DGAP-Adhoc
Drillisch AG: Profit forecast for 2012 surpassed - Outlook 2013 confirmed - New guidance for 2014 - Seite 2
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.
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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
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
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