Cologne/Germany, November 14, 2005.- OnVista AG (DE0005461602) exceeded its own expectations by far in the third quarter as well as in the entire 9 months period in 2005. The company also recorded strong growth and advanced in all performance categories overproportional to sales. The excellent business trend was due in particular to the Media business segment. This segment comprises the internet activities (OnVista finance portal, Onmeda healthcare portal, Ligatus performance marketing network) remaining in the Group following the sale of the IS.Teledata investment.
In the first 9 months, group sales amounted to Euro 6.86 mill. This represents an increase of 35% compared to the same period last year (9 mths./04: Euro 5.08 mill.). In relation to the third quarter, revenues grew by 44% to Euro 2.64 mill. (Q3/04: Euro 1.83 mill.). Group sales were generated entirely in the Media business segment.
All key performance figures steadily improved over the three quarter period. The key performance figures were distinctly positive and exceeded last year's figures both in the third quarter and in the 9 months period.
In the 9 months period, EBITDA rose by 92% to Euro 0.65 mill. (9 mths./04: Euro 0.34 mill.). The improvement was even more distinct when looked at in terms of the quarterly results. While EBITDA was negative in the third quarter of 2004 at '000 Euro -56, it amounted to Euro 0.41 mill. in the quarter under review.
EBIT increased more than tenfold in the 9 months period and totalled Euro 0.31 mill. (9 mths./04: '000 Euro 28). The third quarter of 2005 alone contributed Euro 0.29 mill. to the 9 months EBIT. This corresponds to an EBIT margin of 11%. In the comparable quarter in 2004, EBIT was still negative at Euro -0.16 mill.
Below the line, OnVista AG achieved a pre-tax group result of Euro 1.36 mill. in the first 9 months of 2005 (9 mths./04: Euro 0.78 mill.; +75%). As a result, OnVista already generated the pre-tax result originally forecast for the year as a whole within a nine months period. The pre-tax profit to sales ratio came to 20% in the period under review. The third quarter alone contributed more than 50%, namely Euro 0.74 mill. (Q3/04: Euro 0.12 mill., +500%).
The net income in the first nine months of 2005 totalled Euro 0.91 mill. – double the amount of last year (Euro 0.46 mill.; +99%). Here too, the excellent third quarter in particular had a positive effect on the performance with Euro 0.48 mill. (Q3/04: '000 Euro 60; + 700%).
As at 30 Sep. 2005, cash and cash equivalents of the OnVista Group amounted to Euro 23.49 mill (31.12.2004: Euro 22.61 mill.). The cash value per share stood at Euro 3.51 (31.12.2004: Euro 3.38). If one adds the inflow of funds expected for Q4/05 from the disposal of the 36% stake in IS.Teledata AG, the cash value per share totals Euro 5.79.
As a result of the highly positive performance in the Media business segment and the positive prospects, the Executive Board has raised its annual projections. For the financial year 2005, OnVista AG now envisages group sales to distinctly exceed Euro 9 mill. This would correspond to an increase of around 30% compared to sales in 2004 (Euro 6.95 mill.). The pre-tax group result is to advance by almost 60% to more than Euro 1.5 mill. (2004: Euro 0.92 mill.) (previous forecast: sales Euro 8 mill., pre-tax result Euro 1.38 mill.). Since neither the Technologies or the Corporate Services segments will contribute a profit to the group result, the projected pre-tax result is expected to be generated entirely in the Media business segment.
Since the proceeds accrued in the tax accounts from the sale of the IS.Teledata investment must be taxed at the full rate, the after-tax group result under IFRS will be burdened by a one-off special effect in the amount of around Euro 1.5 mill. The group net income and consequently also the earnings per share 2005 will, in all probability, be negative as a result. However, the after-tax group result is expected to be positive in the individual accounts of OnVista AG under HGB (German Commercial Code), which are relevant for the company's ability to pay a dividend.
Consolidated financial statements under IFRS
detailed press release in German language
full Q3/2005 report