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United Internet met succesvol q1 2017

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[verwijderd] 13 mei 2017 12:26

12.05.17, 08:34 pm
UNITED INTERNET WITH SUCCESSFUL Q1 2017

Customer contracts up 190,000 to 17.16 million
Sales growth of 2.1% to EUR 989.2 million
EBITDA improves by 6.1% to EUR 215.0 million, EBIT up 8.8% to EUR 167.6 million
Operating EPS increases by 10.0% to EUR 0.55
EPS after Rocket Internet value adjustment: EUR 0.46
Full-year guidance confirmed

Montabaur, May 12, 2017. United Internet AG continued its growth in the first quarter of 2017. The company once again posted improvements in its customer contract figures, sales revenues, and key earnings ratios based on operating activities. In addition, the investment of Warburg Pincus in the Business Applications division and the complete takeover of Strato as of April 1, 2017 were successfully closed during the reporting period.

In the first quarter of 2017, growth was driven by the company’s subscription business. The number of fee-based customer contracts was increased organically by 190,000 to 17.16 million contracts – mainly in the Access segment, in which United Internet generated 140,000 new Mobile Internet contracts and 10,000 DSL contracts. In the Applications segment, a further 40,000 pay contracts and 270,000 ad-financed free accounts were added during the reporting period.

Despite the burdens from regulation effects already explained in the annual financial statements 2016 (impact on sales: approx. -1.2%), consolidated sales rose by 2.1% to EUR 989.2 million in the first quarter of 2017 (prior year: EUR 968.6 million). Sales growth was also slowed by expected phasing effects in the project business of 1&1 Versatel. Moreover, advertising revenues in the portal business fell short of the budgeted figure and could not be compensated by the positive development of the company’s other business fields in line with expectations.

Earnings before interest, taxes, depreciation and amortization (EBITDA) improved by 6.1% to EUR 215.0 million (prior year: EUR 202.7 million). Earnings before interest and taxes (EBIT) increased by 8.8% to EUR 167.6 million (EUR 154.0 million).

Group development (in EUR million) Q1 2016 Q1 2017 Change
Sales 968.6 989.2 + 2.1 %
EBITDA 202.7 215.0 + 6.1 %
EBIT 154.0 167.6 + 8.8 %
EPS / special items

Earnings per share from operating activities (operating EPS) improved by 10.0%, from EUR 0.50 (comparable prior-year figure) to EUR 0.55. Before amortization of purchase price allocations (PPA), EPS rose by 9.3% from EUR 0.54 (comparable prior-year figure) to EUR 0.59.

As in the first quarter of 2016, United Internet wrote down the value of shares held in Rocket Internet SE in its non-operating business in the first quarter of 2017. The impairment charges amounted to EUR 19.8 million. As a result, EPS for the first quarter of 2017 fell in total to EUR 0.46 and EPS before PPA to EUR 0.50. The impairment charges do not impact United Internet’s dividend policy nor its guidance for 2017, as these are based on results from operating activities (without special items).

Outlook 2017

Advertising revenues of United Internet’s portals in the second quarter so far are within the budgeted range. Against this backdrop, the company can confirm its full-year guidance for fiscal year 2017 and continues to expect an increase in consolidated sales of approx. 7%. EBITDA is still expected to rise by approx. 12%. At the same time, the number of fee-based customer contracts is likely to grow organically by approx. 800,000 contracts. The consolidation of Strato as of April 1, 2017 will add approx. 1.87 million fee-based contracts in the second quarter of 2017.

The Interim Statement for the First Quarter 2017 will be available on May 15, 2017.

[verwijderd] 13 mei 2017 12:39

United Internet to acquire Drillisch for $3.04B

Published: May 12, 2017 1:58 a.m. ET

FRANKFURT -- United Internet AG said Friday it would acquire telecommunications provider Drillisch AG and merge it with its own 1&1 Telecommunications subsidiary.

The EUR50 per share offer values Drillish at around EUR2.8 billion ($3.04 billion). Drillisch said it would integrate 1&1 Telecommunication into itself, with the combined entity operating under the United Internet umbrella, according to a joint statement from the companies.

The two companies said the merger would create a fourth strong player in the German telecommunications market, with synergies of EUR150 million by 2018, rising to EUR250 million annually by 2020. 1&1 Telecommuncations and Drillisch had combined sales of EUR3.2 billion, the companies said.

Drillisch would remain an independently listed company, the two parties said.

Write to William Wilkes at william.wilkes@wsj.com

[verwijderd] 13 mei 2017 12:54

United Internet koers explodeert

+13.96%

Bijlage:

[verwijderd] 13 mei 2017 20:06

12.05.17, 04:57 am
AD-HOC DISCLOSURE ACCORDING TO ARTICLE 17 OF THE MAR: UNITED INTERNET AND DRILLISCH CREATE A STRONG FOURTH PLAYER IN THE GERMAN TELECOMMUNICATIONS MARKET

Integration of 1&1 Telecommunication SE into Drillisch under the umbrella of United Internet
Implementation via two capital increases by Drillisch for shares in 1&1 Telecommunication SE as a contribution-in-kind
Transaction includes a voluntary public tender offer for Drillisch by United Internet
Significant potential for growth and synergies

Montabaur, May 12, 2017. Today the Management Boards of United Internet AG (“United Internet”) and Drillisch AG (“Drillisch”) have entered into a Business Combination Agreement governing the step-by-step acquisition of 1&1 Telecommunication SE (“1&1 Telecommunication”) by Drillisch under the umbrella of United Internet. The agreement has the approval of both companies’ Supervisory Boards.

The aim of the overall transaction is to integrate 1&1 Telecommunication into Drillisch and thus create a powerful, integrated full-service telecommunications provider under the umbrella of United Internet, one with considerable potential for synergies and growth. The combination of the two companies is intended to create a strong fourth player in the German telecommunications market alongside the three major full-service providers (Deutsche Telekom, Vodafone and Telefónica). 1&1 Telecommunication (including 1&1 Versatel’s retail business) and Drillisch together have more than 12 million customer contracts according to the 2016 business figures, and had combined sales of over €3.2 billion.

United Internet’s telecommunications business with retail customers (DSL and Mobile Internet) is bundled in 1&1 Telecommunication SE, a wholly-owned subsidiary of United Internet AG, and the retail business (DSL) previously pursued by 1&1 Versatel was also integrated into 1&1 Telecommunication SE as of May 2, 2017. The B2B business and business with other telecommunications providers (wholesale) will continue to be operated by 1&1 Versatel and is not part of this transaction. However, 1&1 Versatel will continue to provide services for the combined business on the basis of its fiber-optic network. In this transaction, 1&1 Telecommunication SE is valued at €5.85 billion.

During the first quarter of 2017 (and thus without the Versatel retail business), 1&1 Telecommunication SE increased its sales by 6.2% to €619.4 million compared with the first quarter of 2016. The company’s EBITDA rose by 12.9% to €109.0 million. Thus, the results of the first quarter of fiscal year 2017 indicate that the company is on track to reach its EBITDA target for the fiscal year of around €470 million.

The transaction structure agreed on by United Internet and Drillisch envisages that, in the first step, United Internet will contribute around 7.75% of the 1&1 Telecommunication SE shares to Drillisch in return for the issue of a total of 9,062,169 new Drillisch shares from authorized capital under the exclusion of subscription rights (“Capital Increase I”). After the implementation of the Capital Increase I, United Internet’s interest in Drillisch will increase from currently approximately 20.08% to over 30%.

In the second step, the remaining 92.25% of the 1&1 Telecommunication SE shares will be transferred to Drillisch against a total of 107,937,831 new Drillisch shares. The additional capital increase by way of contribution-in-kind under the exclusion of subscription rights that is necessary for this purpose (“Capital Increase II”) requires the passing of a resolution at the Annual General Meeting of Drillisch AG. The plan is to submit the Capital Increase II for approval at an extraordinary General Meeting of Drillisch AG that is to take place on July 25, 2017. Upon registration of this additional capital increase by way of contribution-in-kind, United Internet’s interest in Drillisch will rise to approximately 72.7% – excluding Drillisch shares tendered into the voluntary public tender offer. United Internet AG would thus fully consolidate the combined business of Drillisch and 1&1 Telecommunication in its annual and quarterly financial statements.

The transaction will be accompanied by a voluntary public tender offer submitted by United Internet for all outstanding shares of Drillisch AG. United Internet will offer therein to Drillisch shareholders to purchase their no-par value bearer shares, each representing a proportionate amount of Drillisch AG share capital of €1.10 (ISIN: DE0005545503). United Internet intends to offer to pay €50 per share, which is 8.2% more than the volume-weighted average share price of Drillisch shares over the past three months as on the reporting day May 11, 2017 (€46.20). The cash offer will be made in accordance with the terms specified in the offer document, subject in particular to merger control approval. There will be no minimum acceptance threshold for the tender offer. United Internet will use bank loans to finance the Drillisch shares tendered as part of the tender offer. The financing banks have confirmed that they will grant a maximum of around €2.5 billion (assuming that all outstanding Drillisch shares are tendered).

The integration of 1&1 Telecommunication into Drillisch offers extensive synergies and growth opportunities for United Internet and for Drillisch shareholders. These jointly-identified synergies are expected to arise at the level of their combined business starting in 2018. An annual volume of €150 million is anticipated as early as 2020, rising to €250 million annually by 2025. These figures assume the successful completion of the overall transaction. Synergies will result in particular through joint purchasing of hardware and services, more efficient use of network capacity available to Drillisch, the expansion of the 1&1 product portfolio to include future technologies, and the availability of a larger product portfolio in Drillisch’s stores. To achieve these synergies, the companies expect one-off implementation costs of around €50 million at the combined business level. All shareholders of Drillisch and United Internet will benefit from these synergies and pooled potential through value increases and dividends in the long term.

The parties pursue, following the completion of the overall transaction that the CEO of Drillisch, Mr. Vlasios Choulidis, should move from the operational management to the Supervisory Board of Drillisch. It is also panned that the combined company should be led by André Driesen, Director of Finances of Drillisch AG, as well as Martin Witt, CEO of 1&1 Telecommunication SE, and United Internet CEO Ralph Dommermuth as CEO following the conclusion of the overall transaction.

The completion of the tender offer is subject to merger control approval by the German authorities (Bundeskartellamt).

The offer document and other information on the tender offer will be published in accordance with the requirements of the German Securities Acquisition and Takeover Act (WpÜG) on the following website: www.united-internet-bid.de.

Important note:
This announcement is neither an offer to purchase nor a solicitation of an offer to sell shares of Drillisch AG. The final terms of this tender offer and any further provisions in connection with the tender offer will be contained in the offer document after approval of publication of the offer document by BaFin. Drillisch AG investors and shareholders are strongly advised to read the offer document and all other documents related to the offer as soon as they become available, since they will contain important information.

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