BRAIN FORCE HOLDING AG
BRAIN FORCE HOLDING AG announces revenue growth of 16% for the first quarter 2011/12
BRAIN FORCE HOLDING AG / Key word(s): Quarter Results/Quarter Results 16.02.2012 09:24 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 16% for the first quarter 2011/12 (October 1 to December 31, 2011). Herewith the company achieved a growth in revenues for the fourth consecutive quarter, showing two-digit growth rates in the prior nine months. The Group's revenues in the first three months increased by EUR 2.76 million to EUR 19.81 million, whereby all regions reported a growth. However, the positive performance development of the prior two quarters could not be repeated. The operating EBITDA amounted to EUR 0.30 million compared to EUR 0.76 million in the previous year, the operating EBIT decreased from EUR 0.21 million to EUR -0.23 million. 'We had to report a negative operating result for the first time since the second quarter 2010/11. This is due to the competition and price pressure encountered by the operating companies on the one hand; on the other hand sales activities to acquire new customers were intensified, thus increasing selling expenses', explains Michael Hofer, Chief Executive of BRAIN FORCE HOLDING AG. Additionally restructuring costs in the amount of EUR 0.68 million burden the result for the first quarter 2011/12. The Group EBITDA amounts to EUR -0.38 million compared to EUR 0.76 million in the previous year, the Group EBIT turned from EUR 0.21 million to EUR -0.91 million. In Germany (50% of Group revenues) revenues increased by 4% to EUR 9.98 million, the operating EBITDA decreased from EUR 0.67 million to EUR 0.32 million; the operating EBIT amounted to EUR 0.13 million compared to EUR 0.47 million in the previous year. Additionally restructuring costs in the amount of EUR 0.68 million arose in the FINAS area, whereby an EBITDA of EUR -0.35 million and an EBIT of EUR -0.54 million were generated. 'Although the area FINAS had developed positively because of license sales and short-term work in the previous fiscal year, the management had to reduce staff by the end of December to further enable a sustainable positive development' explains Michael Hofer. In Italy (30% of Group revenues) revenues increased by 12% to EUR 5.84 million. Despite the difficult market environment also the performance increased. The operating EBITDA (EUR 0.34 million) was slightly above prior year's level, whereby the operating EBIT increased by 15% to EUR 0.17 million. In the Netherlands (16% of Group revenues) revenues were more than doubled by EUR 1.64 million to EUR 3.19 million. The operating EBITDA increased by 64% to EUR 0.22 million, the operating EBIT increased from EUR 0.01 million to EUR 0.10 million. In the Central East Europe region revenues increased by 19% to EUR 0.80 million. The operating EBITDA increased by 63% to EUR 0.04 million, the operating EBIT increased to EUR 0.02 million. In the segment Holding and Other expenses rose by approximately EUR 0.24 million in the first quarter 2011/12 compared to the previous year resulting in an EBIT of EUR -0.65 million. This was mainly due to the premature termination of the Management contract of Thomas Melzer. The financial result declined slightly by EUR 0.06 million to EUR -0.21 million, which is related to higher financing costs due to factoring. The result from associates (SolveDirect Service Management GmbH) amounted to EUR -0.61 million, compared to EUR-0.64 million in the previous year. In total the Group achieved a pre-tax result in the amount of EUR -1.73 million compared to EUR -0.58 million in the previous year. The loss after tax amounted to EUR 1.56 million compared to a loss after tax of EUR 0.65 million generated in the first quarter 2010/11. For fiscal year 2011/12 BRAIN FORCE focuses on a further revenue growth and an improvement of the operating result. 'The target to achieve a growth in revenues was confirmed by the increase of 16%. For the future we expect an increase of profitability and consequently an improvement of the operating result by the measures implemented to strengthen sales and expand the Network Performance Channel activities', recapitulates Michael Hofer. The detailed report on the first quarter 2011/12 is available for download from the company's website www.brainforce.com. Earnings data 10-12/2011 10-12/2010 Chg.% Revenues EUR million 19.81 17.05 +16 Operating EBITDA1) EUR million 0.30 0.76 -60 EBITDA EUR million -0.38 0.76 >100 Operating EBIT1) EUR million -0.23 0.21 >100 EBIT EUR million -0.91 0.21 >100 Result before tax EUR million -1.73 -0.58 >100 Result after tax EUR million -1.56 -0.65 >100 Employees (average) 774 700 +11 Balance sheet data 31.12.2011 30.09.2011 Chg.% Equity EUR million 17.16 18.72 -8 Net debt EUR million 7.10 5.82 +22 Equity ratio % 36 38 - Gearing % 41 31 - 1- Adjusted for restructuring cost Contact information: BRAIN FORCE HOLDING AG Hannes Griesser Am Hof 4 / 4th floor A-1010 Vienna t +43 (0)1 263 09 09 - 0 f +43 (0)1 263 09 09 - 40 investorrelations@brainforce.com 16.02.2012 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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