First quarter 2012/13: BRAIN FORCE announces growing revenues and results


BRAIN FORCE HOLDING AG (Vienna Stock Exchange: BFC, Reuters: BFCG), a leading IT services company operating in Austria, Germany, Italy, the Netherlands, the Czech Republic, Slovakia, and the United States, announces a revenues increase of 9% and an improvement of the operating result (EBIT) by € 1.3 9m in the first quarter of fiscal year 2012/13 (October 1 to December 1, 2012).

In the first three months, Group revenues rose by € 1.75 m to € 21.56 m, with a considerable growth being generated in particular in the already top-selling regions of Germany and Italy. In BRAIN FORCE HOLDING AG’s quarterly report, which was published today, CEO Michael Hofer says that “after revenues could be increased by 7% in the past fiscal year 2011/12, the implemented distribution measures have a positive effect also in the first quarter of the current year”. The financial performance has also developed satisfactorily. The BRAIN FORCE Group’s EBITDA rose from € -0.38 m to € +0.96 m, the BRAIN FORCE Group’s EBIT increased from € -0.91 m to € +0.48 m. Every operating group company generated a positive operating result before depreciation/amortization, interest and tax (EBITDA). “EBIT also showed a consistently encouraging development, except for the Netherlands where a utilization of staff below average still affects the results”, continues Hofer. In the first quarter of the previous year, the restructuring costs of € 0.68 m burdened the Group’s results. A comparison of the operating results (adjusted for restructuring costs) shows an increase in operating EBITDA by € 0.66 m and operating EBIT increased by € 0.71 m.

“It is encouraging that our operating cash flow has picked up by € 1.99 m to € 1.07 m due to an improvement in results and a still consistent working capital management”, CFO Hannes Griesser highlights the positive development. Since the free cash flow reached € 0.78 m in the first three months, net debt could be reduced to € 5.20 m and liquid funds rose to € 7.02 m.

In total, the BRAIN FORCE Group generated a profit before tax of € +0.10 m compared to € -1.73 m in the previous year. The profit after tax (including non-controlling interests) amounted to € +0.07 m compared to a negative result of € -1.56 m in the first quarter of the previous year.

The Group focus in fiscal year 2012/13 is on operational growth with regard to revenues and operating results. “The figures presented for the first quarter show a revenue increase of 9% and an increase of the BRAIN FORCE Group’s EBIT by € 1.38 m to € 0.48 m and, thus, confirm our expectations. We will do everything in our power to continue this positive development also in the upcoming quarters with ongoing intensive market cultivation”, concludes Michael Hofer.


Earnings data

10-12 2012
10-12 2011
in %
Revenues€ million
operating EBITDA 1)€ million0.960.30>100
EBITDA€ million0.96-0.38>100
operating EBIT 1)€ million
EBIT€ million0.48-0.91>100
Result before tax€ million0.10-1.73>100
Result after tax€ million0.07-1.56>100
Employees (Average)766774-1

Balance sheet data

in %
Equity€ million16.6716.610
Net debt€ million5.205.98-13
Equity ratio%3436

1) adjusted for restructuring costs