secunet Security Networks AG

Earnings Release • Aug 5, 2004

News Details

Corporate | 5 August 2004 07:45

secunet AG: Seamless integration of Secartis – Orders on hand have doubled

Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– Seamless integration of Secartis – Orders on hand have doubled secunet Security Networks AG recorded revenues of EUR 10.5 million in the first six months of fiscal year 2004, up 2 percent compared to the same period of last year (EUR 10.3 million). An isolated examination of the second quarter 2004 reveals revenues of EUR 6.1 million, which is an increase of 18 percent compared to the second quarter of 2004 (EUR 5.2 million). The second quarter of 2004 saw the first-time consolidation of Secartis, the former subsidiary of Giesecke & Devrient, which was acquired by secunet as of 1 April 2004. The development of sales on the one hand reflects the fact that the integration of Secartis has tied up considerable resources at secunet. On the other hand, the economic environment continued to be weak. There are clear signs that the latter aspect could improve: Orders on hand at secunet have doubled in the second quarter (April to June 2004) to more than EUR 16 million. Earnings before interest and taxes (EBIT) in the first six months of 2004 were minus EUR 1.2 million, which is EUR 0.4 million below the EBIT of the first six months of 2003 (minus EUR 0.8 million). The EBIT for the second quarter of 2004 was minus EUR 0.7 million (second quarter of 2003: minus EUR 0.5 million). The integration of Secartis also put a strain on the EBIT for the second quarter of 2004. This effect will no longer be significant in the second half of fiscal year 2004. The financial result of secunet was positive (first six months of 2004: EUR 44 thsd.) because secunet did not take out any loans. Taking this and taxes (EUR 402 thsd.) into account, secunet recorded a net result of minus EUR 0.8 million in the first six months of fiscal year 2004 (first six months of 2003: minus EUR 0.5 million). Earnings per share were minus EUR 0.12 (first six months of 2003: minus EUR 0.07). The net result in the second quarter of 2004 amounted to minus EUR 0.4 million (second quarter of 2003: minus EUR 0.3 million); earnings per share for the second quarter of 2004 were minus EUR 0.07 (second quarter of 2003: minus EUR 0.05). As of 30 June 2004, cash and cash equivalents amounted to EUR 1.5 million, down EUR 7.4 million compared to the end of fiscal year 2003 (EUR 8.9 million). This decline is essentially due to the payment of the purchase price for Secartis and an increase in trade accounts receivable by more than EUR 3 million. With total assets of EUR 20.3 million as of 30 June 2004, secunet had an equity ratio of 55 percent. secunet was able to increase orders on hand considerably in the first six months of 2004. As of 30 June 2004, secunet had orders on hand worth EUR 16.3 million. This is an increase of almost 170 percent since the beginning of the year (orders on hand as of 31 December 2003: EUR 6.1 million). Based on the satisfactory integration of Secartis, the good cooperation with the new majority shareholder Giesecke & Devrient and the very encouraging development of the order situation, the board of management reaffirms its goals of achieving revenues on the order of EUR 25 to 30 million and a balanced annual result in fiscal year 2004. Please find the complete 6-month report at http://www.secunet.com / Company / Investor Relations / Financial Reports . For further information please contact: Dr. Jörg Chittka, Head of Investor Relations, secunet Security Networks AG, Tel.: +49 (0)2054 123 127, Fax: +49 (0)2054 123 456, Email: investor.relations@secunet.com end of message, (c)DGAP 05.08.2004 ——————————————————————————– WKN: 727650; ISIN: DE0007276503; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 050745 Aug 04