PIERER Mobility AG

Earnings Release • Feb 16, 2012

Ad hoc announcement

BRAIN FORCE HOLDING AG / Keyword(s): Quarter Results/Quarter Results

BRAIN FORCE HOLDING AG announces revenue growth of 16% for the first
quarter 2011/12

Ad hoc announcement transmitted by DGAP - a company of EquityStory AG. The
issuer is solely responsible for the content of this announcement.

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BRAIN FORCE HOLDING AG (Vienna Stock Exchange: BFC, Reuters: BFCG), a
leading IT service company with business operations in Austria, Germany,
Switzerland, Italy, the Netherlands, Czech Republic, Slovakia and the USA
announces a revenue growth of 16% for the first quarter 2011/12 (October 1
to December 31, 2011). Herewith the company achieved a growth in revenues
for the fourth consecutive quarter, showing two-digit growth rates in the
prior nine months.

The Group's revenues in the first three months increased by EUR 2.76
million to EUR 19.81 million, whereby all regions reported a growth.
However, the positive performance development of the prior two quarters
could not be repeated. The operating EBITDA amounted to EUR 0.30 million
compared to EUR 0.76 million in the previous year, the operating EBIT
decreased from EUR 0.21 million to EUR -0.23 million. 'We had to report a
negative operating result for the first time since the second quarter
2010/11. This is due to the competition and price pressure encountered by
the operating companies on the one hand; on the other hand sales activities
to acquire new customers were intensified, thus increasing selling
expenses', explains Michael Hofer, Chief Executive of BRAIN FORCE HOLDING
AG. Additionally restructuring costs in the amount of EUR 0.68 million
burden the result for the first quarter 2011/12. The Group EBITDA amounts
to EUR -0.38 million compared to EUR 0.76 million in the previous year, the
Group EBIT turned from EUR 0.21 million to EUR -0.91 million.

In Germany (50% of Group revenues) revenues increased by 4% to EUR 9.98
million, the operating EBITDA decreased from EUR 0.67 million to EUR 0.32
million; the operating EBIT amounted to EUR 0.13 million compared to EUR
0.47 million in the previous year. Additionally restructuring costs in the
amount of EUR 0.68 million arose in the FINAS area, whereby an EBITDA of
EUR -0.35 million and an EBIT of EUR -0.54 million were generated.
'Although the area FINAS had developed positively because of license sales
and short-term work in the previous fiscal year, the management had to
reduce staff by the end of December to further enable a sustainable
positive development' explains Michael Hofer. In Italy (30% of Group
revenues) revenues increased by 12% to EUR 5.84 million. Despite the
difficult market environment also the performance increased. The operating
EBITDA (EUR 0.34 million) was slightly above prior year's level, whereby
the operating EBIT increased by 15% to EUR 0.17 million.
In the Netherlands (16% of Group revenues) revenues were more than doubled
by EUR 1.64 million to EUR 3.19 million. The operating EBITDA increased by
64% to EUR 0.22 million, the operating EBIT increased from EUR 0.01 million
to EUR 0.10 million.
In the Central East Europe region revenues increased by 19% to EUR 0.80
million. The operating EBITDA increased by 63% to EUR 0.04 million, the
operating EBIT increased to EUR 0.02 million. In the segment Holding and
Other expenses rose by approximately EUR 0.24 million in the first quarter
2011/12 compared to the previous year resulting in an EBIT of EUR -0.65
million. This was mainly due to the premature termination of the Management
contract of Thomas Melzer.

The financial result declined slightly by EUR 0.06 million to EUR -0.21
million, which is related to higher financing costs due to factoring. The
result from associates (SolveDirect Service Management GmbH) amounted to
EUR -0.61 million, compared to EUR-0.64 million in the previous year. In
total the Group achieved a pre-tax result in the amount of EUR -1.73
million compared to EUR -0.58 million in the previous year. The loss after
tax amounted to EUR 1.56 million compared to a loss after tax of EUR 0.65
million generated in the first quarter 2010/11.

For fiscal year 2011/12 BRAIN FORCE focuses on a further revenue growth and
an improvement of the operating result. 'The target to achieve a growth in
revenues was confirmed by the increase of 16%. For the future we expect an
increase of profitability and consequently an improvement of the operating
result by the measures implemented to strengthen sales and expand the
Network Performance Channel activities', recapitulates Michael Hofer.

The detailed report on the first quarter 2011/12 is available for download
from the company's website www.brainforce.com.

Earnings data 10-12/2011 10-12/2010 Chg.%
Revenues EUR million 19.81 17.05 +16
Operating EBITDA1) EUR million 0.30 0.76 -60
EBITDA EUR million -0.38 0.76 >100
Operating EBIT1) EUR million -0.23 0.21 >100
EBIT EUR million -0.91 0.21 >100
Result before tax EUR million -1.73 -0.58 >100
Result after tax EUR million -1.56 -0.65 >100
Employees (average) 774 700 +11

Balance sheet data 31.12.2011 30.09.2011 Chg.%
Equity EUR million 17.16 18.72 -8
Net debt EUR million 7.10 5.82 +22
Equity ratio % 36 38 -
Gearing % 41 31 -

1- Adjusted for restructuring cost

Contact information:
BRAIN FORCE HOLDING AG
Hannes Griesser
Am Hof 4 / 4th floor
A-1010 Vienna
t +43 (0)1 263 09 09 - 0
f +43 (0)1 263 09 09 - 40
investorrelations@brainforce.com

16.02.2012 DGAP’s Distribution Services include Regulatory Announcements,
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Language: English
Company: BRAIN FORCE HOLDING AG
Am Hof 4/ 4. Stock
A-1010 Wien
Austria
Phone: +43 (0) 1 2630909-0
Fax: +43 (0) 1 2630909-40
E-mail: investorrelations@brainforce.com
Internet: www.brainforce.com
ISIN: AT0000820659
WKN: 919331
Listed: Wien (Amtlicher Handel / Official Market)

End of Announcement DGAP News-Service

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