DGAP-News: secunet Security Networks AG: 2009 Annual Financial Statements, outlook for 2010
(firmenpresse) - secunet Security Networks AG / Final Results
19.03.2010 08:01
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secunet: 2009 Annual Financial Statements, outlook for 2010
[Essen, Germany 19 March 2010] secunet Security Networks AG, a leading
European provider of high-quality products and solutions in the area of IT
security, weathered the crisis in 2009 and had one of the best financial
years in the company's history. Revenue and earnings were up substantially
on the previous year. Revenue increased by 27% compared to 2008, once again
reaching a record high of Euro 66.2m. Earnings before interest and tax were
more than double the previous year's figure at Euro 4.4m. The order book
remained at a consistently high level, which gives the Management Board
cause for optimism for 2010, although current economic conditions mean that
only a conservative forecast can be made. secunet is publishing its 2009
Annual Financial Statements and Annual Report today.
The strong revenue growth of the secunet Group is primarily the result of
successful sales activities in the Public Sector. Projects awarded as a
result of the German government's economic rescue package also had a
positive impact. The High Security business unit generated the largest
proportion of Group revenue, with a figure of Euro 38.9m, or 59%. In this
business unit the main revenue driver is the Secure Inter-Network
Architecture, SINA, which is used to ensure the secure processing, storage
and transmission of classified information and other sensitive data. 26% of
revenue, or Euro 17.1m, was generated in the Government business unit
through, among other things, advising authorities on IT security issues,
electronic ID documents (electronic passports and ID cards) and biometrics,
as well as IT security for the electronic tax return ELSTER. Both High
Security (up 36%) and Government (up 32%) managed to increase their revenue
substantially. The Business Security and Automotive Security business
units, which focus on the Private Sector, posted a decline in revenue as a
result of the financial and economic crisis. In financial year 2009, the
Business Security business unit generated Euro 9.1m, compared with Euro
9.5m in the previous year. Automotive Security generated Euro 1.2m, down
from Euro 1.6m in 2008. secunet's international sales were also affected by
the crisis: revenue from secunet products and services marketed abroad fell
from Euro 11.4m in 2008 to Euro 7.1m in 2009.
Earnings before interest and tax (EBIT) rose disproportionately in relation
to revenue by 136%: Euro 4.4m was achieved in 2009, up from Euro 1.9m in
financial year 2008. The main reason behind this more than two-fold
increase in EBIT is the growth in the SINA product business, which
generates economies of scale, as well as earnings from the growth in Public
Sector business due to excellent capacity utilisation. The individual
expense items paint a similar picture. Due to the impact of the procurement
of hardware in the fast-growing SINA business, the costs of materials and
purchased services showed the biggest increase, up 29% to Euro 18.8m.
Personnel expenses were up 18% to Euro 22.2m. At the end of 2009 secunet
had 284 employees, 7% more than in the previous year. The rise in personnel
expenses can be attributed to the increase in headcount and higher
performance-related variable remuneration compared with the previous year.
At Euro 0.8m, depreciation and amortisation was down slightly on the
previous year's figure by 2%, while other operating expenses rose by 13% to
Euro 10.6m.
The net income of the secunet Group amounted to Euro 2.9m, up 67% on the
previous year (Euro 1.7m). Earnings per share increased from Euro 0.27 to
Euro 0.45.
'We are particularly proud of secunet's success in 2009, as we were able to
increase both our revenue and earnings despite the crisis', comments Dr
Rainer Baumgart, Chairman of the Management Board of secunet Security
Networks AG. 'The profitable growth achieved in 2009 shows that our
sustainable growth strategy is starting to have an impact.'
Traditionally, the main focus of secunet's financial year has been the
fourth quarter. This also proved to be the case in 2009, with around 44% of
the revenue for the year, or Euro 37.2m, being generated in the fourth
quarter. The associated high volume of invoices issued meant that
receivables were also up considerably as at the reporting date of 31
December 2009. For this reason there was a slightly negative cash flow from
operating activities of Euro -0.1m, compared to a figure of Euro 5.6m in
the previous year. At Euro 14.7m, cash and cash equivalents as at 31
December 2009 were, accordingly, slightly below the level at the end of
2008 (Euro 15.9m).
secunet Security Networks AG's order book at the end of 2009 stood at Euro
30.3m (previous year: Euro 31.1m). The sustained high volume of orders is a
positive sign for the 2010 financial year, as was the case for 2009.
Uncertainty with regard to the economic environment, continuing weak demand
in the Private Sector and the debate about budgetary consolidation in the
Public Sector have prompted the Management Board of secunet Security
Networks AG to make a conservative forecast for 2010. Revenue is expected
to be stable, with EBIT remaining at a high level.
'2010 will be a challenging year - we have therefore been cautious with our
forecast', explains Dr Rainer Baumgart. 'From 2011, a number of major
issues that will result in major projects - including the electronic ID
card, new Public Sector communication infrastructures and the modernisation
of the German army's mobile systems - as well as a rise in demand from
abroad are expected to contribute to growth of around 10% once again'.
About secunet:
secunet is one of Germany's leading providers of superior IT security. In a
close dialogue with its customers - enterprises, public authorities and
international organisations - secunet develops high-capacity products and
excellent IT security solutions. Thus, secunet not only keeps IT
infrastructures secure for its customers, but also achieves intelligent
process optimisation and creates sustainable added value.
At secunet, more than 270 experts focus on issues such as cryptography
(SINA), e-government, business security and automotive security with the
aim of always being one step ahead of the competition in terms of quality
and technology. secunet puts special emphasis on long-term relationships
with its customers and on an atmosphere based on partnership. This is
impressively shown by the security partnership with the Federal Republic of
Germany that has been in effect since 2004.
Additional data is available from www.secunet.com
Dr. Kay Rathke / Director Corporate Communications
Patrick Franitza / Press Relations Officer
secunet Security Networks AG
Kronprinzenstrasse 30
45128 Essen/Germany
Phone +49 201 54 54-1234
Fax +49 201 54 54-1235
E-mail: presse(at)secunet.com
http://www.secunet.com
19.03.2010 08:01 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: secunet Security Networks AG
Kronprinzenstrasse 30
45128 Essen
Deutschland
Phone: +49 (0)201 - 5454 - 1234
Fax: +49 (0)201 - 5454 - 1235
E-mail: investor.relations(at)secunet.com
Internet: www.secunet.com
ISIN: DE0007276503
WKN: 727650
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hannover, München, Hamburg, Stuttgart
End of News DGAP News-Service
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Datum: 19.03.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 17735
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