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| Datum : | 30.04.2014 |
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DGAP-IRE: SNP Schneider-Neureither & Partner AG: SNP enjoys successful start to 2014 |
| Meldung : | SNP Schneider-Neureither & Partner AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act] 30.04.2014 08:06 Interim report according to Article 37x of the WpHG, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Interim Report Q1 2014 Interim report for the period from 1 January to 31 March 2014 SNP enjoys successful start to 2014 - Revenue up 48,5% to EUR 8.0 million - Both segments record substantial revenue growth - Operating result (EBIT) increases to EUR 0.7 million - Equity ratio improves to 58.5% - Group outlook for 2014 confirmed Heidelberg, 30 April 2014 - In the first quarter of 2014, SNP Schneider-Neureither & Partner AG continued the positive development it enjoyed in the previous months and confirmed its operational turnaround. Revenue increased by 48.5% to EUR 8.0 million on the back of an upturn in consultancy revenue and tangible success in the sale of software licences (previous year: EUR 5.4 million). Both segments contributed to this positive development: revenue in the Software segment more than doubled to EUR 2.5 million (previous year: EUR 1.1 million), while revenue from consultancy services rose by 29.9%, from EUR 4.2 million to EUR 5.5 million. Together with improved utilisation and an operating cash flow of EUR 1.0 million (previous year: EUR -0.9 million), this revenue growth led to a clear return to profitability. The operating result (EBIT) amounted to EUR 0.7 million (previous year: EUR -0.8 million), while consolidated net income amounted to EUR 0.4 million (previous year: consolidated net loss of EUR -0.6 million). This corresponds to an EBIT margin of 8.8% and a net profit margin of 5.2%. The equity ratio also benefited from this development, improving from 57.6% as of 31 December 2013 to 58.5% as of 31 March 2014. 'The first quarter of 2014 has shown that we were right to be confident that the investments in internationalisation, innovation and sales made as part of our long-term strategy would shortly be reflected in our figures. We enjoyed considerable success in our consultancy business and in our software business as well. This is particularly encouraging as it shows that we are back on track. However, we remain cautious and will stay on course with huge commitment and great care,' comments Dr Andreas Schneider-Neureither, CEO of SNP AG, on developments in the first three months of 2014. Above-average revenue growth in the Software segment In the first quarter of 2014, SNP AG's consolidated revenue rose to EUR 8.0 million on the back of improved utilisation, an increase of around 49% compared with the first quarter of the previous year (EUR 5.4 million). In terms of segment performance, the Professional Services segment, which includes consultancy services in particular, generated revenue of EUR 5.5 million in the first three months of the current financial year (previous year: EUR 4.2 million). This represents a year-on-year increase of 29.9% and corresponds to a share of approximately 69% of total revenue. The remaining revenue in the amount of EUR 2.5 million (previous year: EUR 1.1 million) was generated in the Software segment (including maintenance), which more than doubled its revenue. This strong growth is due to the tangible success in the sale of software licences and serves to endorse the further implementation of SNP AG's new sales strategy. Positive earnings performance Also in earnings before interest and taxes (EBIT) the positive trend continued: while the operating result in the corresponding prior-year period amounted to EUR -0.8 million, EBIT in the period under review totalled EUR 0.7 million as a result of the substantial upturn in consultancy business and the significantly higher level of licence revenue. This turnaround was achieved in spite of continued investment in sales and marketing and increased personnel costs, particularly following the acquisition of GL Associates (GLA). In the period under review, personnel costs increased by EUR 0.6 million to EUR 5.0 million, while other operating expenses also rose by EUR 1.5 million to EUR 1.8 million. As other financial expenses amounted to EUR 22 thousand in the first quarter of 2014 while other financial income was largely immaterial, the financial result was negative (previous year: EUR -6 thousand), resulting in earnings before taxes of EUR 0.7 million previous year: EUR -0.8 million). With income taxes amounting to EUR 0.3 million (previous year: tax income of EUR 0.3 million), consolidated net income after minority interests for the first quarter of 2014 totalled EUR 0.5 million (previous year: EUR -0.6 million). This meant that diluted and basic earnings per share amounted to EUR 0.10 (previous year, adjusted: EUR -0.16). Investment in further growth SNP AG continued to press ahead with its long-term growth strategy in the first quarter of 2014. In addition to making further investments in sales and marketing as part of its new strategy, SNP AG focused in particular on the expansion of process consultancy activities and the intensification of operations in the USA. With the acquisition of GLA in the past year, SNP AG further expanded its portfolio of in-house consultancy services and secured long-term access to the world's largest market for IT services. The development of the US market offers major growth opportunities for SNP, particularly with regard to the transformation of SAP and Oracle systems. This is also underlined by the growth in demand in the period under review. The SNP Group recorded incoming orders of EUR 8.2 million in the first quarter (up EUR 3.2 million year-on-year) and an order backlog of EUR 11.1 million as of 31 March 2014 (up EUR 0,9 million year-on-year). SNP Transformation Backbone(R) remains SNP's core product and will be the key driver of growth in revenue and profitability in future thanks to rising licence revenue from both direct and partner sales. Financial position remains stable SNP AG generated an operating cash flow of EUR 1.0 million in the first quarter of 2014 (previous year: EUR -0.9 million) thanks to the consolidated net income generated in the period and the successful reduction in trade receivables. The cash flow after investing and financing activities amounted to EUR 0.7 million in the period under review (previous year: EUR -1.0 million). Cash and cash equivalents rose from EUR 6.4 million as of 31 December 2013 to EUR 7.1 million as of 31 March 2014. The increase in retained earnings due to the consolidated net income generated and the simultaneous reduction in liabilities led to an improvement in the equity ratio from 57.6% as of 31 December 2013 to 58.5% as of 31 March 2014. This means that SNP AG's financial position remains extremely solid. Events after 31 March 2014 In line with its corporate strategy, SNP acquired the remaining 15% of the shares in SNP Austria GmbH in April. The Austrian subsidiary is now wholly owned by the SNP Group. SNP expands its Executive Board by two to three members and is thereby putting in place the conditions for rigorous pursuit of the targeted growth at management level. Jörg Vierfuß has been appointed as Finance Director with effect from 1 April 2014. The business graduate has many years' experience in the finance sector and has already been serving as CFO of SNP AG since summer 2013. Henry Göttler is to strengthen the Executive Board of SNP AG as COO with effect from 1 July 2014. The educated mathematician will be working primarily to implement the strategy in day-to-day business, applying his experience in areas such as product management and development. Outlook The Executive Board of SNP AG expects the recent upward trend to continue in the current financial year, with both consultancy and software revenue set to increase further over the course of the year. The prospect of sustained revenue growth is underlined by the fact that both incoming orders and the order backlog were higher at 31 March 2014 than one year previously. The conclusion of large-volume licence agreements for the use of SNP Transformation Backbone in particular still offers considerable earnings potential. The Executive Board is confirming its forecast of consolidated revenue of around EUR 30 million and an EBIT margin in the medium single-digit percentage range for the 2014 financial year. 'Our current performance gives us reason for cautious confidence when it comes to the rest of the year. After returning to a positive operating result in the fourth quarter of 2013, this development was reinforced with a further improvement in the first quarter of 2014. This can be attributed to the range of measures implemented in the past year, and serves to strengthen our conviction that we are on the right path. We intend to intensify our efforts further. In addition to improving our profitability and the further internationalisation of our business activities, one of our main objectives is to expand in the areas of process and strategic consultancy,' says CFO Jörg Vierfuß, commenting on the outlook. Key figures at a glance Q1 Q1 Change Change In EUR thousand 2014 2013 absolute in % Revenue 8,002 5,390 2,612 48.5% of which Professional Services 5,516 4,247 1,269 29.9% of which Licences 2,101 907 1,194 131.6% of which Maintenance 385 236 149 63.1% EBITDA 910 -660 1,570 - EBIT 705 -841 1,546 - Net income for the period after minority interests 377 -586 963 - Earnings per share in EUR (*adjusted) 0.10 -0.16* 0.26 - 31.03.20 31.12.20 14 13 Cash assets 7,060 6,355 705 11.1% Consolidated equity 14,183 13,762 421 3.1% Equity ratio 58.5% 57.6% - - The interim report and the complete financial tables for the first nine months of the 2013 financial year can be accessed online via the Investor Relations section of www.snp-ag.com. Heidelberg, 30 April 2014 The Executive Board About SNP SNP AG increases the speed with which companies can implement changes, and supports them in adapting their IT landscape more quickly and economically to changing market conditions. With its SNP Transformation Backbone(R), the software company has developed the world's first standard software solution for automated analysis and standardized implementation of changes in IT systems. The transformation platform is based on the experience of the more than 2,500 projects it has completed worldwide. The company, founded in 1994, gained this experience with its software-related services for Business Landscape Transformation(R). Around 250 employees in Europe, South Africa and the USA achieved sales of EUR 23.5 million in 2013. SNP AG, headquartered in Heidelberg, went public in 2000 and has been listed in the General Standard segment of the Frankfurt Stock Exchange since 2003. For further information, please visit: www.snp-ag.com Contact for Investor Relations: SNP Investor Relations Marcel Wiskow Ph.: +49 6221 6425-637 Fax: +49 6221 6425-470 E-mail: investor.relations@snp-ag.com --------------------------------------------------------------------------- Language: English Company: SNP Schneider-Neureither & Partner AG Dossenheimer Landstraße 100 69121 Heidelberg Germany Internet: www.snp-ag.com End of Announcement DGAP News-Service --------------------------------------------------------------------------- |
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