EANS-News: SinnerSchrader AG SinnerSchrader grows by 24 per cent in the first
half-year of 2011/2012 /margin development below plan predicted profit for the
2011/2012 financial year compromised
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quarterly report
Hamburg, 12 April 2012 (euro adhoc) - In its second business quarter in
2011/2012 (1 December 2011 to 29 February 2012), SinnerSchrader once again
exceeded the 9 million euro mark with net revenue at 9.1 million euros,
surpassing the revenue for the same quarter of the previous year by 27.2 per
cent. After a first-quarter growth rate of more than 20 per cent had already
been achieved, the total rise in revenue in the first half-year of 2011/2012 was
23.9 per cent over that of the same period of the previous year. This
corresponds to growth of about 3.5 million euros on a half-year value of just
over 18.4 million euros. The preceding second half-year of 2010/2011 was thus
exceeded by 14.2 per cent.
Double-digit growth was achieved in all three segments - Interactive Marketing,
Interactive Media and Interactive Commerce - in the first half-year of the
report. On the one hand, this is an indication of the sustained strong demand
for services in the areas of e-commerce, digital marketing and online media -
demand which was used to extend the customer base. On the other hand, it is
also a result of the acquisitions in the Interactive Marketing and Interactive
Commerce segments carried out at the end of the first half-year and during the
course of the second half-year of 2010/2011.
While revenue was thus well above plan, SinnerSchrader remained below plan in
the development of margins and profits for the first half-year of 2011/2012.
EBITA in the second quarter amounted to 0.4 million euros, which corresponds to
a margin of only 4.6 per cent on net revenue. EBITA for the half-year reached
just over 1.1 million euros, or 5.9 per cent of net revenue. A determining
factor for the weakness in operating results is a considerable overrunning of
costs in a fixed-price project, which continued throughout the half-year period
and resulted in operative losses in the mid six-digit range. The project was
successfully delivered to one of SinnerSchrader´s biggest customers at the
beginning of April 2012, so no further negative effects on earnings are
expected. Marketing costs also rose considerably in the half-year of the
report, due on the one hand to a large number of customers with high potential,
who invited SinnerSchrader to pitches in the core business, and on the other
hand to an increase in marketing efforts in the new business areas.
Net income for the first half-year of 2011/2012 amounted to 0.4 million euros,
or just over 4 per cent per share.
While it is highly likely that the revenue forecast of 35.5 million euros for
the 2011/2012 financial year will be clearly exceeded, the accrued shortfall in
income is now jeopardising the achievement of projected profits. EBITA of
3.25 million euros and net income of 1.7 million euros remain possible.
However, the realisation of this target depends strongly on the success of
individual existing business initiatives. Current information nevertheless
indicates that SinnerSchrader will definitely exceed the results of the
previous year - EBITA of 2.6 million euros and net income of 1.3 million euros.
Fortunately, the funds tied up in working capital were significantly reduced
again as of 29 February 2012. The operating cash flow amounted to 3.0 million
euros in the second quarter of 2011/2012 and to 1.5 million euros in the first
half-year. The strong operating cash flow in the quarter of the report meant
that the dividend payment of 1.1 million euros, which also took place in this
quarter, was more than offset. The liquidity reserve increased by just more
than 1.4 million euros over the reserve at the end of the previous quarter, to
reach 5.3 million euros.
On the balance sheet date of 29 February 2012, the shareholders´ equity rate
amounted to 59.2 per cent, falling just short of the 59.4 per cent rate on
31 August 2011. At the end of the quarter of the report, there were
431 employees in the SinnerSchrader Group, i.e. 31 employees more than on
31 August 2011.
The complete quarterly report can be downloaded from the Internet at
www.sinnerschrader.ag/s2ir/de/Finanzberichte.html as of 3 p.m. today.
About SinnerSchrader
SinnerSchrader is one of the leading digital agencies in Europe. SinnerSchrader
develops interactive strategies, platforms, and applications which create
radical relationships between consumers and brands. The SinnerSchrader Group
has more than 400 employees in Hamburg, Frankfurt am Main, Berlin, and Hanover
who work for customers such as Allianz, TUI, Tchibo, simyo, REWE, comdirect
bank, PPR Group, OTTO, and Steigenberger. SinnerSchrader was founded in 1996
and has been quoted on the stock exchange since 1999.
Contact for press and public relations
Benjamin Nickel
Head of Corporate Communications
presse@sinnerschrader.com
Contact for shareholder information
Thomas Dyckhoff
CFO
ir@sinnerschrader.com
SinnerSchrader Aktiengesellschaft
Völckersstr. 38
D-22765 Hamburg
T. +49. 40. 39 88 55-0
Further inquiry note:
Thomas Dyckhoff
CFO
Telefon: +49(0)40 398855-113
E-Mail: t.dyckhoff@sinnerschrader.de
end of announcement euro adhoc
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company: SinnerSchrader AG
Völckersstraße 38
D-22765 Hamburg
phone: +49(0)40-398855-0
FAX: +49(0)40-398855-55
mail: info@sinnerschrader.de
WWW: http://www.sinner-schrader.de
sector: Software
ISIN: DE0005141907
indexes: CDAX, Prime All Share, Technology All Share
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English