BRAIN FORCE HOLDING AG
BRAIN FORCE HOLDING AG: increased revenues by 12 % in the first half 2011/12
BRAIN FORCE HOLDING AG / Key word(s): Half Year Results/Half Year Results 15.05.2012 09:29 Dissemination of an Ad hoc announcement, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- BRAIN FORCE HOLDING AG (Vienna Stock Exchange: BFC, Reuters: BFCG), a leading IT service company with business operations in Austria, Germany, Switzerland, Italy, the Netherlands, Czech Republic, Slovakia and the USA announces a revenue growth of 12% for the first half 2011/12 (October 1, 2011 to March 31, 2012). Herewith the company achieved a growth in revenues for the fifth consecutive quarter. The Group's revenues in the first half 2011/12 increased by EUR 3.95 million to EUR 37.85 million, whereby all regions reported a growth. The operating EBITDA amounted to EUR 0.93 million compared to EUR 1.10 million in the previous year, the operating EBIT of EUR -0.09 million was at almost the same level as previous year, when a balanced result of EUR 0.01 million was achieved. 'After a negative result in the first three months, the operative result turned positive again in the last quarter, even above the previous year', says Michael Hofer, CEO of BRAIN FORCE HOLDING AG. 'However, the volatile business environment in some regions and license sales that decreased compared to previous year still block a more positive earnings development', explains Michael Hofer. In addition the result of the current business year was burdened by restructuring expenses from the first quarter. The Group EBITDA was EUR 0.25 million, including restructuring expense of EUR 0.68 million in Germany, the Group EBIT amounted to EUR -0.77 million. In Germany the revenues (+2 % to EUR 19.00 million) as well as the operative EBITDA (+ 2% to EUR 0.87 million) increased. The development in Italy, with a growth in revenues by 11% to EUR 11.61 million and an increase of the operative EBITDA by 23% to EUR 0.84 million was also very positive. In the Netherlands the revenues increased by 65% to EUR 5.58 million, however the operative EBITDA decreased to EUR 0.17 million due to the below-average capacity utilization of the increased number of employees in the second quarter. In Central East Europe revenues increased by 12% to EUR 1.66 million, the operative EBITDA decreased from EUR 0.05 million in the first six months of the previous year to EUR 0.01 million. With an EBITDA of EUR -0.96 million the segment Holding and Others showed higher expenses of EUR 0.16 million which can be mainly related to the premature termination of the management board agreement of Mr. Thomas Melzer. The financial result amounted to EUR -0.41 million in the first six months of 2011/12 compared to EUR -0.38 million in the previous year. The result from the associated SolveDirect Service Management GmbH (current shareholding 57.57%) amounted to EUR -1.03 million compared to EUR -1.12 million in the previous year. In total the Group achieved a pre-tax result of EUR -2.20 million (previous year: EUR -1.49 million), the loss after tax amounted to EUR 2.27 million compared to a loss after tax of EUR 1.55 million in the previous year. The goal for business year 2011/12 is a further revenue growth and an improvement of operative results. 'Based on the growth rates we achieved so far and the 10% increase of the order volume, we also expect an increase for business year 2011/12. Through a strengthening of distribution and the expansion of Network Performance Channel activities as well as an increase in license sales in the remaining six months, we expect an increase in profitability and thus an improvement of operative results in the future', recapitulates Michael Hofer. The report on the first half 2011/12 is available for download at www.brainforce.com. Earnings data H1 2011/12 H1 2010/11 Chg .in % Revenues EUR million 37.85 33.90 +12 Operative EBITDA 1) EUR million 0.93 1.10 -16 EBITDA EUR million 0.25 1.10 -77 Operative EBIT 1) EUR million -0.09 0.01 >100 EBIT EUR million -0.77 0.01 >100 Result before tax EUR million -2.20 -1.49 -47 Result after tax EUR million -2,27 -1,55 -46 Employees (average) 760 712 +7 Balance sheet data 31.03.2012 30.09.2011 Vdg.in % Equity EUR million 16.48 18.72 -12 Net debt EUR million 7.72 5.82 +33 Equity ration % 34 38 - Gearing % 47 31 - 1- Adjusted for restructuring costs Kontakt: BRAIN FORCE HOLDING AG Mag. Hannes Griesser Am Hof 4 / 4. Stock A-1010 Wien t +43 (0)1 263 09 09 - 0 f +43 (0)1 263 09 09 - 40 investorrelations@brainforce.com 15.05.2012 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: BRAIN FORCE HOLDING AG Am Hof 4/ 4. Stock A-1010 Wien Austria Phone: +43 (0) 1 2630909-0 Fax: +43 (0) 1 2630909-40 E-mail: investorrelations@brainforce.com Internet: www.brainforce.com ISIN: AT0000820659 WKN: 919331 Listed: Wien (Amtlicher Handel / Official Market) End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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