- Net sales rise by 15.7 percent
- Solution segments grow by up to 32 percent
- Operative cash flow increased by EUR 5.32 million
The BRAIN FORCE group results for the nine first months of financial year 2006 (as at September 30, 2006) were as follows:
|
In EUR million |
01.01.2005-30.09.2005 |
01.01.2006-30.09.2006 adjusted* |
01.01.2006-30.09.2006 unadjusted* |
|
Net sales |
54.61 |
63.18 |
63.18 |
|
EBITDA |
4.23 |
4.77 |
3.77 |
|
EBIT |
2.53 |
2.68 |
1.26 |
|
EPS |
0.15 |
0.19 |
0.10 |
Again, BRAIN FORCE reports improved net sales for the period. They achieved EUR 63.18 million, i.e., an increase of 15.7 percent over the corresponding period in the previous year. In particular the Business Solutions and Technology & Infrastructure segments experienced impressive growth of 21.8 and 32.1 percent respectively. This strikingly demonstrates that the strategy of focussing on expansion in areas in which high margins may be obtained is successful. The Enterprise Services segment was affected by the unexpected insolvency of the long-standing customer BenQ Mobile GmbH & Co. OHG, and it therefore experienced only a slight growth compared with the corresponding period of the previous year.
Against the background of BenQ's failure, the group decided to provide for an extraordinary adjustment of receivables. As compared with the previous year, this quarter saw higher depreciation and amortization expense based on purchase price allocation (pursuant to IFRS 3) resulting from the take-overs which took place in 2005. In the reporting period, this item accounts for TEUR 620, which is a growth of TEUR 423 compared with the previous year. Before making allowance for these special effects, the group was able to increase the EBITDA to EUR 4.77 million (EUR 3.77 million after accounting for special effects), the EBIT to EUR 2.68 million (EUR1.26million) and earnings per share to EUR 0.19 (EUR 0.10). Without considering these special effects, the group therefore outperformed its results for the previous year and is in line within the 2006 budget from an operational perspective.
The development of operative cash flow experienced a gratifying growth of EUR 5.32 million to a total of EUR 3.16 million (Previous year: EUR-2.16million).
The Q3 report 2006 is available for download at www.brainforce.com.
* adjusted and unadjusted respectively as a result of the extraordinary adjustment of receivables and depreciation and amortization expense based on purchase price allocation