BRAIN FORCE HOLDING AG
BRAIN FORCE continues on a growth path in the third quarter 2010/11
BRAIN FORCE HOLDING AG / Key word(s): Interim Report 18.08.2011 / 08:00 --------------------------------------------------------------------- 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 presented its Report on the 3rd quarter of 2010/11 today. In the first nine months of the fiscal year (October 1, 2010 to June 30, 2011), BRAIN FORCE generated a positive EBIT on a Group level as well as in all regions. Moreover, the company has also been on a growth path since the second quarter with respect to revenues. In the recently concluded third quarter (April to June 2011), revenue growth reached a level of 11%. The Group has generated a free cash flow of EUR 2.30 million in the course of the current fiscal year, and has an order intake of EUR 18.84 million as at June 30, 2011, an increase of 7% from the prior-year level. 'All in all the report presented today shows a clearly positive picture about the development of the company', says CEO Michael Hofer, commenting on the solid trend. 'The reported Group revenues fell by 3% to EUR 52.25 million due to changes in the consolidation range, but on an adjusted basis actually rose by 2% or EUR 1 million. In the third quarter we even succeeded in increasing revenues by 11% to EUR 18.35 million and operating EBIT from EUR -0.41 to +0.35 million', Michael Hofer continues. Operating EBITDA of the BRAIN FORCE Group improved by 70% to EUR 1.95 million in the first three quarters, and there was a turnaround in the operating EBIT from EUR -1.09 to +0.35 million. 'The restructuring implemented in previous years as well as the more favorable economic environment were the keys underlying the earnings improvements achieved', he adds. 'It is also important to point out that our cash flow considerably improved thanks to the increased earnings and the ongoing optimization of working capital', explains Chief Financial Officer Thomas Melzer. The free cash flow amounted to EUR 2.30 million in the first nine months, serving as the basis for a reduction in the net debt to EUR 7.03 million and an increase in cash and cash equivalents to EUR 4.68 million. Equity totaled EUR 18.25 million on June 30, 2011, and the equity ratio was at a solid level of 37%. 'Based on the good developments in the first nine months, I am optimistic that we will succeed in reaching our goal of generating a positive operating result in the current fiscal year. We recently achieved a trend reversal and returned to a growth path. If the economic situation in our markets does not drastically deteriorate, we should be in a position to generate sustainably positive operating results in the future as well', Michael Hofer predicts. The Report on the 3rd quarter of 2010/11 is now available for downloading on the company's Website at www.brainforce.com. Earnings data Q1 - Q3 Q1 - Q3 Chg. in % 2010/11 2009/10 Revenues EUR million 52.25 53.97 -3 Operating EBITDA 1) EUR million 1.95 1.14 +70 EBITDA EUR million 1.95 5.65 -66 Operating EBIT 1) EUR million 0.35 -1.09 >100 EBIT EUR million 0.35 3.42 -90 Profit before tax 2)EUR million -1.54 1.76 >100 Profit after tax 2) EUR million -1.83 1.69 >100 Employees (average) 723 800 -10 Balance sheet data 30.6.2011 30.9.2010 Chg. in % Equity EUR million 18.25 20.11 -9 Net debt EUR million 7.03 9.04 -22 Equity ratio % 37 39 - Gearing % 39 45 - 1) Adjusted for non-recurring expenses and income of EUR 4.51 million in the fiscal year 2009/10 2) SolveDirect Service Management GmbH has been consolidated at equity since January 2010 due to the participation of a financial investor in this company. Thus the position income from associates shows a dilutive effect due to the capital increases and BRAIN FORCE's share of the negative result caused by the U.S. expansion cost, which the investor finances by means of the capital increases. Note: No non-recurring expenses or income arose in the first nine months of 2010/11, whereas restructuring expenses of EUR 1.82 million were incurred in the comparable prior-year period, and a book gain of EUR 6.33 million was reported. These effects are not included in the operating results (operating EBITDA and operating EBIT). This explains the EBITDA decline in the first nine months from EUR 5.65 to 1.95 million, and the EBIT drop from EUR 3.42 to 0.35 million. contact: BRAIN FORCE HOLDING AG Thomas Melzer Karl-Farkas-Gasse 22 / 4. OG A-1030 Wien t +43 (0)1 263 09 09 - 12 f +43 (0)1 263 09 09 - 40 investorrelations@brainforce.com End of Corporate News --------------------------------------------------------------------- 18.08.2011 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 --------------------------------------------------------------------- 135992 18.08.2011
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