DGAP-News: BRAIN FORCE reports on its positive development in the first half-year 2010/11
(firmenpresse) - DGAP-News: BRAIN FORCE HOLDING AG / Key word(s): Half Year Results
BRAIN FORCE reports on its positive development in the first half-year
2010/11
12.05.2011 / 08:00
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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 today about the positive development of the company in the first
half of the 2010/11 fiscal year (October 1, 2010 to March 31, 2011). In the
second quarter, BRAIN FORCE generated revenue growth of 3% to EUR 16.86
million compared to the prior-year quarter, the first year-on-year increase
since 2008. The total revenue of EUR 33.90 million in the first six months
of 2010/11 was 9% below the prior-year level. However, this decline is
largely attributable to three strategic transactions carried out in the
previous fiscal year. On an organic basis revenues only fell slightly by 2%
in the first half-year, which is exclusively due to a cash-flow and
revenue-oriented policy.
'Following an economically difficult phase lasting two years, we were able
to generate a positive operating EBIT both on a Group level and in all
regions', says CEO Michael Hofer, pleased at the half-year business results
announced today. 'On the one hand, we managed to convert the increased
sales pipeline into measureable results and most recently also in revenue
growth. On the other hand, the restructuring implemented in the last two
years was responsible for the significant improvement in earnings. The free
cash flow and order intake also developed in a solid way, which gives me
reason for optimism with respect to the upcoming quarters,' Michael Hofer
adds.
Due to its rigorous cost management and the implemented restructuring
measures, BRAIN FORCE succeeded in improving its operating EBITDA before
non-recurring expenses and income by 24% to EUR 1.10 million, despite a
revenue decline of EUR 3.50 million in absolute terms (organically/adjusted
decline of 'only' EUR - 0.78 million). Operating EBIT rose from EUR -0.68
to +0.01 million, and was positive in all regions, both in the first
half-year as well as in the second quarter. From an organic perspective,
adjusted for changes in the consolidation range, the Group's operating EBIT
could even be improved by close to EUR 1 million.
'It is gratifying that the improved operating result and the further
optimization of working capital enabled our cash flow from operating
activities to rise by EUR 3.52 to 2.25 million', says CFO Thomas Melzer,
emphasizing the positive development. The free cash flow amounted to EUR
1.62 million in the first half-year, enabling the company to reduce the net
debt to EUR 7.63 million and increase its cash position to EUR 4.53
million. Equity of the BRAIN FORCE Group as at March 31, 2011 totaled EUR
18.55 million, and the equity ratio was at a solid level of 37%.
The target of the BRAIN FORCE Group for the 2010/11 fiscal year remains
unchanged, i.e. to generate a positive operating result. 'The developments
in the first half-year show that we are on the right track to achieve this
goal. This assessment is supported by the current order volume of EUR 19.42
million, considerably higher than in the previous periods. I assume that
the recent positive development of the company should ultimately also be
reflected in the price of the BRAIN FORCE share', Michael Hofer concludes.
The First Half-Year Report is immediately available for downloading on the
company's Website at www.brainforce.com.
Earnings data H1 2010/11 H1 2009/10 Chg.%
Revenues EUR million 33.90 37.40 -9
Operating EBITDA 1) EUR million 1.10 0.89 +24
EBITDA EUR million 1.10 5.25 -79
Operating EBIT 1) EUR million 0.01 -0.68>100
EBIT EUR million 0.01 3.68 -100
Profit before tax EUR million -1.49 2.49>100
Profit after tax EUR million -1.55 2.24>100
Employees (average) 712 845 -16
Balance sheet data 31.3.2011 30.9.2010 Chg.%
Equity EUR million 18.55 20.11 -8
Net debt EUR million 7.63 9.04 -16
Equity ratio % 37 39 -
Gearing % 41 45 -
1- Adjusted for non-recurring expenses and income
Note: No non-recurring expenses or income arose in the first half-year
2010/11, whereas restructuring expenses of EUR 1.97 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 EBIT). This explains the EBITDA decline in the first
six months from EUR 5.25 to 1.10 million, and the EBIT drop from EUR 3.68
to 0.01 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(at)brainforce.com
End of Corporate News
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Language: English
Company: BRAIN FORCE HOLDING AG
Karl-Farkas-Gasse 22 / 4. OG
A-1030 WienÖsterreich
Phone: +43 (0) 1 2630909-0
Fax: +43 (0) 1 2630909-40
E-mail: investorrelations(at)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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123757 12.05.2011
Datum: 12.05.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 34062
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Kategorie:
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