APCOA Parking Deutschland GmbH
ots Ad hoc-Service: APCOA Parking AG <DE0005055503> APCOA Parking AG Stuttgart Airport - Germany - Preliminary annual report /
Stuttgart (ots Ad hoc-Service) -
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For the period January to December 1999
APCOA Parking AG announces its unaudited preliminary results for the year 1999:
APCOA (consolidated) 1999 1998 1997 1996 1995
Net revenues million DM 331.1 273.8 243.6 204.6 189.2
EBIT million DM 24.5 22.3 18.7 17.1 15.5
Margin in% 7.4 8.1 7.7 8.4 8.2
N". of locations
(as per 31.12.) 437 364 367 330 316
N". of spaces
(as per 31.12.) 318.700 270.500 228.800 191.800 174.400As at December 31, 1999, the APCOA Group had entered into 308 contracts for the management of 437 parking facilities at a capacity of 318,700 spaces.
In the course of the year 1999 APCOA was able to add 90 new locations at a capacity of 60,000 spaces to its portfolio. During the same period, contracts for the management of 60 locations (48,300 spaces) were extended. In the process of optimising the portfolio and regular attrition, 17 locations (8,000 spaces) were given up.
In 1999, revenues increased by 20.9 % (equivalent to DM 57.3 million). EBIT grew 9.9 % (equivalent to DM 2.2 million) during this period.
The decreased EBIT margin 1999 vs. 1998 is due to the start up of one major long-term contract which provided no contribution in 1999 (start up losses); should you exclude the substantial sales from this contract from the Group's total net revenues, the EBIT margin 1999 would have increased vs. 1998. We expect the turn-around of this contract in the current year.
The average remaining duration of the Group's portfolio has increased from 6.9 years in the previous year to 7.2 years in 1999.
Revenue by country unit:
1999 1998 1997 1996 1995
(million DM) (million DM) (million DM) (million DM) (million DM)
Germany 126.8 120.5 106.7 90.6 82.3
United Kingdom 127.2 95.4 82.3 60.4 55.4
Austria 44.9 42.0 39.4 37.6 37.3
France -- -- 5.5 4.9 5.6
Italy 21.7 6.1 5.1 7.4 5.6
The Netherlands 6.8 6.2 4.6 3.7 3.0
Belgium 3.7 3.6 -- -- --
Consolidated 331.1 273.8 243.6 204.6 189.22. APCOA Parking AG announces the preliminary results 1999 for the acquired EuroPark Group (Oslo):
On 16.12.1999, the share sales agreement relating to the purchase of all shares in the EuroPark Group was signed with effect from 01.01.1999.
1999 EuroPark (consolidated)
Net revenues: million DM 127.6
EBIT: million DM 12.7
Margin: in% 10.0The operating result does not include the depreciation for goodwill.The figures should be regarded as preliminary and unaudited as the transaction was closed shortly before Christmas 1999 and a new group accounting system consequently had to be put in place,
The average contract term of the contracts portfolio for the EuroPark Group is approx. 2 years. As in U.K., contract terms are traditionally shorter in Scandinavia compared with market conditions in continental Europe. The past has shown that the contracts are usually extended if user-friendly service is provided. We feel certain that a great loyalty on the part of our landlords can also be sustained in future, last but not least due to the high quality of the management in EuroPark that has been integrated in the APCOA-Group.
Dividend policy:
The supervisory and managing boards will recommend the payment of a dividend of DM 3.60 per share with a par value of DM 5.00 for the 1999 profit distribution subject to the approval of the Annual General Meeting on April 27, 2000 (1998: DM 3.40).
Forecast 2000:
The managing board has set a target of DM 530 million net sales and DM 44 million profit (before depreciation of goodwill and interest expense for the acquisition) for the Group in 2000. This target is based on internal, organic growth of the enlarged Group and does not include any contribution from further acquisitions.
Financial agenda 2000:
15.03.2000 Annual Accounts Press Conference 10:00 a.m. Konferenzcenter ATRIUM (Airport Stuttgart)
27.04.2000 Annual General Meeting 11:00 a.m. Konferenzcenter ATRIUM (Airport Stuttgart) 3 months' statement 2000
03.08.2000 Press Conference, Half Year Report 2000 10:00 a.m. Konferenzcenter ATRIUM (Airport Stuttgart)
02.11.2000 9 months' Statement 2000
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