Integralis AG / Quarter Results
10.11.2009
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Solid increase in revenues continuing
- Managed Security Services growing at a swifter rate
- Earnings dragged down by takeover costs and impairment expense
- New record reached in total contract volumes
Ismaning, 10 November 2009 - Prime Standard-listed Integralis AG, the
leading international IT security solutions provider, achieved an increase
in consolidated revenues to EUR 124.3 million in the first nine months of
the year (previous year EUR 120.9 million).
|[![CDATA[|[pre|]]]|]
Revenues by solution Jan. - Sep. Jan. - Sep. Change
segment 2009 2008 (%)
TEUR TEUR
Technology Sales 57,334 59,528 -3.7
Support Services 42,989 40,186 7.0
Consulting, Integration and 13,595 12,901 5.4
Training
Managed Security Services 10,409 8.237 26.4
Consolidated revenues 124,327 120,852 2.9
|[![CDATA[|[/pre|]]]|]
Accordingly, revenues continued to climb solidly by 2.9 percent.
With revenues up by more than 26 percent, Managed Security Services
achieved the greatest top-line growth. However, as Supported Services
business also widened by 7 percent, the proportion of recurring revenues
again rose and now stands at 43 percent, while consulting, integration and
training also achieved an above-average increase. Only technology sales
sustained a decline in revenues, although this had been expected. This is
because this segment is more directly exposed to cyclical effects, with the
depreciation in pound sterling amplifying this trend.
Regionally, the revenue structure in the UK with a high proportion of
technology sales and the weak pound caused revenues to contract to EUR 47.7
million (previous year EUR 51.6 million). On the other hand, the GAS
(Germany, Austria and Switzerland) region reported an increase in revenues
to EUR 31.8 million (previous year EUR 30.8 million). Significant top-line
advances were achieved in the United States, which reported revenues of EUR
25.3 million at the end of the third quarter (previous year EUR 19.6
million). The UA Emirates expanded even more dynamically by more than 66
percent, with revenues rising to EUR 5.6 million (previous year EUR 3.4
million).
At 33.7 percent, the gross margin widened minimally as of 30 September
(previous year 33.5 percent) as the percentage growth in the cost of
materials was less than in revenues.
However, personnel expenses rose considerably to EUR 29.5 million as of the
end of September (previous year EUR 26.8 million). This was due, on the one
hand, to an increase in the annual average headcount from 479 to 525
employees and, on the other hand, to the payments due to management in
connection with the sales process. The greatest percentage increase was in
other operating expenses, which climbed to EUR 14.7 million in the first
nine months (previous year EUR 9.4 million) and include a large proportion
of exceptionals.
The sum total of the exceptional expenses of EUR 5.5 million caused EBITDA
to decline substantially, resulting in a loss at this level of EUR 2.2
million as of the end of September (previous year EBITDA of EUR 4.3
million).
Adjusted for these items, Integralis would have reported EBITDA of EUR 3.3
million, down from EUR 4.3 million in the previous year. As a number of
major projects have been postponed until the fourth quarter, adjusted
EBITDA came close to matching the year-ago figure.
After depreciation/amortisation of EUR 1.7 million (previous year EUR 1.3
million), Integralis sustained a loss of EUR 3.9 million at the EBIT level
(previous year EBIT of EUR 3.0 million). Further expense arose from the
remeasurement of the unused tax losses carried as deferred tax assets. With
the entry of NTT Com as Integralis' strategic partner and the acquisition
of more than 50 percent of its capital, all existing unused tax losses are
forfeited under German law. The deferred tax assets of EUR 3.1 million
previously recognised must now be reversed in accordance with IAS 12.
Consequently, the Company sustained a net loss before tax of EUR 7.1
million (previous year earnings before tax of EUR 2.8 million).
At EUR 19.1 million, the order backlog within the Integralis Group remained
at a high level but fell short of the previous year (EUR 20.8 million). On
the other hand, total contract volumes again reached the highest level ever
in the Company's history. This indicator of future and recurring revenues
substantially exceeded the year-ago quarter, coming to EUR 98.7 million
(previous year EUR 89.1million).
Judging by the experience of the past few years, the Integralis Group
should achieve by far the greatest revenue and earnings growth in the
fourth quarter. At this stage, the Management Board expects this to be the
case. With 2009 proving to be a year of transition for Integralis, the
Management Board nonetheless faces 2010 with cautious optimism. Integralis
should be able to generate solid growth against the backdrop of the
expected moderate economic recovery and also thanks to its strengthened
competitive position.
'The new partnership with NTT Com is progressing very well. Considerable
advances are being made in the core strategic integration and
transformation processes designed to harness synergistic effects on all
levels of the Group and to generate new business,' says CEO Georg Magg.
'With its continued flexibility as a mid-size company backed by a strong
global player in NTT Com as its strategic partner, the Integralis Group
should be able to additionally enhance its visibility and attractiveness in
the market which it addresses.'
About Integralis
As a leading international provider of IT security solutions, Integralis
offers its customers skilled consulting and bespoke solutions for
protecting their critical business processes. Incorporating leading
technologies, skills, experience and strategic partnerships, the Integralis
product portfolio is targeted at planning, implementing and operating
enterprise-wide information security architectures. With its structured
methodical and technical consulting and implementing services, the
Integralis consulting team supports customers' IT security projects.
Integralis offers its customers multilingual support in the ongoing
operation of their security systems all around the world on a 7/24 basis.
The range of services comprises a telephone hotline, remote monitoring and
administration as well as on-site support. With a global network of
branches, Integralis serves a large number of bluechip companies,
government authorities and many national and international enterprises.
Integralis AG is listed in Deutsche Börse AG's Prime Standard. With 511
employees, it generated revenues of EUR 169 million in 2008. Further
information on Integralis is available on the Internet at
www.integralis.com.
Contact:
Integralis AG
Peter Banholzer
Tel.: +49 (0)89-94573-178
peter.banholzer@integralis.com
Contact:
Integralis AG
Peter Banholzer (IR)
Tel:+49 89 945 73 178
peter.banholzer@integralis.com
10.11.2009 Financial News distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: Integralis AG
Robert-Bürkle-Str. 3
85737 Ismaning
Deutschland
Phone: +49 (0)89 94573-178
Fax: +49 (0)89 94573-180
E-mail: ir@integralis.com
Internet: www.integralis.com
ISIN: DE0005155030
WKN: 515503
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart, Hamburg
End of News DGAP News-Service
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DGAP-News: Integralis AG: Solid increase in revenues continuing
| Source: EQS Group AG