Integralis AG / Preliminary Results/Final Results
17.03.2010 08:32
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Ismaning (Germany), 17 March 2010 - Prime Standard-listed Integralis AG,
the leading international IT security solutions provider, continued to
record consistent revenue growth in 2009 once more. However, several
exceptionals and impairment losses exerted pressure on the Company's bottom
line last year.
According to preliminary figures, Integralis AG achieved a 2.9 percent
increase in consolidated revenues to EUR 173.7 million in 2009 (previous
year EUR 168.9 million).
With the exception of the particularly cyclical Technology Sales segment,
which sustained a 2.6 percent decline in revenues, all Integralis segments
generated steady growth. With revenues up by more than 12.9 percent,
Managed Security Services achieved the greatest top-line growth again.
Consulting, Integration and Training particularly benefited from the
dynamic performance of integration activities and rose by 8.5 percent.
Revenues from Support Services also expanded by a strong 7.5 percent,
underpinned by an encouraging increase in new business.
The proportion of recurring revenues widened again over the previous year,
thus confirming the trend which has emerged over the past few years of a
more advantageous revenue breakdown and more reliably calculable revenue
flows.
At 33.2 percent, the gross margin was slightly down on the previous year
(33.5 percent), reflecting mounting price pressure in large-scale projects
in the second half of the year. In absolute terms, however, gross profit
came to EUR 57.7 million, thus exceeding the previous year's figure of EUR
56.7 million.
The sharp rise in other operating expenses to EUR 19.9 million (previous
year EUR 12.6 million) was largely due to exceptionals, which totalled EUR
5.9 million. This resulted in a loss of EUR 1.9 million at the EBITDA
level. Adjusted for exceptionals, EBITDA would have come to EUR 4.0 million
(previous year EUR 7.8 million).
Impairment testing in accordance with IAS 36 identified impairment losses
of EUR 1.8 million on goodwill and a further impairment of EUR 0.3 million
on the customer list gained from CENTRIS, which had been acquired in 2008.
Together with depreciation/amortization of EUR 2.3 million, this resulted
in a loss at the EBIT level of EUR 6.3 million. Adjusted for exceptionals
and impairments, EBIT came to EUR 1.7 million in 2009 (previous year EUR
6.0 million).
Income tax expense amounted to EUR 2.6 million in 2009 (previous year
income tax refund of EUR 3.2 million). This was materially influenced by an
adjustment to deferred tax assets as under German tax law all of the
Company's unused tax losses have been forfeited as a result of the
acquisition of more than 50% of Integralis AG's capital by NTT Com.
Consequently, the Company sustained a net loss after tax of EUR 9 million.
The exceptionals included in the net loss account for a total of EUR 11.1
million. Accordingly, adjusted for exceptionals, the Company achieved net
profit of EUR 2.1 million (previous year EUR 9.3 million).
At EUR 23.0 million, order backlog was well up on the previous year (EUR
21.7 million) and grew again substantially in all core regions. Total
contract volumes also rose significantly to EUR 97.9 million as of the end
of the year (previous year EUR 91.4 million). Cash and cash equivalents
were down on the previous year, declining to EUR 8.0 million (previous year
9.1 million). In the fourth quarter, Integralis made use of the additional
group funding facilities available via NTT Leasing Inc., United States,
for the first time.
Leading IT research companies such as Gartner, Forrester and the Experton
Group remain upbeat about market conditions for IT security. The greatest
potential for growth is seen in software as a service and the outsourcing
of IT security. Integralis is ideally positioned in this environment after
achieving record revenues in the crisis year of 2009.
In contrast to the previous year, no major exceptionals are expected to
arise in 2010. In addition, Integralis should be able to benefit from the
considerable advance outlays and investments in the Group's own Global
Services. The synergistic benefits which management expects to be able to
harness from the strategic partnership with NTT Com should also boost
revenues and earnings this year. Accordingly, consolidated revenues are
expected to grow by around 10 percent, resulting in EBITDA of over EUR 5
million in 2010.
As planned, the full annual report for 2009 will be published on 19 April
2010.
17.03.2010 08:32 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: Integralis AG
Robert-Bürkle-Str. 3
85737 Ismaning
Deutschland
Phone: +49 (0)89 94573-178
Fax: +49 (0)89 94573-180
E-mail: ir@integralis.com
Internet: www.integralis.com
ISIN: DE0005155030
WKN: 515503
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart, Hamburg
End of News DGAP News-Service
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DGAP-Adhoc: Integralis AG: Steady growth in top line in 2009 again / bottom line dragged down sharply by a number of exceptionals
| Source: EQS Group AG