With a turnover of EUR 56.24 million and an operating result of EUR 2.10 million, Professional Services division generated a clearly positive result. A turnover share of 60.6% from this result can be allocated to the Business Solution Services (BSS) department. The Technology Integration Services (TIS) department contributed a share of 39.4% to the turnover of the Professional Services division. The investments of Communication Networks division in the Innovative Network Appliance department with its product line "IP Traffic Management and Content Switching" led to a start-up loss in the amount of EUR 722,000 at a turnover of EUR 2.7 million. The Communication Networks division also contains the results of beusen Solutions GmbH. Group costs in the amount of EUR 1.3 million are not contained in the results of the two divisions.
With an EBIT of EUR 247,300 in the fourth quarter (Q4 2001: 101,400), the third quarter's EBIT totalling EUR 80,100 (Q3 2001: EUR -10.83 million.) was exceeded by 208.9% and the positive development was continued. The fourth quarter EBITDA was EUR 778.200 (Q4 2001: 495,800) and exceeded the third quarter value by 51%.
This trend towards growth is confirmed by the backlog of unfilled orders per the effective date 31 December 2002 in the amount of EUR 14.03 million (31-12-2001: EUR 9.42 million).
Equity capital was EUR 11.05 million at the balance sheet date (2001: 10.28 million). This is an increase of 11.8% over the previous quarter. Liquid funds were EUR 2.54 million at the end of the year.
The companies in Germany contributed the largest share by far to the group sales with a rate of 39.6%. With a turnover of EUR 16.3 million and an increase of 7.4% over 2001 TEMA Studio di Informatica in Italy contributed a share of 27.6% to the total turnover.
The business report can be found on our website www.brainforce.com in the Investor Relations section.
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