Best financial year since IPO
Munich, 16 February 2004 – In 2003, telegate AG concluded its impressive turnaround with the best financial year since the IPO. telegate generated a net profit of EUR 7.5 million in 2003, after reporting a loss of EUR -37.3 million in the previous year. The telegate Group raised sales revenues by approximately 20 percent during the reporting period, to EUR 138.7 million (2002: EUR 115.6 million). The percentage of sales from the International segment grew strongly; in 2003, it was 17 percent (2002: 12 percent). With EBITDA of EUR 20.7 million (2002: EUR 9.4 million) the company reached the upper limit of the earnings forecast increased in November.
The operating cash flow amounted to EUR 25.6 million in 2003 (2002: EUR –1.4 million). The company’s liabilities were thus reduced by a further EUR 23 million in the past financial year and amounted to EUR 4.7 million on 31.12.2003 (2002: EUR 27.8 million). This is offset by liquid funds totalling EUR 9.3 million. For the first time since 1999, the liquid funds have thus exceeded financial liabilities.
The significant earnings improvement and the solid balance sheet clearly underscore the successful business model of the provider of information services and impressively confirm the future-oriented path of growth that telegate has taken. The company forecasts double-digit annual sales and earnings growth for 2004 to 2006.
Press contact:
telegate AG
Claudia Strixner
Head of Public Relation
Fraunhoferstr. 12a
D-82152 Martinsried, München
Tel.: (089) 89 54-1180
Fax: (089) 89 54-1189
E-Mail: presse@telegate.com
www.telegate.com
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