secunet's forecasts for the 2008 fiscal year: sales exceed expectations, EBIT positive but less than satisfactory
secunet Security Networks AG is currently projecting sales of EUR 50 m for the 2008 fiscal year, a figure over 20% up on that for the previous year, and one that also goes beyond the capital market's expectations. Analysts currently agree that sales can be estimated at over EUR 48 m, so sales of some EUR 17 m are projected for the fourth quarter of 2008, representing an increase of 18% over the previous year's EUR 14.2 m.
The excellent sales figures are not, however, matched by earnings before interest and taxes (EBIT), as large amounts have been spent on the preparations for major projects, involving not only higher sales costs but also expenditure on services provided by third parties while operational staff had been working on the preparation of offers. These commitments reduced EBIT throughout the year, but the executive board is expecting these outgoings to be reduced next year.
An additional factor is that increased sales have, in the present fourth quarter, been limited by a number of projects having been deferred by customers, so that secunet has been unable to invoice them. This has also had an adverse effect on EBIT, which could not have been predicted. These projects are scheduled to be completed in the first half of 2009.
"2008 has been a year characterised by increased sales and the acquisition of major projects, and we are more than satisfied with the result of our sales efforts", comments Dr Rainer Baumgart, chairman of secunet Security Networks AG's executive board. "However, this growth has gone hand in hand with a higher level of expenditure in 2008 than we had reckoned with. What we aim to do in the coming year is to continue the present growth trend and become more profitable."
The value of the orders on the books at the end of November is already giving cause for confidence, standing as it does at EUR 28.3 m, an increase of 27% over the figure for September 2008.
This press release contains prospective statements. Prospective statements are statements which do not describe actual facts from the past; they also comprise of statements about our suppositions and expectations. Every statement in this press release which reflects our intentions, suppositions, expectations or forecasts (together with the suppositions which give rise to such views) constitutes a prospective statement. These statements refer to plans, estimates and forecasts which the management of secunet Security Networks AG currently dispose of. Thus prospective statements only refer to the day on which they were made. We shall accept no obligation to further develop such statements in the light of new information or future results.
About secunet Security Networks AG
secunet Security Networks AG is one of Europe's leading suppliers of products and services in the area of highly complex IT security solutions:we have been protecting electronic information for 10 years.
Our end-to-end offering serves government offices, international organisations and private enterprise businesses. Our reference list includes the majority of DAX30 companies and major international companies as well as organisations and public authorities both in Germany and abroad.
A highly qualified and experienced staff of 260 are at work in the business areas of high security (SINA), government, business security and automotive, to develop the optimum solution to suit the unique IT security requirements of our customers. We accompany them from consulting and product selection all the way to integration and training. And above and beyond that, we ensure seamless implementation and always stand by our customers should they require future adaptations.
Additional data is available from www.secunet.com.