13.11.2014
Drillisch AG DE0005545503
DGAP-News: Drillisch AG posts substantial increase in profit
DGAP-News: Drillisch AG / Key word(s): 9-month figures/Quarter Results
Drillisch AG posts substantial increase in profit
13.11.2014 / 21:00
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Drillisch AG posts substantial increase in profit and confirms forecasts
Highlights of the first 9 months of 2014
- Service revenue rises by EUR2.6 million to EUR209.8 million (+1.2%)
- Gross profit rises by EUR18.2 million to EUR105.3 million (+20.8%)
- EBITDA increases by EUR12.5 million to EUR64.6 million (+23.9%)
- EBITDA margin rises by 6.4%-points to 30.3%
- MVNO clientele grows by 221,000 to 1.869 million (+13.4%)
- FCF increases by EUR38.6 million to EUR50.6 million (+321.2%)
Maintal, 13 November 2014
Drillisch AG (ISIN DE 0005545503) has once more significantly increased the
major performance indicators and further improved the earning power of the
company in what is overall a difficult and challenging market environment.
Stable development along with moderate growth in service revenue
In a market environment characterised by stiff competition, Drillisch
increased service revenue by 1.2% to EUR209.8 million (9 months 2013:
EUR207.2 million) in the first nine months of fiscal year 2014.
Strong subscriber development
The driver for the overall good subscriber development, which increased by
166,000 subscribers (8.9%) to 2.021 million subscribers, was once again the
highly dynamic growth in the budget subscriber segment. The number of
subscribers here rose by 385,000 (52.5%) to 1.118 million subscribers (9
months 2013: 733 thousand). The number of volume subscribers fell once
again as expected to 751,000 (9 months 2013: 915,000 subscribers). MVNO
subscribers in total grew by 221,000 (13.4%) to 1.869 million subscribers.
Substantial increase in growth profit
Gross profit rose by EUR18.2 million (20.8%) and reached EUR105.3 million
(9 months 2013: EUR87.1m). The gross profit margin improved by 9.4%-points
to 49.4% (9 months 2013: 40.0%). Average gross profit per user (AGPPU)
increased by 6.0% to EUR6.49 (9 months 2013: EUR6.12) during the reporting
period.
EBITDA reaches new high at the upper end of the target corridor
The EBITDA (earnings before interest, taxes, depreciation and amortisation)
rose by EUR12.5 million (23.9%) to EUR64.6 million (9 months 2013:
EUR52.1m) while the EBITDA margin increased by 6.4%-points to 30.3% (9
months 2013: 23.9%).
Excellent development of cash flow from current business activities
Cash flow from current business activities grew sharply in comparison with
the previous year by EUR22.2 million (71.3%) to EUR53.2 million (9 months
2013: EUR31.1m).
No financial liabilities and excellent liquidity
After disbursement of the dividends in the amount of EUR76.8m, cash at the
end of the reporting period amounted to EUR160.5m (9 moths 2013: EUR52.7m).
This was contrasted by loans and overdrafts of EUR0 million. In combination
with attractive financing opportunities, Drillisch AG has adequate
flexibility to expand or supplement its business activities as expedient.
Excellent balance sheet ratios translate into outstanding readiness for the
future
The balance sheet total declined over the course of the first 9 months of
2014 by EUR39.9 million to EUR312.4 million (31/12/2013: EUR352.3m). Equity
declined as a consequence of the dividend disbursement of EUR76.8 million,
balanced against the good consolidated profit, by a total of EUR38.1
million to EUR179.5 million (31/12/2013: EUR217.6m). This leads to an
equity ratio of 57.5% (31/12/2013: 61.8%).
Positive development continues on a quarterly basis
On a quarterly basis, service revenue rose by EUR2.0 million (2.9%) to
EUR70.2 million (Q3 2013: EUR68.2m).
Gross profit in Q3 amounted to EUR37.3 million. This is an increase of
EUR6.2 million (20.1%) over Q3 2013 (Q3 2012: EUR31.0m). The gross profit
margin amounts to 52.3% (Q3 2012: 43.8%).
The EBITDA increased to EUR22.2 million in Q3 2014, an increase of EUR4.2
million (23.4%) over Q3 2013 (EUR18.0m). The EBITDA margin improved by
5.8%-points from 25.4% to 31.2%.
EBITDA forecast
As appropriate to the continuing positive development of operating
business, the Management Board expects an EBITDA for all of 2014 at the
high end of the original forecast of between EUR82 million and EUR85
million and a further increase to EUR95 million to EUR100 million for 2015
(based on current status).
Dividend forecast 2014 and 2015
In observance of corporate policy aimed at sustainable development, a
dividend of at least the same amount as that disbursed for fiscal year 2013
(EUR1.60 per voting share) will be sought for fiscal years 2014 and 2015.
By setting this goal, we indicate our intention to involve our shareholders
in the positive development of our business over the long term.
Provisional performance indicators of Drillisch Group for the first nine
months of 2014
In EURm 30/09/ 30/09/ Change in 2014 2013 % Service revenue 209.8 207.2 +1.2% Gross profit 105.3 87.1 +20.8% Gross profit margin in % 49.4% 40.0% AGPPU average gross profit per user (MVNO) 6.49 6.12 +6.0% (blended) EBITDA 64.6 52.1 +23.9% EBITDA margin in % 30.3% 23.9% Cash 160.5 52.7 +204.5% Debenture bonds 88.1 0.0 Financial liabilities 0.0 0.0 CF from current business activities 53.2 31.1 +71.3% FCF (CF less Capex) 50.6 12.0 +321.2% Subscribers (millions) 2.021 1.855 +8.9% thereof MVNO subscribers 1.869 1.648 +13.4% thereof budget subscribers 1.118 0.733 +52.5% thereof volume subscribers 0.751 0.915 -17.9%Provisional performance indicators of Drillisch Group for Q3 2014 In EURm Q3 2014 Q3 2013 Change Q2 2014 in % Service revenue 70.2 68.2 +2.9% 69.5 Gross profit 37.3 31.0 +20.1% 35.1 Gross profit margin in % 52.3% 43.8% 49.8% AGPPU average gross profit per user 6.59 6.40 +3.0% 6.49 (MVNO) (blended) EBITDA 22.2 18.0 +23.4% 21.8 EBITDA margin in % 31.2% 25.4% 31.0%You can view the complete 9-month report by clicking on the following link from 14 November http://www.drillisch.de/investor-relations/reports Maintal, 13 November 2014 Drillisch AG The Management Board Contact: Oliver Keil Head of Investor Relations Mail: [email protected] --------------------------------------------------------------------- 13.11.2014 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Drillisch AG Wilhelm-Röntgen-Straße 1-5 63477 Maintal Germany Phone: +49 (0)6181 412 218 Fax: +49 (0)6181 412 183 E-mail: [email protected] Internet: www.drillisch.de ISIN: DE0005545503 WKN: 554550 Indices: TecDAX Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 297131 13.11.2014
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