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secunet Security Networks AG: outstanding annual financial statements 2019, dividend and forecast 2020

[Essen / Germany, 30 March 2020] secunet Security Networks AG (ISIN DE0007276503, WKN 727650), a leading German provider of high-quality, trustworthy IT security and IT security partner of the Federal Republic of Germany, publishes the annual financial statements and the annual report today for the 2019 financial year. In 2019, record results have been achieved for the sixth year in a row. For this reason and in view of the good liquidity situation, the company intends to distribute a dividend. Due to the corona epidemic, the forecast for the current 2020 financial year is subject to uncertainty.

In the 2019 financial year, the sales revenues of secunet Group grew by 63.6 million euros, or 39%, from 163.3 million euros in the previous year to 226.9 million euros. While utilisation of consulting capacities remained high, the corresponding service revenues were down slightly on the previous year’s level. Tangible growth was primarily achieved in the product business (sales revenue from trade goods, licences, maintenance and support).

Sales revenues increased in both of secunet’s divisions – Public Sector and Business Sector – with growth clearly concentrated in the Business Sector division.

Until the end of 2018, the Business Sector division’s portfolio was focused on commercial companies, with providers of critical infrastructures and the automotive industry as its core target groups. With the rollout of the secunet konnektor, a major expansion was achieved in the healthcare market. Accordingly, revenues in the Business Sector rose by 41 million euros from 16.1 million euros in 2018 to 57.1 million euros in the past financial year 2019. The proportion of secunet Group’s sales revenues attributable to the Business Sector division in the 2019 financial year was thus 25% (previous year: 10%).

Revenues also grew in the Public Sector division, whose products and services are geared towards public clients within and outside Germany, as well as international organisations. The Public Sector portfolio comprises the SINA product business, solutions for automated border control systems (e.g. eGates), consultancy and development. Starting from an already high level of 147.2 million euros in 2018, sales revenues in the Public Sector rose by 15% or 22.6 million euros to 169.8 million euros. Here, too, growth was driven by the product business. The proportion of secunet Group’s sales revenues attributable to the Public Sector division in the 2019 financial year was thus 75% (previous year: 90%).

The earnings before interest and taxes (EBIT) of secunet Group increased by 23% compared to the previous year, rising from 26.9 million euros to 33.2 million euros. This improvement in EBIT resulted primarily from increased sales revenue in the product business.

secunet Group generated consolidated net income of 22.2 million euros in the 2019 financial year, corresponding to an increase of 4.4 million euros, or 25%, on the previous year (17.8 million euros). Diluted and undiluted earnings per share stood at 3.44 euros in 2019, compared to 2.77 euros in the previous year.

The net income of secunet Security Networks AG for the 2019 financial year was 20.2 million euros after 14.7 million euros in the 2018 financial year.  Against the background of the outstanding results of the 2019 financial year and the company's good liquidity situation, the Supervisory Board and the Management Board of secunet Security Networks AG will propose to the Annual General Meeting the distribution of a dividend of 1.56 euros per dividend-bearing share.

Due to the restrictions caused by the coronavirus epidemic, the Annual General Meeting of secunet Security Networks AG will be postponed from 20 May 2020 to probably 8 July 2020.

“The 2019 financial year was a record year. The sustained growth confirms our profitable strategy of focusing on high-quality and trustworthy IT security,” says Axel Deininger, CEO of secunet Security Networks AG. “There is a fundamentally sound basis for the good development of business in 2020. However, the current financial year will be challenging.”

secunet Group’s order book of 78.5 million euros at year-end 2019 in accordance with IFRS was slightly down by 2% from the level at the prior-year reporting date (79.7 million euros).

The excellent business results achieved in the 2019 financial year represent a challenge for further growth – surpassing record results is becoming increasingly difficult. For example, the healthcare sector is no longer expected to experience the kind of extraordinary economic upswing triggered in the 2019 financial year by the rollout of healthcare connectors in medical practices.

In addition, the coronavirus epidemic, which has been rampant since the beginning of 2020, must be regarded as the dominant risk for further economic development. It can be assumed that the coronavirus will also impact the business performance of secunet Group. However, it is not yet possible to assess the extent to which the associated effects will be reflected in the business results.

Subject to the further development of the corona epidemic, the Management Board of the company therefore is formulating its expectations for secunet group for the coming financial year 2020 as follows: a slight decline in sales revenues is anticipated. Accordingly, EBIT for secunet group is expected to be slightly below the previous year.

Further information is available at
Next financial date: 6 May 2020 Publication of the Group Quarterly Statement as at 31 March 2020.

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This press release contains predictive statements. Predictive statements are statements that do not describe facts of the past; they also include statements regarding our assumptions and expectations. Any statement in this press release that conveys our intentions, assumptions, expectations or predictions (and the assumptions on which they are based) is a predictive statement. These statements are based on planning, estimates and forecasts that are currently available to the management of secunet Security Networks AG. Predictive statements therefore only apply to the day on which they were made. We assume no obligation to update such statements with regard to new information or future events.