Half-Year-Report 2007

Transcription

1 2 the world of digital media. We shape the world of digital media. We shape the world of digit Half-Year-Report 2007

2 HALF-YEAR-REPORT AS OF JUNE 30, 2007 DEAR SHAREHOLDERS, In the first half of the current financial year 2007, achieved 32.2 million in sales after 27.4 million over the same period in the previous year. In spite of losses in Portal sales due to the modified partnership with MSN, sales rose by 18 % overall. Sales in the second quarter of 2007 were increased to 17.4 million, equivalent to a 18 % year-on-year improvement (previous year: 14.7 million). s first-half operative development accordingly progressed much more positively than anticipated and successfully continued the previously initiated margin-strengthening measures. First-half earnings before interest, taxes, depreciation and amortization (EBITDA) totaled 3.8 million after 1.8 million the previous year, a 111 % increase. Earnings before taxes (EBT) in the same period amounted to 2.6 million after 1.2 million the year before. Including (0.3) million in final consolidation of discontinued operations, consolidated net profit totaled 1.7 million in the first half of the current financial year 2007, representing an 89 % improvement on the previous year s 0.9 million. According to Nielsen Media Research, gross advertising sales from January to June 2007 totaled 474 million. Due to additional figures reported by online marketers and to adjustment of campaign valuations on the basis of agreed conventions, the new method of compiling Nielsen Online data leads at media schedule level to a change in Nielsen Online advertising statistics. Figures for the previous year are no longer shown. In the first half, the heaviest advertising investment in the online medium was made by online service providers with a total of 81.1 million, followed by telecom providers with 41.7 million, financial service providers with 34.4 million, retailers with 33.1 million and the e-commerce industry with 26.5 million. Between them, these five industries account for 45.7 % of online medium advertising expenditure. In overall sales recorded by Nielsen Media Research for the entire German advertising market, first-half investment in the classic media, including direct mail, online and cinema advertising, amounted to 10.1 billion. In Germany, 4.2 billion was spent on TV advertising, while 2.7 billion was invested in advertising in daily newspapers and around 2.0 billion in general interest magazines. Online advertising s growing share of the advertising market is now 3 %, or still a very small proportion when compared with market shares in the United States or the United Kingdom. HALF-YEAR-REPORT 2007 PAGE 2

3 COURSE OF BUSINESS Online Coverage The latest AGOF Internet facts, 2007-I, confirms s leading position among online marketers and the media. With 12 million unique users per month and 31.1 % coverage of online users, the marketing group holds a strong fourth place behind United Internet Media (18.8 million), Interactive Media (17.05 million) and SevenOne Interactive (16.75 million unique users). The TOMORROW FOCUS network boasts a wider coverage than any of its online competitors in the publishing segment. With MAP24, Chip, Focus, HolidayCheck,Antenne Bayern,TV Spielfilm and TV Today, accounts for seven brands among the 100 largest websites in the AGOF ranking. Although a number of portals sustained temporary traffic losses due to the modification of the MSN contract, substantial investment in s own brands resulted in three successful relaunches of Focus, FitForFun and Max. Further relaunches of AMICA, CINEMA and TV Spielfilm are planned for the third quarter of this year. Growth in overall marketing coverage was achieved by means of above-average increases by brands such as Chip and HolidayCheck. More marketing partners from the Web 2.0 environment such as Sevenload, Piczo and Schwarze Karte will be listed in the next wave and will trigger further coverage growth. About AGOF Arbeitsgemeinschaft Online-Forschung (AGOF) was founded in December 2002 to ensure transparency and practical standards in Internet and online advertising research irrespective of individual interests. Its aim is to establish the new uniform coverage currency in the market as the basis for online media planning. PREMIUM PUBLISHERS ONLINE: NEW EUROPEAN MARKETING NETWORK In the first half of the current financial year, launched an international marketing offensive. On TOMORROW FOCUS s initiative, leading European publishers joined forces in setting up a European marketing network under the name PREMIUM PUBLISHERS ONLINE (PPO). Its quality portfolio starts with six partners and 40.2 million unique users in eight European countries. By the year s end, the network is to be extended to around ten partners. The PREMIUM PUBLISHERS ONLINE quality network is s response to growing demand among international media agencies for comfortable one-stop Internet advertising shopping in several countries at the same time. In its four-year MSN marketing cooperation until the end of 2006, built up extensive international sales know-how and last year earned well over 10 % of its sales in international campaigns. At the same time, the Group is paving the way for further international activities after the successful expansion of HolidayCheck AG. The company estimates the market volume for pan-european bookings this year at around 130 million net. Compared with the players that have been relevant until now, such as AOL, MSN and Yahoo, PREMIUM PUBLISHERS ONLINE is the ideal add-on in the quality editorial environment segment for agencies and advertisers. In the PPO core member-country the UK, the Daily Mail and General Trust plc (DMGT) is the strategic partner with premium media such as the Daily Mail, Metro and This is London. The UK network reaches 3.8 million users, giving it 12.3 % coverage of the British online community. In { around 5.6 million unique users. One of the largest networks in the PPO portfolio is that of El Mundo in Spain, which with 9.1 million users reaches nearly half of the country s Internet users. In the Netherlands, the network signed up the telegraaf media groep with 2.7 million users HALF-YEAR-REPORT 2007 PAGE 3

4 and 19.6 % coverage. The third-largest community is that of the Agora Group in Poland. With 5.1 million users, Gazeta reaches around 38.8 % of the Polish Internet community. Thus, PPO does justice to the growing demand for advertising environments in Eastern Europe in the Eastern European country with the highest Internet penetration. FURTHER MARKETING PARTNERS IN THE WEB 2.0 NETWORK As marketer of publishers websites with the highest coverage in Germany also extended its portfolio toward Web 2.0 marketing in the second quarter of the current financial year. Three new partners were gained for a start. Sevenload, Piczo, Schwarze Karte and existing partner HolidayCheck account for more than 500 million additional page impressions. They were combined in a new Web 2.0 marketing segment. With its strong alignment of marketing decision makers toward community portals, is the first marketer in Germany to bundle its Web 2.0 offerings. Using behavioral targeting tools and newly developed offerings, customers are provided with a wide range of new advertising opportunities. The portfolio is to be extended step by step to include other premium providers with a view to making a significant seven-digit contribution toward sales in its first year. SHARE PRICE In recent months, the share price has settled down at over After the HolidayCheck and ElitePartner acquisitions, the analysts anticipate a share price of at least 4.00 for a time. In addition, from the third quarter will be covered by LBBW and Viscardi Securities. will have six banks that provide regular coverage and publish regular reports on the company. finanztreff.de The TOMORROW FOCUS Share Price (August 1, 2006 to August 1, 2007) Euro Aug Sep Oct Nov Dec 2007 Feb Mar Apr May Jun Jul HALF-YEAR-REPORT 2007 PAGE 4

5 DISCONTINUED OPERATIONS As requested by IFRS 5 presented financials have been corrected by discontinued operation of Travelnet.The former division Travelnet is shown separately in the notes. SALES DEVELOPMENT In the first half of the current financial year 2007, sales totaled 32.2 million after 27.4 million in the same period of the previous year. Sales in the second quarter of 2007 amounted to 17.4 million, equivalent to a 18 % year-on-year improvement (previous year: 14.7 million). EARNINGS, EXPENSES AND INVESTMENTS In the first half of the current financial year, s earnings before interest, taxes, depreciation and amortization (EBITDA) totaled 3.8 million, which was a marked improvement on the previous year s 1.8 million. After 1.7 million in depreciation, the operating result (EBIT) in the reporting period amounted to 2.1 million (previous year: 0.8 million). Earnings before taxes (EBT) added up to 2.6 million, compared with 1.1 million the previous year. In the first half of the current financial year, earned 1.7 million before minority interests. The previous year s result amounted to 0.9 million. With 42.9 million shares in circulation, earnings per share amounted to 0.01 at the end of the second quarter. The cost of materials in the first six months of the current financial year fell to 11.7 million after 12.2 million the previous year. In the first half-year, personnel expenses rose from 8.2 million in 2006 to 9.7 million in 2007 after acquisitions, equivalent to an increase of around 18 %. Other operating expenses amounting to 10.1 million were higher than the previous year s 6.8 million due to the acquisition of HolidayCheck and the full consolidation of Playboy. invested around 3.02 million in fixed intangible and 0.96 million in fixed tangible assets in the second quarter of the current financial year. SEGMENT REPORT Portal activities made very pleasing progress in the first half of the current financial year. After the modification of cooperation with MSN comparison with the previous year is possible to only a limited extent. Sales in the first half amounted to 12.1 million after 18.4 million the previous year. The relaunches of brand portals and the focus on new moving image applications, on Mein FOCUS and on setting up communities have led to a significant increase in time spent per portal site visit. Earnings before interest, taxes, depreciation and amortization (EBITDA) in the first half of 2007 totaled 0.6 million. The operating result (EBIT) in this period amounted to 0.2 million, while earning after taxes amounted to 0.1 million. Portal sales in the second quarter totaled 6.1 million, compared with 6.0 million the previous quarter. Earnings before interest, taxes, depreciation and amortization amounted to 0.3 million, compared with 0.2 million in the first quarter of Earnings before taxes (EBT) rose to 0.1 million after 0.05 million in the previous quarter. HALF-YEAR-REPORT 2007 PAGE 5

6 Technology activities totaled 3.8 million external sales in the first half of They included 2.2 million in one-off sales from the disposal of software in connection with a leasing agreement with Deutsche Leasing GmbH. This item has no effect on results. The segment s contribution toward total sales (internal and external) is, therefore, on a par with the previous year. Earnings before interest, taxes, depreciation and amortization amounted to 0.6 million in the first half of the current financial year after K 76 in the previous year. The period result improved in the reporting period from (0.3) million to (0.2) million. Developments in s E-Commerce segment were outstanding. Sales in the previous Equity Investments division amounted to 16.8 million in the first half of 2007.This segment includes the operating business of HolidayCheck AG and Playboy Deutschland Publishing GmbH and, up until the end of July, the business of Bellevue and more GmbH. In the future it will also include the business of EliteMedianet GmbH with its ElitePartner portal. In the first half of the current financial year, the segment s earnings before interest, taxes, depreciation and amortization totaled 4.8 million. The operating result (EBIT) for the period amounted to 4.2 million and net profit for the year added up to 3.5 million. EMPLOYEES In the first half of 2007 had 298 employees. BELLEVUE AND MORE AG is included on quota basis by 42 percent. OUTLOOK s published first-half results vindicate the consistent portfolio adjustment undertaken by the Management Board duo Winners and Schuh. After the Travelnet and BELLEVUE AND MORE disposals, is now focused on optimizing its own brand portals by means of new applications and is consistently expanding business with further transaction platforms. In spite of investment in international expansion, the HolidayCheck AG travel platform is achieving high-margin growth. In ElitePartner, now has another string to its bow in the high-growth transaction segment. is currently engaged in specific equity investment and takeover negotiations with other Internet enterprises. Its aim is to strengthen the advertising-financed portals and e-commerce segments by means of further acquisitions in the third quarter of 2007 and to improve profit margins further. s business activities have progressed above plan in 2007 to date. Advance advertising bookings for the current third quarter have been pleasingly positive in spite of the customarily weak summer months. On the basis of information currently available, the Management Board reaffirms its forecast for the full year 2007 of 70 million in sales and an EBITDA of 10 million. The Management Board Munich, August 9, 2007 Stefan Winners CEO Christoph Schuh CMO HALF-YEAR-REPORT 2007 PAGE 6

7 Consolidated Balance Sheet as of June 30, 2007 in K 06/30/ /30/ /31/2006 ASSETS FIXED ASSETS Intangible assets Franchises, industrial rights and similar rights and assets and licenses in such rights and assets 8,044 2,662 6,108 Internally developed software 4,639 4,306 6,793 Goodwill 22,785 3,803 23,618 Payments on account ,518 10,771 36,579 Property, plant and equipment Other equipment, furniture and fixtures Financial assets Investments Loans to companies in which participations are held Other loans 1,602 1,617 1,609 1,602 1,798 1,609 Receivables and other assets Receivables from affiliated companies Other assets Deferred taxes 3,997 3,789 4,087 TOTAL LONG-TERM ASSETS 42,437 17,709 43,578 CURRENT ASSETS Inventories Raw materials, consumables and supplies Work in progress Finished goods and goods for resale Advance payments Receivables and other assets Trade account receivables 5,011 6,466 8,808 Receivables from long-term construction contracts 72 1,633 1,672 Receivables from affiliated companies 2,022 1,638 1,123 Receivables from companies in which participations are held Receivables from income taxes Other assets 1,837 2,559 1,642 9,467 12,305 13,487 Cash and cash equivalents 21,319 24,125 23,630 TOTAL CURRENT ASSETS 31,782 36,962 37,730 TOTAL ASSETS 74,219 54,671 81,308 HALF-YEAR-REPORT 2007 PAGE 7

8 Consolidated Balance Sheet as of June 30, 2007 in K 06/30/ /30/ /31/2006 EQUITY AND LIABILITIES EQUITY AND RESERVES Common stock 42,856 42,856 42,856 Capital reserve 102, , ,737 Currency reserve (1,131) 0 (468) Net accumulated deficit (100,534) (104,491) (101,028) Minority interests 4, ,292 TOTAL EQUITY AND RESERVES 48,391 41,086 47,389 LIABILITIES LONG-TERM LIABILITIES Provisions for pensions and similar obligation Deferred taxes Other provisions Other liabilities 6, ,286 TOTAL LONG-TERM LIABILITIES 7, ,350 SHORT-TERM LIABILITIES Liabilities due to banks Payments received on account of orders ,296 Trade account payables 8,475 8,048 8,955 Other provisions 1, Liabilities to affiliated companies 2,166 1,241 1,633 Liabilities to companies in which investments are held Liabilities on income tax ,022 Other liabilities 5,842 2,874 9,849 TOTAL SHORT-TERM LIABILITIES 18,215 13,440 23,569 TOTAL LIABILITIES 25,828 13,585 33,919 TOTAL EQUITY AND LIABILITIES 74,219 54,671 81,308 HALF-YEAR-REPORT 2007 PAGE 8

9 Consolidated Income Statement from January 1 to June 30, /01/ 01/01/ 04/01/ 04/01/ in K 06/30/ /30/ /30/ /30/2006 Sales 32,169 27,441 17,431 14,740 Other operating income 1,663 1, Changes in inventory (39) (1) Own work capitalized 1, Cost of materials (11,744) (12,183) (6,829) (6,352) Personnel expenses (9,678) (8,208) (4,656) (4,143) Amortization and depreciation of fixed intangible and tangible assets (1,671) (1,019) (948) (508) Other operating expenses (10,143) (6,793) (5,671) (3,760) Other taxes (1) (12) 0 (10) Operating result 2, Financial and related income Financial and related expenses (371) (2) (131) 0 Financial result Earnings before taxes 2,558 1,167 1,216 1,005 Income taxes (632) (219) (280) (99) Deferred taxes (91) Tax result (593) (151) (192) (190) Additional after tax result of discontinued divisions (1,467) (145) (1,283) (16) Additional after tax result from the valuation and deconsolidation of discontinued divisions 1, ,187 0 Additional after tax result of discontinued divisions (280) (145) (96) (16) Consolidated net income 1, of which allotted to: Shareholders of the parent company Minority interests 1, , Earnings per share (basic and diluted) Average number of basic shares outstanding 42,856,475 42,856,475 Average number of diluted shares outstanding 42,856,475 42,856,475 HALF-YEAR-REPORT 2007 PAGE 9

10 Consolidated Cash Flow Statement from January 1 to June 30, /01/ 01/01/ in K 06/30/ /30/2006 CASH FLOW FROM OPERATING ACTIVITIES + Net profit for the reporting period Adjustments to reconcile the net loss for the year with income/expenses: Interest income (793) (352) + Interest expenses Depreciation and amortization of fixed intangible and tangible assets 1,671 1,019 + Depreciation and amortization of financial assets 28 0 Deconsolidation income from travelnet cruise GmbH (1,641) 0 /+ Exchange-rate induced increase or decrease in foreign exchange holdings (212) 0 /+ unrealized exchange losses/profits on financial assets that affect operating result at the current value to be agreed 2 46 /+ Performance components allotted to minorities 1,191 0 /+ Change in taxes (39) Increase in provisions for pensions 1 1 Operating results before changes in net current assets: 1,073 1,793 /+ Profit/loss from the disposal of fixed assets (157) (33) /+ Increase/decrease in the assets that cannot be allocated to investing or financing activities 1,583 (18) +/ Increase/decrease in liabilities that cannot be allocated to investing or financing activities (2,535) (1.851) /+ Change in receivables/payables vis-à-vis affiliated companies and associated companies 1,244 (558) Cash flow from operating activities 1,208 (667) Interest payments (27) (27) = Net cash flow from operating activities 1,181 (694) HALF-YEAR-REPORT 2007 PAGE 10

11 Consolidated Cash Flow Statement from January 1 to June 30, /01/ 01/01/ in K 06/30/ /30/2006 CASH FLOW FROM INVESTING ACTIVITIES + Cash receipts from the disposal of fixed intangible and tangible assets 3,077 0 Cash disbursements for investments in fixed intangible and tangible assets (1,956) (739) Cash disbursements for investments in financial assets (2) (28) + Cash receipts from interests 1, Cash receipts from the disposal of financial assets Cash disbursements arising from the aquisition of consolidated companies less cash and cash equivalents acquired 1) (6,334) 0 = Net cash flow from investing activities (4,046) (72) CASH FLOW FROM FINANCING ACTIVITIES Redemption of financial lease obligations (26) 0 = Net cash flow from financing activities (26) 0 +/ Change from the conversion of cash flow at average cost with no effect on payment (49) 0 +/ Change in value of the amount of cash and cash equivalents due to a change in market price on the reporting date (150) 0 +/ Exchange-rate induced increase or decrease in foreign exchange holdings Net decrease in cash and cash equivalents (2,878) (766) + Changes in financial resources fund based on the consolidated group 2) Cash and cash equivalents at the beginning of the financial year 23,630 24,891 = Cash and cash equivalents at the end of the reporting year 21,319 24,125 Additional disclosures In financial year 2007 K 1,039 were paid for taxes so far (previous year: incoming tax payments: K 840). Footnote: 1) During the financial year, this item includes the price for the purchase of 0.39 % of Playboy Deutschland Publishing GmbH less the decrease in cash and cash equivalents due to the deconsolidation of travelnet cruise GmbH and increased by the payment of the second purchase price tranche of HolidayCheck AG. 2) This position includes an addition to the amount of cash and cash equivalents from the increased allotment of Playboy Deutschland Publishing GmbH, which accrues to the minorities. HALF-YEAR-REPORT 2007 PAGE 11

12 Statement of Changes in Shareholders Equity from January 1 to June 30, 2007 Group equity allotted to shareholders Common Capital Currency Net acc. Minority Total in K stock reserve reserve deficit Total interests Equity January 1, , ,721 0 (105,362) 40, ,215 Net profit for the year for the first six months of June 30, , ,721 0 (104,491) 41, ,086 January 1, , ,737 (468) (101,028) 44,097 3,292 47,389 Translation differences when translating foreign business operations 0 0 (663) 0 (663) (224) (887) Net profit for the year for the first six months of , Minority interests in the capital (excluding share in net profit for the year) June 30, , ,737 (1,131) (100,534) 43,928 4,463 48,391 HALF-YEAR-REPORT 2007 PAGE 12

13 NOTES FOR THE SECOND QUARTER 2007 BASIS OF CONSOLIDATION AND CONSOLIDATION METHOD In s consolidated financial statements for the period from January 1 to June 30, 2007, the basis of consolidation was comprised of six German subsidiaries and three joint ventures. Inclusion in TFAG s Capital interest Consolidated Company in % Financial Statements TOMORROW FOCUS Technologies GmbH 100 Full consolidation TOMORROW FOCUS Portal GmbH 100 Full consolidation TF Beteiligungs GmbH 100 Full consolidation TOMORROW Technologies GmbH 100 Full consolidation CELLULAR GmbH 100 Full consolidation HolidayCheck AG 51 Full consolidation Playboy Deutschland Publishing GmbH Full consolidation BELLEVUE AND MORE GmbH On a quota basis CHANGES IN THE BASIS OF CONSOLIDATION travelnet cruise GmbH Insolvency proceedings were opened for travelnet cruise GmbH on July 9, The company is no longer operational in the second half of As a result, travelnet cruise GmbH was deconsolidated on June 30, There was a resulting deconsolidation effect of 1.6 million. 1.0 million is due to results from previous financial years. At the same time, a 1.6 million Tomorrow Focus Technologies GmbH loan to Travelnet cruise GmbH was value-adjusted by the sum of 1.4 million. DISCONTINUED OPERATIONS Travelnet The Travelnet division covered the Travelnet cruise GmbH s ship division and TOMORROW FOCUS Technologies GmbH s hotel division. Travelnet was sold by TOMORROW FOCUS Technologies GmbH to Lufthansa Systems Network GmbH with a contract of sale dated May 21, The transfer took place on June 1, Sale proceeds amounted to 1.7 million. HALF-YEAR-REPORT 2007 PAGE 13

14 In respect of travelnet cruise GmbH, we refer to the notes on the change in the basis of consolidation. Figures for the Travelnet division were recorded in accordance with IFRS 5 as a discontinued division. Earnings after taxes amounted to (0.3) million. Results for the Travelnet division are as follows: 01/01/ 06/30/ 01/01/ 06/30/ Figures in K Income Expenses (636) (1.306) Operating result (EBIT) (319) (89) Financial result (30) (25) Earnings before taxes (EBT) (349) (114) Tax result 69 (31) Result for the division in the reporting period (280) (145) MATTERS OF SIGNIFICANCE FOR THE FINANCIAL POSITION AND RESULTS To facilitate year-on-year comparability of long-term and short-term cash and cash equivalents, securities (other loans) must be added to the cash and cash equivalents shown in the balance sheet, as must the previous year s loan to an affiliated entity. In EUR million 06/30/ /30/2006 Cash and cash equivalents in balance sheet Other loans/securities Total cash and cash equivalents (long-term and short-term) ACCOUNTING PRINCIPLES The report for this half-year was prepared in accordance with IAS 34. In compliance with IASC regulations, consolidated financial statements as of June 30, 2007 were prepared in accordance with International Financial Reporting Standards (IFRS). ACCOUNTING AND VALUATION METHODS Individual accounts for the entities in which equity investments are held are prepared as of the consolidated financial statements closing date. To prepare the consolidated financial statements, the Management Board must use the best possible estimates and assumptions, based on the latest current information, that have an effect on the stated values of assets and liabilities and on the details of contingent assets and liabilities as of the reporting date, and which influence balance sheet income and expenditure in the reporting period. Actual subsequent results may differ from these estimates. HALF-YEAR-REPORT 2007 PAGE 14

15 MATERIAL EVENTS SINCE THE END OF THE INTERIM REPORTING PERIOD THAT ARE NOT REFLECTED IN THE REPORT FOR THE INTERIM REPORTING PERIOD Sale of BELLEVUE AND MORE GmbH Shares amounting to % in BELLEVUE AND MORE GmbH were sold to Verlagsgruppe Handelsblatt for 7.1 million with a contract dated July 4, The transfer takes place on August 1, Deconsolidation of the company takes place as of July 31, Purchase of EliteMedianet GmbH Shares amounting to 63% in EliteMedianet GmbH were acquired with a contract dated July 5, The purchase price amounted to 8.4 million, not including a capital increase of 1.0 million. EliteMedianet GmbH will be included in the consolidated financial statements as of July 1, RESPONSIBILITY STATEMENT BY THE MANAGEMENT To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year. Munich, Germany, August 2007 The Executive Board Disclaimer This quarterly report has not been audited. It contains statements and information about the future that are based on the assumptions and estimates of the Executive Board of. These statements are identifiable by words and phrases such as plan, intend, will, expect, we feel etc. and are based on current expectations, assumptions and assessments. Although we feel that these expectations are realistic, we cannot guarantee their correctness. The assumptions may be subject to several internal and external risks and uncertainties, which may lead to the actual results deviating considerably, either positively or negatively, from the situations and figures forecast. The following influencing factors are relevant in this respect: changes in the general economic and business situation; changes in interest rates and foreign currency exchange rates; changes in the competitive situation, for instance by the emergence of new competitors, new products and services or new technologies; changes in the consumer habits of target customer groups etc.; and changes to the business strategy. does not plan to update its forecasts, nor does it make any commitment to do so. HALF-YEAR-REPORT 2007 PAGE 15

16 Segment Report as of June 30, 2007 E-Commerce Portal (before: Equity interests) Technology Administration Consolidation Group 01/01/ 06/30/ 01/01/ 06/30/ 01/01/ 06/30/ 01/01/ 06/30/ 01/01/ 06/30/ 01/01/ 06/30/ Segment report * * /01/ 06/30/2007 K K K K K K K K K K K K External sales 17,802 11,558 7,088 16,763 2,551 3, ,441 32,169 Internal sales ,288 3, (3,594) (4,588) 0 0 Earnings before interests, taxes, depreciation and 18,385 12,070 7,296 16,952 4,839 7, (3,594) (4,588) 27,441 32,169 amortization (EBITDA) 3, , (2,240) (2,118) (80) 0 1,776 3,817 Depreciation and amortization (15) 0 1,019 1,671 Segment results (EBIT) 2,472 (67) 828 4,243 (209) 119 (2,269) (2,149) (65) ,146 Financial results (177) (124) (156) Earnings before taxes (EBT) 2, ,066 (333) (37) (1,902) (1,637) (64) 0 1,167 2,558 Tax result (132) (59) (223) (582) (86) 0 0 (151) (593) Additional after tax result of discontinued divisions (145) (280) (145) (280) Period results 2, ,484 (282) (183) (1,894) (1,723) (64) ,685 of which allotted to: Shareholders of the parent company 2, ,293 (282) (183) (1,894) (1,723) (64) Minority interests , ,191 * 2006 Corrected by discontinued divisions HALF-YEAR-REPORT 2007 PAGE 16

17 Segment Report as of June 30, 2007 E-Commerce Portal (before: Equity interests) Technology Administration Consolidierung Group Segment report Q1 Q2 Q1 Q2 Q1* Q2 Q1 Q2 Q1 Q2 Q1* Q2 01/01/ 06/30/2007 K K K K K K K K K K K K External sales 5,878 5,680 7,569 9,194 1,291 2, ,738 17,431 Internal sales ,754 1, (2,311) (2,277) 0 0 5,955 6,115 7,754 9,198 3,045 4, (2,311) (2,277) 14,738 17,431 Earnings before interests, taxes, depreciation and amortization (EBITDA) ,311 2, (1,014) (1,104) 78 (78) 1,892 1,925 Depreciation and amortization Segment results (EBIT) (63) (4) 2,031 2, (32) (1,028) (1,121) 78 (78) 1, Financial results (197) 20 (65) (91) Earnings before taxes (EBT) ,834 2, (123) (707) (930) 78 (78) 1,342 1,216 Tax result (24) (35) (249) (333) (79) 213 (49) (37) 0 0 (401) (192) Additional after tax result of discontinued divisions (184) (96) (184) (96) Period results ,585 1,899 (177) (6) (756) (967) 78 (78) of which allotted to: Shareholders of the parent company ,114 1,179 (177) (6) (756) (967) 78 (78) Minority interests * Q1 Corrected by discontinued divisions HALF-YEAR-REPORT 2007 PAGE 17

18 CORPORATE CALENDAR May 2007 Publishing of Quarterly Report 1/ June 2007 Shareholders Meeting of Haus der Bayerischen Wirtschaft Max-Joseph-Str Munich 9 August 2007 Publishing of Quarterly Report 2/ November 2007 Publishing of Quarterly Report 3/2007 November 2007 Analysts Conference / Frankfurt (Main) CONTACT Investor Relations Phone: (0) 89/ Ariane Meynert Fax: (0) 89/ Steinhauserstraße ameynert@tomorrow-focus.de Munich, Germany PUBLISHING DETAILS Published by:, Munich Translation: EnglishBusiness Gbr, Hamburg Editor: Ariane Meynert Layout: Silke Rabung Bloomoon Communication & Design HALF-YEAR-REPORT 2007 PAGE 18