Corporate | 13 May 2009 08:00
secunet Security Networks AG / Quarter Results
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secunet AG remains on course for growth
- Results for the first quarter of 2009 published
- Growth in revenue continues: up 16% on the previous year
- Quarterly result encumbered by sales mix
- Order volume remains very high
[Essen, 13 May 2009] In the first quarter of 2009, secunet Security
Networks AG, a leading European provider of IT security and high-security
products and services, has sustained its constant sales growth of the past
two years. At the same time, EBIT has declined in comparison with the
previous year. secunet today published its 3-Month Report 2009. The outlook
for the full year has been shaped by the volatile economic circumstances:
the very high order volume at the end of the quarter gives cause for
optimism, but no concrete forecasts will be made.
In the first quarter of 2009, the secunet Group posted sales of EUR 12.0
million, an increase of 16% on the previous year (EUR 10.4 million).
Compared with the first quarter of 2008, the share of revenue from
licensing fell and, with it, the positive contribution it makes to the
result. This change to the sales composition had a detrimental effect on
the result. Thus earnings before interest and taxes (EBIT) fell in
comparison with the previous year's value (kEUR 372), to kEUR -162.
After-tax earnings for the quarter amounted to kEUR -154 in the first
quarter of 2009 following kEUR 410 in the previous year; earnings per share
fell from EUR 0.06 to EUR -0.02.
The expenditure items in the secunet Group rose from EUR 10.5 million in
the first quarter of 2008 to EUR 12.4 million in the first quarter of 2009.
Due to the increase in the share of product revenues, the cost of purchased
materials and services rose by 33% to EUR 4.7 million. Personnel expenses
increased by 13%, rising from EUR 4.5 million in the first three months of
2008 to EUR 5.1 million in the current year. Other operating expenses rose
by kEUR 90 to EUR 2.4 million. There has been little change in
depreciation, which amounted to kEUR 192 in the first quarter of 2009.
The secunet Group is also continuing to generate its sales primarily from
customers from the public sector and international organisations. 77% of
sales revenue in the first quarter of 2009 (previous year: 80%) was
generated in the Government and High-Security (SINA) business units.
Following the payment of variable salary components and the reduction in
trade payables, the secunet Group's cash holdings fell in comparison with
year-end 2008. Compared to the situation on 31 December 2008, liquid assets
as of the reporting date of 31 March 2009 fell by EUR 6.3 million to EUR
9.6 million. secunet also continues to show a debt/equity ratio of 0%.
In comparison with the first quarter of the previous year, cash flow has
decreased: Following EUR -3.2 million in the previous year, cash flow from
operating activities in the first three months of 2009 amounted to EUR -6.1
million. The causes of this decline were the negative operating performance
and more extensive changes in receivables, other assets and prepaid
expenses.
As of 31 March 2009, secunet's order volume remained at a very high level.
At EUR 30.3 million, it represented an increase of 58% on the previous year
(EUR 19.2 million).
'secunet will continue to exploit the potential in current and forthcoming
infrastructure projects,' said Dr Rainer Baumgart, Chairman of secunet
Security Networks AG. 'This forms the basis of our growth
strategy.'
Dr. Kay Rathke / Director Corporate Communications
Patrick Franitza /PR 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@secunet.com
http://www.secunet.com
13.05.2009 Financial News transmitted by DGAP
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Language: English
Issuer: 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@secunet.com
Internet: www.secunet.com
ISIN: DE0007276503
WKN: 727650
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hannover, Düsseldorf, Hamburg, München, Stuttgart
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