2005
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Nine-Months Report
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Consolidated Income Statement
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Consolidated Cash Flow Statement
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Changes in Group Equity
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Consolidated Balance Sheet
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Segment Report
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Number of shares for members of the board
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Contact
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The business trend over the first nine months shows that TOMORROW FOCUS AG is on the right road. The restruc-turing of our portal operations over the past few months, with the aim of focusing on individual thematic areas with responsible channel managers, is already bearing fruit. During the first nine months of the current finan-cial year 2005 sales of EUR 38.9 million were achieved. Group sales thus increased by 11.1 percent compared to the previous year (EUR 35 million). In the third quarter of 2005 alone, sales were increased by 16.0 percent to EUR 12.3 million compared to the same period the previous year.
For the first time, TOMORROW FOCUS AG also achieved a positive result before taxes in what is typically a rather weak third quarter due to seasonal factors, amounting to
EUR 0.01 million following a loss of EUR 1.8 million dur-ing the same period the previous year. Earndur-ings before interest, taxes, depreciation and amortization (EBITDA) also increased noticeably in the third quarter of 2005 to EUR 0.3 million (previous year EUR -1.5 million). In the first nine months of the current financial year 2005, TOMORROW FOCUS AG achieved earnings before taxes (EBT) of EUR 0.2 million following a loss of EUR 2.4 million during the same period the previous year. Earn-ings before interest, taxes, depreciation and amortiza-tion (EBITDA) improved during the first nine months of 2005 to EUR 0.85 million (previous year EUR -1.5 mil-lion). Only the earnings before interest and taxes (EBIT) remained negative (EUR -0.5 million) due to depreciation and amortization, although also improved considerably (previous year EUR -2.9 million).
Dear TOMORROW FOCUS AG Shareholders,
Market Trend
All in all, EUR 279 million (gross) was spent on online marketing in Germany in the first nine months of financial year 2005. This means that so far in the current year, the German online advertising market has grown by 36.8% compared with the EUR 204 million that were generated in the same period last year. As a result, the online ad-vertising segment accounted for 2.0% of total advertis-ing spendadvertis-ing as at September 31, 2005. Altogether, then, the online sector in Germany has been posting significant growth rates for several months now. In the third quarter of the current financial year, the online advertising in-dustry generated a total income of EUR 101 million. This represents growth of 55% over the same quarter last year (EUR 65 million).
Altogether, the Internet is used by 35.5 million people (users in the last three months), or some 55% of the pop-ulation as a whole.
In the ranking list of marketing groups, TOMORROW FO-CUS AG occupies second place with its 14.7 million unique users, ahead of Web.de (12.42 million) and behind Inter-activeMedia (17.12 million). This confirms TOMORROW FOCUS AG’s leading position in the portal and online mar-keting segments. MSN.de (9.25 million unique users), CHIP
Online (3.89 million unique users) and FOCUS Online (2.95 million unique users) are very well placed in the top-20 ranking list of online offerings by average monthly reach. In the USA, online advertising now accounts for a market share of some 6%. There, sales of between USD 10 and 12 billion are expected for 2005 as a whole. This represents growth of around 25% compared with financial year 2004. In the UK, too, the growth has acquired an astonishing dynamism: in the first six months of 2005, spending on online advertising increased by 62%. This has taken the market share to 5.8%, considerably higher than analysts had expected. By the mid-year point in 2005, total online spending in the UK had reached GBP 490 million, 20% more than total sales in financial year 2003 (source: IAB, September 2005). Analysts are expecting online sales to break through the billion-pound barrier in 2005 as a whole. This astonishing trend can be attributed primarily to the rapid spread of broadband connections. The ad-vertising industry is reacting to this with higher budgets, since it is proven that broadband users invest more time and money online. Innovations in the Internet advertis-ing industry are makadvertis-ing new, creative ad formats such
as video streaming, interactive formats and the personal-ization of users possible. Commercial advertising clients are recognizing the dynamism of Internet advertising and are reacting to the increasing sensitivity of users’ market
awareness with higher spending. Appealing to customers in direct, interactive form is far more efficient than of-fline advertising. This realization is now gaining more and more ground in Germany.
Share Price
Trading with TOMORROW FOCUS AG shares remains quiet. The price reached in the previous quarter could not be main-tained. The share lost some 4% in Xetra trading and closed at EUR 2.32 – and at EUR 2.29 on the trading floor in Frankfurt.
The trading volume came to around 346,000 shares traded in September, which corresponds to an average turnover of some 16,000 shares per day.
Price trend compared with the peer group
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Price trend compared with the indices
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Income and Sales Development
TOMORROW FOCUS AG achieved EUR 38.9 million in sales dur-ing the first nine months of the current financial year 2005. Group sales thus increased by 11.1 percent compared to the previous
year (EUR 35 million). In the third quarter of 2005 alone, sales were increased by 16.0 percent to EUR 12.3 million compared to the same period the previous year.
Results, Costs and Investments
For the first time, TOMORROW FOCUS AG also achieved a positive result before taxes in what is typically a rather weak third quarter due to seasonal factors, amounting to EUR 0.01 million following a loss of EUR 1.8 million during the same period the previous year. Earnings before interest, taxes, de-preciation and amortization (EBITDA) also increased notice-ably in the third quarter of 2005 to EUR 0.3 million (previous year EUR -1.5 million).
In the first nine months of the current financial year 2005, TOMORROW FOCUS AG achieved earnings before taxes (EBT) of EUR 0.2 million following a loss of EUR 2.4 million during the same period the previous year. Earnings before interest, taxes, depreciation and amortization (EBITDA) im-proved during the first nine months of 2005 to EUR 0.85 million (previous year EUR -1.5 million).
Material costs amounted to EUR 19.1 million as at the bal-ance sheet date September 30, 2005, compared with EUR
17.3 million in the previous year. In the third quarter, ma-terials costs increased only slightly from EUR 5.3 million to EUR 5.5 million, an increase of 7.8%. Personnel expenses decreased in the first nine months of the year from EUR 11.7 million to EUR 11 million. Quarterly personnel expenses came to EUR 3.6 million, compared with EUR 4.1 million in the same period last year.
At the end of September 2005, TOMORROW FOCUS AG em-ployed 213 people, with BELLEVUE AND MORE AG, Playboy Deutschland Publishing GmbH and Cellular GmbH employ-ees being included on a pro rata basis.
TOMORROW FOCUS AG invested around EUR 2.8 million in the first nine months of the current financial year. This sum includes EUR 1.0 million invested in intangible as-sets, EUR 0.2 million in fixed assets and EUR 1.6 million in financial assets.
COMPANY
Share of capital
in %
Method of inclusion in the consolidated financial statements of TFAG
TOMORROW FOCUS AG – –
TOMORROW FOCUS Technologies GmbH 100 Full consolidation
TOMORROW FOCUS Portal GmbH 100 Full consolidation
TOMORROW Technologies GmbH 100 Full consolidation
TOMORROW Ventures GmbH 100 Full consolidation
Travelnet Cruise GmbH 100 Full consolidation
Bellevue and More GmbH 42 On a quota basis
Playboy Deutschland Publishing GmbH 50 On a quota basis
Cellular GmbH 50 On a quota basis
Consolidation Entity and Consolidation Method
In TOMORROW FOCUS AG’s consolidated financial statements for the period January 1 to September 30, 2005, the consolidation entity consisted of five German subsidiaries and three joint ventures.
PORTAL SEGMENT 1.1.-30.9.2005 1.1.-30.9.2004 Change In € m In € m In € m In % Online sales 21.3 17.7 + 3.6 + 20.3 Print sales 0.4 2.7 - 2.3 - 85.2 Other 1.3 1.1 + 0.2 + 18.2 TOTAL 23.0 21.5 + 1.5 + 7.0
In a contract dated July 29, 2005, TOMORROW FOCUS Tech-nologies GmbH (TFT) set up Travelnet Cruise GmbH in order to increase its market presence in the area of the conception and marketing of software products and IT services. Travelnet Cruise GmbH is at the time of the release of the quar-terly financial statements a wholly owned subsidiary of TFT. With the partnership agreement of August 3, 2005, the
compa-ny Claudio Medien GmbH was set up. Besides TFAG, which has 15% of the shares, FOCUS Magazin Verlag GmbH (75%) and Der Hörverlag GmbH (10%) also have a stake in the company. Claudio Medien GmbH does not comply with the conditions for an associated company as stipulated in the regulations of IAS 28 and is therefore treated as a holding in compliance with IAS 39.
BUSINESS TREND BY SEGMENT
Portal
TOMORROW FOCUS AG has geared itself towards increasing online advertising sales and has pressed ahead further with its restructuring in the Portal segment. Channel managers in the Health, Finance and Travel segments will be responsib-le for these growth areas and will expand them further. In addition, a media partnership between TOMORROW FOCUS AG and ISA, the merger of the publishing groups Georg von Holtzbrinck, Dr. Ippen and WAZ Mediengruppe, was laun-ched. Among other things, the inventory of vehicles offered by the high-reach car exchange “autoanzeigen.de” was in-tegrated into FOCUS Online (www.focus.msn.de).
As of the reporting date of September 30, 2005, TOMORROW FOCUS AG achieved EUR 22.9 million in sales in the core portal business, since among other things sales resulting from online marketing, content and mobile services were combined, which represents an increase of 6.5 percent (previous year: EUR 21.5 million). Revenues of EUR 7.8 million were recorded in portal
operations in the third quarter, which means an increase of 18 percent was achieved, compared to the same period the previous year (EUR 6.6 million). In online advertising alone, revenue again increased by 28.6 percent.
Since online advertising is continuing to increase in impor-tance in Germany, the earnings contribution of the portal operations is also continuing to show sustained positive development: as of the reporting date of September 30, TO-MORROW FOCUS AG is showing earnings before interest, taxes, depreciation and amortization (EBITDA) in the portals segment of EUR 2.4 million (+134 percent compared to the previous year) and earnings before taxes (EBT) of EUR 1.5 million (previous year EUR -0.2 million). In the third quar-ter alone, earnings before taxes, inquar-terest and depreciation amounted to EUR 0.9 million (previous year EUR -0.6 mil-lion) and earnings before taxes (EBT) were EUR 0.6 million (previous year EUR -1.0 million).
The allocation of sales was again changed slightly, com-pared with the Q2/2005 report, to achieve an even clea-rer delimitation of the business segments. Online sales include all online ad revenues, mobile services, content
production, content syndication and marketing revenue. The high-margin sales from online marketing are showing an increase of 20.3%, while the less lucrative print sales decreased by 85.2%.
Technology
TOMORROW FOCUS AG was able to further expand its exis-ting business operations in the cruise segment as a result of TOMORROW FOCUS Technologies GmbH’s acquisition of the business operations of IDF Europe GmbH and the full integration of this Hamburg-based on-board entertainment specialist. Thanks to this strategic acquisition, TOMORROW FOCUS AG is now combining its own all-digital system tra-velnet® with the on-board system CIN and taking on IDF’s existing customer relationships. These include renowned customers such as Carnival/Cunard (Queen Mary II) and other globally active cruise liner operators.
TOMORROW FOCUS Technologies and Lufthansa Systems have already canvassed successfully for their first order. The MS Europa, the world’s only “5-star plus” cruise liner and the flagship of Hapag-Lloyd Kreuzfahrten GmbH, is being
fit-ted out with the on-board entertainment system CruiseNet from TOMORROW FOCUS Technology GmbH. This is the first all-digital solution to bundle digitally all of the services on offer, including television and telephone.
The Technology Division reported total sales of EUR 2.5 mil-lion in the third quarter of 2005, which is the same level as the previous year. In the first nine months of the current financial year, total sales amounted to EUR 10.2 million (pre-vious year EUR 7.9 million). Earnings before taxes after nine months was at EUR -0.2 million following EUR -0.5 million the previous financial year. At the quarterly level, earnings before taxes improved from EUR -0.3 million to EUR -0.2 million. According to plan, earnings were burdened by EUR 0.2 million from start-up losses following the takeover of the business operations of IDF Europe GmbH.
Participations
Activities in the participations segment continued to show a positive trend despite declining development in print ad-vertising. Together with subsidiaries BELLEVUE AND MORE and PLAYBOY, TOMORROW FOCUS AG achieved sales of EUR 10.2 million compared to EUR 10.8 million the previous year. Due to the drop in the consolidation rate for BELLEVUE AND MORE GmbH from 50 percent to 41.7 percent during the course of the entrance of Verlagsgruppe Handelsblatt, the sales contribution is respectively lower by comparison. During the third quarter of the current financial year, reve-nue increased from EUR 3.3 million in the same period the
previous year to EUR 3.5 million in the third quarter of 2005. Earnings before taxes (EBT) were increased by 82.4 percent over the first nine months of the current financial year from EUR 0.6 million to EUR 1.1 million. Earnings before taxes increased by more than 230 percent in the third quarter to EUR 0.3 million (previous year EUR 0.1 million).
The company’s presentation method, which goes well bey-ond the information required under IAS 34, is being retained in its quarterly reports for the sake of better comparability and analysis.
Matters of Special Importance for the Financial and Earnings Situation
EUR 2.8 million in one-off sales shown in the technical seg-ment resulted from a long-term software leasing agreeseg-ment. This agreement does not affect technical segment business in any way because TFT can use the software again at any time. The agreement has no effect on results in 2005 because the capitalized value was written off at the same time.
Since January 1, 2005 regular depreciation of goodwill has been discontinued in accordance with IFRS 3. The increase in goodwill shown in the balance sheet results from the acquisi-tion of assets from the company IDF Gesellschaft für Multime-dia Anwendungen (IDF) through the contract signed with TFT on July 25, 2005. The purchase price was a six-figure sum.
To ensure comparability of long- and short-term liquid funds with the previous year, securities (other loans) and, in the previous year, the short-term loan to an as-sociated company must be added to the cash and cash equivalent total shown in the balance sheet.
The reduction in liquidity compared to the same quar-ter in the previous year is due mainly to investment in online portals at the end of 2004, to a new evaluation and counting system, to self-constructed software in the technical segment, and to the purchase of assets from IDF by TFT.
The number of diluted shares is 69,525 higher than that of undiluted shares. This difference is due to the number of employee stock options outstanding as at September 30, 2005. They are unlikely to be exercised before 2006 but as they would improve earnings per share, they are not, in accordance with IAS 33.40, ta-ken into account in calculating diluted earnings per share. Description 30.9.2005 Value in € m 30.9.2004 Value in € m
Balance sheet total 22.8 4.9
Securities 1.6
Loans redeemable at short notice 0.0 21.0
TOTAL LIQUID ASSETS
(long- and short-term) 25.1 25.9
Accounting principles
The quarterly report was drawn up in accordance with IAS 34. According to IASC regulations, consolidated financial statements
to September 30, 2005 were drawn up in compliance with International Financial Reporting Standards (IFRS).
Accounting and Valuation Methods
Individual accounts for associated companies are drawn up as at the reporting date for the consolidated financial statements. To draw up consolidated financial statements, the Management Board must use best-possible estimates and assumptions on the basis of the latest current information that have an influence on the stated asset and liability values and details of contin-gent assets and liabilities on the reporting date and influence balance sheet income and expenditure in the reporting period. Actual subsequent results may differ from these estimates.
Outlook
Following a successful third quarter, the Management Board of TOMORROW FOCUS AG is confident that results for the year as a whole will be better than had previous-ly been expected. The Management Board of TOMORROW FOCUS AG initiated comprehensive benchmarking analyses in the third quarter. Numerous measures to increase effi-ciency were adopted in the Sales, Technology and Portals segments, and their implementation will begin before the end of the year. Market research activities were intensified with a survey of almost 5,000 users, which was carried out in order to ascertain the future requirements of successful online products. It succeeded in uncovering new reach po-tential and defining additional marketable space. The ob-jective is to offset the necessary investments in the Portal segment by increasing efficiency within the organization
and reducing personnel and material costs so that earnings are not affected.
In the seasonally strong fourth quarter, assuming a conti-nuation of the positive trend on the online advertising mar-ket, significantly increased advertising budgets will contri-bute to a successful business trend. At the same time, the company is taking account of the expected market trend by intensifying its activities to expand the Portal segment. Furthermore, M & A strategies for expanding business ope-rations are currently being examined. In addition to this, the fast-growing market for cruise liners holds out future growth prospects for the Technology segment. The compa-ny is confident that its first order, equipping the MS Europa, will lead to follow-up orders.
The Management Board Munich, November 2005
01.01.-30.09. 2005 KEUR 01.01.-30.09. 2004 KEUR 01.07.-30.09. 2005 KEUR 01.07.-30.09. 2004 KEUR Sales 38,892 34,992 12,321 10,635
Other operating income 1,602 1,515 125 338
Changes in inventories for finished goods and work in progress -13 -31 1 -2
Own work capitalized 455 1,629 178 599
Cost of materials -19,114 -17,345 -5,485 -5,277
Personnel expenses -10,954 -11,715 -3,752 -4,061
Amortisation and depreciation of fi xed intangible
and tangible assets -1,340 -1,417 -474 -460
Amortization of goodwill 0 -49 0 -17
Other operating expenses -10,021 -10,510 -3,112 -3,731
Operating result -493 -2,931 -198 -1,976
Earnings from loans (fi nancial assets) 119 0 32 0
Earnings from financial investment and similar 541 559 177 193
Expenditure on financial investment and similar -5 -33 -2 -6
Earning before taxes 162 -2,405 9 -1,789
Income taxes -118 3 -76 -1
Deferred taxes 850 -425 -111 -385
Other taxes 0 -5 -14 -0
Annual consolidated surplus (foregoing year: deficit) 894 -2,832 -164 -2,175
Loss carried forward -103,511 -100,532
Net accumulated defi cit -102,617 -103,364
Earnings per share (basic and diluted) Euro0,02 -0,07Euro
Average number of basic shares outstanding 42,856,475 42,856,475 Average number of diluted shares outstanding 42,926,000 42,926,000
TOMORROW FOCUS AG
01.01.2005 - 30.09.2005 01.01.2004-30.09.2004 Adjustment for
par-tial disposal Belevue Total
KEUR KEUR KEUR KEUR CASH FLOW FROM OPERATING ACTIVITIES
+ Net income for the year 894 894 -2,832
Adjustments to reconcile the net loss for the year with income/expenses:
- Interest income -541 -541 -558
+ Interest expenses 5 5 33
+ Depreciation on intangible assets 1,340 1,340 1,466 - Appreciation and unrealised gains on securities held to maturity -94 -94 0 + unrealised losses on financial assets valued at par 19 19 0
+ Change in deferred taxes -850 -851 425
+ Increase in pension accruals 0 0 1
Operating result before changes in net current assets: 773 1,465 -/+ Profi t/Loss from the disposal of fi xed assets -458 -458 10 + Incomings from asset retirement 3,070 3-070 0 -/+ Increase/decrease of assets not assignable to investment or
finance activities -2,811 647 -2,811 4,471 +/- Increase/decrease of liabilities not assignable to investment or
finance activities -1,814 -114 -1,928 -1,731 - Change in receivables/payables vis-à-vis affi liated companies
and associated companies 412 412 -775
Cash received from ordinary activities -1,068 1,975
- Interest expenditure -5 - 9
= Net cash fl ow from operating activities -300 501 CASH FLOW FROM INVESTING ACTIVITIES
+ Incomings from disposals of fixed assets from property, plant
and equipment and intangible assets 545 -424 121 333 - Payments made for investments in property, plant and equipment
and intangible assets -1,211 -1,211 -2,367 + Incomings from loan repayment by affiliated companies 0 0 -11,473 - Pay offs in capital assets -1,624 -1,624 -1,549 + Incoming payments from disposals of financial assets 1,522 1,522 264
+ Payment from interests 450 450 527
- Payment from the sale of an associated company’s shares less
transferred cash and cash equivalents -109 -109
= Net cash fl ow from investing activities -851 -14,535
TOMORROW FOCUS AG
01.01.2005 - 30.09.2005 01.01.2004 - 30.09.2004 Adjustment for
partial disposal
Bellevue Summe
KEUR KEUR KEUR KEUR CASH FLOW FROM FINANCING ACTIVITIES
+ Incomings to capital reserve 0 0 4,049
+ Incomings to capital reserves after stock exchange admission costs 0 0 8,241 + Payments made from buyback of interest-bearing loans 0 0 -4 = Net cash and cash equivalents used for financing activities 0 12,286 Net increase/decrease of cash and cash equivalents -1,151 -1,748 + Cash and cash equivalents at the start of the fiscal year 23,930 6,648 = Cash and cash equivalents at the end of the fi scal year 22,779 4,900
TOMORROW FOCUS AG
Consolidated Cash Flow Statement from January 1 to September 30, 2005
The cash and cash equivalents in the beginning and at the end of the fiscal year were calculated excluding securities classified as current assets and prior to deducting short-term bank liabilities
SUBSCRIBED CAPITAL KEUR CAPITAL RESERVE KEUR ACCUMULATED PROFITS KEUR TOTAL KEUR December 31, 2001 38,807 94,480 -37,218 96,069 Other effects not affecting operating result 0 0 -262 -262
Net loss for the year 0 0 -62,813 -62,813
December 31, 2002 38,807 94,480 -100,293 32,994
Net income for the year 0 0 -239 -239
December 31, 2003 38,807 94,480 -100,532 32,755 Approved capital increase 3,850 8,662 0 12,512 Conditional capital increase / stock option plan 199 88 0 287
Capital increase costs 0 -509 0 -509
Net income for the year 0 0 -2,979 -2,979
December 31, 2004 42,856 102,721 -103,511 42,066 Annual surplus for 1st quarter 2005 0 0 948 948 Annual surplus for 2nd quarter 2005 0 0 110 110 Annual surplus for 3rd quarter 2005 0 0 -164 -164 September 30, 2005 42,856 102,721 -102,617 42,960
TOMORROW FOCUS AG
ASSETS 30.09.2005 KEUR 30.09.2004 KEUR 31.12.2004 KEUR FIXED ASSETS Intangible assets
Franchises, industrial rights and similar rights and assets and
licenses in such rights and assets 2,926 3,022 3,135
Internally developed software 1,930 4,487 4,829
Goodwill 3,803 3,975 3,868
Payments on account 22 44 5
8,681 11,528 11,837 Property, plant and equipment
Other equipment, furniture and fi xtures 768 946 899
Financial assets
Investment holdings 9 6 6
Loans to companies in which participations are held 115 715 0
Long-term investments 105 5 12
Other loans 1,632 1,653 1,647
1,861 2379 1,665 Receivables
Trade receivables 2,592 0 0
Receivables from affi liated companies 28 22 23
2,620 22 23
Deferred taxes 7,406 6,659 6,556
21,336 21,534 20,980 CURRENT ASSETS
Inventories
Raw materials, consumables and supplies 51 57 46
Work in progress 318 329 352
Finished goods and goods for resale 158 119 121
527 505 519 Receivables and other assets
Trade receivables 6,814 4,355 6,517
Receivables from long-term construction contracts 467 372 359
Receivables from affi liated companies 1,468 22,531 1,462
Receivables from companies in which participations are held 19 0 127
Receivables from tax on income 181 269 249
Sundry other assets 1,369 700 1,422
10,318 28,227 10,136 Cash and cash equivalents 22,779 4,900 23,930 Total current assets 33,624 33,362 34,585 Balance sheet total 54,960 55,166 55,565
TOMORROW FOCUS AG
EQUITY AND LIABILITIES 30.09.2005 KEUR 30.09.2004 KEUR 31.12.2004 KEUR EQUITY AND RESERVES
Subscribed capital 42,856 42,856 42,856
Capital reserve 102,721 102,721 102,721
Net accumulated deficit -102,617 -103,364 -103,511
Total equity 42,960 42,213 42,066 LONG-TERM LIABILITIES
Provisions for pensions and similar obligations 9 8 9
Liabilities to affiliated companies in which participations
are held 0 504 0
Total long-term liabilities 9 512 9 SHORT-TERM LIABILITIES
Interest-bearing loans 0 2 0
Liabilities to banks 9 24 0
Payments received on account of orders 37 86 728
Trade payables 7,156 7,504 7,532
Other provisions 406 685 530
Liabilities to affi liated companies 1,231 866 914
Liabilities to companies in which the company has a
participating interest 0 0 2
Liabilities of taxes on income 117 0 0
Sundry other liabilities 3,035 3,274 3,784
Total short-term liabilities 11,991 12,441 13,490 Total liabilities 12,000 12,953 13,499 Balance sheet total 54,960 55,166 55,565
TOMORROW FOCUS AG
Portal Technology Equity Investments 1. 1. - 30. 9. 1. 1. - 30. 9. 1. 1. - 30. 9. Segment Report 1. 1. - 30. 9. 2005 KEUR2004 KEUR2005 KEUR2004 KEUR2005 KEUR2004 KEUR2005
External sales 20,941 22,087 3,328 6,785 10,723 10,020
Internal sales 589 850 4,574 3,457 103 161
21,530 22,937 7,902 10,242 10,826 10,181
Earnings from business activities before depreciation (EBITDA) 5% 1,009 10% 2,632 -160 61 1,029 1,164 Depreciation 1,247 963 264 275 417 106
Segment results (EBIT) -238 1,399 -424 -214 612 1,058
Financial results 8 72 -70 51 -16 29
Earnings before taxes (EBT) -230 1,471 -494 -163 596 1,087
Tax result -34 25 -386 1,007 -7 -143
Result for the period -264 1,496 -880 844 589 944
TOMORROW FOCUS AG
Segment Report from January 1 to September 30, 2005
Administration Consolidation Group 1. 1. - 30. 9. 1. 1. - 30. 9. 1. 1. - 30. 9. Segment Report 1. 1. - 30. 9. 2005 KEUR2004 KEUR2005 KEUR2004 KEUR2005 KEUR2004 KEUR2005
External sales 0 0 0 0 34,992 38,892
Internal sales 297 639 -5,563 -5,107 0 0
297 639 -5,563 -5,107 34,992 38,892
Earnings from business activities before
depreciation (EBITDA) -2,419 -2,356 -924 -384 -1,465 847
Depreciation 59 43 -521 -47 1,466 1,340
Segment results (EBIT) -2,478 -2,399 -403 -337 -2,931 -493
Financial results 565 465 39 38 526 655
Earnings before taxes (EBT) -1,913 -1,934 -364 -299 -2,405 162
Tax result 0 -154 0 -3 -427 732
Portal Technology Equity Investments 2005 2005 2005 Segment report quarterly comparison Q1 KEUR Q2 KEUR Q3 KEUR Q1 KEUR Q2 KEUR Q3 KEUR Q1 KEUR Q2 KEUR Q3 KEUR External sales 6,829 7,813 7,445 3,879 1,476 1,430 3,217 3,357 3,446 Internal sales 259 263 328 1,254 1,160 1,043 44 70 47 7,088 8,076 7,773 5,133 2,636 2,473 3,261 3,427 3,493
Earnings from business activities
before depreciation (EBITDA) 739 697 926 -22 189 -106 310 516 338
Depreciation 226 385 352 100 86 89 43 33 30
Segment results (EBIT) 513 312 574 -122 103 -195 267 483 308
Financial results 22 25 25 20 15 16 6 15 8
Earnings before taxes (EBT) 535 337 599 -102 118 -179 273 498 316
Tax result 86 39 -100 1,034 -14 -13 -29 -53 -61
Result for the period 621 376 499 932 104 -192 244 445 255
TOMORROW FOCUS AG
Segment report quarterly comparison
Administration Consolidation Group 2005 2005 2005 Segment report quarterly comparison Q1 KEUR Q2 KEUR Q3 KEUR Q1 KEUR Q2 KEUR Q3 KEUR Q1 KEUR Q2 KEUR Q3 KEUR External sales 0 0 0 0 0 0 13,925 12,646 4,876 Internal sales 219 210 210 -1,776 -1,703 -1,628 0 0 0 219 210 210 -1,776 -1,703 -1,628 13,925 12,646 4,876
Earnings from business activities
before depreciation (EBITDA) -680 -862 -814 -193 -123 -68 154 417 276
Depreciation 13 13 17 -21 -12 -14 361 505 474
Segment results (EBIT) -693 -875 -831 -172 -111 -54 -207 -88 -198
Financial results 156 164 145 12 13 13 216 232 207
Earnings before taxes (EBT) -537 -711 -686 -160 -98 -41 9 144 9
Tax result -152 -6 4 0 0 -3 939 -34 -173
Management Board Members Shareholdings
Stefan Winners, Chief Executive Offi cer 13,000
Enrico Just, Chief Financial Offi cer 60,000
Christoph Schuh, Chief Marketing Offi cer 90,000
Supervisory Board Members Shareholdings
Dr. Paul-Bernhard Kallen 200,000
Dr. Andreas Rittstieg –
Helmut Markwort 1,616,550
Jean-Paul Schmetz 80,000
Prof. Dr. Stefan Leberfi nger 200,000
Martin Weiss 53,000
TOMORROW FOCUS AG
Publishing Details
Published by:
TOMORROW FOCUS AG, Munich Editor:
Ariane Meynert Layout:
TOMORROW FOCUS Technologies
