet nicht wegen das Delisting vom Neuen Markt geklagt hat.
Weil sie vor dem Eintreten der Kriterien Zahlungsunfähig werden!

[gdf]

Results of operations - nine months ended September 30, 2001 compared to the nine months ended September 30, 2000

Total revenues increased 14.0% from Euro 26,012,000 in the nine months ended September 30, 2000 to Euro 29,661,000 in the first nine months of 2001

We continue to stay focused on building recurring revenues from all areas of business and building relations with customers.

Direct cost of services increased 1.1% from Euro 17,074,000 in the first nine months of 2000 to Euro 17,255,000 in the first nine months of 2001.Direct cost of services as a percentage of revenues decreased from 65.6 % in the first nine months of 2000 to 58.2 % in the first nine months of 2001.

General and administrative expenses decreased 36.5% from Euro 15,258,000 in the first nine months of 2000 to Euro 9,690,000 in the first nine months of 2001. General and administrative expenses decreased from 58.6% in the first nine months of 2000 to 32.7% in the first nine months of 2001.

Sales and marketing expenses decreased by 16.1% from Euro 9,776,000 in the first nine months of 2000 to Euro 8,201,000 in the first nine months of 2001. As a percentage of revenues, our sales and marketing expenses decreased from 37.6% in the first nine months of 2000 to 27.6 % in the first nine months of 2001.

Research and development expenses decreased 42.8% from Euro 1,273,000 in the first nine months of 2000 to Euro 728,000 in the first nine months of 2001.Depreciation and Amortization

Interest expense decreased 30.5% from Euro 27,502,000 in the first nine months of 2000 to Euro 19,101,000 in the first nine months of 2001. Interest expenses decreased as a result of our repurchasing a majority of our 14% Senior Notes due in 2009.

Interest income decreased 71.0% from Euro 4,653,000 in the first nine months of 2000 to Euro 1,351,000 in the first nine months of 2001 as a result of our utilization of the proceeds from the issuance of debt securities.

In the first nine months of 2001, we incurred net foreign exchange losses of Euro 2,516,000 compared with Euro 9,158,000 in the first nine months of 2000.

Operating activities used cash of Euro 19,432,000 in the first nine months of 2001 compared to Euro 51,291,000 for the comparable period in 2000. This is principally the result of lower losses and decreased expenditure in all areas of the Company.

For the first nine months of 2001, net cash used by financing activities was Euro 4,023,000 compared to the provision of Euro 26,308,000 in the same period in 2000. The cash was used in the first nine months of 2001 to repurchase our outstanding 14% Senior Notes, as detailed under Extraordinary Items above.

On September 30, 2001 our working capital, defined as the excess of our current assets over our current liabilities, was Euro 14,110,000 as compared to Euro 36,067,000 at December 31, 2000.

Our net accounts receivable as of September 30, 2001, was Euro 12,029,000 compared to Euro 12,939,000 at December 31, 2000. We are taking steps to improve the timely collection of receivables.

Cash and cash equivalents amounted to Euro 5,916,000 at September 30, 2001 compared to Euro 8,763,000 at December 31, 2000.

We believe that our cash and cash equivalents will provide adequate liquidity to fund our normal operating activities over the next four months. We base this belief upon our estimates of revenues and expenses during that period and the cash and cash equivalents which we now have available. If our estimates of revenues or expenses do not prove to be accurate, we would not have sufficient liquidity to fund our normal operating activities for this period. We are also attempting to identify alternative financing sources and to negotiate changes to our current debt structure. There is no assurance that we will be successful in securing alternative financing or restructuring our current debt.

[schakal23]

mal sehen was passiert morgen um 11 uhr gibtes doch konferenc oder?

[TrapperJohn]

Man beachte den letzten Absatz!

Wir glauben, daß unser Bargeld und Bargeldäquivalente ausreichende Liquidität liefern, um unsere normalen funktionierenden Aktivitäten über den folgenden vier Monaten zu finanzieren. Wir gründen diesen Glauben nach unseren Schätzungen der Einkommen und der Unkosten während dieser Periode und des Bargeldes und der Bargeldäquivalente, denen wir jetzt vorhandenes haben. Wenn unsere Schätzungen der Einkommen oder der Unkosten nicht genau sind, würden wir nicht die genügende Liquidität zum Finanzieren unserer normalen funktionierenden Aktivitäten während dieser Periode haben. Wir versuchen auch, alternative Finanzierungsquellen zu kennzeichnen und über Änderungen an unserer aktuellen Schuldstruktur zu verhandeln. Es gibt keine Versicherung, daß wir erfolgreich sind, wenn wir alternative Finanzierung sichern oder unsere aktuelle Schuld umstrukturieren.



Cybernet wird morgen ins Bodenlose fallen!
Wir haben bis jetzt immer an Dich geglaubt, aber muß der Wahrheit ins Gesicht sehen.


Adieu ZNET!

[FRAL]

Warum Trapper?

Was ist daran neu?
Darum geht es doch schon seit Monaten....
Also das ist wirklich nichts neues.

[Zecher]

hmmm...alles in allem wurden meine ziele bestätigt die ich von znet hatte...umsatz unter 10 mio und cash noch für 2 monate....ich finde das alles noch sehr stark auf der kippe steht ...entweder cybernet kratzt die kurve(anleihen+investor)oder der laden wird verscherbelt...ich bin ja mal gespannt ob es mogen auch noch eine andere meldung bezüglich der entschuldung gibt...oder ob man nur q3 bekannt gibt...

bezüglich des kurses schätze ich das es morgen nach unten geht...ausser es pasiert etwas ungewöhliches....

[TrapperJohn]

Das neue daran ist, daß ZNET nur bis Ende Januar, statt bis Juli, 2002 zahlungsfähig ist. Desweiteren können sie noch garnicht das umsetzen, was sie auf der HV angekündigt haben, da zu wenig Stimmrechte vorhanden sind.

[m.a.x.]

Leute!


















Bleibt mal auf dem Teppich!



Was soll das ganze eigentlich? Der Bericht geht über einen Zeitraum, von dem wir wußten, daß keine Anleiherückkäufe stattgefunden haben, nämlich bis Ende September! Was heute oder gestern passiert ist, weiß doch überhaupt keiner! Also die Situation für CYN ist wohl nicht schlechter geworden, da sie sich in einem miesen Marktumfeld wenigstens behaupten können.
Es könnte sein, daß die Situation sich schon dramatisch zu unseren Gunsten gewendet hat, dies aber wegen ein paar unklarheiten noch nicht so kundgetan wird.

@ alle Kurzfristzocker

Alles was Ihr investiert, wird am Neuen Markt leider nach und nach weniger, da nur eine Hand voll Unternehmen überleben, und bis sich diese herauskristallisieren, wird es ein weiteres Kurs-Siechtum geben. Also Strategie überdenken, und vielleicht doch mal irgendeiner Aktie (muß nicht CYN sein) das Vertrauen für mehr als 2 Wochen schenken.

Schönen Abend noch!