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Munich, Germany, 29 July 2011 - The preliminary results for CANCOM AG for
the first half of 2011 show a further year-on-year leap in sales revenues
and profits, with growth continuing strong and Group profitability raising
significantly in the second quarter.
CANCOM's Executive Board attributes the very positive trading results to
the momentum of the economy and, in particular, the group's good market
position in the IT growth area of cloud computing.
The preliminary figures for the first half of 2011 and the comparable
figures for 2010 had to be adjusted in line with international accounting
standards to take into account the sale of HOH Home of Hardware GmbH and
the proposed sale of CANCOM Ltd. UK as discontinued operations.
According to the preliminary figures, the group's consolidated sales
revenues were up 23 percent year-on-year to EUR 251.5 million, compared
with EUR 204.4 million in the first half of 2010. The preliminary figures
for the second quarter are up 19.2 percent year-on-year, from EUR 106.5
million to EUR 126.9 million. Organic growth in the second quarter was 17.5
Adjusted consolidated EBITDA for the first six months of the current
financial year was according to the preliminary figures EUR 10.7 million,
about 101.9 percent higher than the adjusted figure of EUR 5.3 million
recorded in the first half of 2010. This is equivalent to a significantly
increased EBITDA margin of 4.3 percent as compared with 2.6 percent in
2010. Adjusted consolidated EBITDA for the second quarter of 2011 was up
113.8 percent year-on-year, from EUR 2.9 million to EUR 6.0 million. This
is equivalent to an EBITDA margin of 4.7 percent in Q2/2011 compared with
2.7 percent in Q2/2010.
Adjusted consolidated EBIT for the first half of 2011 according to the
preliminary figures amounts to EUR 8.8 million, compared with EUR 3.9
million in the first half of 2010. This represents a year-on-year increase
of 125.6 percent. The adjusted consolidated EBIT figure for the second
quarter of 2011 according to the preliminary figures is EUR 5.1 million,
compared with adjusted EUR 2.1 million in the second quarter of 2010 - an
of 142.9 percent.
Before the adjustment to factor out substantial non-recurring items
(earnings from a capital consolidation/bargain purchase) and amortisation
of intangible assets from the purchase price allocation, the consolidated
EBITDA for the first half of 2011 is at EUR 10.8 million, according to the
preliminary figures, as compared with EUR 5.9 million in the first half of
2010. The preliminary figures indicate that consolidated EBIT for the first
half of 2011 was EUR 7.6 million, compared with EUR 4.1 million in the
first half of 2010. The figures for the second quarters of 2011 and 2010
were EUR 4.5 million and EUR 1.8 million respectively.
CANCOM feels that presenting adjusted earnings figures is more appropriate
for assessing the group's operations and gives the reader a more comparable
and true picture of the group's earnings position over time.
The detailed interim report for the first half of 2011 will be published on
11 August 2011 and will be available in German from that date at