Increase in revenues and results in the first half 2012/13

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 10% and an improvement of the operating result (EBIT) by € 1.67 m in the first six months of fiscal year 2012/13 (October 1, 2012 to March 31, 2013).

Group revenues increased in the first half of the fiscal year by € 3.63 m to € 41.48 m, whereas especially Germany and Italy – the already top-selling regions to date – recorded a significant revenue increase. “The distribution measures implemented in fiscal year 2011/12 have a positive effect on the development of the Group revenues also in the first two quarters of the current year”, comments CEO Michael Hofer the report on the first half 2012/13 which was published today. The development of the financial performance was satisfactory as well. The Group EBITDA increased from € 0.25 m to € 1.84 m, the Group EBIT increased from € -0.77 m to € +0.90 m. „Besides revenues also results increased considerably compared to previous year, with positive operating results before depreciation/amortization, interest and tax (EBITDA) in every group company”, continues Michael Hofer. In the previous year, restructuring costs of € 0.68 m burdened the Group’s results.A comparison of the operating results (adjusted for previous years restructuring costs) shows an increase in operating EBITDA by € 0.91 m and operating EBIT increased by € 0.99 m.

“Our operating cash flow has picked up by € 3.06 m to € 1.93 m due to an improvement in results and a still consistent working capital management”, CFO Hannes Griesser highlights the positive development in the first six months of the fiscal year. Since the free cash flow increased by € 3.19 m compared to previous year and reached € 1.36 m, net debt could be reduced to € 4.63 m and liquid funds rose to € 6.78 m.

In total, the Group generated a profit before tax of € +0.15 m compared to € -2.20 m in the previous year. The profit after tax (including non-controlling interests) amounted to € +0.01 m compared to a negative result of € -2.27 m in the first half of the previous year.

The Group focus in fiscal year 2012/13 is an operational growth with regard to revenues and operating results. “The figures presentedconfirm the achievement of the goals set. We will do everything in our power to continue this positive development also in the upcoming six months.

In addition the closing of the sale of the investment in SolveDirect Service Management GmbH in April 2013 will have a positive impact on the Group result and the liquidity of BRAIN FORCE”, concludes Michael Hofer.

1) adjusted for restructuring costs