In the financial year ending on December 31, 2007, BRAIN FORCE HOLDING AG achieved net sales of EUR 98.3 million, i.e., a YoY growth of 11%. In the fourth quarter of 2007, net sales reached EUR 26.9 million which was slightly above the forecast and 6% higher than in the same period in 2006.

 

 

EBITDA in 2007 was EUR 0.35 million, thereby falling substantially below the EUR 6.5 million in the 2006 financial year. In the fourth quarter, BRAIN FORCE HOLDING AG achieved an EBITDA of EUR 1.9 million, i.e., it remained 31% below the figure for the previous year which was EUR 2.7 million.

 

Set against the background of the high depreciation of goodwill, the annual EBIT, i.e.,
EUR -16.7 million, was almost exactly as forecast in November when the reorganization measures were announced. The annual EBIT for 2006 was EUR 2.9 million. In Q4, 2007 however BRAIN FORCE achieved a positive EBIT of EUR 0.74 million, thereby underpinning the announced turnaround.

 

Earnings before tax in the 2007 financial year was EUR -17.9 million (2006: EUR 3.23 million) and in the fourth quarter EUR 0.36 million. In Q4, 2006, this number was EUR 1.63 million.

 

The result for 2007 (net income) is EUR -19.9 million while in the previous year, the result was EUR 4.2 million. In the fourth quarter of 2007, a positive net result of EUR 0.35 million was achieved (Q4, 2006: EUR 2.8 million).

 

Earnings per share in 2007 were actually a loss of EUR 1.29. In 2006, earnings per share amounted to EUR 0.30. In the fourth quarter, BRAIN FORCE achieved earnings per share of EUR 0.03 (2006: EUR 0.20).

 

The balance sheet total of BRAIN FORCE HOLDING AG as at December 31, 2007 was EUR74.34million. The equity was EUR 26.27 million, which equals a capital ratio of 35.3%. Net debt was EUR 6.53 million, i.e., a gearing of 24.9%. Cash as at the year end amounted to EUR 9.4 million. The company had a staff of 1,146, of which 283 were on a freelance basis.

 

For the 2008 financial year, the management expects an increase in net sales to more than EUR 100 million and a consolidation of the turnaround, i.e., an EBIT between EUR 2 and 3 million.