The efinance Company. Quarterly Report 01/2000

Transcription

1 The efinance Company. Quarterly Report

2 Quartalsbericht Contents 1. The Company 2. OnVista AG at a glance 3. Profit and Loss Statement according to US-GAAP for the period from January 1 to March 31, Balance Sheet according to US-GAAP as per March 31, Cash Flow Statement according to US-GAAP for the period from January 1 to March 31, Prospects 7. Company Calendar 1. The Company OnVista AG is a leading provider of high-quality financial information and analysis tools on the Internet. The Company has enhanced its program of detailed securities analyses in the first quarter, above all with an IPO Tool and by including WAP as a medium. To provide investors with an overview of the large numbers of new stock issues in the German market, the Company has compiled a list of all IPOs since In addition to being provided with a general overview, with this IPO Tool the user is able to request information on each of these companies and makes a comparison of their performance according to industries and stock market segments over different periods. Aside from this, the user can be shown a ranking of the underwriting banks according to issuance volume and market success. Since January, OnVista AG has not only been offering securities information on the Internet, but also to a considerable extent via WAP. OnVista AG was the first company which made it possible to request price charts via WAP. On March 27, 2000 OnVista AG and Société Générale introduced the first OnVista-SocGen Internet Infrastructure Certificate. The certificate consists of a stock basket of the 25 most promising Internet infrastructure companies in the world. By taking this step OnVista AG has moved into a totally new and highly attractive business segment. Since going public on February 28, 2000, OnVista AG has been listed on the New Market in Frankfurt am Main. The OnVista share was more than 80 times oversubscribed. At 22 Euro, the issue price was at the upper end of the bookbuilding spread. Following the exercise of the greenshoe, more than 29 % of the registered share capital of 6.7 million non-par value shares is now in widely dispersed ownership. 2.

3 Quartly Report 2. OnVista AG at a glance 3/31/00 12/31/99 change in % Page impressions (in millions) per month Visits (in millions) per month Registered users per month 105,000 36, Market capitalization (in millions) 244,550 0 n/a Number of employees Sales 1,758,969 2,322,880* Profit/loss according to US-GAAP -355, ,893* Cash flow 75,391,568 5,671,184* Balance sheet total 94,671,640 11,421,451* * figures of annual financial statements; quarterly figures for comparison not available The number of page impressions rose markedly in comparison to December 1999 by 203 % to around 36.0 million.. number in millions 36.0 Development of page impressions / visits visits page impressions 3.

4 Quartalsbericht 3. Profit an Loss Steatement according to US-GAAP for the period from January 1 to March 31, 2000* Net sales 1,758, ,346 Cost of sales -601, ,492 Gross margin 1,157, ,854 Marketing and selling expenses -476, ,545 General administrative expenses -1,142, ,260 Research and development expenses -631, ,959 Operating loss -1,093, ,910 Interest and similar expenses Interest and similar income 275, ,017 Other operating income 56,736 29,009 Loss before income taxes -760, ,018 Income taxes 405, ,420 Net loss -355, ,598 EBITDA -764, ,638 EBIT -1,036, ,901 EBT -760, ,018 * Comparable figures for preceding year not available; based on unaudited quarterly financial statements The budgeted net sales for the first quarter of DM 1,472,771 were surpassed by DM 286,198 ( %). At the same time, EBIT improved to DM -1,036,397, while DM -1,563,155 had been budgeted ( %). Sales at OnVista AG were comprised chiefly of licensing and advertising revenue. The licensing of the product program to direct banks and media companies constituted the greatest source of sales with a share of 51 %.. Sales in the first Quarter of 2000 (9 %) (40 %) advertising (51 %) licenses other 4.

5 Quartly Report 4. Balance Sheet according to US-GAAP as per March 31, 2000*. Assets Current assets Cash and cash equivalents 26,692,518 13,647,668 Current investments 54,425,106 27,827,115 Trade accounts receivable 1,421, ,789 Other assets 1,225, ,806 Deferred income 51,356 26,258 Total current assets 83,816,382 42,854,636. Liabilities and Shareholders Equity Current liabilities Trade accounts payable 571, ,163 Other liabilities 314, ,678 Customer advances 133,385 68,199 Other accrued liabilities 1,686, ,330 Total current liabilities 2,705,637 1,383,370 Deferred taxes 4,209,386 2,152,225 Investments 4,025,140 2,058,021 Fixed assets 1,941, ,784 Intangible assets 679, ,175 Total assets 94,671,640 48,404,841 Shareholders equity Capital stock 13,104,061 6,700,000 Additional paid-in capital 79,437,914 40,615,961 Accumulated deficit -575, ,490 Total shareholders equity 91,966,003 47,021,471 Total liabilities and shareholders equity 94,671,640 48,404,841 * Based on unaudited quarterly financial statements The balance sheet total rose markedly from DM 11.4 million as per December 31, 1999 to DM 94.7 million (+ 729 %). The strong expansion of the balance sheet total can be primarily explained by the cash flow from the successful IPO. 5. Cash Flow Statement according to US-GAAP for the period from January 1 to March 31, 2000* Cash and cash equivalents at beginning of period 5,726,056 2,927,686 Cash flow from operating activities -4,053,021-2,072,277 Cash flow from investing activities -2,521,335-1,289,138 Cash flow from financing activities 81,965,924 41,908,512 Total cash flow 75,391,568 38,547,097 Cash and cash equivalents at end of period 81,117,624 41,474,783 * Based on unaudited quarterly financial statements 5.

6 6. Prospects As a result of the development in the first quarter of 2000, which has surpassed expectations, the Management Board of OnVista AG is assuming a continued satisfactory development of sales in the coming months. In addition to a rise in advertising revenue borne by the increasing progress in the dynamic growth in page impressions and visits, positive signals are also to be expected in the licensing business, which is profiting from the growing importance of the Internet and the expansion of the OnVista product programs. In addition, a consistent improvement and development of the OnVista website is planned over the course of the fiscal year. OnVista AG will be introducing a high-quality mutual funds tool online very soon, which will offer users of the website the greatest possible transparency in the funds market. Furthermore, in the third quarter information and analyses will become significantly improved by the provision of real time prices at no charge. In the second quarter of 2000 initial steps will be taken to prepare for internationalization. OnVista AG is planning to develop a product program for several countries and the financial instruments traded in these countries, which is equivalent to the Company's range of German products. The expansion of the segment New Products will be pushed forward in the second quarter of 2000 with the marketing and development of more certificates. The Company is in negotiations with several different issuers and anticipates that it will be able to go from strength to strength on its way to becoming a full finance portal. OnVista AG Michael W. Schwetje Stollwerckstraße 3-5, D Cologne Tel Fax [email protected] Web WAP Supervisory Board: Dr. Paul-Bernhard Kallen (Chairman) Dr. Johannes Meier Prof. Dr. Bernhard Schwetzler Management Board: Michael W. Schwetje Stephan Schubert Fritz Oidtmann 7. Company Calendar Company Calendar 2nd Quarterly Report 3rd Quarterly Report Early/Mid-August Early/Mid-November Company Calendar Preliminary Result for the Year 2000 Company Report for the Year 2000 Accounts Press Conference DVFA Analysists Conference Shareholders Meeting 1st Quarterly Report 2nd Quarterly Report 3rd Quarterly Report Early February Early/Mid-May Early/Mid-August Early/Mid-November.