OPENLiMiT Holding AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act]
19.05.2009
Interim report according to Article 37x of the WpHG
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- Total income increased in the first quarter 2009 by 15% in comparison to
the same period in the previous year to CHF 1.32m, the revenue increased
only slightly by 0.5% to CHF 655'273.
- Great interest in the OpenLimit technology for working with the German
electronic identity card at the CeBIT.
- OpenLimit launches new products in the first quarter and acquires
important new customers.
General development
(Baar, Switzerland, May 19th, 2009) The focus of the first quarter 2009 was
the continued technological development and positioning in conjunction with
the German electronic identity card, which will be issued in November 2010.
The importance of the electronic identity card is that citizens, in-line
with the exchange cycle of the current identity card, will receive the
required hardware and software tools in order to conduct electronic
processes in the private and in the public sectors. Thereby, the market
dynamic for electronic authentication and signature solutions will
accelerate, and the market will leave behind its initial stage and advance
to an established market.
OpenLimit is the first and to-date only company that has registered its
software for working with the electronic identity card for Common Criteria
EAL 4+ certification, an internationally recognized IT-security standard,
with the German Federal Office for Information Security. The positive
feedback at the CeBIT with the showcases of the companies Fujitsu
Technology Solutions, HSH, Microsoft and the City of Hagen clearly show the
great interest in this technology.
Other European countries are also pursuing electronic identity projects in
order to offer its citizens electronic processing of registration
procedures, procurement processes, car applications etc. One European
country purchased the OpenLimit workplace technologies for its officials in
the first quarter in order to allow full electronic workflows with its
citizens, beginning with the roll-out of its electronic identification card
in the summer 2009.
OpenLimit also acquired several new customers using applications involving
eInvoicing and the scanning of incoming post. For example CHEP, the global
leader in pallet pooling services, is using OpenLimit's Batch Signature
software since Q1 2009 for eInvoicing to customers in Austria, France,
Germany and Switzerland.
In the first quarter, OpenLimit launched the new technologies OpenLimit
SignatureService and the middleware products for electronic long-term
archiving, OpenLimit MigSafe and OpenLimit OverSign. With the product
OpenLimit SignatureService, documents, instead of being signed in a batch
process, can be continuously and automatically signed. OpenLimit MigSafe
has been implemented according to the ArchiSafe standard of the German
National Metrology Institute (PTB) and supports customers in the migration
of data between different storage media. In addition, the product OpenLimit
OverSign has been developed for signature renewal in order to guarantee the
security of electronically signed documents. The products are especially
interesting to customers with demands for long-term archiving.
Operative development of the OpenLimit Group
Revenues in the first quarter of 2009 were at the previous year's level and
reached CHF 655'273 (Q1 2008: CHF 652'212). With company produced additions
to software development, the total income for the period increased by 15%
to CHF 1.32m (Q1 2008: CHF 1.16m). Due to higher personnel expenses and
corresponding operation expenses totaling CHF 1.64m, the EBITDA of CHF
-314'841 was 25% less than in the same period of the previous year. In
order to advance the various technological developments and the sale of
OpenLimit products, OpenLimit currently has 43 employees, compared to 33
employees in the same period of the previous year. The EBIT was CHF
-784'879 and therefore 47% less than the previous year's level (Q1 2008:
CHF - 535'009). A positive financial income, due to a strong CHF in
comparison to the EUR, caused an improvement of the result of the period by
16% from CHF -722'812 in the period of the previous year to CHF -604'378 in
the first quarter of 2009.
Non-current assets of CHF 3.97m and current assets of CHF 5.25m improved by
31% and 44% respectively, compared to the same period of the previous year.
Since the beginning of the year, payments on account receivables remain
unsatisfactory, causing a strain on cash and requiring a working capital
loan. This caused current liabilities to increase from CHF 210'526 at the
end of Q1 2008 to CHF 1.21m at the end of the current period. We expect
payments on account receivables to improve in the coming months. Equity
improved by 24% from CHF 6.48m at the end of Q1 2008, to CHF 8.01m at the
end of Q1 2009.
 
Forecast
The economic conditions in 2009 bear significant uncertainties and
therefore currently do not enable a forecast for the year. However, current
developments in the OpenLimit target market Germany provide medium to
long-term confidence in the growth potential of the still young electronic
signature market. OpenLimit is positioned as the technological leader in
this market and should be able to capitalize on these developments. The
grounds for confidence are based on the recent and positive developments in
conjunction with the electronic identification card (or so-called eCard
projects), which have the potential of moving the electronic signature
market from infancy to a mature market. OpenLimit is confident to play a
deciding role in the associated pilot projects this year, which not only
generate revenue, but also make OpenLimit a prime candidate for the actual
roll-out of these projects. In the meantime, we see the demand for
eIdentity and signature solutions increasing, and we expect our customer
base to expand and our average deal size to increase.
In summary, we are reservedly optimistic about 2009 because the
positioning, market share and project developments are progressing as
planned, but short-term developments cannot be predicted.
Legal Disclaimer
This press release contains forward-looking statements. Forward-looking
statements are statements which do not describe actual facts from the past;
they also comprise statements about our assumptions and expectations. Every
statement in this press release which reflects our intentions, assumptions,
expectations or forecasts (together with the assumptions that give rise to
our views) constitutes a forward-looking statement. These statements refer
to plans, estimates and forecasts which are currently available to the
management of OpenLimit Holding AG. Thus forward-looking statements only
refer to the day on which they were made. We shall accept no obligation to
adjust and/or publicize such adjusted statements in the light of new
information or future results.
About OpenLimit
OpenLimit is an internationally leading provider of certified electronic
identity and signature solutions. The components of the solution can be
easily integrated into existing applications, enable media-consistent
workflows and the efficient management of electronic documents in all
business areas. OpenLimit holds the very first certification recognizing
world-wide compliance with the international security standard, Common
Criteria EAL 4+, guaranteeing the highest degree of security and legal
validity currently achievable.
www.openlimit.com
Contact:
OpenLimit Holding AG
Marc Gurov
Zugerstrasse 76b
CH-6341 Baar
Phone: +41 41 560 1020
Fax: +41 41 560 1039
E-Mail: investor@openlimit.com
DGAP 19.05.2009
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Language: English
Issuer: OPENLiMiT Holding AG
Zugerstrasse 76 b
6341 Baar
Schweiz
Internet: www.openlimit.com
End of News DGAP News-Service
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DGAP-IRE: OpenLimit Holding AG: Interim announcement of the Group within the 1st half-year 2009
| Source: EQS Group AG