Corporate | 24 March 2011 08:01
secunet Security Networks AG / Key word(s): Final Results
24.03.2011 / 08:01
[Essen, 24 March 2011] secunet Security Networks AG, a leading German
supplier of IT security and IT security partner of the Federal Republic of
Germany, today publishes its annual results for the 2010 financial year.
Group revenue declined by Euro 64.0m to Euro 59.5m year-on-year. This
development was the result of two main factors. Firstly, large-scale
projects planned by the German army, a major customer, were postponed due
to the structural changes currently being implemented within the army
organisation. Secondly, the projects awarded as a result of the German
government's economic programme came to an end.
As a result of the Secure Inter-Network Architecture (SINA), the High
Security business unit generated the largest proportion of group revenue,
with a figure of Euro 33.6m (representing 57% of the total). The SINA
solutions range allows the secure processing, storage and transmission of
classified information and other sensitive data. The Government business
unit accounted for 25% or Euro 14.9m of total revenue. This revenue was
generated from a number of consulting projects, including the electronic
tax return system ELSTER and biometrics. Consulting projects for the
authorities in Germany on IT security issues and a major German
infrastructure project also contributed significantly to revenue. The
Government business unit only just failed to match 2009 revenue levels,
with revenue 4% lower than in the previous year.
Overall, the secunet Group earned some 82% of its revenue from public
sector customers. The previous-year figure was around 85%. Thus the Public
Sector division plays a much bigger role than the Private Sector division
in generating revenue.
Revenue increased in both the Business Security business unit and in the
Automotive Security business unit. This shows the high extent to which both
sectors are reliant on the state of the economy. The Business Security
business unit recorded a slight increase of 3% in revenue, up from Euro
8.6m to Euro 8.8m. The impact of the state of the economy as a whole is
particularly marked in Automotive Security. Revenue increased by 50% or
Euro 0.6m from Euro 1.2m to Euro 1.8m.
Revenue generated abroad from secunet products and solutions fell slightly
from Euro 4.9m in 2009 to Euro 4.8m in 2010. Foreign revenue as a
proportion of Group revenue rose slightly, from its previous year's level
of 7.7% to 8.0% during the 2010 financial year.
The cost of purchased materials and services fell sharply due to the
decline in product business. As a result of the increase in other expense
items, earnings before interest and tax (EBIT) fell from Euro 3.9m to Euro
3.6m. Net income fell from Euro 2.4m to Euro 1.8m and earnings per share
also fell by 25% from Euro 0.37 to Euro 0.28.
'The 2010 financial year was extremely challenging for us from an
operational perspective - along with changes at major customers, we were
also badly affected by the work dealing with the fraud incident at our
Czech subsidiary,' said Dr Rainer Baumgart, Chairman of the Management
Board of secunet Security Networks AG, adding: 'Given the conditions in
which we were operating, we are satisfied with our result.'
Our modern environment with its dependence on information technology is
subject to many threats. Incidents such as Stuxnet and Wikileaks are merely
the visible aspects of this development. The market for IT security will
continue to grow with new topics such as cyber security, de-mail, mobile
security, automated border control, cloud computing, data loss prevention
and smart grids. Public sector customers will respond to these challenges
by investing in IT security. Companies are increasingly aware that IT
security is a necessary requirement for sustainable growth.
'We have superb expertise and excellent references and the market for IT
security continues to grow,' says Dr Baumgart. 'We will continue to
optimise our structures at home and abroad to create the conditions to
allow us to participate in this growth.'
At 31 December 2010, the order book stood at Euro 26.2m, compared with Euro
30.3m in the previous year. This decline is also due to the postponement of
major projects.
In terms of 2011, the Management Board of secunet Security Networks AG
anticipates that revenue will be maintained at a stable level comparable
with 2010, with a rise in earnings before interest and tax (EBIT) to 2009
levels. The planned improvement in earnings is to be primarily achieved by
increasing capacity utilisation and through cost-saving measures.
About secunet
secunet Security Networks AG offers consulting as well as products and
solutions in the IT security field that can comply with the highest levels
of confidentiality - for example for the German armed forces. secunet has
been IT security partner of the Federal Republic of Germany since 2004.
Many DAX companies as well as numerous authorities and organizations are
among secunet's national and international customers, which total over 500.
secunet was founded in 1997 and achieved sales of 64 million euros in 2009
with a workforce of over 280 employees.
Additional data is available from www.secunet.com
Press contact
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: investor.relations@secunet.com
http://www.secunet.com
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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@secunet.com
Internet: www.secunet.com
ISIN: DE0007276503
WKN: 727650
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
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