telegate ends 2004 with significant improvement in revenue and profit
Munich, 17 February 2005 – 2004 ended as the most successful financial year in the history of telegate. While international business made a key contribution to revenue growth, stable business in Germany continued to ensure rising profitability. In total, telegate generated a net income for the reporting period of EUR 26.4 million (2003: EUR 7.5 million). This includes extraordinary book profits of EUR 7.8 million, resulting from the deconsolidation of US business. Financial ratios before and after disclosure of discontinued operations, i.e. excluding contributions from the company's discontinued operations in the United Kingdom and the US, are shown below.
In 2004, revenues increased by around 21 percent year-on-year from EUR 138.7 million to EUR 167.4 million (PY after discontinued operations: EUR 136.8 million to EUR 165.9 million). The strong revenue momentum of international is demonstrated by its growth from a 17 percent share of group turnover in 2003 to currently 31 percent (PY after discontinued operations: from 16 percent to 30 percent). Earnings before interest, taxes, depreciation and amortisation (EBITDA) improved by one-third from EUR 20.7 million to EUR 30.9 million in 2004 (PY after discontinued operations: from EUR 29.1 million to EUR 35.0 million). Thus, telegate significantly overachieved its own guidance, which it had already improved during the year, of at least EUR 29 million and again improved its profit margin.
In the reporting period, free cash flow rose by around 23 percent and amounted to EUR 29.1 million (2003: EUR 23.7 million). Thus, as of 31 December 2004, telegate has no financial liabilities, cash and cash equivalents of EUR 33.8 million (2003: EUR 9.3 million) and an equity ratio of around 37 percent (2003: 25 percent).
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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