Teles AG

ots Ad hoc-Service: TELES AG TELES: 1999 Annual Financial Statement better than expected

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    Berlin (ots Ad hoc-Service) - TELES: 1999 Annual Financial Statement better than expected

    According to the 1999 annual financial statement, just approved by the supervisory board, the development of TELES in the last business year is somewhat better than previously expected. Whereas the TELES AG in its ad-hoc press release of April 4th, 2000, still assumed net earnings of only 9 million DM, the audited annual financial statement now confirms the net earnings to be 10.1 million DM. Additionally, the 1999 revenues are 308.1 million DM instead of 307 million DM. as was assumed in the ad-hoc press release.

    The 1999 annual financial statement shows that the TELES Group reached an annual revenue growth of more than 60 percent for the 10th time in a row (1998: 192 million DM). The relapse of the 1999 netto profit margin to approx. 3.3 percent (1998: approx. 11 percent) can be explained for the most part on the basis of forerunning costs for opening up new growth markets.

    The TELES Group assumes that its revenues in 2000 will clearly exceed 500 million DM. This continued rapid growth may very well be accompanied by an overall positive profit development in this year, too. A more precise profit expectation for the current business year is foreseeable for the third quarter 2000 at the earliest, due to the new orientation of the TELES Group aiming at opening up future growth areas of Internet value-added services as well as the market accesses for their efficient utilization.

    Prof. Dr.-lng. Sigram Schindler CEO. TELES AG

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