BRAIN FORCE HOLDING AG
BRAIN FORCE HOLDING AG Reports 10% Revenue Growth in the First Nine Months
BRAIN FORCE HOLDING AG / Key word(s): Quarter Results/Interim Report 14.08.2012 10:00 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 reports that it has generated a 10% revenue increase in the first nine months of the 2011/12 financial year (October 1, 2011 to June 30, 2012). Thus the company has increased revenues for the sixth consecutive quarter. In the first three quarters of 2011/12, Group revenues climbed by EUR 5.04 million to EUR 57.29 million, with all regions generating revenue growth. Operating EBITDA amounted to EUR 1.71 million compared to the prior-year figure of EUR 1.95 million, and operating EBIT totaled EUR0.21 million following a negative first-quarter performance, down from EUR 0.35 million in the previous year. 'After the negative earnings posted in the first three months, we were able to achieve positive operating results in the second and third quarters which surpassed our overall performance in these two quarterly periods of the previous year', says Michael Hofer, Chief Executive Officer of BRAIN FORCE HOLDING AG. 'In spite of the increased order volume, a volatile business environment in some regions and reduced license sales compared to the previous year continues to hinder a more positive earnings development', CEO Michael Hofer explains. In addition, first-quarter restructuring expenses have a negative impact on earnings in the current financial year. Group EBITDA was EUR 1.03 million, including these restructuring costs of EUR 0.68 million in Germany, whereas Group EBIT amounted to EUR -0.46 million. In Germany revenues rose 3% in the first three quarters of the 2011/12 financial year to EUR 28.97 million. Both operating EBITA at EUR 1.25 million (previous year: EUR 1.34 million) and operating EBIT at EUR 0.75 million decreased slightly year-on-year. Italy showed a clearly positive development, posting revenue growth of 9% to EUR 17.33 million. Operating EBITDA in Italy was up 22% to EUR 1.31 million, and operating EBIT increased by 48% to EUR 0.80 million. In the Netherlands revenues climbed 43% to EUR 8.41 million. However, operating EBITDA was down to EUR 0.27 million due to the below-average employee capacity utilization rate, and operating EBIT in the first nine months of 2011/12 turned negative, declining to EUR -0.11 million from EUR 0.25 million in the prior-year period. In Central and Eastern Europe revenues were up 5% to EUR 2.58 million. Operating EBITDA and operating EBIT at EUR 0.15 million and EUR 0.08 million respectively were both slightly higher than in the previous year. EBITDA of the Holding and Other segment was EUR - 1.27 million, reflecting higher expenditures of EUR 0.03 million, and the EBIT of EUR -1.31 million was also about 2% above the comparable prior-year level. The financial result amounted to EUR -0.55 million in the first nine months, at the same level as in the previous year. The earnings contribution of the associated company SolveDirect Service Management GmbH (in which BRAIN FORCE currently owns a 57.57% stake) amounted to EUR -1.09 million compared to the prior-year figure of EUR - 1.34 million. On balance, the profit before tax of the BRAIN FORCE Group amounted to EUR -2.10 million (previous year: EUR -1.54 million), and the profit after tax totaled EUR -2.45 million (previous year: EUR -1.83 million). The objectives for the current 2011/12 financial year are to generate revenue growth and positive operating results. 'We expect an overall increase improvement for 2011/12 as a whole on the basis of the growth rates achieved up until now as well as the 7% increase in the order volume. We also anticipate enhanced profitability in the future and thus an improvement in operating results thanks to measures being implemented to strengthen sales, the expansion of our Network Performance Channel activities and a rise in proceeds from license sales', CEO Michael Hofer concludes. The report on the first three quarters of 2011/12 is available immediately on the company Website at www.brainforce.com. Earnings data Q1-3 2011/12 Q1-3 2010/11 Chg. in % Revenues EUR million 57.29 52.25 +10 Operating EBITDA 1) EUR million 1.71 1.95 -12 EBITDA EUR million 1.03 1.95 -47 Operating EBIT 1) EUR million 0.21 0.35 -40 EBIT EUR million -0.46 0.35 >100 Profit before tax EUR million -2.10 -1.54 -37 Profit after tax EUR million -2.45 -1.83 -34 Employees (average) 754 723 +4 Balance sheet June 30, 2012 Sept. 30, 2011 Chg. in % data Equity EUR million 16.29 18.72 -13 Net debt EUR million 7.35 5.82 +26 Equity ratio in % 33 38 - Gearing in % 45 31 - 1) Adjusted for restructuring expenses 14.08.2012 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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