DGAP-News: cyan AG / Key word(s): Half Year Results
cyan AG closes very successful 1st half-year 2018
- Pro forma group revenues of 10.1 million Euro, pro forma EBITDA of 2.8 million Euro
- Integration of I-New better than expected: revenue and cost synergies are realizing faster than expected - integration progressing rapidly
- Some very important new client contracts shortly before signing - both for cyan and I-New
- Company guidance of revenues 20 million Euro and EBITDA 7 million Euro in 2018 and revenues of 35 million Euro and EBITDA of 20 million Euro in 2019 fully confirmed
Munich, October 30, 2018 - cyan AG achieved pro forma consolidated revenues of 10.1 million Euro and EBITDA of 2.8 million Euro in the first half of 2018 (pro forma consolidated figures including I-New; unaudited). Further highlights of the first half-year were the successful IPO at Frankfurt stock exchange in the Scale segment with proceeds of 31.7 million Euro and the complete acquisition of cyan Security Group GmbH. This was followed in July by the acquisition of the majority interest in I-New Unified Mobile Solutions AG ("I-New") following a successful bidding process and a subsequent cash capital increase in October with a cash inflow of EUR 7.9 million to refinance this purchase.
Michael Sieghart, CFO of cyan AG: "Our development so far in 2018 has been very eventful and successful both strategically and operationally. In order to provide our shareholders with an actual picture of the performance achieved by cyan group, we are working with pro forma group key figures in 2018, which include our new subsidiary I-New retroactively as of January 1, 2018. We are very pleased with the revenues and earnings figures achieved and confirm our company guidance for 2018 and 2019".
The pro forma cyan group including I-New achieved an EBITDA margin of 28% in the first half of the year. COGS amounted to 2.2 million Euro, personnel expenses amounted to 4.1 million Euro in the first half of the year. The result was adjusted by the expenses for the IPO in the amount of 0.8 million Euro.
The "Roadrunner" integration program launched in July 2018 is expected to be completed by December 2018, when all important milestones will have been reached. In particular, internal processes and structures were merged and optimized as far as possible. For example, a support center will be closed by the end of the year - this measure alone will result in cost savings of 0.5 million Euro from 2019. In particular, the personnel structure will be further optimized, on the one hand to achieve positive cost effects, and on the other to do justice to the rapid growth of the Group. A new management structure was also established for the Group as a whole in order to secure the successes on the market side on a long-term basis.
The cyan Management Board remains very confident about the development in the further course of the year - cyan is currently in test phases, negotiations or contractual talks with more than 100 potential customers, from which further contracts are expected very soon.
cyan operates its own research and development center and maintains close links to universities, international research institutes, security, financial and social organizations. This close collaboration ensures the early recognition of trends and technical developments for integration into cyan's products.
Further information is available at www.cyansecurity.com
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|
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