secunet Annual Report 2012: Year closes with excellent result, positive outlook for 2013

In the 2012 financial year, the Group revenue of secunet Security Networks AG increased sharply by 21% or Euro 11.6m from the previous year's value of Euro 55.6m to Euro 67.2m. This strong increase in revenues is based on a very good order situation on the one hand, and hence a continually very high level of utilisation in the service sector (consultancy and development). On the other hand, product business with hardware and licenses increased again significantly after a relatively weak previous year.
The main proportion of revenue growth for the secunet Group in the 2012 financial year was generated by the Private Sector business division, which supplies IT security to companies in the private sector. The accumulated plus of the two business units Business and Automotive Security amounted to approx. Euro 6.6m. In the past financial year, the Business Security business unit achieved a revenue plus of Euro 5.3m or 76% from Euro 6.9m in 2011 to Euro 12.2m in the 2012 financial year. The Automotive Security business unit generated an increase in revenues of 81% or Euro 1.3m from Euro 1.6m in the previous year to Euro 2.9m in the year under review.
As a result of the strong revenue growth in the Private Sector business division, its proportion in Group revenue was up from 15% the previous year to 22% in the 2012 financial year. The remaining 78% (previous year: 85%) of the secunet Group's revenues came from the Public Sector business division. secunet's focus will thus remain on public sector customers in Germany and abroad, as well as international organisations.
Within the Public Sector, revenues rose by Euro 5.0m or 11% from Euro 47.2m in 2011 to Euro 52.2m in the 2012 financial year. Of these, the High Security business unit (SINA product family) recorded an increase of Euro 3.4m or 11% from Euro 29.8m in the previous year to Euro 33.2m in 2012. Within the Government business unit, revenues rose by Euro 1.6m or 9% from Euro 17.4m in 2011 to Euro 19.0m in the 2012 financial year.
Sales of secunet products and services outside Germany increased by 26% from Euro 5.0m in 2011 to Euro 6.3m in the year under review.
The earnings before interest and taxes (EBIT) of the secunet Group increased significantly compared to the previous year: by Euro 1.8m or 46% from Euro 3.9m in the 2011 financial year to Euro 5.7m in the 2012 financial year. This greatly improved result was due to a 21% increase in revenues, whereas total costs (cost-of-sales, distribution costs , general administration costs and other operating expenses) only increased by 19% from Euro 51.7m in the previous year to Euro 61.5m.
Earnings before tax rose from Euro 3.9m in the previous year to Euro 5.6m in the 2012 financial year. At the same time, income taxes rose from Euro 1.2m in 2011 to Euro 2.0m in the year under review. As a result, the secunet Group generated a Group profit of Euro 3.7m in the 2012 financial year after Euro 2.7m the previous year. Diluted and undiluted earnings per share in 2012 stood at Euro 0.57, compared with Euro 0.42 in the previous year.
secunet Security Networks AG's net income under commercial law was up from Euro 1.6m in 2011 to Euro 3.1m in the reporting year. The existing net accumulated loss of Euro 2.5m result in a total profit carryforward for the coming financial year of Euro 0.6m. The Management Board and the Supervisory Board of secunet AG recommend to the Annual General Meeting that no dividend be paid for 2012 and that profits be carried forward.
The value of the order book as at 31 December 2012 was Euro 42.2m, representing a 7% increase over the previous year's value (Euro 39.5m). Market observers view IT security as an area with a high level of demand and a correspondingly high level of growth in demand. This forms the basis for a confident outlook on the 2013 financial year.
"We are well positioned for the future: our customer-orientated organisation allows us to design the secunet product, service and solution portfolio in line with the demand. We want to achieve national and international growth over the medium term – however, there will always be uncertainties associated with major projects and the political framework conditions," says Dr Rainer Baumgart. "After a peak year in 2012, we expect a moderate increase in revenue in the current financial year with earnings before interest and taxes (EBIT) at the same level as the previous year."
Next date in the financial calendar: Publication of the 3-Month Report 2013 on 8 May 2013.


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