High Contribution of Income Due to Growing Online Travel Business
Munich, August 16, 2007 - TF Beteiligungs GmbH, a wholly owned subsidiary of TOMORROW FOCUS AG, acquired a further 29 percent of the Swiss travel portal HolidayCheck AG for the amount of EUR 28.2 million. The shares taken over were held by Burda Digital Ventures GmbH in Munich. From September 1, 2007, TOMORROW FOCUS AG will own 80 percent of HolidayCheck AG. The purchase price covers subscription rights for accumulated earnings and cash.
Call and put options have been agreed upon in 2006 for the remaining 20 percent interest. Upon exercising the options, TOMORROW FOCUS AG will wholly own HolidayCheck AG.
HolidayCheck was established in 2003 and operates the leading opinion portal for travel and vacations of the same name. With 6.2 million visits and 165 million page impressions per month, HolidayCheck ranks among the most popular travel sites within the German-speaking region. The central feature of the business operations is a hotel-rating database as well as an extensive archive of photos, videos and information made available and maintained by the users. HolidayCheck has its own TÜV-certified online travel agency which guarantees the lowest prices. The internationalization initiated in 2006 is progressing quite well. The English, Spanish, French and Polish HolidayCheck platforms attract more than 100,000 visitors per month.
Stefan Winners, CEO of TOMORROW FOCUW AG commented,
"HolidayCheck AG has progressed very well in the past 12 months. Due to the increased holding, the contribution to the operating income and EPS of TOMORROW FOCUS AG will improve significantly. Now, it is time to develop an international positioning in Europe in order to become one of the top 3 players in the European online travel industry."