DGAP-News: BRAIN FORCE continues on a growth path in the third quarter 2010/11
(firmenpresse) - DGAP-News: BRAIN FORCE HOLDING AG / Key word(s): Interim Report
BRAIN FORCE continues on a growth path in the third quarter 2010/11
18.08.2011 / 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
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(at)brainforce.com
End of Corporate News
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18.08.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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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(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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135992 18.08.2011
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