Earnings Release • Mar 27, 2009
Earnings Release
Open in ViewerOpens in native device viewer
News Details
Corporate | 27 March 2009 16:02
secunet AG: financial results for the year 2008
secunet Security Networks AG / Final Results
Release of a Corporate News, transmitted by DGAP - a company of EquityStory
AG.
The issuer / publisher is solely responsible for the content of this announcement.
secunet AG: financial results for the year 2008
[Essen, 27 March 2009] secunet Security Networks AG, a leading European
provider of IT security and high security products and services, today
publishes its year-end accounts for 2008. Compared with the previous year,
sales of the secunet Group have increased sharply: by 26% from EUR 41.3
million to EUR 52.1 million. Due to high costs in relation to preparatory
work for major projects, earnings before interest and taxes (EBIT) fell
from EUR 3.5 million to EUR 1.9 million. The high order volume at year end
and the continuously high demand make the company confident of achieving
the targets set for 2009.
In 2008 the secunet Group posted sales of EUR 52.1 million, an increase of
26% or EUR 10.8 million. 55% of the Group's sales came from the High
Security business unit which manufactures the SINA product line for the
target groups of public consumers and international organizations. Here,
sales have grown by 59% from EUR 18.0 million to EUR 28.7 million. Sales in
the Government business unit also increased strongly - by 24% compared with
2007 (EUR 10.4 million) to EUR 12.9 million. Customers from the private
sector are served by the Business Security and Automotive business units,
which together contribute some 20% of Group sales. Both business units
recorded a drop in sales: -16% in Business Security from EUR 11.3 million
in 2007 to EUR 9.5 million in 2008 and -27% in Automotive from 2.1 million
to 1.6 million. A general reluctance to invest due to the financial and
economic crisis is considered to be the main reason for this.
At EUR 1.9 million, the EBIT fell by 46% compared with the previous year's
value of EUR 3.5 million. The reason for this is the considerable expense
of participating in invitations to tender and contract negotiations for
large projects. These efforts were crowned with success: secunet was able
to secure a major network infrastructure project for public customers,
which promises long-term sales volumes of over EUR 90 million. On the
expenses side, expenditure on material and related services increased
steeply. On the one hand, this is related to hardware supplies for the SINA
business, which is growing considerably. On the other hand, there was an
increase in the costs for third-party services used to replace staff
involved in the preparation of offers and projects. Personnel expenditure
increased by 8.5% from EUR 17.3 million to EUR 18.8 million. At the same
time, the number of employees increased by 12% from 236 to 265.
Depreciation and amortization fell slightly from EUR 0.891 million to EUR
0.834 million. Other operating expenses increased by 11.7% from EUR 8.4
million in 2007 to EUR 9.3 million in the 2008 financial year; these
expenses correlate strongly with the increase in the number of employees.
The net profit of the secunet Group for 2008 amounted to EUR 1.7 million
following EUR 2.7 million in the previous year. Earnings per share fell
accordingly by 36% from EUR 0.42 to EUR 0.27.
Cash flow from operating activities increased by 67% from EUR 3.3 million
in 2007 to EUR 5.6 million in 2008. In the 2008 financial year, EUR 0.9
million (-15% compared with EUR 1.1 million in 2007) was used for
investments. In the result the liquid assets of the secunet Group as at 31
December 2008 grew by EUR 5.0 million compared to previous year end.
The intensive sales activities of the last financial year have not only
resulted in record sales in 2008 but have also contributed to secunet
having a record order volume on 31 December 2008. At EUR 31.1 million, this
was up 85% on the 2007 value of EUR 16.8 million. The order volume only
reflects firm orders; including framework agreements, the sales volume for
the coming year amounts to up to EUR 100 million.
Commenting on the results, Dr. Rainer Baumgart, CEO of secunet Security
Networks AG, said: 'Thanks to our robust business model, we are in a strong
position. Our involvement in extensive infrastructure programs ensures that
our capacities are being utilized to the full. A clear focus on complex
security issues is thus continuing to open up promising avenues of
development for us.'
The Annual Report 2008 of secunet Security Networks AG and further
information can be found on the web site www.secunet.com under Investor
Relations. secunet publishes its 3-Month Report 2009 on 13 May 2009, the
Annual General Meeting of secunet Security Networks AG takes place on 27
May 2009 in Essen.
Dr. Kay Rathke
Director Corporate Communications
Patrick Franitza
PR Officer
secunet Security Networks AG
Kronprinzenstrasse 30
45128 Essen/Germany
Phone +49 201 54 54-1234
Fax +49 201 54 54-1235
E-mail: [email protected]
http://www.secunet.com
Language: English
Issuer: secunet Security Networks AG
Kronprinzenstrasse 30
45128 Essen
Deutschland
Phone: +49 (0)201 - 5454 - 1234
Fax: +49 (0)201 - 5454 - 1235
E-mail: [email protected]
Internet: www.secunet.com
ISIN: DE0007276503
WKN: 727650
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hannover, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.