secunet Security Networks AG

Earnings Release • Mar 3, 2004

News Details

Corporate | 3 March 2004 07:29

secunet:Restrained development in 2003 – good prospects with Giesecke & Devrient

Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– Restrained development in 2003 – good prospects with Giesecke & Devrient secunet achieved, on a preliminary basis, revenues of EUR 21.1 million in fiscal year 2003. Revenues were down 9% compared to the previous year (EUR 23.1 million). Earnings before interest and taxes (EBIT) in 2003 were minus EUR 1.2 million, which is EUR 1.4 million below the EBIT of 2002 (EUR 0.2 million). The development of revenues and earnings reflects the weak economic environment and the fact that a major customer wants to position itself as a provider of IT security solutions and thus considerably reduced its volume of orders compared to the previous year. Personnel expenses, the most important item on the cost side, were down 9% on an annual basis to EUR 11.5 million (2002: EUR 12.7 million); other operating expenses remained on the previous year’s level with EUR 5.4 million (EUR 5.4 million). secunet recorded a net loss of EUR 4.5 million in fiscal year 2003 (2002: net profit of EUR 0.3 million). Net loss includes a dissolution of deferred tax assets of EUR 4.0 million. The dissolution is due to new tax regulation in Germany. Earnings per share (undiluted) were minus EUR 0.70 (plus EUR 0.04). Looking at fourth-quarter figures alone reveals revenues of EUR 6.2 million, a decrease of 14% compared to the fourth quarter of 2002 (EUR 7.2 million). EBIT for the fourth quarter of 2003 was positive at EUR 0.1 million (EUR 0.6 million). The net loss for the fourth quarter of 2003, including the dissolution of deferred tax assets of EUR 4.0, was EUR 3.7 million (net profit of EUR 0.4 million); earnings per share (undiluted) for the fourth quarter of 2003 were minus EUR 0.58 (plus EUR 0.07). Orders on hand were EUR 6.1 million as of 31 December 2003 (2002: EUR 6.5 million). secunet had an equity ratio of 68% at the end of the year 2003 (69%). Cash and cash equivalents amounted to EUR 8.9 million as of 31 December 2003 (EUR 11.0 million). This is a solid financial foundation for the year 2004, when secunet – subject to approval by the anti-trust authority – will acquire Secartis and make use of the distribution channels of the new majority shareholder Giesecke & Devrient (G&D), thereby growing into a magnitude of annual revenues of EUR 25 to 30 million. The above indications are preliminary. The final figures will be disclosed at the press conference on 30 March 2004. For further information please contact Dr. Jörg Chittka, Head of Investor Relations, secunet Security Networks AG, Phone +49 (0)2054 123 127, Fax +49 (0)2054 123 456, Email: investor.relations@secunet.com end of message, (c)DGAP 03.03.2004 ——————————————————————————– WKN: 727650; ISIN: DE0007276503; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 030729 Mär 04