BRAIN FORCE HOLDING AG
BRAIN FORCE HOLDING AG: BRAIN FORCE announces final results for 2010/11
BRAIN FORCE HOLDING AG / Key word(s): Final Results BRAIN FORCE announces final results for 2010/11 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 the final results for the 2010/11 fiscal year (October 1, 2010 to September 30, 2011). The Group financial statements published today confirm the preliminary figures previously announced in an ad-hoc press release from November 15, 2011. BRAIN FORCE achieved an operative turnaround in the 2010/11 fiscal year, generating an organic growth of 6% and a free cash flow of EUR 3.54 million. "From my point of view these facts underline the successful strategic reorientation of the company and the effectiveness of the restructuring measures implemented in recent years. In particular, the strong revenue and earnings growth in the third and fourth quarters give cause for further optimism, although we will be focused on further improving our profitability with measures especially on the sales side of the business", says Chief Executive Officer Michael Hofer, commenting on the consolidated financial statements of BRAIN FORCE HOLDING AG published today. In the 2010/11 fiscal year, revenues of BRAIN FORCE HOLDING AG rose 2% to EUR 71.09 million. Adjusted for changes in the consolidation range in the previous year, the Group posted organic revenue growth of 6%. This business expansion and the successful restructuring served as the basis for operating EBITDA to grow by 172% to EUR 3.13 million and operating EBIT to improve from EUR -1.65 to +1.04 million. At the same time, the number of salaried and free-lance employees climbed 10% as of the reporting date to 786 people. "In recent years we had to carry out tough cost reduction measures which were painful for all those involved. Therefore I am glad to report an increase in the total staff for the first time since 2007", adds Michael Hofer. In spite of the good development of operating results, the profit after tax was EUR -1.37 million, down from EUR 0.92 million in the prior year when restructuring costs as well as the high book gains from strategic transactions led to a positive net effect of EUR +4.51 million. "However, adjusted for the non-cash and consciously accepted losses arising from the US expansion of SolveDirect Service Management GmbH in the 2010/11 fiscal year, the profit after tax actually amounted to EUR +0.26 million", according to Chief Financial Officer Thomas Melzer. "Supported by the operating turnaround, our cash flow also developed in a clearly positive manner", Thomas Melzer adds. The cash flow from operating activities of the BRAIN FORCE Group reached a solid level of EUR 5.04 million, and free cash flow improved from EUR -2.17 to 3.54 million. As a result, cash and cash equivalents as of the reporting date on September 30, 2011 climbed by 41% to EUR 5.81 million, and net debt was reduced significantly from EUR 9.04 to 5.82 million. "A look at the balance sheet shows solid figures for the equity ratio at 38%, for the gearing at 31% and net debt/EBITDA at 1.9", Thomas Melzer says in summarizing the company's balance sheet numbers. "In the past fiscal year we managed to surpass our target of achieving positive operating results. Until mid of the year 2011, economic forecasts have anticipated further strong growth in our core markets for 2012. Our operating subsidiaries prepared their budgets on the basis of positive expectations in June resulting in an objective of the BRAIN FORCE Group to post a further increase in revenue and earnings in 2011/12", says Michael Hofer in defining the Group's goals. "However, if the slowdown in economic growth seen since the summer months of 2011 intensifies as a result of the debt crisis and the uncertainty of consumers and companies grows further, BRAIN FORCE will be forced to reconsider its business targets for the 2011/12 fiscal year", Michael Hofer concludes. The Annual Report and the Annual Financial Report 2010/11 are available for downloading effective immediately on the Company Website at www.brainforce.com.
Annual results of BRAIN FORCE HOLDING AG in the 2010/11 fiscal year (IFRS)
1) Adjusted for restructuring costs and non-recurring income of EUR +4.51 million in the 2009/10 fiscal year
Contact: End of Corporate News 21.12.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. 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 | |
Karl-Farkas-Gasse 22 / 4. OG | ||
A-1030 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: | Foreign Exchange(s) Wien (Amtlicher Handel / Official Market) | |
End of News | DGAP News-Service |
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