Wapme Systems AG
Wapme Systems AG publishes mid-year result 2004
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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+++ Expansion costs in Turkey and UK +++ Sales decrease particularly in the
trading segment +++ New services secure lasting profits +++
end of ad-hoc-announcement (c)DGAP 16.08.2004
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
Compared to the first half of 2003, sales revenue in the first six months of
2004 decreased by 39.5% or EUR 20.8m to EUR 32.0m. The trading segment
contributed significantly to this with a decline in sales of EUR 39.7m to EUR
23.6m or 40.6%. The reason for this is the tying up of funds following
investigations by the Germany Finance authorities into value-added tax issues.
In the meantime, more phones GmbH has been granted a loan by an investor which
has enabled it to expand its business activities again. The Premium SMS sector
also showed signs of a slight slump in sales.
EBITDA deteriorated by EUR 1.30m in the first six months of 2004 compared to the
first six months of 2003, so that a negative EBITDA amounting to EUR 1.99m had
already been reached as of 30.06.2004. This was due primarily to the negative
consumer behaviour and the high market entry costs associated with the expansion
in Turkey and UK.
The company was able to increase cash and cash equivalents by EUR 0.99m since
31.12.2003. As of the balance sheet date these amounted to EUR 2.34m.
On the domestic market, new subscription services and MMS have been added to the
Premium SMS sales segment, securing strong profits in the B2B and B2C business.
This should significantly improve the results of the second half of 2004. At
the same time, the company has once more improved its organisational and cost
structure and substantially strengthened its sales organisation. The impact of
these changes will be felt in the course of the third quarter.
The company is expecting a distinctively positive EBITDA in the fourth quarter,
but will not be able to meet the published full year sales and result
expectations for 2004.
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WKN: 549550; ISIN: DE0005495501; Index:
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart
160953 Aug 04
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