Cologne/Germany, August 16, 2001.- In Q2 of 2001, OnVista AG (DE0005461602) generated group sales in the amount of Euro 3.18 mill. Although this enabled the company to increase revenues by 93% compared to the same period last year (Euro 1.65 mill.), growth did not reach the budgeted level. Mid-year sales amounted to Euro 6.25 mill., a plus of 145% compared to the first six months of 2000 (Euro 2.55 mill.). Non-cash non-recurrent special effects in the amount of Euro 4.41 mill. placed a burden on the after-tax group result, which totalled Euro –5.38 mill. in Q2 of 2001 (Q2/00: Euro 0.43 mill.) and Euro –5.54 mill. in the first half of 2001 (first half 2000: Euro –0.15). In Q2 of 2001, EBITDA amounted to Euro –1.17 mill. (Q2/00: Euro –0.18 mill.), while EBIT amounted to Euro –2.38 mill. in Q2 of 2001 (Q2/00: Euro –0.32 mill.). The non-recurrent special effects primarily concern financial assets (write-downs on participating interests: Euro 3.21 mill.) as well as software (Euro 0.65 mill.). In addition, as a result of economic conditions, the operating performance was burdened by the lower than expected sales against a planned increase in costs. At the end of the second quarter of 2001, the Group’s cash positions totalled Euro 29.11 mill. (31 Dec 2000: Euro 32.78 mill.). The book value per share stood at Euro 5.98 and has remained practically unchanged since. For the year 2001 as a whole, the Executive Board adjusted its projected sales to Euro 13-14 mill. (2000: Euro 8.24 mill.). The after-tax group income for the year is predicted to amount to between Euro –6.5 and Euro –7 mill. OnVista is resolutely concentrating all its efforts on its core business in order to cushion the shortfall in sales and is implementing appreciable cost cutting measures (Reduction in costs in 2002: several mill. Euro). Furthermore, the pace of expansion in Europe is being curbed. The company expects to return to profitability in 2002.
Group accounts under US GAAP, 6 months 2001
full Q2/2001 report