BRAIN FORCE HOLDING AG (Vienna Stock Exchange: BFC, Reuters: BFCG), a leading IT-service provider operating in Austria, Germany, Italy, the Netherlands, Switzerland, the Czech Republic, Slovakia and the USA announced the results for fiscal year 2011/12 (October 1, 2011 to September 30, 2012).

In fiscal year 2011/12 BRAIN FORCE has achieved a revenues growth of 7% and again generated a positive operating result after the turnaround in the previous year. “After having to report a negative operating result in the first quarter, the development was positive as of the second quarter with continuously improving results” – Michael Hofer, CEO commented on the consolidated financial statements of BRAIN FORCE HOLDING AG, which were published today.

Due to the improving results BRAIN FORCE managed to compensate the restructuring expenses booked in the first quarter and in total to report a positive result after restructuring. In particular the implemented measures in connection with distribution show a positive effect on the order balance and distribution pipeline. “This basis, resulting from the strengthening of distribution shall also be implemented into measurable results in the next quarters.” – Michael Hofer continued.

For fiscal year 2011/12 the BRAIN FORCE Group reported a revenue increase by 7% to €76.01 m. “Despite difficult economic framework conditions, especially in Italy and the Netherlands, our companies were able to prove itself on the market and increase revenues in comparison to the previous year.” – Michael Hofer gladly reports on the revenue increase. The operating EBITDA (before restructuring expenses) amounted to € 2.74 m and was thus about 13% below the figures of the previous year with € 3.13 m. The operating EBIT was € 0.79 m, which is € 0.25 m below last year´s figures. „The decrease of the operative result can be mainly attributed to an increase in distribution expenses by € 0.91 m, respectively 14%, whereas administration costs were reduced by 1%.” – reported Hannes Griesser, CFO.

In fiscal year 2011/12 restructuring expenses in the amount of €0.68m were recorded, resulting in a group-EBITDA of € 2.06 m and a group-EBIT of € 0.11 m. The restructuring measures, which were implemented in the first quarter concerned the business area FINAS in Germany. “With the expiry of short-time work we had to reduce the number of employees in order to enable a sustainable positive development in this area. This measure had already significantly positive effects on the following quarters.” – Hannes Griesser reported.

Despite the positive operative development, the result before taxes amounted to € -2.21 m compared to € -1.38 m in the reference period of the previous year. The decline can be mainly associated with the restructuring expenses incurred at a simultaneous slight improvement of the at-equity result from SolveDirect Service Management GmbH from €- 1.63 m to € -1.49 m. The overall result amounted to € -2.14 m, compared to € -1.39 m in the previous year.

Despite of a slight decline in comparison to the previous year, the balance sheet ratios further showed solid figures. The equity ratio as of the reporting date of September 30, 2012 amounted to 36% and the gearing to 36% as well. The operating cash-flow of the BRAIN FORCE Group reached € +1.55 m, resulting in liquid assets as of the balance sheet date of € 5.62 m. The net debt increased only slightly from € 5.82 m to € 5.98 m.

After having achieved an increase in revenues of 7% with a continuously improving operating result in the past year, we expect operative growth above the projected economic performance for the euro zone also for fiscal year 2012/13. “The prerequisite for this anticipation is a successful market development and the expansion of our client base.” – Michael Hofer continued

 

Earnings data

2011/12
2010/11
Chg.
in %
Revenues in € million
76.01
71.09 +7
operating EBITDA 1) in € million 2.74 3.13 -12
EBITDA in € million 2.06 3.13 -34
operating EBIT 1) in € million 0.79 1.04 -24
EBIT in € million 0.11 1.04 -89
Result before tax in € million -2.21 -1.38 -60
Result after tax in € million -2.13 -1.37 -56
Earnings per share in € -0.14 -0.09 -56
Adjusted earnings per share 1) in € -0.11 -0.09 -22
Employees (average) 752 733 +3

Balance sheet date

30.09.2012 30.09.2011 Chg.
in %
Equity in € million 16.61 18.72 -11
Net debt in € million 5.98 5.82 +3
Equity ratio in % 36 38
Gearing in % 36 31
Net Debt / Operating EBITDA in years 2,2 1,9

1) adjusted for restructuring expenses of -0.68 mio. € in fiscal year 2011/12

For more information:
Investor Relations
Mag. Michaela Friepeß
Tel.: +43 7242 – 69402
Email: ir@ktm-industries.com
Website: www.ktm-industries.com

ISIN: AT0000KTMI02
Valorennummer (Schweiz) 41860974
Ticker symbol: KTMI
Reuters: KTMI:VI
Bloomberg: KTMI:AV