The increase in sales was largely due to the product division and especially the secure inter-network architecture SINA. The contribution from special solu-tions (secunet products, primarily SINA) to secunet group's sales increased from 39% in the previous year to 52% in fiscal year 2005. At the same time, the contribution from consultancy dropped from 50% to 41%. 96% of sales revenue was generated in the German AG (previous year: 97%) and 4% by the foreign subsidiaries (previous year: 3%).
The IFRS earnings before interest and tax (EBIT) of the secunet group im-proved much more than revenue, by 800% from €0.5 to €4.5 million. There are three main reasons for this development: Firstly the good capacity utilization, secondly the rising share of license sales and thirdly the continuing strict budget discipline throughout the entire secunet group. Net income increased from €0.4 million in 2004 to €4.3 million in fiscal year 2005, i.e. an almost ten-fold increase. The basic earnings per share rose from €0.07 to €0.66.
The secunet group capital expenditure amounted to €1.1 million in 2005 (2004: €3.0 million). The difference from the previous year is due to the price paid to acquire Secartis AG in 2004. The capital expenditure was financed entirely from cash flow. The strong increase in cash flow from operations from €2.9 million to €5.2 million corresponds to the improvement in the secunet group's net profit.
"Our business model delivered sound growth and an increase in shareholder value," says Dr. Rainer Baumgart, secunet Security Networks AG CEO. "We will continue to focus on the profitability of our growth in the years ahead, too."
The secunet group's total assets rose from €24.4 million as of 31 December 2004 to €28.1 million as of 31 December 2005. There was a significant in-crease in cash and cash equivalents, up 45% from €8.8 to €12.8 million. The equity capital ratio rose from 51% to 60%. Once again secunet refrained from borrowing, hence leaving the gearing at 0%.
Orders on hand as of 31 December 2005 amounted to €14.2 million, a 28% increase on the level at the end of 2004 (€11.1 million).
"secunet is very well positioned in the market for complex IT security solutions. Our products set technology and quality standards," remarks Baumgart. "Our future growth is based on this good starting position and it will be underpinned by expanding our sales capacities and gaining new target groups."
The secunet Security Networks AG supervisory board adopted the annual report at its meeting today. secunet is also publishing its 2005 annual report. The secunet Security Networks AG board of management will be presenting the results during an analyst conference in Frankfurt on 3 April 2006. secunet will be publishing the results for the first quarter on 4 May 2006.
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